Annual Report 2011 - Industry Training Federation

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208. Trade and other receivables2011 2010$ $Trade receivables 218,163 299,810Less Provision for Doubtful Debts (27,476) (38,784)190,687 261,026GST 349 -Prepayments 875 812Trade and other receivables 191,911 261,8389. Property, plant and equipmentEquipmentPlant andequipmentand officefurniture Total$ $ $Cost 42,574 9,817 52,391Accumulated depreciation (27,221) (3,838) (31,059)Balance 31 December 2011 15,353 5,979 21,332Cost 33,584 9,817 43,401Accumulated depreciation (20,264) (3,077) (23,341)Balance 31 December 2010 13,320 6,740 20,060Impairment losses for the ITF for the year ending 31 December2011 were $NIL (2010: $15,351).None of the ITF’s property , plant and equipment have beenpledged as security for loans and borrowings.10. Trade and other payablesNotes 2011 2010$ $Trade payables 137,345 126,005Visa Card 1,116 2,746GST - 42,740138,461 171,49120Industry Training Federation Annual Report 2011
11 Categories of financial assets and liabilitiesThe carrying amounts of financial instruments are presented in thestatement of financial position.All financial assets held are classified as loans and receivables.All financial liabilities are classified as amortised cost.12 Operating lease commitmentsAt 31 December 2011, the ITF had no operating leasecommitments in respect of property, equipment and vehicles. At31 December 2011, total future minimum payments under noncancellableoperating leases were payable as follows:Total futureminimumpaymentsTotal futureminimumpaymentsProperty &equipmentProperty &equipment2011 2011 2010 2010$ $ $ $Less than one year 3,547 3,547 45,352 45,352Between one-five years 3,546 3,546 52,500 52,500More than five years - - - -7,093 7,093 97,852 97,85213 Capital commitmentsThere were no capital commitments at 31 December 2011(2010:$Nil).14 Contingent assets and liabilitiesThere are no contingent assets or liabilities at balance date(2010:$Nil).15 Capital ManagementThe ITF capital is its equity, being the net assets represented byretained earnings and other equity reserves. The primary objectivesof the ITF’s capital management policy is to ensure healthy capitalratio’s are maintained in order to support its activities. The ITFmanages its capital structure and makes adjustment to it, in light ofchanges to funding requirements. To maintain or adjust the capitalstructure, budgetary discretionary expenditure is reduced to avoidthe need for additional external borrowings.21Industry Training Federation Annual Report 2011
Page 1 and 2: Annual Report 2011
Page 3 and 4: Table of contentsReport from the Ch
Page 8 and 9: 88Industry Training Federation Annu
Page 10 and 11: 10Comprehensive income statementNot
Page 12 and 13: 12Statement of financial positionNo
Page 14 and 15: 14The Statement of Financial Positi
Page 16 and 17: 16The ITF uses an allowance account
Page 18 and 19: 184.13 Provisions, contingent liabi
Page 22: 2216 Related partiesCertain members

Annual Report 2011 - Industry Training Federation

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