King Island Council Annual Report 2011-2012 (1921 kb)

King Island CouncilFinancial ReportTable of ContentsFINANCIAL REPORTPageFinancial StatementsStatement of Comprehensive IncomeStatement of Financial PositionStatement of Changes in EquityStatement of Cash FlowsNotes to Financial StatementsIntroduction6Note 1 Significant accounting policies 6Note 2 Functions/Activities of the Council 15Note 3 Rates and charges 17Note 4 Statutory fees and fines 17Note 5 User fees 17Note 6 Grants 17Note 7 Reimbursements 20Note 8 Interest 20Note 9 Other income 20Note 10 Net gain/(loss) on disposal of property, infrastructure, plant and equipment 20Note 11 Investment revenue from water corporation 21Note 12 Employee benefits 21Note 13 Materials and services 21Note 14 Impairment of receivables 21Note 15 Depreciation and amortisation 22Note 16 Finance costs 22Note 17 Other expenses 22Note 18 Investment in water corporation 23Note 19 Cash and cash equivalents 23Note 20 Investments 23Note 21 Trade and other receivables 23Note 22 Inventories 23Note 23 Other assets 23Note 24 Property, infrastructure, plant and equipment 24Note 25 Trade and other payables 28Note 26 Trust funds and deposits 28Note 27 Other liabilities 28Note 28 Provisions 28Note 29 Interest-bearing loans and borrowings 30Note 30 Reserves 31Note 31 Reconciliation of cash flows from operating activities to surplus (deficit) 33Note 32 Reconciliation of cash and cash equivalents 33Note 33 Financing arrangements 33Note 34 Superannuation 34Note 35 Commitments 35Note 36 Operating leases 36Note 37 Contingent liabilities and contingent assets 36Note 38 Financial Instruments 37Note 39 Events occurring after balance date 44Note 40 Related party transactions 44Note 41 Special committees and other activities 45Note 42 Significant Business Activities 46Certification of the Financial ReportAuditor's Report2345