2011 Annual Report - National Transport Commission

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National transport Commission Notes to and forming part of the financial statements for the period ended 30 June 2011 Note 12C: Other highly paid staff During the reporting period, there were no employees whose salary plus performance bonus were $150,000 or more. Note 13: Remuneration of auditors Financial statement audit services provided to the Commission. The fair value of the services provided was: 13,600 13,500 13,600 13,500 No other services were provided by the auditor of the financial statements. Note 14: Average staffing levels 72 NTC Annual Report 2010–11 2011 $ 2010 $ 2011 2010 The average staffing levels for the Commission during the year were: 45 40 Note 15: Financial instruments 15A: Categories of financial instruments Financial assets Loans and receivables Cash and cash equivalents 2,750,615 5,450,179 Receivables for goods and services 71,191 148,529 Carrying amount of financial assets 2,821,806 5,598,708 Financial liabilities Suppliers payable 534,754 390,856 Carrying amount of financial liabilities 534,754 390,856 15B: Net income and expense from financial assets loans and receivables Interest revenue (Note 4B) 201,574 152,567 Net gain from loans and receivables 201,574 152,567 Net gain from financial assets 201,574 152,567 2011 $ 2010 $
National transport Commission Notes to and forming part of the financial statements for the period ended 30 June 2011 15C: Fair value of financial instruments FINANCIAl ASSETS Carrying amount 2011 $ Fair value 2011 $ Carrying amount 2010 $ Cash and cash equivalents 2,750,615 2,750,615 5,450,179 5,450,179 Receivables for goods and services 71,191 71,191 148,529 148,529 Total FINANCIAl lIABIlITIES 2,821,806 2,821,806 5,598,708 5,598,708 Suppliers payable 534,754 534,754 390,856 390,856 Total 534,754 534,754 390,856 390,856 15D: Credit risk Credit risk is the risk of financial loss as a result of failure by a client or counterpart to meet its contractual obligations. The finance department is responsible for the analysis and monitoring of its credit risk exposure. All credit exposures are monitored regularly against allowed limits. To mitigate credit risk, letters of credit and terms of trade are introduced where appropriate. The Commission’s total exposure to credit risks is limited to its trade receivables. The average credit period for trade receivables is 30 days. The Commission holds no collateral to mitigate against credit risk. Credit quality of financial instruments not past due or individually determined as impaired. Not past due nor impaired 2011 $ Not past due nor impaired 2010 $ Past due or impaired 2011 $ Fair value 2010 $ Past due or impaired 2010 $ Receivables for goods and services 71,191 148,529 - - Total 71,191 148,529 - - 15E: liquidity risk Liquidity risk is the risk that the Commission is unable to meet its financial obligations as they fall due, which could arise due to mismatches in cash flows. Funding and liquidity management is performed by the finance department on a weekly basis and regular reports are provided to management and Commissioners. Payments take place once a week, which ensures all suppliers are paid within the established terms of trade. The average credit period for supplier payments is 30-60 days. Maturities for non-derivative financial liabilities 2011 On demand 2011 $ within 1 year 2011 $ 1 to 2 years 2011 $ 2 to 5 years 2011 $ > 5 years 2011 $ Suppliers payable 534,754 - - - - 534,754 Total 534,754 - - - - 534,754 Maturities for non-derivative financial liabilities 2010 On demand 2010 $ within 1 year 2010 $ 1 to 2 years 2010 $ 2 to 5 years 2010 $ > 5 years 2010 $ Suppliers payable 390,856 - - - - 390,856 Total 390,856 - - - - 390,856 The Commission holds no derivative financial liabilities in the current or prior year. Total 2011 $ Total 2010 $ NTC Annual Report 2010–11 73
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National Transport Commission Annua
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National Transport Commission Annua
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Chairman’s report Creating a simp
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Chief Executive’s report Deliveri
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National Ports Strategy to protect
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Moving towards outcomes-based perfo
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Environmental outcomes Rising green
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Standing Committee on Transport and
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Meeting our objectives Improving tr
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Over 750 stakeholders attended the
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The key findings were: • In most
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Page 25 and 26: Meeting our objectives Providing a
Page 27 and 28: Sharing best practice fatigue manag
Page 29 and 30: United Nations Decade of Action for
Page 31 and 32: Future outlook Some of the key init
Page 33 and 34: Contributing to the debate on natio
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Page 37 and 38: Queensland: • progressed (as host
Page 39 and 40: Victoria: • issued the first High
Page 41 and 42: Australian Transport Council Member
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Page 45 and 46: Occupational health and safety The
Page 47 and 48: Corporate governance Mr Nick Dimopo
Page 49 and 50: Commissioners The Board of Commissi
Page 51 and 52: National Transport Commission Finan
Page 53 and 54: National transport Commission Indep
Page 55 and 56: National transport Commission State
Page 57 and 58: National transport Commission State
Page 59 and 60: National transport Commission Sched
Page 61 and 62: National transport Commission Notes
Page 73: National transport Commission Notes
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Page 81 and 82: Table 2 2010-11 Road construction a
Page 83 and 84: Appendix F: Reports released during
Page 85 and 86: On-board mass technology On-board m
Page 87 and 88: green initiatives See environmental
Page 89 and 90: Compliance index The table below sh
Page 92: Level 15/628 Bourke Street MELBOURN
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2011 Annual Report - National Transport Commission

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