Section 2 - Sugar Research and Development Corporation
Section 2 - Sugar Research and Development Corporation
Section 2 - Sugar Research and Development Corporation
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Income explanation<br />
Income in 2010–2011 was higher than forecast<br />
because of the contributions from the Australian<br />
Government equivalent to 0.5 per cent of the<br />
GVP for the sugarcane industry, averaged over<br />
three years. The amount was higher due to<br />
the increase in cane price for tonnes of cane<br />
produced particularly in 2010–2011.<br />
Expenditure in R&D projects was slightly lower<br />
than forecast due to delays in some milestones<br />
to 2010–2011, <strong>and</strong> early conclusion of some<br />
projects.<br />
Table 2.3<br />
Five year budget at a glance ($m)<br />
Operational expenditure remained within<br />
in levels forecast. The SRDC’s cash reserve<br />
at 30 June 2011 was $9.153 million.<br />
Table 2.3 summarises the actual income <strong>and</strong><br />
expenditure over the past fi ve years, showing<br />
a fairly stable budget.<br />
Budget 2010–2011 2009–2010 2008–2009 2007–2008 2006–2007<br />
Revenue 10.391 10.444 11.093 12.158 11.134<br />
Expenditure 10.226 9.785 10.252 11.093 10.724<br />
Operating surplus (defi cit) 0.165 0.659 0.841 1.065 0.411<br />
Total assets 11.776 11.516 11.097 11.273 9.236<br />
Total equity 11.272 11.108 10.449 9.608 8.557<br />
Industry contributions 3.823 4.136 4.317 5.028 4.887<br />
Australian Government<br />
contributions<br />
5.867 5.817 6.110 6.283 5.522<br />
R&D expenses * 8.182 7.764 8.292 9.139 9.025<br />
* R&D expenses only include amount associated with payment of contracted milestones.<br />
Financial management <strong>and</strong> auditing<br />
The SRDC maintains accounts <strong>and</strong> records<br />
of transactions in accordance with accepted<br />
accounting principles. Financial statements<br />
are prepared in accordance with Schedule 1<br />
of the CAC Act <strong>and</strong> Australian Equivalents to<br />
International Financial Reporting St<strong>and</strong>ards.<br />
Financial statements <strong>and</strong> cash fl ow forecasts<br />
are prepared monthly <strong>and</strong> discussed at each<br />
Board meeting. Following the annual external<br />
audit of the <strong>Corporation</strong>’s fi nancial accounts,<br />
the Executive Director presents a management<br />
representation memor<strong>and</strong>um to the Board for<br />
fi nal adoption of the Annual Financial Statements.<br />
The Board approves Annual Financial Statements<br />
at its August meeting.<br />
SRDC Annual Report 2010–2011 45
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