Challenger TAFE | Annual Report 2006 - Parliament of Western ...

100 Challenger TAFE | Annual Report 2006
Challenger TAFE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
2006 2005
$ $
21 Income from State government
State funds (received from Department of Education and Training)
Delivery and Performance Agreement (DPA)
Superannuation 3,164,608 3,077,201
Other recurrent funds 1,104,299 1,255,640
Capital User Charge funding 8,860,514 6,386,314
50,423,755 44,863,327
The following liabilities have been assumed by the Treasurer during the fi nancial year.
Superannuation (a) 701,735 245,376
Total Liabilities assumed by the Treasurer
Resources received free of charge determined on the basis of the following estimates provided by agencies
Department of Education and Training (b).
* Corporate systems support 1,224,778 589,882
* Marketing and publications 430,261 142,323
* Human resources, industrial relations support 100,371
* Other 17,524 446,444
1,673,304 1,279,020
(a) The assumption of the superannuation liability by the Treasurer is a nominal income to match
the notional superannuation expense reported in respect of current employees who are members
of the Pension Scheme and current employees who have a transfer benefi t entitlement under the
Gold State Superannuation Scheme (The notional superannuation expense is disclosed at
note 13 ‘Employee Benefi ts Expense’.)
(b) Where assets or services have been received free of charge or for nominal consideration, the
College recognises revenues (except where the contribution of assets or services is in the nature of
contributions by owners, in which case the College shall make a direct adjustment to equity) equivalent
to the fair value of the assets and/or the fair value of those services that can be reliably determined
and which would have been purchased if not donated, and those fair values shall be recognised as assets
or expenses, as applicable.
22 Restricted cash and cash equivalents
Current
Other - Restricted so as to fund the 27th Pay 175,000 -
Specifi c capital equipment and minor works (a) 724,091 569,068
Total current 899,091 569,068
(a) Capital equipment funding received from the Department of Education and Training can
only be spent for the nominated purpose.
23 Inventories
Current
Inventories held for resale:
Bookshop (at cost) 189,562 196,759
189,562 196,759
Less: Provision for obsolete stock - -
Total current 189,562 196,759
See also note 2(o) “Inventories” and note 16 “Trading Profi t”.