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

106 Challenger TAFE | Annual Report 2006
Challenger TAFE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
31 Other liabilities
2006 2005
$ $
Current
Income received in advance (a) 55,473 59,473
Accrued expenses 6,285,237 984,199
Accrued salaries and related costs 145,588 135,849
Money/deposits held in trust 41,291 43,477
Other 125,611 117,226
Total current liabilities 6,653,200 1,340,224
(a) Income received in advance comprises:
Student fees and charges 55,473 59,473
55,473 59,473
32 Equity
Equity represents the residual interest in the net assets of the College. The Government holds the
equity interest in the College on behalf of the community. The asset revaluation reserve represents
that portion of equity resulting from the revaluation of non-current assets.
Contributed equity
Balance at start of year 11,522,966 3,529,285
Contributions by owners
Capital contribution 2,203,949 8,622,081
Total contributions by owners 2,203,949 8,622,081
Distributions to owners
Net assets transferred to Government - (628,400)
Transfer to Department of Education and Training, relating to the construction
of the new Maritime Training Facility, at Fleet Street Fremantle.
Total distributions to owners - (628,400)
Balance at end of year 13,726,915 11,522,966
Reserves
Asset Revaluation Reserve
Balance at start of year 45,267,783 31,973,670
Net revaluation increments
Land 22,048,500 1,447,000
Buildings 14,835,201 11,847,113
Balance at end of year 82,151,484 45,267,783
Accumulated surplus/(defi cit) (Retained Earnings)
Balance at start of year 55,473,523 59,284,058
Result for the period (3,636,633) (3,796,471)
Income and expense recognised directly to equity - (14,064)
Balance at end of year 51,836,890 55,473,523