Australian Heritage Commission Annual Report 1999-2000
Australian Heritage Commission, 2000
ISSN 0155–1434
Notes to and forming part of the financial statements
for the year ended 30 June 2000
Note Description
- Summary of Significant Accounting Policies
- Reporting by Segments and Outcomes
- Economic Dependency
- Subsequent Events
- Operating Revenues
- Operating Expenses – Goods and services
- Operating Expenses – Grants
- Financial Assets
- Non-Financial Assets
- Provisions and Payables
- Equity
- Cash Flow Reconciliation
- Remuneration of Commissioners
- Related Party Disclosures
- Remuneration of Officers
- Auditor’s Remuneration
- Trust Money
- Appropriations
- Financial Instruments
1. Summary of Significant Accounting Policies
1.1 Basis of accounting
The financial statements are required by clause 1(b) of Schedule 1 to the Commonwealth Authorities and Companies Act 1997 and are a general purpose financial report.
The statements have been prepared in accordance with:
- Requirements for the Preparation of Financial Statements of Commonwealth Agencies and Authorities made by the Minister for Finance and Administration August 1999 (Schedule 2 to the Commonwealth Authorities and Companies (CAC) Orders);
- Australian Accounting Standards;
- other authoritative pronouncements of the Australian Accounting Standards Boards; and
- the Consensus View of the Urgent Issues Group.
The statements have been prepared having regard to:
- statements of Accounting Concepts; and
- the Explanatory Notes to Schedule 2 issued by the Department of Finance and Administration
The financial statements have been prepared on an accrual basis and are in accordance with historical cost convention, except for certain assets which, as noted, are at valuation. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position of the Commission.
1.2 Changes in accounting policy
Changes in accounting policy have been identified in this note under their appropriate headings.
1.3 Reporting by outcomes
A comparison of Budget and Actual figures by outcome specified in the Appropriation Acts relevant to the Commission is presented in Note 2. Any intra-government costs included in the figure ‘net cost to Budget outcomes’ are eliminated in calculating the actual budget outcome for the Government overall.
1.4 Appropriations
From 1 July 1999, the Commonwealth Budget has been prepared under an accruals framework. Under this framework, Parliament appropriates moneys to the Commission as revenue appropriations, as loan appropriations and as equity injections.
Revenue appropriations Revenues from government are revenues of the core reporting activities of the Commission.
Appropriations for outputs are recognised as revenue to the extent they have been received into the Commission’s Bank account or are entitled to be received by the Commission at year end.
Resources received free of charge Services received free of charge are recognised in the Operating Statement as revenue when and only when a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.
Contributions of assets at no cost of acquisition or for nominal consideration are recognised at their fair values as revenue and an asset when the Commission gains control over the contributed asset and asset qualifies for recognition.
1.5 Other revenue
Revenue from the sale of goods is recognised upon the delivery of goods to customers.
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
Revenue from disposal of non-current assets is recognised when control of the asset has passed to the buyer.
1.6 Grants to the States and Territories
The Commission recognises grant liabilities as follows.
Most grant agreements require the grantee to perform services or provide facilities, or to meet eligibility criteria. In these cases, liabilities are recognised only to the extent that the services required have been performed or the eligibility criteria have been satisfied by the grantee. (Where grants moneys are paid in advance of performance or eligibility, a prepayment is recognised).
In cases where grant agreements are made without conditions to be monitored, liabilities are recognised on signing of the agreement.
1.7 Employee entitlements
Leave
The liability for employee entitlements includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the Commission is estimated to be less than the annual entitlement for sick leave.
The liability for annual leave reflects the value of total annual leave entitlements of all employees at 30 June 2000 and is recognised at its nominal amount.
The non-current portion of the liability for long service leave is recognised and measured at the present value of the estimated future cash flows to be made in respect of all employees at 30 June 2000. In determining the present value of the liability, attrition rates and pay increases through promotion and inflation have been taken into account.
Separation and redundancy
Superannuation
Employees contribute to the Commonwealth Superannuation Scheme and the Public Sector Superannuation Scheme. Employer contributions amounting to $505,923 (1998-99: $548,920) for the Commission in relation to these schemes have been expended in these financial statements.
No liability is shown for superannuation in the Balance Sheet as the employer contributions fully extinguish the accruing liability which is assumed by the Commonwealth.
Employer Superannuation Productivity Benefit contributions totalled $93,918 (1998-99: $62,541) for the Commission.
Contributions to the schemes are at rates calculated to cover existing and emerging obligations. Current contribution rates are
18.9% of CSS salary and 10.1% of PSS salary. An additional 3% is contributed for employer productivity.
1.8 Cash
Cash includes notes and coins held and any deposits held at call with a bank or financial institution.
1.9 Financial instruments
Accounting policies for financial instruments are stated at Note 19.
1.10 Acquisition of assets
Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken.
Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and revenues at their fair value at date of acquisition.
1.11 Property, plant and equipment
Asset recognition threshold
Purchases of property, plant and equipment are recognised initially at a cost in the Balance Sheet, except for purchases costing less than $2,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).
Revaluations
Schedule 2 requires that plant and equipment be revalued progressively in accordance with the ‘deprival’ method of valuation in successive 3-year cycles.
The requirements of Schedule 2 were implemented, whereby office plant and equipment were revalued during the 1999/2000 financial year.
Assets in each class acquired after the commencement of a progressive revaluation cycle are not captured by the progressive revaluation then in progress.
Property, plant and equipment is recognised at its deprival value.
All valuations are independent.
Recoverable amount test
The carrying amount of each item of non-current property, plant and equipment assets is reviewed to determine whether it is in excess of the asset’s recoverable amount if an excess exists as at the reporting date, the asset is written down to its recoverable amount immediately. In assessing recoverable amounts, the relevant cash flows, including the expected cash inflows from future appropriations by the Parliament, have been discounted to their present value.
In 1999-00, only the non-current assets of the Commission were subject to the test. The application of the recoverable amount test to non-current assets of the Commission is a change of accounting policy required by the Finance Minister’s Orders in 1999-2000. No write-down to recoverable amount has been made in 1999-2000 as a result of this change in policy.
Depreciation and amortisation
Depreciable property plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the Commission using, in all cases, the straight line method of depreciation.
Depreciation/amortisation rates (useful lives) and methods are reviewed at each balance date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate. Residual values are re-estimated for a change in prices only when assets are revalued.
Depreciation and amortisation rates applying to each class of depreciable asset are based on the following useful lives:
|
1999-2000
|
1998-1999
|
|
| Computers |
5 years
|
5 years
|
| Artwork |
25 years
|
25 years
|
| Plant and equipment |
3 – 5 years
|
3 – 5 years
|
The aggregate amount of depreciation allocated for each class of asset during the reporting period is disclosed in Note 6C.
1.12 Inventories
Inventories held for resale are valued at the lower of cost and net realisable value.
Inventories not held for resale are valued at cost, unless they are no longer required, in which case they are valued at net realisable value.
All inventories are current assets.
Inventories comprise publications held for sale.
1.13 Intangibles
The carrying amount of each intangible asset is reviewed to determine whether it is in excess of the asset’s recoverable amount. If an excess exists at the reporting date, the asset is written down to its recoverable amount immediately. In assessing recoverable amounts, the relevant cash flows, including the expected cash inflows from future appropriations by the Parliament, have been discounted to their present value.
In 1999-00, only the non-current assets of the Commission were subject to the test. The application of the recoverable amount test to non-current assets of the Commission is a change of accounting policy required by the Finance Minister’s Orders in 1999-2000. No write-down to recoverable amount has been made in 1999-2000 as a result of this change in policy.
Intangible assets are amortised on a straight-line basis over their anticipated useful lives. Useful lives are:
| 1999-2000 | 1999-1998 | |
| Software | 3 years | 3 years |
1.14 Taxation
The Commission is exempt from all forms of taxation except fringe benefits tax and the goods and services tax.
1.15 Comparative figures
Comparative figures have been adjusted to conform to changes in presentation in these financial statements where required.
Comparatives are not presented in Notes dealing with the Reporting on Outcomes, due to 1999-2000 being the first year of the implementation of accrual budgeting.
1.16 Rounding
Amounts have been rounded to the nearest one dollar.
2. Reporting by Segments and Outcomes
Reporting by segments
The Commission operates solely in Australia and is the Commonwealth’s policy advisory and administrative body for the National Estate.
Reporting by outcomes for 1999-2000
The Commission is structured to meet one outcome:
Outcome 1:
The environment, especially those aspects that are matters of national environmental significance, is protected and conserved.
Sub-outcome:
Australia’s natural and cultural heritage places are valued and conserved.
Reporting outcomes for 1999-2000:
|
Outcome 1
|
Total
|
|||
|
Budget
|
Actual
|
Budget
|
Actual
|
|
|
$000
|
$000
|
$000
|
$000
|
|
| Total net administered expenses | - | - | - | - |
| Add: Net cost of entity outputs |
7,543
|
9,347
|
7,543
|
9,347
|
| Outcome before abnormal/extraordinary items |
7,543
|
9,347
|
7,543
|
9,347
|
| Abnormal/extraordinary items |
-
|
-
|
-
|
-
|
| Net cost to Budget Outcome |
7,543
|
9,347
|
7,543
|
9,347
|
| Total assets deployed as at 30/6/00 |
1,276
|
4,814
|
1,276
|
4,814
|
| Net assets deployed as at 30/6/00 |
(232)
|
2,698
|
(232)
|
2,698
|
Reporting by outcomes by funding source for 1999-2000
| Outcomes |
Outputs |
Total Appropriations $’000 |
Total expenses $’000 |
||||
| Expenses against Revenue from Government (Appropriations) (B) | Expenses against Revenue from other sources (C) | Total Expenses against Outputs | (D)=(B) | ||||
| Special Appropriation | Annual Appropriation Acts | Total | |||||
| Outcome 1 | |||||||
| Acutal | - | (1) | (1) | (1) | 10,533 | (1) | 10,533 |
| Budget | - | 7,543 | 7,543 | 70 | 7,613 | 7,543 | 7,613 |
| Total | |||||||
| Actual | - | (1) | (1) | (1) | 10,533 | (1) | 10,533 |
| Budget | - | 7,543 | 7,543 | 70 | 7,613 | 7,543 | 7,613 |
| Appropriation Act 2 Capital | |||||||
| Actual | - | ||||||
| Budget | - | ||||||
| Total Appropriations | |||||||
| Actual | (1) | ||||||
| Budget | 7,543 | ||||||
(1) It is not possible to identify expenses incurred against specific funding in all cases.
3. Economic dependency
The Australian Heritage Commission is dependent upon appropriations from the Parliament of the Commonwealth for its continued existence and ability to carry out its normal activities.
4. Subsequent events
Consideration has been given at the ministerial level to restructure the Heritage Commission functions in the next 12-18 months.
5. Operating Revenues
|
2000
|
1999
|
|
|
$
|
$
|
|
| 5A - Revenues from Government | ||
| Appropriations |
7,543,000
|
6,654,000
|
| Resources received free of charge: | ||
| - corporate services |
2,064,510
|
2,034,000
|
| - personnel services |
32,224
|
52,357
|
| - other |
82,500
|
-
|
| Total |
9,722,234
|
8,740,357
|
| 5B - Interest | ||
| Deposits |
168,813
|
193,027
|
| Total |
168,813
|
193,027
|
| 5C - Other revenues | ||
| Revenue from other Government Organisations |
253,656
|
-
|
| Refunds to expenditure from prior years |
742,755
|
3,405
|
| Royalties |
4,481
|
19,306
|
| Other |
17,003
|
15,813
|
| Total |
1,017,895
|
38,524
|
6. Operating Expenses - goods and services
|
2000
|
1999
|
|
|
$
|
$
|
|
| 6A - Employee expenses | ||
| Remuneration (for services provided) |
4,744,929
|
4,604,823
|
| Separation and redundancy |
59,722
|
613,185
|
| Total remuneration |
4,804,651
|
5,218,008
|
| Other employee expenses |
525,601
|
483,024
|
| Total |
5,330,252
|
5,701,032
|
| The Commission and its subsidiary contributes to the Commonwealth Supperannuation (CSS) and the Public Sector (PSS) Superannuation schemes which provide retirement, death and disability benefits to employees | ||
| 6B - Suppliers expenses | ||
| Supply of goods and services |
3,867,117
|
4,491,772
|
| Total |
3,867,117
|
4,491,772
|
| 6C - Depreciation and amortisation | ||
| Depreciation of property, plant & equipment |
103,942
|
144,490
|
| Amortisation of intangibles |
175,034
|
184,343
|
| Total |
278,976
|
328,833
|
| The aggregate amounts of depreciation or amortisation allocated during the reporting period, either as expense or as part of the carrying amount of other assets, for each class of depreciable assets are as follows: | ||
| Plant & Equipment |
101,176
|
141,724
|
| Intangibles |
175,034
|
184,343
|
| Art Work |
2,766
|
2,766
|
| Total Allocated |
278,976
|
328,833
|
| 6D - Write-down of assets | ||
| Non-financial assets | ||
| Non-current assets |
-
|
66,778
|
| Total |
-
|
66,778
|
| 6E - Net losses from disposal of assets | ||
| Non-financial assets | ||
| Non-current assets |
115,326
|
789
|
| Total |
115,326
|
789
|
7. Operating Expense - Grants
The National Estate Grants program provides financial assistance for projects of national importance which identify, document, conserve or promote places of heritage significance - our National Estate.
|
2000
|
1999
|
|
|
$
|
$
|
|
| NEGP - National Component |
936,628
|
1,005,764
|
| Other |
5,000
|
5,000
|
8. Financial Assets
|
2000
|
1999
|
|
|
$
|
$
|
|
| 8A - Cash | ||
| Cash at bank and on hand |
4,356,806
|
3,132,725
|
| Total |
4,356,806
|
3,132,725
|
| Balance of cash as at 30 June shown in the Statement of Cash Flows |
4,356,806
|
3,132,725
|
| 8B - Receivables | ||
| Goods and services |
16,893
|
19,439
|
| Less: Provision for doubtful debts |
-
|
-
|
|
16,893
|
19,439
|
|
| Other Debtors |
119,912
|
269,621
|
| Total receivables |
136,805
|
289,060
|
| Receivables (gross) which are overdue are aged as follows: | ||
| Not overdue |
134,927
|
269,621
|
| Overdue by: | ||
| - Less than 30 days |
-
|
14,022
|
| - 30 to 60 days |
-
|
-
|
| - more than 60 days |
1,878
|
5,417
|
| Total receivables (gross) |
136,805
|
289,060
|
9. Non-financial assets
|
2000
|
1999
|
|
|
$
|
$
|
|
| 9A - Infrastructure, plant & equipment | ||
| Pland & equipment - at valuation |
213,640
|
665,249
|
| Accumulated depreciation |
(19,818)
|
(385,011)
|
| Total Pland and equipment |
193,822
|
280,238
|
The revaluations were in accordance with the revaluation policy stated at Note 1 and were completed by the Australian Valuation Office and revaluation increment of $10,512 for plant and equipment taken to Asset Revaluation Reserve.
9B - Analysis of Property, Plant, Equipment and Intangibles
Table A: Movement summary 1999-00 for all assets irrespective of valuation basis
| Item |
Other infrastructure, plant & equipment
|
Intangibles
|
Total
|
|
$
|
$
|
$
|
|
| Gross value as at 1 July 1999 |
665,249
|
1,141,053
|
1,806,302
|
| Additions |
98,487
|
4,544
|
103,031
|
| Revaluations: write-ups/(write-downs) |
(374,499)
|
-
|
(374,499)
|
| Disposals |
(175,597
|
(362,404)
|
(538,001)
|
| Gross value as at 30 June 2000 |
213,640
|
783,193
|
996,833
|
| Accumulated Depreciation/Amortisation as at 1 July 1999 |
385,011
|
838,945
|
1,223,956
|
| Depreciation/amortisation charge for assets held 1 July 1999 |
99,088
|
174,780
|
273,868
|
| Depreciation/amortisation charge for additions |
4,854
|
254
|
5,108
|
| Revaluations |
(385,011)
|
-
|
(385,011)
|
| Disposals |
(84,124)
|
(338,551)
|
(422,675)
|
| Accumulated Depreciation/Amortisation as at 30 June 2000 |
19,818
|
675,428
|
695,246
|
| Net book value as at 30 June 2000 |
193,822
|
107,765
|
301,587
|
| Net book value as at 1 July 1999 |
280,238
|
302,108
|
582,346
|
|
2000
|
1999
|
|
|
$
|
$
|
|
| 9C - Inventories | ||
| All inventories are current assets | ||
| Inventories held for sale (at cost) | ||
| - publications |
12,546
|
14,616 |
| Total |
12,546
|
14,616
|
| 9D - Intangibles | ||
| Computer software |
783,193
|
1,141,053
|
| Accumulated amortisation |
(675,428)
|
(838,945)
|
| Total |
107,765
|
302,108
|
| 9E - Other non-financial assets | ||
| Prepayments |
5,870
|
1,578
|
| Total |
5,870
|
1,578
|
10. Provisions and Payables
|
2000
|
1999
|
|
|
$
|
$
|
|
| 10A - Employees | ||
| Salaries and wages |
293,402
|
168,816
|
| Leave |
1,330,608
|
1,345,357
|
| Aggregated employee entitlement liability |
1,624,010
|
1,509,173
|
| 10B - Suppliers | ||
| Trade Creditors |
224,653
|
199,303
|
| Total |
224,653
|
199,303
|
| 10C - Grants Liabilities | ||
| Non-profit institutions |
37,500
|
-
|
| Total |
37,500
|
-
|
| 10D - Other Liabilities | ||
| Unearned Grant Revenue |
164,947
|
-
|
| Unearned Sponsorship Revenue |
64,500
|
-
|
| Total |
229,447
|
-
|
11. Equity
| Item | Accumlated results | Asset revaluation reserve | Total reserves | Total Equity | ||||
|
2000
|
1999
|
2000
|
1999
|
2000
|
1999
|
2000
|
1999
|
|
|
$000
|
$000
|
$000
|
$000
|
$000
|
$000
|
$000
|
$000
|
|
| Balance 1 July 1999 |
2,311,849
|
4,939,909
|
-
|
-
|
-
|
-
|
2,311,849
|
4,939,909
|
| Operating result |
375,643
|
(2,628,060)
|
-
|
-
|
-
|
-
|
375,643
|
(2,628,060)
|
| Net revaluation increases/(decreases) |
-
|
-
|
10,512
|
-
|
10,512
|
-
|
10,512
|
-
|
| Balance 30 June 2000 |
2,687,492
|
2,311,849
|
10,512
|
-
|
10,512
|
-
|
2,698,004
|
2,311,849
|
12. Cash Flow Reconciliation
|
2000
|
1999
|
|
|
$
|
$
|
|
| Reconciliation of operating surplus to net cash provided by operating activities: | ||
| Operating surplus / (deficit) |
375,643
|
(2,628,060)
|
| Depreciation and amortisation of Property Plant and Equipment |
103,942
|
144,490
|
| Amortisation of Intangible |
175,034
|
184,343
|
| Infrastructure, plant and equipment write-off |
-
|
66,802
|
| Profit / (loss) on disposal of property, plant and equipment |
115,326
|
789
|
| Changes in assets and liabilities | ||
| (Increase) / decrease in receivables |
152,255
|
(260,049)
|
| (Increase) / decrease in other assets |
(4,292)
|
274,386
|
| Increase / (decrease) in liability to suppliers |
25,350
|
(2,137)
|
| Increase in employee provisions |
114,837
|
274,386
|
| Increase / (decrease) in grants payable |
266,947
|
(643,524)
|
| Decrease in inventory |
2,070
|
1,368
|
| Net Cash Provided by operating activities |
1,327,112
|
(2,587,059)
|
13. Remuneration of Commissioners
|
2000
|
1999
|
|
|
$
|
$
|
|
| Remuneration received or due and receivable by Commissioners: |
159,048
|
132,619
|
| The number of Commissioners of the Commission included in these figures are shown below in the relevant income bands | ||
| $Nil - $10,000 |
3
|
6
|
| $10,000 - $20,000 |
6
|
4
|
| $30,000 - $40,000 |
1
|
1
|
|
10
|
11
|
14. Related Party Disclosures
Commissioners of the Commission
The Commissioners of the Commission during the year were:
| Mr P King (Chairman) | Mr J Temple |
| Mr R Beale AM | Dr D Saunders (appointed 12 May 2000) |
| Dr G Sculthorpe | Mrs R Foot (appointed 18 October 1999) |
| Mr R Behenna | Dr D Saunders (retired 10 May 2000) |
| Ms J Chatfield | Ms L Boully (retired 30 July 1999) |
| Ms J Lennon |
The aggregate remuneration of Commissioners is disclosed in Note 13.
the aggregate amount paid to the Australian Government Employees Superannuation Trust (AGEST), Lifetrack Management and National FlexiSuper in connection with the retirement of directors totalled $9,357 for the year ended 30 June 2000 (1999: $8,282).
Other Transactions with Commissioners or Commissioner related entities
Payments were made to the follwoing Commissioner and Commissioner related entities. They were approved under the Commission's Financial Delegations and were made on normal trading terms and conditions. The Commissioners involved took no part in the relevant decisions.
| Payments |
2000
|
1999
|
| McCarthy Management which Ms W McCarthy AO controls |
-
|
4,116
|
| Jane Lennon & Associates of which Ms Lennon is a Director |
1,620
|
-
|
|
1,620
|
4,116
|
15. Remuneration of Officers
|
2000
|
1999
|
|
|
$
|
$
|
|
| Income received or due and receivable by Officers: |
442,435
|
397,977
|
| The number of officers included in these figures are shown below inthe relevant income bands | ||
| $130,000 - $140,000 |
-
|
1
|
| $140,000 - $150,000 |
2
|
1
|
| $150,000 - $160,000 |
1
|
1
|
|
3
|
3
|
The Officers remuneration includes all Officers conerned with or taking part inthe management of the Commission during 1999-2000 except the Commissioners. Details in relation to the Commissioners have been incorporated into Note 14.
16. Auditor's Remuneration
|
2000
|
1999
|
|
|
$
|
$
|
|
| Remuneration tot he Auditor-General for auditing the financial statements for the reporting period |
36,153
|
34,000
|
No other services were rendered by the Auditor-General during the reporting period.
17. Trust Money
The Commission does not hold trust money of any kind.
18. Appropriations
The Commission received the following appropriations during the year out of the Consolidated Revenue Fund.
|
2000
|
1999
|
|
|
$
|
$
|
|
| Annual Appropriation Act Nos 1, 3 - basic appropriation: | ||
| Appropriation Act No. 1 1999-00 |
7,453,000
|
-
|
| Appropriation Act No. 1 1998-99 |
-
|
6,654,000
|
|
7,453,000
|
6,654,000
|
19. Financial Instruments
a) Terms, Conditions and Accounting Policies
| Financial Instrument | Notes | Accounting Policies and Methods (including recognition criteria and measurement basis) | Nature of Underlying Instrument (including significant terms & conditions affecting the amount, timing and certainty of cash flows) |
| Financial Assets | Financial assests are recognised when control over future economic benefits is established and the amount of the benefit can be reliably measured. | ||
| Receivables for goods and services | 8B | These receivables are recognised at the nominal amounts due less any provision for bad and doubtful debts. Provisions are made when collection of the debt is judged to be less rather than more likely | Current terms are net 30 days (1998/99: 30 days) |
| Other Debtors | 8B | As for receivables for goods and services | As for receivables for goods and services |
| Financial Liabilities | Financial Liabilities are recognised when a present obligation to another party is entered into and the amount of the liability can be reliably measured | ||
| Trade Creditors | 10B | Creditors and accruals are recognised at their nominal amounts, being the amounts at which the liabilities will be settled. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced) | Settlement is usually made net 30 days. |
b) Interest Rate Risk
| Financial Instrument | Notes |
Floating Interest Rate
|
Fixed Interest Rate
|
Non-Interest Bearing
|
Total
|
Weighted Average Effective Interest Rate
|
|||||||
|
1 Year or less
|
1 to 2 Years
|
||||||||||||
|
99-00 |
98-99
$ |
99-00
$ |
98-99
$ |
99-00
$ |
98-99
$ |
99-00
$ |
98-99
$ |
99-00
$ |
98-99
$ |
99-00
$ |
98-99
$ |
||
| Financial Assets (Recognised) | |||||||||||||
| Cash at Bank |
8A
|
4,355,306
|
3,131,225
|
-
|
-
|
-
|
-
|
-
|
-
|
4,355,306
|
3,131,225
|
n/a
|
n/a
|
| Cash on Hand |
8A
|
1,500
|
1,500
|
-
|
-
|
-
|
-
|
-
|
-
|
1,500
|
1,500
|
n/a
|
n/a
|
| Receivables |
8B
|
-
|
-
|
-
|
-
|
-
|
-
|
16,893
|
19,439
|
16,893
|
19,439
|
||
| Other Debtors |
8B
|
-
|
-
|
-
|
-
|
-
|
-
|
119,912
|
269,621
|
119,912
|
269,621
|
n/a
|
n/a
|
| Total Financial Assets (Recognised) |
4,356,806
|
3,132,725
|
-
|
-
|
-
|
-
|
136,805
|
289,060
|
4,493,611
|
3,421,785
|
|||
| TOTAL ASSETS |
4,813,614
|
4,020,325
|
|||||||||||
| Financial Liabilities (Recognised) | |||||||||||||
| Trade Creditors |
10B
|
-
|
-
|
-
|
-
|
-
|
-
|
224,653
|
199,303
|
224,653
|
199,303
|
n/a
|
n/a
|
| Total Financial Liabilities (Recognised) |
-
|
-
|
-
|
-
|
-
|
-
|
224,653
|
199,303
|
224,653
|
199,303
|
|||
| TOTAL LIABILITIES |
2,115,610
|
1,708,476
|
|||||||||||
c) Net Fair Value of financial Assets and Liabilities
|
1999-2000
|
1998-1999
|
||||
| Note |
Total Carrying amount
|
Aggregate Net Fair Value
|
Total Carrying amount
|
Aggregate Net Fair Value
|
|
| Financial Assets | |||||
| Cash at Bank |
8A
|
4,355,306
|
4,355,306
|
3,131,225
|
3,131,225
|
| Cash on Hand |
8A
|
1,500
|
1,500
|
1,500
|
1,500
|
| Receivables for goods and services |
8B
|
16,893
|
16,893
|
19,439
|
19,439
|
| Other Debtors |
8B
|
119,912
|
119,912
|
269,621
|
269,621
|
| Total Financial Assets |
4,493,611
|
4,493,611
|
3,421,785
|
3,421,785
|
|
| Financial Liabilities (Recognised) | |||||
| Trade Creditors |
10B
|
224,653
|
224,653
|
199,303
|
199,303
|
| Total Financial Liabilities (Recognised) |
224,653
|
224,653
|
199,303
|
199,303
|
|
Financial Assets
The net fair value of Cash, Receivables for Goods and Services and Other Debtors approximate their carrying amounts.
Financial Liabilities
The net fair value of trade creditors, bing that they are short term in nature, are approximated by their carrying amounts.
d) Credit Risk Exposures
The Commission's maximum exposures to credit risk at reporting date in relation to each class of recognised financial assets is the carrying amount of those assets as indicated in the Balance Sheet.
The Commission has no significant exposures to any concentrations of credit risk.
All figures for credit risk referred to do not take into account the value of any collateral or other security.
Key
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