Annual Report 2011-12 - Financial statements

Twin Falls creek | Pierre Roudier

© Director of National Parks, 2012 | ISSN 1443-1238

Independent audit report (click to enlarge)

Indepedent audit report

 

Statement by the Director and Chief Financial Officer (click to enlarge)

 

Statement by the Director and Chief Financial Officer

Statement of comprehensive income

for the period ended 30 June 2012

Statement of comprehensive income for the period ended 30 June 2012

The above statment should be read in conjunction with the accoompanying notes.

Balance sheet

for the period ended 30 June 2012

Balance sheet

The above statment should be read in conjunction with the accoompanying notes.

Statement of changes in equity

for the period ended 30 June 2012

Changes in equity

The above statment should be read in conjunction with the accoompanying notes.

Cash flow statement

for the period ended 30 June 2012

Cashflow

The above statment should be read in conjunction with the accoompanying notes.

Schedule of commitments

for the period ended 30 June 2012

Schedule of commitments

The above statment should be read in conjunction with the accoompanying notes.

NB:

  1. Commitments are GST inclusive where relevant.
  2. Outstanding contractual payments for buildings and infrastructure under construction.
  3. Operating leases included are effectively non-cancellable.
  4. Other commitments comprise general consultancy services and utilities.

Nature of Lease / General Description

Lease/Sublease rental income - The Director of National Parks has three leases/subleases as follows:

  • cafe within the Australian National Botanic Gardens which is subject to an annual increase of 3%;
  • bookshop within the Australian National Botanic Gardens which has no escalation clauses; and
  • the Aurora Resort at Kakadu National Park which has no escalation clauses

Leases for rent of national parks from Traditional Owners - The Director of National Parks leases Kakadu National Park, Uluru-Kata Tjuta National Park and Booderee National Park from the parks Traditional Owners. Annual rent is payable in advance. Terms of leases vary up to a maximum of 99 years.

The above schedule should be read in conjunction with the accompanying notes.

Index of the notes to and forming part of the financial statements

for the period ended 30 June 2012

Note Description

  1. Summary of Significant Accounting Policies
  2. Events after the Balance Sheet Date
  3. Expenses
  4. Income
  5. Financial Assets
  6. Non-Financial Assets
  7. Payables
  8. Employee Provisions
  9. Cash Flow Reconciliation
  10. Contingent Liabilities and Assets
  11. Directors Remuneration
  12. Related Party Disclosures
  13. Executive Remuneration
  14. Remuneration of Auditors
  15. Financial Instruments
  16. Appropriations
  17. Compensation and Debt Relief
  18. Reporting of Outcomes
  19. Cost Recovery Policy

Note 1: Summary of Significant Accounting Policies

1.1 Objectives of the entity

The Director of National Parks is an Australian Government controlled entity. The objective of the entity is to manage Australias protected areas. The Director of National Parks is structured to meet the following objective:

Conservation and appreciation of Commonwealth reserves through the provision of safe visitor access, the control of invasive species and working with stakeholders and neighbours.

The continued existence of the Director of National Parks in its present form and with its present programs is dependent on Government policy and continuing funding by Parliament for the entitys administration and programs.

1.2 Basis of Preparation of the Financial Statements

The financial statements and notes are required by clause 1(b) of Schedule 1 to the Commonwealth Authorities and Companies Act 1997 (CAC Act) and are general purpose financial statements.

The financial statements have been prepared in accordance with:

  1. Finance Ministers Orders (FMOs) for reporting periods ending on or after 1 July 2011; and
  2. Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and are in accordance with historical cost convention, except for certain assets at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.

The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.

Unless an alternative treatment is specifically required by an Accounting Standard or the FMOs, assets and liabilities are recognised in the Balance Sheet when and only when it is probable that future economic benefits will flow to the Director of National Parks and the amounts of the assets or liabilities can be reliably measured. However, assets and liabilities arising from executor contracts are not recognised unless required by an accounting standard. Liabilities and assets that are unrecognised are reported in the Schedule of Commitments or the Schedule of Contingencies.

Unless alternative treatment is specifically required by an accounting standard revenues and expenses are recognised in the Statement of Comprehensive Income when and only when the flow, consumption or loss of economic benefits has occurred and can be reliably measured.

1.3 Significant Accounting Judgments and Estimates

In the process of applying the accounting policies listed in this note, the Director of National Parks has not made any judgments that have a significant impact on the amounts recorded in the financial statements.

No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next accounting period.

1.4 New Accounting Standards

Adoption of new Australian Accounting Standard requirements
No accounting standard has been adopted earlier than the application date as stated in the standard. No new standards, revised standards or interpretations that were issued prior to the signing of the Statement by the Director and Chief Financial Officer and are applicable to the current reporting period had a financial impact on the entity.

Future Australian Accounting Standard requirements
No new standards, amendments to standards or interpretations that were issued by the Australian Accounting Standards Board prior to the signing of the Statement by the Director and Chief Financial Officer are expected to have an impact on the entity for future reporting periods.

1.5 Revenue

Revenue from the sale of goods is recognised when:

  1. the risks and rewards of ownership have been transferred to the buyer;
  2. the seller retains no managerial involvement nor effective control over the goods;
  3. the revenue and transaction costs incurred can be reliably measured; and
  4. it is probable that the economic benefits associated with the transaction will flow to the Director of National Parks.

Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:

  1. the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
  2. the probable economic benefits with the transaction will flow to the Director of National Parks.

The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction. Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at balance date. Allowances are made when collectability of the debt is no longer probable.

The revenues described in this Note are revenues relating to the core operating activities of the Director of National Parks.

Revenue from the sale of tickets, permits and goods are recognised at the time tickets/permits are issued or goods are delivered to customers. Refunds for ticket sales are accounted for when they occur. An estimate for these refunds is not provided for.

Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement.

Revenues from Government

The Director of National Parks received no direct appropriation from the Government for Departmental outputs. Funds are received directly by the Department of Sustainability, Environment, Water, Population and Communities and transferred to the Director of National Parks.

1.6 Gains

Sale of Assets Gains from disposal of non-current assets are recognised when control of the asset has passed to the buyer.

Resources Received Free of Charge
Resources received free of charge are recognised 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.

The Department of Sustainability, Environment, Water, Population and Communities provides corporate services under a Service Delivery Agreement to the Director of National Parks.

1.7 Transactions with the Government as Owner

Equity injections
Amounts appropriated which are designated as equity injections for a year (less any formal reductions) are received directly by the Department of Sustainability, Environment, Water, Population and Communities and are transferred to the Director of National Parks. These amounts are recognised directly in Contributed Equity in that year.

1.8 Employee Benefits

The legal entity of the Director of National Parks has only one employee, being the Director himself. However, under an arrangement with the Department of Sustainability, Environment, Water, Population and Communities, the Director of National Parks has a number of employees of the Department of Sustainability, Environment, Water, Population and Communities that are assigned to assist the Director. For the purpose of these Financial Statements, such employees are treated as employees of the Director of National Parks.

Liabilities for short-term employee benefits (as defined in AASB 119: Employee Benefits) and termination benefits due within twelve months are measured at their nominal amounts. The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability.

All other employee benefit liabilities are measured as the present value of the estimated future cash outflows to be made in respect of services provided by employees up to the reporting date.

Leave
The liability for employee benefits 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 Director of National Parks is estimated to be less than the annual entitlement for sick leave.

The leave liabilities are calculated on the basis of employees remuneration, including the Director of National Parks employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The liability for long service leave has been determined using the short-hand method in accordance with the FMOs 2011-12. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.

Separation and Redundancy
Provision is made for separation and redundancy benefit payments. The Director of National Parks recognises a provision for termination when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations. The Director of National Parks has no provision for separations and redundancies as at 30 June 2012.

Superannuation
Employees of the Director of National Parks are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS) or the PSS accumulation plan (PSSap).

The CSS and PSS are defined benefit schemes for the Commonwealth. The PSSap is a defined contribution scheme.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported by the Department of Finance and Deregulation as an administered item.

The Director of National Parks makes employer contributions to the Australian Government at rates determined by an actuary to be sufficient to meet the cost to the Government of the superannuation entitlements of the Director of National Parks employees. The Director of National Parks accounts for the contributions as if they were contributions to defined contribution plans.

The liability for superannuation recognised as at 30 June represents outstanding contributions for the final fortnight of the year.

1.9 Leases

A distinction is made between finance leases and operating leases. Finance leases effectively transfer from the lessor to the lessee substantially all the risks and rewards incidental to ownership of leased noncurrent assets. An operating lease is a lease that is not a finance lease. In operating leases, the lessor effectively retains substantially all such risks and benefits.

Where an asset is acquired by means of a finance lease, the asset is capitalised at either the fair value of the lease property or, if lower, the present value of minimum lease repayments at the inception of the contract and a liability is recognised at the same time and for the same amount.

The discount rate used is the interest rate implicit in the lease. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense.

Operating lease payments are expensed on a straight line basis which is representative of the pattern of benefits derived from the leased assets.

The majority of operating lease payments relate to arrangements with traditional owners over Kakadu, Uluru Kata-Tjuta and Booderee National Parks.

1.10 Cash

Cash and cash equivalents includes notes and coins held and any deposits in bank accounts with an original maturity of three months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Cash is recognised at its nominal amount.

1.11 Financial Assets

The Director of National Parks classified its financial assets as loans and receivables.

The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets are recognised and derecognised upon 'trade date'.

Loans and Receivables
Trade and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non current assets. Receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest rate.

Impairment of financial assets
Financial assets are assessed for impairment at each balance date.

Financial assets held at amortised cost - if there is objective evidence that an impairment loss has incurred for loans and receivables or held to maturity investments held at amortised cost, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. The carrying amount is reduced by way of an allowance account. The loss is recognised in the Statement of Comprehensive Income.

1.12 Financial Liabilities

Financial liabilities are classified as either financial liabilities 'at fair value through profit or loss' or other financial liabilities. Financial liabilities are recognised and derecognised upon 'trade date'.

Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.

Other Financial Liabilities
Other financial liabilities are initially measured at fair value net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

Supplier and other payables
Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).

1.13 Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are not recognised in the Balance Sheet but are reported in the relevant notes. They may arise from uncertainty as to the existence of a liability or asset, or represent an existing liability or asset in respect of which settlement is not probable or the amount cannot be reliably measured. Remote contingencies are part of this disclosure. Contingent assets are reported when settlement is probable but not virtually certain and contingent liabilities are recognised when settlement is greater than remote.

1.14 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. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and revenues at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor entity's accounts immediately prior to the restructuring.

1.15 Infrastructure, Plant and Equipment (IP&E)

Asset Recognition Threshold
Purchases of infrastructure plant and equipment are recognised initially at cost in the Balance Sheet, except for purchases costing less than $5,000, 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).

The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located.

Revaluations

Fair values for each class of asset are determined as shown below:

Asset class

Fair value measured at:

Land

Market selling price or Discounted cashflows

Buildings excluding leasehold improvements

Market selling price

Leasehold improvements

Depreciated replacement cost

Infrastructure, plant & equipment

Market selling price or Depreciated replacement cost

Following initial recognition at cost, infrastructure, plant and equipment are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets do not materially differ with the volatility of movements in market values for the relevant assets. A revaluation was conducted in 2011.

Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reverses a previous revaluation decrement of the same asset class that was previously recognised through operating result. Revaluation decrements for a class of assets are recognised directly through operating result except to the extent that they reverse a previous revaluation increment for that class.

Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Depreciation
Depreciable infrastructure, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the Director of National Parks using, in all cases, the straight-line method of depreciation. Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the improvements or the unexpired period of the lease.

Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.

Depreciation rates applying to each class of depreciable asset are based on the following useful lives:

 

2011-12

2010-11

Buildings

5 to 85 years

5 to 85 years

Infrastructure

7 to 73 years

7 to 73 years

Plant and equipment

2 to 50 years

2 to 50 years

Computer software

4 to 5 years

4 to 5 years

Impairment
All assets were assessed for impairment at 30 June 2012. Where indications of impairment exist, the asset's recoverable amount is estimated and an impairment adjustment made if the asset's recoverable amount is less than its carrying amount.

The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset's ability to generate future cash flows, and the asset would be replaced if the Director of National Parks were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

Derecognition
An item of infrastructure, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Heritage and Cultural Assets
The Director of National Parks has various heritage and cultural items which have not been recorded as assets in the financial statements, due to the difficulties associated with the reliable measurement of these items. The items include living collections in the Australian National Botanical Gardens and historic buildings which are managed as ruins. The Director of National Parks has adopted, through consultation with boards of management, where relevant, appropriate curatorial and preservation policies for these items. The Director of National Parks curatorial and preservation policies can be found in the Plan of Management for each national park at http://www.parksaustralia.gov.au.

1.16 Intangibles

The Director of National Parks intangibles comprise internally developed and purchased software for internal use and water entitlements. Internally developed software is carried at cost less accumulated amortisation and accumulated impairment losses.

Software is amortised on a straight-line basis over its anticipated useful life. The useful lives of the Director of National Parks software are 4 to 5 years (2010-11: 4-5 years).

All software assets were assessed for indications of impairment as at 30 June 2012.

Water entitlements are carried at cost where there is no active market. When an active market exists they are carried at fair value. These assets are assessed as having an indefinite useful life.

1.17 Taxation

The Director of National Parks is exempt from all forms of taxation except fringe benefits tax (FBT) and the goods and services tax (GST).

Revenues, expenses, assets and liabilities are recognised net of GST:

  1. except where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
  2. except for receivables and payables.

Note 2: Events after the Balance Sheet Date

There were no events that occurred after the balance sheet date that could impact the financial statements.

Notes to and forming part of the financial statements

Notes to and forming part of the financial statements

Notes to and forming part of the financial statements

Notes to and forming part of the financial statements

No indicators of impairment were found for land, buildings and leasehold improvements.
No land and buildings are expected to be sold or disposed within the next 12 months.

The Director of National Parks has various heritage and cultural items which have not been recorded as assets in the financial statements, due to the difficulties associated with the reliable measurement of these items. These items include living collections and historic buildings which are managed as ruins. There was no significant acquisition or disposal activity in relation to these items in the current reporting period.

Notes to and forming part of the financial statements

* The Director of National Parks identified and valued a number of assets during the 2010-11 Asset Revaluation process completed by Propell National Valuers. The assets have been recognised through Other Gains in the current financial reporting period. The Director of National Parks have not restated prior year balances as it is not practicable to reliably value these assets as significant estimates would be required to determine the effects of prior valuations, depreciation and impairment reviews. (Refer to Note 1.18)

Notes to and forming part of the financial statements

Notes to and forming part of the financial statements

Notes to and forming part of the financial statements

Note 10: Contingent Liabilities and Contingent Assets

No contingent assets or liabilities exist for the Director of National Parks for the current financial year (2010-11: Nil).

Note 11: Directors Remuneration

The legal entity of the Director of National Parks has only one Executive Director. Remuneration of the Executive Director is included in Note 13: Senior Executive Remuneration.

Note 12: Related Party Disclosures

Director of National Parks
The Director of National Parks during the year was Mr Peter Cochrane. The aggregate remuneration of the Director is disclosed in Note 13: Senior Executive Remuneration.

Loans to Director and Director related entities
There were no loans made to either the Director or entities related to the Director during 2011-12 (2010-11: Nil).

Other Transactions with Director or Director related entities
There were no other transactions with either the Director or entities related to the Director during 2011-12 (2010-11
Nil).

Note 13: Senior Executive Remuneration
Note 13A: Senior Executive Remuneration Expense for the Reporting Period

Notes to and forming part of the financial statements

Notes:

  1. Note 13A is prepared on an accrual basis (therefore the performance bonus expenses disclosed above may differ from the cash Bonus paid in Note 13B).
  2. Note 13A excludes acting arrangements and part-year service where total remuneration expensed for a senior executive was less than $150,000.

Note 13B: Average Annual Reportable Remuneration Paid to Substantive Senior Executives During the Reporting Period

Notes to and forming part of the financial statements

Notes:

  1. This table reports substantive senior executives who received remuneration during the reporting period. Each row is an averaged figure based on headcount for individuals in the band.
  2. Reportable salary includes the following:
    1. gross payments (less any bonuses paid, which are separated out and disclosed in the bonus paid column);
    2. reportable fringe benefits (at the net amount prior to grossing up to account for tax benefits); and
    3. exempt foreign employment income.
  3. The contributed superannuation amount is the average actual superannuation contributions paid to senior executives in that reportable remuneration band during the reporting period, including any salary sacrificed amounts, as per the individuals payslips.
  4. Reportable allowances are the average actual allowances paid as per the total allowances line on individuals payment summaries.
  5. Bonus paid represents average actual bonuses paid during the reporting period in that reportable remuneration band. The bonus paid within a particular band may vary between financial years due to various factors such as individuals commencing with or leaving the entity during the financial year.
  6. Various salary sacrifice arrangements were available to senior executives including superannuation, motor vehicles, and expense payment fringe benefits. Salary sacrifice benefits are reported in the reportable salary column, excluding salary sacrificed superannuation, which is reported in the contributed superannuation column.

Note 13C: Other Highly Paid Staff

Notes to and forming part of the financial statements

Notes:

  1. This table reports staff:
    1. who were employed by the entity during the reporting period;
    2. whose reportable remuneration was $150,000 or more for the financial period; and
    3. were not required to be disclosed in Tables A, B or director disclosures. Each row is an average figure based on headcount for individuals in the band.
  2. Reportable salary includes the following:
    1. gross payments (less any bonuses paid, which are separated out and disclosed in the bonus paid column);
    2. reportable fringe benefits (at the net amount prior to grossing up to account for tax benefits); and
    3. exempt foreign employment income.
  3. The contributed superannuation amount is the average actual superannuation contributions paid to senior executives in that reportable remuneration band during the reporting period, including any salary sacrificed amounts, as per the individuals payslips.
  4. Reportable allowances are the average actual allowances paid as per the total allowances line on individuals payment summaries.
  5. Bonus paid represents average actual bonuses paid during the reporting period in that reportable remuneration band. The bonus paid within a particular band may vary between financial years due to various factors such as individuals commencing with or leaving the entity during the financial year.
  6. Various salary sacrifice arrangements were available to senior executives including superannuation, motor vehicles, and expense payment fringe benefits. Salary sacrifice benefits are reported in the reportable salary column, excluding salary sacrificed superannuation, which is reported in the contributed superannuation column.

Note 14: Remuneration of Auditors

Financial Statement audit services are provided to Director of National Parks by the Auditor-General.

The fair value of the services provided was:

  • 2012 - $81,000
  • 2011 - $81,000

No other services were provided by the Auditor-General.

Notes to and forming part of the financial statements

Note 15C - Net income and expense from financial liabilities

There was no net income/expenses from financial liabilities in 2011-12. (2010-11: Nil).

Note 15D - Fair value of financial instruments

The carrying value of the Director of National Parks financial instruments are a reasonable approximation of fair value.

Note 15E - Credit risk

The Director of National Parks is exposed to minimal credit risk as the majority of cash equivalents and other receivables are cash or trade receivables. The maximum exposure to credit risk is the risk that arises from potential default of a debtor. This amount is equal to the total amount of trade receivables (2012: $902,845 and 2011: $2,967,423). The Director of National Parks has assessed the risk of the default on payment and has allocated $5,105 in 2012 (2011: $97,819) to an impairment and allowance account.

The Director of National Parks 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 2012 $000

Not Past Due Nor Impaired 2011 $000

Past due or impaired 2012 $000

Past due or impaired 2011 $000

Cash at Bank

43,689

41,540

-

-

Trade debtors and other receivables

772

1,378

365

1,338

Total

44,461

42,918

365

1,338

Ageing of financial assets that are past due but not impaired for 2012

 

0 to 30 days $000

31 to 60 days $000

61 to 90 days $000

90+ days $000

Total $000

Trade and other receivables

32

22

13

293

360

Total

32

22

13

293

360

Ageing of financial assets that are past due but not impaired for 2011

 

0 to 30 days $000

31 to 60 days $000

61 to 90 days $000

90+ days $000

Total $000

Trade and other receivables

476

82

98

682

1,338

Total

476

82

98

682

1,338

Note 15F - Liquidity risk

The Director of National Parks financial liabilities are payables (due and payable). The exposure to liquidity risk from nonderivative financial liabilities is based on the notion that the Director of National Parks will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely due to appropriation funding and mechanisms available to the Director of National Parks and internal policies and procedures put in place to ensure there are appropriate resources to meet its financial obligations.

The following table illustrates the maturities for non-derivative financial liabilities

 

On demand 2012 $000

within 1 year 2012 $000

1 to 5 years 2012 $000

> 5 years 2012 $000

Total 2012 $000

Trade creditors and accruals

-

2,111

-

-

2,111

Other payables

-

3,428

-

-

3,428

Total

-

5,539

-

-

5,539

The following table illustrates the maturities for non-derivative financial liabilities

 

On demand 2011 $000

within 1 year 2011 $000

1 to 5 years 2011 $000

> 5 years 2011 $000

Total 2011 $000

Trade creditors and accruals

-

3,016

-

-

3,016

Other payables

-

1,930

-

-

1,930

Total

-

4,946

-

-

4,946

Note 15G - Market risk

The Director of National Parks holds basic financial instruments that do not expose it to market risks. The Director of National Parks is not exposed to currency risk or other price risk.

Interest Rate Risk
The only interest-bearing items on the balance sheet is Cash on deposit which bears interest at a fixed tiered

Note 15H - Financial Assets Reconciliation

Notes to and forming part of the financial statements

Note 16: Appropriations

The Director of National Parks received no direct appropriation from the Government for Departmental outputs. Funds are appropriated directly to the Department of the Sustainability, Environment, Water, Population and Communities and transferred to the Director of National Parks. Funds transferred from the Department of the Sustainability, Environment,
Water, Population and Communities included $41.485m Grant from Portfolio Agency (2010-11: $46.444m). The Directory of National Parks did not receive an equity injection in 2011-12 (2010-11: $2.249m).

When received by the Director of National Parks, the payments made are legally the money of the Director of National Parks and do not represent any balance remaining in the Consolidated Revenue Fund.

Note 17: Compensation and Debt Relief

No payments of the following kind were made by the Director of National Parks during 2011-12 (2010-10: Nil): (1) waivers of amounts owing to the Australian Government; (2) compensation for detriment caused by defective administration; or (3) special circumstances payments relating to APS employment.

Note 18: Reporting of Outcomes

Net Cost of Outcome Delivery
The Director of National Parks is structured to contribute to the following outcome:

Outcome 1
The Director of National Parks has only one outcome - Conservation and appreciation of Commonwealth reserves through the provision of safe visito r access, the control of invasive species and working with stakeholders and neighbours.

Notes to and forming part of the financial statements

The net costs shown include intra-government costs that would be eliminated in calculating the actual Budget Outcome.

Notes to and forming part of the financial statements