notes to the financial statements 30 June 2007
9. NON-CURRENT ASSETS - PLANT & EQUIPMENT (Con’t from p39)
13. FINANCIAL INSTRUMENTS
Reconciliations
(a) Credit Risk Exposures The credit risk on financial assets of the Association is the carrying value, net of any provision for doubtful debts.
Reconciliations of the carrying amounts of each class of plant and equipment at the beginning and end of the current financial year are set out below. 2007
(b) Interest Rate Risk Exposures The Association’s exposure to interest rate risk and the interest rate for each class of financial assets and liabilities are set below.
Furniture & fittings $
Office equipment $
Equipment under lease $
28,247
195,014
–
138,493
5,438
367,192
3,801
97,611
–
–
8,525
109,937
Carrying amount at 1 July 2006 Additions
Library Works of Art $
Leasehold improvements $
Totals $
2007
Revaluation increment
–
–
–
–
–
–
Depreciation expense
(5,043)
(129,421)
–
–
(3,467)
(137,931)
27,005
163,204
–
138,493
10,496
334,138
Carrying amount at 30 June 2007
Cash and deposits
14,000
195,553
Additions
17,140
123,579
Revaluation increment
–
–
Depreciation expense
(2,893)
(124,118)
28,247
195,014
–
–
–
138,493
12,908
360,954
–
2,501
143,220
–
–
–
–
(9,971)
(136,982)
138,493
5,438
367,192
2006$
39,423
53,284
Trade Creditors
375,312
347,103
Accrued Expenses
196,472
133,086
611,207
Employee Entitlements - Annual Leave
Employee Numbers Number of employees at reporting date
424,795
493,597
424,795
Number
Number
96
97
10,300
1,728,506
0.99%
6.00%
–
611,207
611,207
501,157
1,217,049
–
(494,740)
1,223,736
233,455
997,049
–
101,647
1,332,151
–
106,437
106,437
–
116,737
1,834,943
Financial Assets: Cash and deposits Receivables
4 6, 8
–
–
–
224,929
224,929
233,455
997,049
–
326,576
1,557,080
4.43%
5.41%
233,455
997,049
Weighted average interest rate Financial liabilities: 11
Net financial assets/(liabilities)
2007 $
2006 $
235,740
208,530
235,740
208,530
Net financial assets as above
Property, plant & equipment Employee Entitlements
493,597
–
2006
Prepaid expenses
2006 $
1,217,049
Trade and other creditors
Inventories
11. CURRENT LIABILITIES – EMPLOYEE ENTITLEMENTS 2007 $
501,157
533,473
533,473
(206,897)
1,023,607
14. REMUNERATION OF MEMBERS OF THE BOARD
2007 $
2006 $
1,223,736
1,023,607
14,576
14,960
339,198
367,192
Members of the Board serve the Association in a voluntary capacity. Staff representatives and CEO who serve on ACON Board provide their time for this activity on a voluntary basis as well.
Non-financial assets and liabilities:
533,473
Total $
1,217,049
Reconciliation of Net Financial Assets to Net Assets Provision for Long Service Leave
Non-interest bearing $
Financial liabilities:
12. NON-CURRENT LIABILITIES – EMPLOYEE ENTITLEMENTS
2007 $
Fixed interest maturing in: over 1 to 5 years $
501,157
Weighted average interest rate
Trade and other creditors
10. CURRENT LIABILITIES – ACCOUNTS PAYABLE
1 year or less $
Receivables
Net financial assets/(liabilities)
Carrying amount at 1 July 2005
Goods & Services Tax Payable
Floating interest rate $
Financial Assets:
2006
Carrying amount at 30 June 2006
Note
164,098
93,327
(729,337)
(633,325)
1,012,271
865,761
Amounts received or due and receivable from the Association and related corporations by members of the Board.
Net financial assets as above
2007 $
2006 $
Nil
Nil
15. REMUNERATION OF auditors
(c) Net Fair Value of Financial Assets and Liabilities Financial assets and liabilities comprise cash and borrowings. The net fair value of financial assets and liabilities approximates their carrying value.
Remuneration for audit and review of the Association’s Financial report - PricewaterhouseCoopers Remuneration for other services. PricewaterhouseCoopers
ACON Annual Report O6/O7
ACON Annual Report O6/O7
40
41
42,000
38,000
8,100
8,500
50,100
46,500