These financial statements cover the Department of Communities Retail Stores.

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1 Foreword Foreword These financial statements cover the. Retail Stores is an operational unit established within the Department of Communities which is a Queensland Government department established under the Public Service Act The department is controlled by the State of Queensland which is the ultimate parent. The central office and principal place of business of the Department of Communities Retail Stores is: Level 1 41 George Street BRISBANE QLD 4000 Detail of the objectives and principal activities of the Department of Communities - Retail Stores is included in the notes to the financial statements. For information in relation to the Retail Stores financial report, please call (07) or visit the departmental internet site at 177

2 Statement of Comprehensive Income Department of Communities - Retail Stores Statement of Comprehensive Income Note INCOME FROM CONTINUING OPERATIONS Sale of goods 2 27,258 26,808 Grants and other contributions Other revenue* 4 5, Total income from continuing operations 32,763 27,191 EXPENSES FROM CONTINUING OPERATIONS Employee expenses* 5 4,166 4,120 Cost of sales of inventories 6 20,060 19,035 Supplies and services* 7 1,997 2,261 Depreciation 8 1,140 1,047 Impairment losses - (28) Other expenses* Total expenses from continuing operations 27,574 26,731 Operating result from continuing operations 5, OTHER COMPREHENSIVE INCOME Increase (decrease) in asset revaluation surplus 18 (1,395) 163 Total other comprehensive income (1,395) 163 Total comprehensive income 3, * Refer to note 23 for details of adjustments made to 2010 comparatives. The accompanying notes form part of these statements. 178

3 Department of Communities - Retail Stores Statement Department of of Communities Financial - Retail Position Stores as Statement 30 June of Financial 2011 Position as at 30 June 2011 Note CURRENT ASSETS Cash and cash equivalents 10 4,392 2,969 Receivables 11 1, Inventories 12 2,692 3,091 Other current assets Total current assets 8,167 6,444 NON-CURRENT ASSETS Property, plant and equipment 14 19,585 21,971 Total non-current assets 19,585 21,971 TOTAL ASSETS 27,752 28,415 CURRENT LIABILITIES Payables* 15 1,458 1,099 Other financial liabilities Accrued employee benefits* Total current liabilities 1,646 1,903 NON-CURRENT LIABILITIES Other financial liabilities 16-4,200 Total non-current liabilities - 4,200 TOTAL LIABILITIES 1,646 6,103 NET ASSETS 26,106 22,312 EQUITY Contributed equity 9,852 9,852 Asset revaluation surplus 18 8,191 9,586 Accumulated surplus 8,063 2,874 TOTAL EQUITY 26,106 22,312 * Refer to note 23 for details of adjustments made to 2010 comparatives. The accompanying notes form part of these statements. 179

4 180 Department of Communities - Retail Stores Statement of Changes in Equity Department of Communities - Retail Stores for Statement the year of Changes ended in 30 Equity June 2011 Asset Contributed revaluation Accumulated equity surplus (note 18) suplus Total Balance as at 1 July ,430 9,423 2,414 20,267 Operating result from continuing operations Other comprehensive income - Increase in asset revaluation surplus Total comprehensive income for the year Transactions with owners as owners - Non appropriated equity injection 1, ,422 Balance as at 30 June ,852 9,586 2,874 22,312 Department of Communities Annual Report Balance as at 1 July ,852 9,586 2,874 22,312 Operating result from continuing operations - - 5,189 5,189 Other comprehensive income - Increase (decrease) in asset revaluation surplus - (1,395) - (1,395) Total comprehensive income for the year - (1,395) 5,189 3,794 Balance as at 30 June ,852 8,191 8,063 26,106 The accompanying notes form part of these statements.

5 Department of Communities - Retail Stores Statement Department of of Communities Cash Flows - Retail Stores for Statement the year of Cash ended Flows 30 June 2011 Note CASH FLOWS FROM OPERATING ACTIVITIES Inflows: Sale of goods 27,185 26,852 GST input tax credits received from Australian Taxation Office 1,449 1,600 GST collected from customers 1,632 1,573 Grants and other contributions Other Outflows: Employee expenses (4,198) (3,928) Supplies and services (1,637) (2,762) Advance repayment (600) - GST paid to suppliers (1,458) (1,559) GST remitted to Australian Taxation Office (1,628) (1,585) Cost of inventories (19,661) (19,987) Other (207) (188) Net cash provided by (used in) operating activities 19 1, CASH FLOWS FROM INVESTING ACTIVITIES Inflows: Sales of property, plant and equipment - 3 Outflows: Payments for property, plant and equipment (153) (2,531) Net cash provided by (used in) investing activities (153) (2,528) Net increase (decrease) in cash and cash equivalents 1,423 (2,141) Cash and cash equivalents at beginning of financial year 2,969 5,110 Cash and cash equivalents at end of period 10 4,392 2,969 The accompanying notes form part of these statements. 181

6 Department of Communities - Retail Stores Notes to and forming part of of the the financial statements for the the year year ended ended June June Objectives and Principal Activities of The Department of Communities operates and manages retail stores in six remote indigenous communities. The stores are primarily supermarkets in nature. In addition to foodstuffs, a number of stores retail a wide variety of general merchandise such as whitegoods, drapery, manchester, furniture, auto materials and phone/power cards, as well as two stores retailing fuel. The stores are located in the communities of: Doomadgee Kowanyama Pormpuraaw Lockhart River Palm Island Woorabinda. The Retail Stores are the primary supplier of supermarket services within each of the communities, however a number of smaller retailing outlets do exist in some of the communities. The objectives of the Retail Stores are as follows: Operate with financial viability without subsidy from the government. Provide a wide range of quality food, drinks and variety products at the lowest possible prices whilst maintaining operating capacity. Modernise store buildings, infrastructure and plant and equipment required for retail operations. Provide employment and training opportunities for indigenous persons within the respective communities. All trading surpluses generated from trading operations are retained by Retail Stores. These statements are independently audited by the Auditor-General of Queensland. 1. Summary of significant accounting policies a) Statement of compliance The financial statements are general purpose financial statements and have been prepared in accordance with Australian Accounting Standards and Interpretations. In addition, the financial statements comply with Treasury's Minimum Reporting Requirements for the year ending 30 June 2011, and other authoritative pronouncements. With respect to compliance with Australian Accounting Standards and Interpretations, Retail Stores has applied those requirements applicable to not-for-profit entities as Retail Stores is notfor-profit. Except where stated, the historical cost convention is used. b) The reporting entity The financial statements include the value of all income, expenses, assets, liabilities and equity of Retail Stores only as it is not a legal or reporting entity and does not control any other entities. 182

7 Notes to to and and forming forming part part of of the the financial financial statements statements for the year ended June Summary of significant accounting policies (continued) c) Sales Rendering of services Revenue from rendering of services is recognised when the stage of completion of the transaction at the reporting date can be measured reliably and the cost of rendering those services can be measured reliably. Sale of goods Revenue is recognised from the sale of goods when the significant risks and rewards of ownership control transfer to the purchaser and can be measured reliably. d) Grants and Contributions Grants, contributions, donations and gifts that are non-reciprocal in nature are recognised as revenue in the year in which Retail Stores obtains control over them. Contributed assets are recognised at their fair value. Contributions of services are recognised only when a fair value can be determined reliably and the services would be purchased if they had not been donated. e) Cash and cash equivalents For the purposes of the Statement of Financial Position and the Statement of Cash Flows, cash assets include cash on hand, all cash and cheques receipted but not banked as at reporting date as well as deposits at call with financial institutions. f) Receivables Receivables are recognised at the amount due at the time of sales of goods or services at agreed purchase/contract price. Settlement of these amounts is required within 30 days from invoice date. The collectability of receivables is periodically assessed with adequate allowance being made for impairment. All known bad debts were written-off as at the reporting date. Refer to note 11 and note 22 for further information on receivables. g) Inventories Inventories held for sale are valued at the lower of cost and net realisable value. Cost is assigned on a weighted average basis and includes expenditure incurred in acquiring the inventories and bringing them to their existing condition, except for training costs which are expensed as incurred. Net realisable value is determined on the basis of Retail Stores normal selling pattern. Any cost associated with marketing, selling and distribution are deducted to determine net realisable value. 183

8 Notes to and forming part part of of the the financial financial statements statements for the year ended June Summary of significant accounting policies (continued) h) Acquisitions of assets Actual cost is used for the initial recording of all asset acquisitions. Cost is determined as the value given as consideration plus costs incidental to the acquisition, including all other costs incurred in getting the assets ready for use. Where assets are received free of charge from a Queensland department (whether as a result of a machinery-of-government change or other involuntary transfer), the acquisition cost is recognised as the gross carrying amount in the books of the transferor immediately prior to the transfer together with any accumulated depreciation. Assets acquired at no cost or for nominal consideration, other than from an involuntary transfer from a Queensland government entity, are recognised at their fair value at date of acquisition in accordance with AASB 116 Property, Plant and Equipment. i) Property, plant and equipment Items of property, plant and equipment with a cost or other value equal to or in excess of the following thresholds are recognised for financial reporting purposes in the year of acquisition: Buildings $10,000 Land $1 Plant and equipment $5000 Items with a lesser value are expensed in the year of acquisition. Land improvements undertaken by Retail Stores are included with buildings. Land is recorded at $1 for Retail Stores as it is subject to a deed of grant in trust. j) Depreciation of property, plant and equipment Buildings and plant and equipment are depreciated on a straight line basis, so as to progressively allocate the carrying amount of such depreciable assets over their estimated remaining useful lives to Retail Stores. The remaining useful lives of all buildings, plant and equipment are reviewed annually. Assets under construction (works in progress) are not depreciated until they reach service delivery capacity. Service delivery capacity relates to when construction is complete and the asset is first put to use or is installed ready for use in accordance with its intended application. These assets are then reclassified to the relevant classes within property, plant and equipment. Any subsequent expenditure that increases the originally assessed capacity or service potential of an asset is capitalised and the new depreciable amount is depreciated over the remaining useful life of the asset to Retail Stores. The depreciable amount of improvements is allocated systematically over the estimated useful lives of the improvements. 184

9 Notes to and forming part part of of the the financial financial statements statements 1. Summary of significant accounting policies (continued) j) Depreciation of property, plant and equipment (continued) For each class of depreciable asset, the following depreciation rates were used: Class Rate % Buildings 2-3 Plant and equipment 7-33 k) Revaluations of property, plant and equipment Buildings are measured at fair value in accordance with AASB 116 Property, Plant and Equipment and Queensland Treasury s Non-Current Asset Policies for the Queensland Public Sector. Buildings are comprehensively revalued at least once every five years with interim revaluations, using indices provided by the State Valuation Service, being otherwise performed on an annual basis where there has been a material variation in the index. The cost of buildings acquired or constructed during the financial year has been judged by management of Retail Stores to materially represent their fair value at the end of the reporting period. Plant and equipment is measured at cost in accordance with Treasury's Non-Current Asset Policies for the Queensland Public Sector. Any revaluation increment arising on the revaluation of an asset is credited to the asset revaluation surplus of the appropriate class, except to the extent to which it reverses a revaluation decrement for the class previously recognised as an expense. A decrease in the carrying amount on revaluation is charged as an expense, to the extent it exceeds the balance, if any, in the revaluation reserve relating to that class. On revaluation, accumulated depreciation is restated proportionately with the change in the carrying amount of the asset and any change in the estimate of remaining useful life. Materiality concepts under AASB1031 are considered in determining whether the difference between the carrying amount and the fair value of an asset is material. l) Impairment of non-current assets All non-current physical assets are assessed for indicators of impairment on an annual basis. If an indicator of possible impairment exists, Retail Stores determines the asset's recoverable amount. An impairment loss is recorded where the asset s carrying amount materially exceeds the recoverable amount. The asset s recoverable amount is determined as the higher of the asset s fair value less costs to sell and depreciated replacement cost. An impairment loss is recognised immediately in the Statement of Comprehensive Income, unless the asset is carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offset against the asset revaluation surplus of the relevant class to the extent available. 185

10 Notes to to and and forming forming part part of of the the financial financial statements statements for the year ended June Summary of significant accounting policies (continued) l) Impairment of non-current assets (continued) Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but the increased carrying amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. m) Payables Trade creditors are recognised upon receipt of the goods or services ordered and are measured at the agreed purchase/contract price. Amounts owing are unsecured and are settled according to agreed vendors terms normally 14 days. n) Financial Instruments Recognition Financial assets and financial liabilities are recognised in the Statement of Financial Position when Retail Stores becomes party to the contractual provisions of the financial instrument. Classification Financial instruments are classified and measured as follows: Cash and cash instruments held at fair value through profit or loss Receivables held at amortised cost Payables held at amortised cost. All other disclosures relating to the measurement and financial risk management of financial instruments held by Retail Stores are included in Note 22. o) Other financial liabilities Repayable advances are recognised as other financial liabilities and held at amortised cost. p) Employee benefits Employer superannuation contributions, annual leave levies and long service leave levies are regarded as employee benefits. Payroll tax and workers compensation insurance are a consequence of employing employees, but are not counted in an employee s total remuneration package. They are not employee benefits and are recognised separately as employee related expenses. Wages and salaries Wages and salaries due, but unpaid at reporting date, are recognised in the Statement of Financial Position. For unpaid entitlements expected to be paid within 12 months, the liabilities are recognised at their undiscounted values. 186

11 Notes to and forming part part of of the the financial financial statements statements 1. Summary of significant accounting policies (continued) p) Employee benefits (continued) Annual leave The Queensland Government s Annual Leave Central Scheme (ALCS) covers departments, commercialised business units and shared service providers. Under this scheme, a levy is made on Retail Stores to cover the cost of employees' annual leave (including leave loading and oncosts). The levies are expensed in the period in which they are payable. Amounts paid to employees for annual leave are claimed from the scheme quarterly in arrears. Accordingly, no provision for annual leave is recognised in Retail Stores financial statements as the liability is held on a whole-of-government basis and reported in those financial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting. Sick leave Prior history indicates that, on average, sick leave taken each reporting period is less than the entitlement accrued. Retail Stores has made the judgement that this is expected to continue in future periods. Accordingly, it is unlikely that existing accumulated entitlements will be used by employees and no liability for unused sick leave entitlements is recognised. As sick leave is nonvesting, an expense is recognised for this leave as it is taken. Superannuation Employer contributions for superannuation are paid to QSuper, the superannuation scheme for Queensland Government employees, at rates determined by the Treasurer on advice from the State Actuary. Contributions are expensed in the period in which they are paid or payable. Retail Stores obligation is limited to its required fortnightly contribution to QSuper. The QSuper scheme has defined benefit and defined contribution categories. The liability for defined benefits is held on a whole-of-government basis and reported in those financial statements pursuant to AASB1049 Whole of Government and General Government Sector Financial Reporting. Long service leave Under the Queensland Government s long service leave scheme, a levy is made on Retail Stores to cover the cost of employees long service leave. This levy is expensed in the period in which it is payable. Amounts paid to employees for long service leave are claimed from the scheme quarterly in arrears. No provision for long service leave is recognised in these financial statements, as this liability is held on a whole-of-government basis and reported in those financial statements pursuant to AASB 1049 Whole of Government and General Government Sector Financial Reporting. q) Insurance The Retail Stores non-current physical assets and other risks are insured through the Queensland Government Insurance Fund, with premiums paid on a risk assessment basis. In addition, Retail Stores pays premiums to WorkCover Queensland in respect of its obligations for employee compensation. 187

12 Notes to to and and forming part part of of the the financial financial statements statements for the year ended June Summary of significant accounting policies (continued) r) Taxation Retail Stores is a state body as defined under the Income Tax Assessment Act 1936, and is exempt from Australian Government taxation except for Fringe Benefits Tax (FBT) and Goods and Services Tax (GST). As such, input tax credits receivable from and GST payable to the Australian Taxation Office (ATO), along with FBT, are recognised and accrued. Income, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable as an input tax credit from the ATO. In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of the item of expense. All receivables and payables are stated with the amount of GST included, provided the related invoices are dated on or before the reporting date. Other receivables and payables resulting from accrued income and expenses are not reported inclusive of GST (if any is applicable). Cash flows are included in the Statement of Cash Flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. s) Issuance of financial statements The financial report is authorised for issue by the Director-General and Chief Finance Officer of the Department of Communities at the date of signing the Management Certificate. t) Rounding and comparatives All figures in these statements are in Australian dollars and have been rounded to the nearest $1000 or, where that amount is less than $500, to zero, unless disclosure of the full amount is specifically required. Comparative information has been restated where necessary to be consistent with disclosures in the current reporting period. u) Judgements The preparation of financial statements necessarily requires the determination and use of certain critical accounting estimates, assumptions and management judgements that have potential to cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Such estimates, judgements and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods as relevant. Critical judgements, estimates and assumptions that have a potential significant effect are outlined in the following financial statements notes Note 1(j) Depreciation of property, plant and equipment Note 1(k) Revaluation of property, plant and equipment. 188

13 Notes to and forming part part of of the the financial financial statements statements 1. Summary of significant accounting policies (continued) v) New and revised accounting standards Retail Stores did not voluntarily change any of its accounting policies during Retail Stores is not permitted to early adopt a new or amended accounting standard ahead of the specified commencement date unless approval is obtained from the Queensland Treasury. Consequently, Retail Stores has not applied any Australian accounting standards and interpretations that have been issued but are not yet effective. Retail Stores applies standards and interpretations in accordance with their respective commencement dates. At the date of authorisation of the financial report, the only significant impacts of new or amended Australian accounting standards with future commencement dates are as set out below. AASB Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 1, AASB 7, AASB 101, AASB 134 and Interpretation 13] becomes effective from reporting periods beginning on or after 1 January Retail Stores will then need to make changes to its disclosures about credit risk on financial instruments in note 22(c). No longer will Retail Stores need to disclose amounts that best represent an entity s maximum exposure to credit risk where the carrying amount of the instruments reflects this. If Retail Stores holds collateral or other credit enhancements in respect of any financial instrument, it will need to disclose - by class of instrument - the financial extent to which those arrangements mitigate the credit risk. There will be no need to disclose the carrying amount of financial assets for which the terms have been renegotiated, which would otherwise be past due or impaired. Also, for those financial assets that are either past due but not impaired, or have been individually impaired, there will be no need to separately disclose details about any associated collateral or other credit enhancements held by Retail Stores. AASB 1053 Application of Tiers of Australian Accounting Standards and AASB Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements [AASB 1, 2, 3, 5, 7, 8, 101, 102, 107, 108, 110, 111, 112, 116, 117, 119, 121, 123, 124, 127, 128, 131, 133, 134, 136, 137, 138, 140, 141, 1050, 1052 and Interpretations 2, 4, 5, 15, 17, 127, 129 and 1052] apply to reporting periods beginning on or after 1 July AASB 1053 establishes a differential reporting framework for those entities that prepare general purpose financial statements, consisting of two tiers of reporting requirements Australian Accounting Standards (commonly referred to as tier 1), and Australian Accounting Standards Reduced Disclosure Requirements (commonly referred to as tier 2). Tier 1 requirements comprise the full range of AASB recognition, measurement, presentation and disclosure requirements that are currently applicable to reporting entities in Australia. The only difference between the tier 1 and tier 2 requirements is that tier 2 requires fewer disclosures than tier 1. AASB sets out the details of which disclosures in standards and interpretations are not required under tier 2 reporting. Pursuant to AASB 1053, Retail Stores may adopt tier 2 requirements for their general purpose financial statements. However, AASB 1053 acknowledges the power of a regulator to require application of the tier 1 requirements. In the case of Retail Stores the Queensland Treasury is the regulator. Queensland Treasury has advised that its policy decision is to require all departments to adopt tier 1 reporting requirements. In compliance with Treasury's policy which prohibits the early adoption of new or revised accounting standards unless Treasury approval is granted, Retail Stores has not early adopted AASB

14 Notes to to and and forming forming part part of of the the financial financial statements statements for the year ended June Summary of significant accounting policies (continued) v) New and revised accounting standards (continued) All other Australian accounting standards and interpretations with future commencement dates are either not applicable to Retail Stores activities, or have no material impact on Retail Stores. 190

15 Department of Communities - Retail Stores Sale of goods Doomadgee 7,504 7,506 Kowanyama 4,030 3,964 Lockhart River 4,245 4,050 Palm Island 6,247 6,450 Pormpuraaw 3,438 3,279 Woorabinda 1,794 1,559 Total 27,258 26,808 3 Grants and Other Contributions Contribution from Queensland Health* Industry contribution 36 - Total *Refer to note 23 for details of adjustments made to 2010 comparatives. 4 Other revenue Interest revenue Insurance Compensation from Loss of Property* - 46 Debt waived 4,800 - Eftpos and ATM rebates 80 - Disaster reimbursements 97 - Other Total 5, *Refer to note 23 for details of adjustments made to 2010 comparatives. 5 Employee expenses Employee benefits Wages and salaries* 3,193 3,276 Employer superannuation contributions Long service leave levy* Annual leave levy* Employee related expenses Workers compensation premium Payroll tax Other employee related expenses* Total 4,166 4,120 *Refer to note 23 for details of adjustments made to 2010 comparatives. The number of employees, includes both full-time employees and part-time employees measured on a full-time equivalent basis is: Number of employees Cost of sales of inventories Doomadgee 5,800 5,247 Kowanyama 3,169 3,026 Lockhart River 3,122 3,119 Palm Island 4,689 4,756 Pormpuraaw 2,490 2,269 Woorabinda 1,273 1,089 Suppliers rebate (483) (471) Total 20,060 19,

16 Department of Communities - Retail Stores Supplies and services Electricity Repairs and maintenance Professional and technical fees Operating lease rentals Administration costs* Computer operating costs Telecommunications Travel Marketing and public relations - 7 Minor plant and equipment Other Total 1,997 2,261 *Refer to note 23 for details of adjustments made to Depreciation Depreciation incurred in respect of: Buildings Plant and equipment Total 1,140 1,047 9 Other expenses Insurance premiums - Queensland Government Insurance Fund Net losses on disposal of property, plant and equipment 4 47 External audit fees* Losses:** Public Monies - 10 Public Property*** - 50 Donations and gifts Bank fees 14 8 Total * The Auditor-General of Queensland is Retail Stores' external auditor. Total external audit fees relating to financial year are estimated to be $60,400 (2010 $55,000). There are no non-audit services included in these amounts. **Refer to note 23 for details of adjustments made to *** Certain losses of public property are insured with Queensland Government Insurance Fund (QGIF). The claims made made in respect of these losses are recognised for the agreed settlement amount and disclosed as 'Other Revenues - Insurance Compensation from Loss of Property'. Refer Note 4. 1 Cash 0 and cash equivalents Cash at bank 3,748 2,306 Imprest accounts Total 4,392 2,

17 Department of Communities - Retail Stores Receivables Trade and other debtors Less: allowance for impairment (10) (15) GST input tax credits receivable GST payable (122) (118) Net GST receivable Annual leave reimbursements Interest receivable Long service leave reimbursements 8 6 Total 1, Movements in the allowance for impairment Opening balance Amounts written off during the year (5) (1) Allowance re-assessment - (28) Closing balance Inventories Inventory held for sale 2,709 3,113 Less: allowance for stock obsolescence (17) (22) Total 2,692 3, Other current assets Prepayments 5 6 Total Property, plant and equipment Buildings At fair value 27,455 30,009 Less: Accumulated depreciation (10,571) (11,019) 16,884 18,990 Plant and equipment At cost 5,373 5,256 Less: Accumulated depreciation (2,709) (2,358) 2,664 2,898 Capital works in progress At cost Total 19,585 21,971 The fair value of buildings are comprehensively revalued at least once every five years with interim valuations, using appropriate indices, being otherwise performed on an annual basis. A comprehensive independent revaluation was last performed as at 30 June 2007 by the State Valuation Service based on depreciated replacement cost. 193

18 194 Department of Communities - Retail Stores for the year ended ended 30 June June Property, plant and equipment (continued) Property, plant and equipment reconciliation Plant and Capital works Buildings equipment in progress Total Carrying amount at 1 July , ,125 Acquisitions 6,219 1, ,780 Transfers between classes (663) - Disposals - (50) - (50) Revaluation increments Depreciation (674) (373) - (1,047) Carrying amount at 30 June ,990 2, ,971 Carrying amount at 1 July ,990 2, ,971 Acquisitions Transfers between classes (76) - Disposals - (4) - (4) Revaluation increments (decrements) (1,395) - - (1,395) Depreciation (735) (405) - (1,140) Carrying amount at 30 June ,884 2, ,585 Department of Communities Annual Report Retail Stores has property, plant and equipment with an original cost of $1.265 million (2010 $0.871 million) and a written down value of zero still being used in the provision of services. Based on historical and projected asset replacement programs Retail Stores will replace the majority of these assets over the next five years.

19 Department of Communities - Retail Stores Payables Trade creditors and accruals 1,414 1,060 Other* Total 1,458 1,099 *Refer to note 23 for details of adjustments made to Other financial liabilities Current Advance payable Total Non-Current Advance payable - 4,200 Total - 4,200 The cost of constructing retail stores buildings paid for by the Department of Communities, had been recognised in the financial statements as an interest free payable but the debt was forgiven during Accrued employee benefits Annual leave levy payable Salaries and wages payable* Long service leave levy payable Total *Refer to note 23 for details of adjustments made to Asset revaluation surplus Buildings Carrying amount at 1 July ,423 Net revaluation increments 163 Carrying amount 30 June ,586 Carrying amount at 1 July ,586 Net revaluation decrements (1,395) Carrying amount at 30 June ,

20 Department of Communities - Retail Stores Reconciliation of operating result to net cash from operating activities Operating result 5, Non-cash items: Depreciation expense 1,140 1,047 Loss on disposal of non-current assets 4 49 Gain on disposal of non-current assets - (2) Impairment losses - (28) Advance waived (4,800) Change in assets and liabilities: (Increase) decrease in receivables (700) 140 (Increase) decrease in inventories 399 (952) (Increase) decrease in prepayments 1 86 Increase (decrease) in payables 359 (487) Increase (decrease) in accrued employee benefits (16) 74 Net cash provided by operating activities 1, Commitments for expenditure Material classes of expenditure commitments inclusive of anticipated GST, contracted for at reporting date but not recognised are payable as follows: Capital expenditure commitments Buildings - Within 12 months months or longer and not longer than five years Later than 5 years - - Total - 20 Plant and equipment - Within 12 months months or longer and not longer than five years Later than 5 years - - Total Contingent assets and liabilities As at 30 June 2011, Retail Stores did not have any contingent assets or liabilities. 196

21 Notes Department to and of Communities forming - Retail part Stores of the financial statements 22 Financial instruments (a) Categorisation of financial instruments Retail Stores has the following categories of financial assets and financial liabilities: Category Note Financial assets Cash 10 4,392 2,969 Receivables 11 1, Total 5,470 3,347 Financial liabilities Payables 15 1,458 1,099 Other financial liabilities 16-4,800 Accrued employee benefits Total 1,646 6,103 In addition to the explanations set out in the remainder of this note, note 1 includes information on the accounting policies relating to all financial assets and liabilities. Retail Stores does not enter into financial instruments for speculative purposes. (b) Financial risk management Retail Stores' activities expose it to a variety of financial risks - interest rate risk, credit risk, liquidity risk and market risk. Retail Stores measures risk exposure using a variety of methods as follows: Credit risk - ageing analysis, earnings at risk Liquidity risk - sensitivity analysis Market risk - interest rate sensitivity analysis (c) Credit risk exposure Credit risk exposure refers to the situatiuon where Retail Stores may incur financial loss as a result of another party to a financial instrument failing to discharge their obligation. The maximum exposure to credit risk at balance date in relation to each class of recognised financial asset is the gross carrying amount of those assets inclusive of any provisions for impairment. No financial assets or financial liabilities have been offset and presented net in the Statement of Financial Position. The following information represents the Retail Stores' maximum exposure to credit risk based on contractual amounts net of any allowances. Category Note Financial assets Cash 10 4,392 2,969 Receivables 11 1, Total 5,470 3,

22 Notes Department to and of Communities forming - Retail part Stores of the financial statements 22 Financial instruments (continued) (c) Credit risk exposure (continued) Retail Stores manages credit risk through the use of credit management strategy. This strategy aims to reduce the exposure to credit default by ensuring that Retail Stores invests in secure assets and monitors all funds owed on a timely basis. Exposure to credit risk is monitored on an ongoing basis. The method for calculating any allowance for impairment for risk is based on past experience, current and expected changes in economic conditions and changes in client credit ratings. The recognised impairment loss is shown in the Statement of Comprehensive Income. Aging of past due but not impaired financial assets are disclosed in the following tables: 2011 Financial Assets Past Due But Not Impaired Overdue 30 Days Days Days Total Financial Assets Receivables Total Financial Assets Past Due But Not Impaired Overdue 30 Days Days Days Total Financial Assets Receivables Total Individually Impaired Financial Assets Overdue 30 Days Days Days Total Financial Assets Receivables Total Individually Impaired Financial Assets Overdue 30 Days Days Days Total Financial Assets Receivables Total

23 Notes Department to and of Communities forming - Retail part Stores of the financial statements 22 Financial instruments (continued) (d) Market risk Retail Stores does not undertake any hedging in relation to interest risk and manages its risk as per the liquidity risk management strategy. Retail Stores market risk relating to financial instruments is to cash deposited in interest bearing acounts. Interest rate sensitivity analysis The following table summarises the sensitivity of Retail Stores' financial assets and liabilities which are subject to interest rate risk, showing the effects of a plus or minus movement of 2 per cent ( per cent) on operating result and equity: 2011 Interest rate risk + 2% -2 % Amount Operating Result Equity Operating Result Equity Financial Assets Cash at bank 3, (75) (75) Overall effect on operating result and equity (75) (75) 2010 Interest rate risk + 2% -2 % Amount Operating Result Equity Operating Result Equity Financial Assets Cash at bank 2, (46) (46) Overall effect on operating result and equity (46) (46) 199

24 Notes Department to and of Communities forming - Retail part Stores of the financial statements 22 Financial instruments (continued) (e) Liquidity risk Liquidity risk refers to the situation where Retail Stores may encounter difficulty in meeting obligations associated with financial liabilities. Retail Stores manages liquidity risk through the use of a liquidity management strategy. The strategy aims to reduce the exposure to liquidity risk by ensuring Retail Stores has sufficient funds available to meet employee and supplier obligations as they fall due. This is achieved by ensuring that sufficient levels of cash are held within the various bank accounts so as to match the expected duration of the various employee and supplier liabilities. The following table sets out the liquidity risk of financial liabilities held by Retail Stores. It represents the contractual maturity of financial liabilities, calculated based on cash flows relating to the repayment of the principal amount outstanding at balance date Payable in Total <1 year 1-5 years >5 years Note Financial Liabilities Payables 15 1, ,458 Other financial liabilities Accrued employee benefits Total 1, , Payable in Total <1 year 1-5 years >5 years Note Financial Liabilities Payables 15 1, ,099 Other financial liabilities ,400 1,800 4,800 Accrued employee benefits Total 1,903 2,400 1,800 6,103 (f) Fair value The fair value of financial assets and liabilities is assumed to approximate the value of the original transaction, less any allowance for impairment. 200

25 Department of Communities - Retail Stores Notes to to and and forming forming part of the financial part of statements the financial statements For the year ended 30 June 2011 for year ended 30 June Prior year adjustments Some reclassifications have been made in the ledger resulting in the following adjustments for the year ended 30 June 2010 comparatives: Statement of comprehensive income 1) Grants and other contributions - $100,000 has been reclassified from other revenue - other to grants and other contributions - contribution from Queensland Health. 2) Other revenue - other - $146,000 has been reclassified from other revenue - other to grants and other contributions $100,000 and other revenue - insurance compensation from loss of property $46,000. 3) Employee expenses - $323,000 has been reclassified as follows: (a) from wages and salaries to long service leave levy $212,000; (b) from long service leave levy to annual leave levy $60,000; and (c) from supplies and services - administration costs $40,000; and from other employee benefits $11,000 to employee related expenses - other employee related expenses $51,000. 4) Supplies and services - $100,000 has been reclassified from supplies and services - administration costs to other expenses - losses - public monies $10,000; other expenses losses - public property $50,000; and to employee related expenses - other employee related expenses $40,000. 5) Other expenses - $60,000 has been reclassified from supplies and services - administration costs to other expenses - losses - public monies $10,000 and losses - public property $50,000. Statement of financial position 6) Payables - $112,000 has been reclassified from payables - other to accrued employee benefits - salary and wages payable. 7) Accrued employee benefits - $112,000 has been reclassified from payables - other to accrued employee benefits - salary and wages payable. 201

26 Certificate of the These general purpose financial statements have been prepared pursuant to Section 62(1) of the Financial Accountability Act 2009 (the Act), relevant sections of the Financial and Performance Management Standard 2009 and other prescribed requirements. In accordance with Section 62(1)(b) of the Act, we certify that in our opinion: (i) (ii) the prescribed requirements for establishing and keeping the accounts have been complied with in all material respects and the statements have been drawn up to present a true and fair view, in accordance with prescribed accounting standards, of the transactions of Retail Stores, and of the financial position of the Retail Stores at the end of that year. Ian Fulton BCom CPA Chief Finance Officer DEPARTMENT OF COMMUNITIES Linda A Apelt BEd, G.Dip.C, M.Ed.St Director-General DEPARTMENT OF COMMUNITIES

27 INDEPENDENT AUDITOR S REPORT To the Accountable Officer of the Department of Communities Report on the Financial Report I have audited the accompanying financial report of the Department of Communities Retail Stores, which comprises the statement of financial position as at 30 June 2011, the statement of comprehensive income, statement of changes in equity, statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the certificates given by the Chief Finance Officer and the Director-General. The Accountable Officer s Responsibility for the Financial Report The Accountable Officer is responsible for the preparation of the financial report that gives a true and fair view in accordance with prescribed accounting requirements identified in the Financial Accountability Act 2009 and the Financial and Performance Management Standard 2009, including compliance with Australian Accounting Standards. The Accountable Officer s responsibility also includes such internal control as the Accountable Officer determines is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility My responsibility is to express an opinion on the financial report based on the audit. The audit was conducted in accordance with the Auditor-General of Queensland Auditing Standards, which incorporate the Australian Auditing Standards. Those standards require compliance with relevant ethical requirements relating to audit engagements and that the audit is planned and performed to obtain reasonable assurance about whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control, other than in expressing an opinion on compliance with prescribed requirements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Accountable Officer, as well as evaluating the overall presentation of the financial report including any mandatory financial reporting requirements approved by the Treasurer for application in Queensland. I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for my audit opinion. 203

28 Independence The Auditor-General Act 2009 promotes the independence of the Auditor-General and all authorised auditors. The Auditor-General is the auditor of all Queensland public sector entities and can only be removed by Parliament. The Auditor-General may conduct an audit in any way considered appropriate and is not subject to direction by any person about the way in which audit powers are to be exercised. The Auditor-General has for the purposes of conducting an audit, access to all documents and property and can report to Parliament matters which in the Auditor-General s opinion are significant. Opinion In accordance with s.40 of the Auditor-General Act 2009 (a) I have received all the information and explanations which I have required; and (b) in my opinion (i) the prescribed requirements in relation to the establishment and keeping of accounts have been complied with in all material respects; and (ii) the financial report presents a true and fair view, in accordance with the prescribed accounting standards, of the transactions of the Department of Communities Retail Stores for the financial year 1 July 2010 to 30 June 2011 and of the financial position as at the end of that year. Other Matters - Electronic Presentation of the Audited Financial Report This auditor s report relates to the financial report of the Department of Communities Retail Stores. Where the financial report is included on the Department of Communities website the Accountable Officer is responsible for the integrity of the Department s website and I have not been engaged to report on the integrity of the Department s website. The auditor s report refers only to the subject matter described above. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements or otherwise included with the financial report. If users of the financial report are concerned with the inherent risks arising from publication on a website, they are advised to refer to the hard copy of the audited financial report to confirm the information contained in this website version of the financial report. These matters also relate to the presentation of the audited financial report in other electronic media including CD Rom. J P BEH FCPA (as Delegate of the Auditor-General of Queensland) Queensland Audit Office Brisbane 204

29 205

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