Zoological Parks Authority - Parliament of Western Australia - The ...

Zoological Parks Authority ANNUAL REPORT 2012
Disclosures and Legal Compliance
Financial Statements
Zoological Parks Authority
Notes to the Financial Statements for the Year Ended 30 June 2012 continued
2012 2011
$ $
37. Remuneration of auditor
Remuneration paid or payable to the Auditor General in respect of the audit for the current financial year is as follows:
Auditing the accounts, financial statements and performance indicators 48,500 45,700
48,500 45,700
38. Supplementary financial information
The following items have been written off by the Accountable Authority:
(a) Write-offs
Assets written off 19,188 123,289
Damaged/obsolete retail shop stock 2,812 2,955
Bad debts 1,754 -
Cashier shortages 1,522 1,117
25,276 127,361
(b) Losses through theft, defaults and other causes
Lost/stolen public property written off by the Accountable Authority - 601
Amount recovered through insurance proceeds - -
- 601
(c) Gifts of public property
Gifts of public property provided by the Authority - -
- -
39. Contingent assets
The following contingent asset is additional to the assets included in the financial statements.
Insurance Claim
An insurance claim was lodged in March 2010 with the Authority’s insurer in relation to damage suffered as a result of Perth’s severe hail storm on 22 March 2010.
Partial settlements totalling $585,373 for this claim were received and recognised during 2010-11 ($312,857) and 2011-12 ($272,516). At the end of the reporting period
negotiations to finalise the claim had not commenced.
After the end of the reporting period, settlement of the claim was reached for a final instalment of $602,118 (refer note 40 ‘Events occurring after the reporting period’).
40. Events occurring after the end of the reporting period
A payment of $602,118 was received in August 2012 from the Authority’s insurers, being final settlement of the Authority’s claims for damage suffered as a result of
Perth’s severe hail storm on 22 March 2010. This amount will be recognised as revenue of the Authority in 2012-13.
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