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
$ $
28. Provisions continued
(b) Long service leave liabilities have been classified as current where there is no unconditional right to defer settlement for at least 12 months after the end of the reporting
period. Assessments indicate that actual settlement of the liabilities will occur as follows:
Within 12 months of the end of the reporting period 664,561 663,793
More than 12 months after the end of the reporting period 698,095 509,427
1,362,656 1,173,220
(c)
The settlement of annual and long service leave liabilities gives rise to the payment of employment on-costs associated with workers’ compensation insurance.
The provision is the present value of expected future payments. The associated expense, apart from the unwinding of the discount (finance cost), is disclosed in note 7
‘Other employee related expenses’.
Movements in Other Provisions
Movements in each class of provisions during the financial year, other than employee benefits, are set out below:
Employment on-costs provision
Carrying amount at start of year 64,261 58,995
Additional provisions recognised 43,276 42,942
Payments/other sacrifices of economic benefits (36,981) (37,676)
Carrying amount at end of the year 70,556 64,261
29. Unearned income
Current
Unearned income consists of:
Perth Zoo Memberships 589,214 561,300
Grants and sponsorships 824,307 121,118
Other 74,005 14,772
Total current 1,487,526 697,190
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