FINANCIAL STATEMENTS AND EXPLANATORY NOTES

2011‐12

ANNUAL REPORT

KYNETON DISTRICT HEALTH SERVICE

FINANCIAL STATEMENTS AND

EXPLANATORY NOTES

Respect Integrity

Compassion Accountability

Excellence Innovation

Responsiveness

Values

Comprehensive Operating Statement ................................................................................................................. 1Balance Sheet ...................................................................................................................................................... 2Statement of Changes in Equity .......................................................................................................................... 3Cash Flow Statement ........................................................................................................................................... 4 Note 1 Statement of Significant Accounting Policies ........................................................................................ 52 Revenue ................................................................................................................................................ 282a Analysis of Revenue by Source............................................................................................................ 292b Patient and Resident Fees ..................................................................................................................... 312c Net Gain/(Loss) on Disposal Non-Current Assets................................................................................ 323 Expenses ............................................................................................................................................... 333a Analysis of Expenses by Source........................................................................................................... 343b Analysis of Expense by Internally Managed and Restricted Specific Purpose funds for services supported by Hospital and Community initiatives ............................................................................... 364 Depreciation ........................................................................................................................................ 375 Cash and Cash Equivalents................................................................................................................... 386 Receivables........................................................................................................................................... 397 Investments and Other Financial Assets............................................................................................... 408 Inventories ............................................................................................................................................ 419 Non Financial Physical Assets Classified as held for Sale................................................................... 4210 Other Assets.......................................................................................................................................... 4311 Property, Plant & Equipment................................................................................................................ 4412 Investment Properties ........................................................................................................................... 4613 Payables................................................................................................................................................ 4714 Provisions ............................................................................................................................................. 4815 Other Liabilities.................................................................................................................................... 4916 Equity ................................................................................................................................................... 5017 Reconciliation of Net Result for the Year to Net Cash Inflow/(Outflow) from Operating Activities.. 5118 Financial Instruments ........................................................................................................................... 5219 Commitments ....................................................................................................................................... 5820 Operating Segments.............................................................................................................................. 5921 Jointly Controlled Operations and Assets............................................................................................. 6022a Responsible Person Disclosures ........................................................................................................... 6122b Executive Officer Disclosures .............................................................................................................. 62

Table of Content

We certify that the attached financial statements for Kyneton District Health Service have beenprepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994,applicable Financial Reporting Directions, Australian Accounting Standards, Australian Accounting Interpretations and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the Comprehensive Operating Statement,Balance Sheet, Statement of Changes in Equity, Cash Flow Statement, and notes to andforming part of the financial statements, presents fairly the financial transactions during the year ended 30 June 2012 and financial position of Kyneton District Health Service at 30 June 2012.

At the time of signing, we are not aware of any circumstance which would render any particularsincluded in the financial report to be misleading or inaccurate.

We authorise the attached financial statements for issue on this day.

Graham Jasper Jennifer Gale Andrew BeattieBoard Member Chief Executive Officer Chief Finance & Accounting Officer

Kyneton Kyneton Kyneton

29 August 2012 29 August 2012 29 August 2012

KYNETON DISTRICT HEALTH SERVICE

BOARD MEMBER'S, ACCOUNTABLE OFFICER'S ANDCHIEF FINANCE & ACCOUNTING OFFICER'S DECLARATION

Kyneton District Health Service Annual Report 2011/2012

Note 2012 2011$ $

Revenue from Operating Activities 2 12,532,536 12,295,962 Revenue from Non-Operating Activities 2 849,467 494,523 Employee Expenses 3 (9,543,587) (8,990,488) Non Salary Labour Costs 3 (1,014,799) (1,083,555) Supplies & Consumables 3 (975,979) (909,265) Other Expenses 3 (1,857,922) (1,891,376) Net Result Before Capital & Specific Items (10,284) (84,199)

Capital Purpose Income 2 462,771 191,768 Depreciation and Amortisation 4 (1,173,202) (1,233,816) Expenditure using Capital Purpose Income 3 - (27,747)

NET RESULT FOR THE YEAR (720,715) (1,153,994)

Other comprehensive income

Net fair value revaluation on Non Financial Assets 16 65,457 230,000

COMPREHENSIVE RESULT FOR THE YEAR (655,258) (923,994)

This Statement should be read in conjunction with the accompanying notes.

Kyneton District Health ServiceComprehensive Operating StatementFor the Year Ended 30 June 2012

1


Note 2012 2011$ $

Current AssetsCash and Cash Equivalents 5 958,330 171,172 Receivables 6 492,076 531,160 Investments and Other Financial Assets 7 157,486 125,131 Inventories 8 71,205 77,194 Non-Financial Assets Classified as Held For Sale 9 - 630,000 Other Assets 10 7,026 16,235 Total Current Assets 1,686,123 1,550,892

Non-Current AssetsReceivables 6 418,690 305,080 Property, Plant & Equipment 11 17,388,037 18,104,122 Investment Properties 12 - - Total Non-Current Assets 17,806,727 18,409,202 TOTAL ASSETS 19,492,850 19,960,094

Current LiabilitiesPayables 13 814,048 599,949 Provisions 14 2,112,259 1,919,651 Other Liabilities 15 424,127 303,874 Total Current Liabilities 3,350,434 2,823,474

Non-Current LiabilitiesProvisions 14 404,472 393,418 Other Liabilities 15 - 350,000 Total Non-Current Liabilities 404,472 743,418 TOTAL LIABILITIES 3,754,906 3,566,892 NET ASSETS 15,737,944 16,393,202

EQUITYProperty, Plant & Equipment Revaluation Surplus 16a 6,964,482 6,899,025 Contributed Capital 16b 3,440,072 3,440,072 Accumulated Surpluses/(Deficits) 16c 5,333,390 6,054,105 TOTAL EQUITY 16c 15,737,944 16,393,202

Commitments 19

This Statement should be read in conjunction with the accompanying notes.

Balance SheetAs at 30 June 2012

Kyneton District Health Service

2


Property, Plant & Equipment Revaluation

Surplus

Contributed Capital

Accumulated Surpluses/ (Deficits)

Total

Note $ $ $ $

Balance at 1 July 2010 6,669,025 3,440,072 7,208,099 17,317,196

Net result for the year - (1,153,994) (1,153,994)

Other comprehensive income for the year 16a 230,000 230,000

Balance at 30 June 2011 6,899,025 3,440,072 6,054,105 16,393,202

Net result for the year (720,715) (720,715)

Other comprehensive income for the year 16a 65,457 65,457

Balance at 30 June 2012 6,964,482 3,440,072 5,333,390 15,737,944

This Statement should be read in conjunction with the accompanying notes

Statement of Changes in EquityFor the Year Ended 30 June 2012


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Kyneton District Health ServiceCash Flow Statement For the Year Ended 30 June 2012

Note 2012 2011$ $

CASH FLOWS FROM OPERATING ACTIVITIESOperating Grants from Government 10,608,211 9,933,114 Patient and Resident Fees Received 1,410,107 1,410,764 GST Received from/(paid to) ATO 157,712 - Interest Received 50,435 13,076 Other Receipts 1,630,569 829,172 Employee Expenses Paid (9,339,925) (8,801,238) Non Salary Labour Costs (1,014,799) (1,083,555) Payments for Supplies & Consumables (969,990) (920,951) Other Payments (2,129,375) (2,149,645) Cash Generated from Operations 402,945 (769,263)

Capital Grants from Government 262,021 136,554 Capital Donations and Bequests Received 91,749 48,972 NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES

17 756,715 (583,737)

CASH FLOWS FROM INVESTING ACTIVITIESPayments for Non-Financial Assets (430,325) (130,201) Proceeds from sale of Non-Financial Assets 739,001 636 NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES 308,676 (129,565)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from Borrowings - 650,000 Repayment of Borrowings (300,000) - NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES (300,000) 650,000 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS HELD 765,391 (63,302)

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 144,812 208,114 CASH AND CASH EQUIVALENTS AT END OF YEAR 5 910,203 144,812

This Statement should be read in conjunction with the accompanying notes

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NNootteess ttoo aanndd ffoorrmmiinngg ppaarrtt ooff tthhee ffiinnaanncciiaall ssttaatteemmeennttss KKyynneettoonn DDiissttrriicctt HHeeaalltthh SSeerrvviiccee AAnnnnuuaall RReeppoorrtt 22001111//22001122

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NNoottee 11:: SSuummmmaarryy ooff ssiiggnniiffiiccaanntt aaccccoouunnttiinngg ppoolliicciieess

((aa)) SSttaatteemmeenntt ooff ccoommpplliiaannccee

These financial statements are general purpose financial statements which have been prepared in accordance with the Financial Management Act 1994 and applicable Australian Accounting Standards (AASs) issued by the Australian Accounting Standards Board (AASB).

The financial statements also comply with relevant Financial Reporting Directions (FRDs) issued by the Department of Treasury and Finance, and relevant Standing Directions (SDs) authorised by the Minister for Finance.

The Health Service is a not-for profit entity and therefore applies the additional Aus paragraphs applicable to “not-for-profit” Health Services under the AASs.

The annual financial statements were authorised for issue by the Board of Kyneton District Health Service on 29th August 2012.

((bb)) BBaassiiss ooff aaccccoouunnttiinngg pprreeppaarraattiioonn aanndd mmeeaassuurreemmeenntt

Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.

The accounting policies set out below have been applied in preparing the financial statements for the year ended 30 June 2012, and the comparative information presented in these financial statements for the year ended 30 June 2011.

The going concern basis was used to prepare the financial statements. The Health Service has secured a letter from the Department of Health, dated 29th August 2012, which details that they will provide adequate cash flow support to enable the Health Service to meet its current and future obligations as and when they fall due for a period up to September 2013, should it be required.

These financial statements are presented in Australian dollars, the functional and presentation currency of the Health Service.

The financial statements, except for cash flow information, have been prepared using the accrual basis of accounting. Under the accrual basis, items are recognised as assets, liabilities, equity, income or expenses when they satisfy the definitions and recognition criteria for those items, that is they are recognised in the reporting period to which they relate, regardless of when cash is received or paid.

The financial statements are prepared in accordance with the historical cost convention, except for the revaluation of certain non-financial assets and financial instruments, as noted. Particularly, exceptions to the historical cost convention include:

• Non-current physical assets, which subsequent to acquisition, are measured at valuation and are re-assessed with sufficient regularity to ensure that the carrying amounts do not materially differ from their fair values;

• Derivative financial instruments, managed investment schemes, certain debt securities, and investment properties after initial recognition, which are measured at fair value through profit or loss; and


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• Available-for-sale investments which are measured at fair value with movements reflected in equity until the asset is derecognised.

• The fair value of assets other than land is generally based on their depreciated replacement value

Historical cost is based on the fair values of the consideration given in exchange for assets.

In the application of AASs management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on professional judgements derived from historical experience and various other factors that are believed to be reasonable under the circumstances Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision, and future periods if the revision affects both current and future periods. Judgements made by management in the application of AASs that have significant effects on the financial statements and estimates, with a risk of material adjustments in the subsequent reporting period, relate to:

the fair value of land, buildings, infrastructure, plant and equipment (refer to Note 1(i);

actuarial assumptions for employee benefit provisions based on likely tenure of existing staff, patterns of leave claims, future salary movements and future discount rates (refer to Note 1(j)).

((cc)) RReeppoorrttiinngg eennttiittyy

The financial statements include all the controlled activities of Kyneton District Health Service.

Its principal address is:

7-25 Caroline Chisolm Drive Kyneton, Victoria 3444

A description of the nature of Kyneton District Health Service’s operations and its principal activities is included in the report of operations, which does not form part of these financial statements.

((dd)) PPrriinncciipplleess ooff ccoonnssoolliiddaattiioonn

Intersegment Transactions

Transactions between segments within the Kyneton District Health Service have been eliminated to reflect the extent of Kyneton District Health Service’s operations as a group.

Jointly controlled assets or operations

Interests in jointly controlled assets accounted for by recognising in Kyneton District Health Service’s financial statements its proportionate share of assets, liabilities and any income and expenses of such assets.

Details of any jointly controlled assets are set out in Note 21.


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((ee)) SSccooppee aanndd pprreesseennttaattiioonn ooff ffiinnaanncciiaall ssttaatteemmeennttss

Fund Accounting

Kyneton District Health Service operates on a fund accounting basis and maintains three funds: Operating, Specific Purpose and Capital Funds. Kyneton District Health Service’s Capital and Specific Purpose Funds include unspent capital donations and receipts from fund-raising activities conducted solely in respect of these funds.

Services Supported By Health Services Agreement and Services Supported By Hospital and Community Initiatives

Activities classified as Services Supported by Health Services Agreement (HSA) are substantially funded by the Department of Health and includes Residential Aged Care Services (RACS) and are also funded from other sources such as the Commonwealth, patients and residents, while Services Supported by Hospital and Community Initiatives (H&CI) are funded by the Health Service's own activities or local initiatives and/or the Commonwealth.

Residential Aged Care Service

The Thomas Hogan Wing Nursing Home Residential Aged Care Service operations are an integral part of the Kyneton District Health Service and shares its resources. An apportionment of land and buildings has been made based on floor space. The results of the two operations have been segregated based on actual revenue earned and expenditure incurred by each operation in Note 2b to the financial statements.

The Thomas Hogan Wing Nursing Home Residential Aged Care Service is substantially funded from Commonwealth bed-day subsidies.

Comprehensive operating statement

The Comprehensive operating statement includes the subtotal entitled ‘Net Result Before Capital & Specific Items’ to enhance the understanding of the financial performance of Kyneton District Health Service. This subtotal reports the result excluding items such as capital grants, assets received or provided free of charge, depreciation, expenditure using capital purpose income and items of an unusual nature and amount such as specific income and expenses. The exclusion of these items is made to enhance matching of income and expenses so as to facilitate the comparability and consistency of results between years and Victorian Public Health Services. The ‘Net Result Before Capital & Specific Items’ is used by the management of Kyneton District Health Service, the Department of Health and the Victorian Government to measure the ongoing performance of Health Services in operating hospital services.

Capital and specific items, which are excluded from this sub-total, comprise:

Capital purpose income, which comprises all tied grants, donations and bequests received for the purpose of acquiring non-current assets, such as capital works, plant and equipment or intangible assets. It also includes donations of plant and equipment (refer Note 1 (f)). Consequently the recognition of revenue as capital purpose income is based on the intention of the provider of the revenue at the time the revenue is provided.

Specific income/expense, comprises the following items, where material:

o Non-current asset revaluation increments/decrements


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Impairment of financial and non-financial assets, includes all impairment losses (and reversal of previous impairment losses), which have been recognised in accordance with Notes 1 (i) and (h)

Depreciation and amortisation, as described in Note 1 (g)

Assets provided or received free of charge (refer to Notes 1 (f) and (g))

Expenditure using capital purpose income, comprises expenditure which either falls below the asset capitalisation threshold or doesn’t meet asset recognition criteria and therefore does not result in the recognition of an asset in the balance sheet, where funding for that expenditure is from capital purpose income.

Balance sheet

Assets and liabilities are categorised either as current or non-current.

Statement of changes in equity

The statement of changes in equity presents reconciliations of each non-owner and owner equity opening balance at the beginning of the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amounts recognised in the comprehensive result and amounts recognised in other comprehensive income related to other non-owner changes in equity.

Cash flow statement

Cash flows are classified according to whether or not they arise from operating activities, investing activities, or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash Flows.

((ff)) IInnccoommee rreeccooggnniittiioonn

Income is recognised in accordance with AASB 118 Revenue and is recognised as to the extent that it is probable that the economic benefits will flow to Kyneton District Health Service and the income can be reliably measured. Unearned income at reporting date is reported as income received in advance.

Amounts disclosed as revenue are, where applicable, net of returns, allowances and duties and taxes.

Government Grants and other transfers of income (other than contributions by owners)

In accordance with AASB 1004 Contributions, government grants and other transfers of income (other than contributions by owners) are recognised as income when the Health Service gains control of the underlying assets irrespective of whether conditions are imposed on the Health Service’s use of the contributions.

Contributions are deferred as income in advance when the Health Service has a present obligation to repay them and the present obligation can be reliably measured.

Indirect Contributions from the Department of Health

– Insurance is recognised as revenue following advice from the Department of Health.


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– Long Service Leave (LSL) – Revenue is recognised upon finalisation of movements in LSL liability in line with the arrangements set out in the Metropolitan Health and Aged Care Services Division Hospital Circular 14/2009.

Patient and Resident Fees

Patient fees are recognised as revenue at the time invoices are raised.

Private Practice Fees

Private practice fees are recognised as revenue at the time invoices are raised.

Donations and Other Bequests

Donations and bequests are recognised as revenue when received. If donations are for a special purpose, they may be appropriated to a surplus, such as the specific restricted purpose surplus.

Interest Revenue

Interest revenue is recognised on a time proportionate basis that takes in account the effective yield of the financial asset.

Sale of investments

The gain/loss on the sale of investments is recognised when the investment is realised.

Resources Received Free of Charge or for Nominal Consideration

Resources received free of charge or for nominal consideration are recognised at their fair value when the transferee obtains control over them, irrespective of whether restrictions or conditions are imposed over the use of the contributions, unless received from another Health Service or agency as a consequence of a restructuring of administrative arrangements. In the latter case, such transfer will be recognised at carrying value. Contributions in the form of services are only recognised when a fair value can be reliably determined and the services would have been purchased if not donated.

((gg)) EExxppeennssee rreeccooggnniittiioonn

Expenses are recognised as they are incurred and reported in the financial year to which they relate.

Cost of Goods Sold

Costs of goods sold are recognised when the sale of an item occurs by transferring the cost or value of the item/s from inventories.

Employee expenses

Employee expenses include:

• Wages and salaries;

• Annual leave;

• Sick leave;

• Long service leave; and


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• Superannuation expenses which are reported differently depending upon whether employees are members of defined benefit or defined contribution plans.

Defined contribution superannuation plans

In relation to defined contribution (i.e. accumulation) superannuation plans, the associated expense is simply the employer contributions that are paid or payable in respect of employees who are members of these plans during the reporting period. Contributions to defined contribution superannuation plans are expensed when incurred.

Defined benefit superannuation plans

The amount charged to the comprehensive operating statement in respect of defined benefit superannuation plans represents the contributions made by the Health Service to the superannuation plans in respect of the services of current Health Service staff during the reporting period. Superannuation contributions are made to the plans based on the relevant rules of each plan, and are based upon actuarial advice.

Employees of Kyneton District Health Service are entitled to receive superannuation benefits and Kyneton District Health Service contributes to both the defined benefit and defined contribution plans. The defined benefit plan(s) provide benefits based on years of service and final average salary.

The name and details of the major employee superannuation funds and contributions made by Kyneton District Health Service are as follows:

Fund Contributions Paid or Payable for the year

2012 2011

$’000 $’000

Defined benefit plans:

Health Super 17,213 15,849

Defined contribution plans:

Health Super 595,437 538,024

Hesta 132,431 150,215

Other 39,340 32,078

Total 784,421 736,166

Depreciation

Assets with a cost in excess of $1,000 are capitalised and depreciation has been provided on depreciable assets so as to allocate their cost or valuation over their estimated useful lives. Depreciation is generally calculated on a straight line basis, at a rate that allocates the asset value, less any estimated residual value over its


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estimated useful life. Estimates of the remaining useful lives and depreciation method for all assets are reviewed at least annually, and adjustments made where appropriate. This depreciation charge is not funded by the Department of Health.

Depreciation is provided on property, plant and equipment, including freehold buildings, but excluding land and investment properties. Depreciation begins when the asset is available for use, which is when it is in the location and condition necessary for it to be capable of operating in a manner intended by management.

The following table indicates the expected useful lives of non current assets on which the depreciation charges are based.

2012 2011

Buildings

- Structure Shell Building Fabric 45 to 60 years 45 to 60 years

- Site Engineering Services and Central Plant 20 to 30 years 20 to 30 years

Central Plant

- Fit Out 20 to 30 years 20 to 30 years

- Trunk Reticulated Building Systems 30 to 40 years 30 to 40 years

Plant & Equipment 3 to 7 years 3 to 7 years

Medical Equipment 7 to 10 years 7 to 10 years

Computers and Communication 3 years 3 years

Furniture and Fitting 10 to 13 years 10 to 13 years

Motor Vehicles 7 to 10 years 7 to 10 years

As part of the Buildings valuation, building values were componentised and each component assessed for its useful life which is represented above.

–

Resources Provided Free of Charge or for Nominal Consideration

Resources provided free of charge or for nominal consideration are recognised at their fair value when the transferee obtains control over them, irrespective of whether restrictions or conditions are imposed over the use of the contributions, unless received from another Health Service or agency as a consequence of a restructuring of administrative arrangements. In the latter case, such transfer will be recognised at carrying value. Contributions in the form of services are only recognised when a fair value can be reliably determined and the services would have been purchased if not donated.


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((hh)) FFiinnaanncciiaall aasssseettss

Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and cash at bank, deposits at call and highly liquid investments with an original maturity of three months or less, which are held for the purpose of meeting short term cash commitments rather than for investment purposes, which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

Receivables

Receivables consist of:

- Contractual receivables, which includes mainly debtors in relation to goods and services, loans to third parties, accrued investment income, and finance lease receivables; and

- Statutory receivables, which includes predominantly amounts owing from the Victorian Government and GST input tax credits recoverable.

Receivables that are contractual are classified as financial instruments and categorised as loans and receivables. Statutory receivables are recognised and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract.

Receivables are recognised initially at fair value and subsequently measured at amortised cost, using the effective interest method, less any accumulated impairment.

Trade debtors are carried at nominal amounts due and are due for settlement within 30 days from the date of recognition. Collectability of debts is reviewed on an ongoing basis, and debts which are known to be uncollectible are written off. A provision for doubtful debts is recognised when there is objective evidence that the debts may not be collected and bad debts are written off when identified.

Investments and Other Financial Assets

Kyneton District Health Service classifies its other financial assets between current and non-current assets based on the purpose for which the assets were acquired. Management determines the classification of its other financial assets at initial recognition.

Kyneton District Health Service assesses at each balance sheet date whether a financial asset or group of financial assets is impaired.

All financial assets, except those measured at fair value through profit or loss are subject to annual review for impairment.

Impairment of Financial Assets

At the end of each reporting period Kyneton District Health Service assesses whether there is objective evidence that a financial asset or group of financial asset is impaired. All financial instrument assets, except those measured at fair value through profit or loss, are subject to annual review for impairment.

Receivables are assessed for bad and doubtful debts on a regular basis. Bad debts considered as written off and allowances for doubtful receivables are expensed.


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The amount of the allowance is the difference between the financial asset’s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate.

Where the fair value of an investment in an equity instrument at balance date has reduced by 20 percent or more than its cost price or where its fair value has been less than its cost price for a period of 12 or more months, the financial asset is treated as impaired.

In order to determine an appropriate fair value as at 30 June 2012 for its portfolio of financial assets, Kyneton District Health Service obtained a valuation based on the best available advice through a reputable financial institution. This value was compared against valuation methodologies provided by the issuer as at 30 June 2012. These methodologies were critiqued and considered to be consistent with standard market valuation techniques.

In assessing impairment of statutory (non-contractual) financial assets, which are not financial instruments, professional judgement is applied in assessing materiality using estimates, averages and other computational methods in accordance with AASB 136 Impairment of Assets.

Net Gain/(Loss) on Financial Instruments

Net gain/(loss) on financial instruments includes:

- realised and unrealised gains and losses from revaluations of financial instruments that are designated at fair value through profit or loss or held-for-trading;

- impairment and reversal of impairment for financial instruments at amortised cost; and

- disposals of financial assets.

Revaluations of Financial Instruments at Fair Value

The revaluation gain/(loss) on financial instruments at fair value excludes dividends or interest earned on financial assets.


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((ii)) NNoonn--ffiinnaanncciiaall aasssseettss

Inventories

Inventories include goods and other property held either for sale, consumption or for distribution at no or nominal cost in the ordinary course of business operations. It includes land held for sale and excludes depreciable assets.

Inventories held for distribution are measured at cost, adjusted for any loss of service potential. All other inventories, including land held for sale, are measured at the lower of cost and net realisable value.

The bases used in assessing loss of service potential for inventories held for distribution include current replacement cost and technical or functional obsolescence. Technical obsolescence occurs when an item still functions for some or all of the tasks it was originally acquired to do, but no longer matches existing technologies. Functional obsolescence occurs when an item no longer functions the way it did when it was first acquired.

Cost is assigned to land for sale (undeveloped, under development and developed) and to other high value, low volume inventory items on a specific identification of cost basis.

Cost for all other inventory is measured on the basis of weighted average cost.

Inventories acquired for no cost or nominal considerations are measured at current replacement cost at the date of acquisition.

Inventories acquired at no cost or for nominal consideration are measured at current replacement cost at the date of acquisition.

Non-financial Physical Assets Classified as Held for Sale

Non-financial physical assets and disposal groups and related liabilities are treated as current and are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable, the asset’s sale (or disposal group) is expected to be completed within 12 months from the date of classification, and the asset is available for immediate use in the current condition.

Non-financial physical assets (including disposal groups) classified as held for sale are treated as current and are measured at the lower of carrying amount and fair value less costs to sell, and are not subject to depreciation.

Property, Plant and Equipment

All non-current physical assets are measured initially at cost and subsequently revalued at fair value less accumulated depreciation and impairment. Where an asset is acquired for no or nominal cost, the cost is its fair value at the date of acquisition.

Crown Land is measured at fair value with regard to the property’s highest and best use after due consideration is made for any legal or constructive restrictions imposed on the asset, public announcements or commitments made in relation to the intended use of the asset. Theoretical opportunities that may be available in relation to the asset(s) are not taken into account until it is virtually certain that any restrictions will no longer apply.

Land and Buildings are recognised initially at cost and subsequently measured at fair value less accumulated depreciation and impairment.


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Plant, Equipment and Vehicles are recognised initially at cost and subsequently measured at fair value less accumulated depreciation and impairment. Depreciated historical cost is generally a reasonable proxy for fair value because of the short lives of the assets concerned.

Revaluations of Non-current Physical Assets

Non-current physical assets are measured at fair value and are revalued in accordance with FRD 103D Non-current physical assets. This revaluation process normally occurs at least every five years, based upon the asset’s Government Purpose Classification, but may occur more frequently if fair value assessments indicate material changes in values. Independent valuers are used to conduct these scheduled revaluations and any interim revaluations are determined in accordance with the requirements of the FRDs. Revaluation increments or decrements arise from differences between an asset’s carrying value and fair value.

Revaluation increments are credited directly to the asset revaluation surplus, except that, to the extent that an increment reverses a revaluation decrement in respect of that same class of asset previously recognised as an expense in net result, the increment is recognised as income in the net result.

Revaluation decrements are recognised immediately as expenses in the net result, except that, to the extent that a credit balance exists in the asset revaluation surplus in respect of the same class of assets, they are debited directly to the asset revaluation surplus.

Revaluation increases and revaluation decreases relating to individual assets within an asset class are offset against one another within that class but are not offset in respect of assets in different classes.

Revaluation surplus is not transferred to accumulated funds on derecognition of the relevant asset.

In accordance with FRD 103D, Kyneton District Health Service’s non-current physical assets were assessed to determine whether revaluation of the non-current physical assets was required.

Investment Properties

Investment properties represent properties held to earn rentals or for capital appreciation or both. Investment properties exclude properties held to meet service delivery objectives of the State of Victoria.

Investment properties are initially recognised at cost. Costs incurred subsequent to initial acquisition are capitalised when it is probable that future economic benefits in excess of the originally assessed performance of the asset will flow to the Health Service.

Subsequent to initial recognition at cost, investment properties are revalued to fair value, determined annually by independent valuers. Changes in the fair value are recognised as income or expenses in the period that they arise. Investment properties are neither depreciated nor tested for impairment.

Rental revenue from leasing of investment properties is recognised in the comprehensive operating statement in the periods in which it is receivable on a straight line basis over the lease term.


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Other non-financial assets

Prepayments Other non-financial assets include prepayments which represent payments in advance of receipt of goods or services or that part of expenditure made in one accounting period covering a term extending beyond that period.

Disposal of Non-Financial Assets

Any gain or loss on the sale of non-financial assets is recognised in the comprehensive operating statement at the date that control of the asset is passed to the buyer and is determined after deducting from the proceeds the carrying value of the asset at that time.

Impairment of Non-Financial Assets

Apart from intangible assets with indefinite useful lives, all other non-financial assets are assessed annually for indications of impairment, except for:

• inventories;

• investment properties that are measured at fair value; and

• non-current physical assets held for sale.

If there is an indication of impairment, the assets concerned are tested as to whether their carrying value exceeds their possible recoverable amount. Where an asset’s carrying value exceeds its recoverable amount, the difference is written-off as an expense except to the extent that the write-down can be debited to an asset revaluation surplus amount applicable to that same class of asset.

If there is an indication that there has been a change in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its recoverable amount. This reversal of the impairment loss occurs only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised in prior years.

It is deemed that, in the event of the loss or destruction of an asset, the future economic benefits arising from the use of the asset will be replaced unless a specific decision to the contrary has been made. The recoverable amount for most assets is measured at the higher of depreciated replacement cost and fair value less costs to sell. Recoverable amount for assets held primarily to generate net cash inflows is measured at the higher of the present value of future cash flows expected to be obtained from the asset and fair value less costs to sell.

((jj)) LLiiaabbiilliittiieess

Payables

Payables consist of:

• contractual payables which consist predominantly of accounts payable representing liabilities for goods and services provided to the health service prior to the end of the financial year that are unpaid, and arise when the health service becomes obliged to make future payments in respect of the purchase of those goods and services.


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The normal credit terms for accounts payable are usually Nett 30 days.

• statutory payables, such as goods and services tax and fringe benefits tax payables.

Contractual payables are initially recognised at fair value, and then subsequently carried at amortised cost. Statutory payables are recognised and measured similarly to contractual payables, but are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract.

Borrowings

All borrowings are initially recognised at fair value of the consideration received less directly attributable transaction costs. The measurement basis subsequent to initial recognition is at amortised cost, with any difference between the initial recognised amount and the redemption value recognised in net result over the period of the borrowing using the effective interest method.

Provisions

Provisions are recognised when the Health Service has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably.

The amount recognised as a liability is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, using a discount rate that reflects the time value of money and risks specific to the provision.

When some or all of the economic benefits required to settle a provision are expected to be received from a third party, the receivable is recognised as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably.

Employee Benefits

Wages and Salaries, Annual Leave, Sick Leave and Accrued Days Off

Liabilities for wages and salaries, including non-monetary benefits, annual leave, accumulating sick leave and accrued days off which are expected to be settled within 12 months of the reporting date are recognised in the provision for employee benefits in respect of employee’s services up to the reporting date, and are classified as current liabilities and measured at their nominal values.

Those liabilities that are not expected to be settled within 12 months are also recognised in the provision for employee benefits as current liabilities, but are measured at present value of the amounts expected to be paid when the liabilities are settled using the remuneration rate expected to apply at the time of settlement.

Long Service Leave The liability for long service leave (LSL) is recognised in the provision for employee benefits.


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Current Liability – unconditional LSL (representing 10 or more years of continuous service) is disclosed in the notes to the financial statements as a current liability even where the Kyneton District Health Service does not expect to settle the liability within 12 months because it will not have the unconditional right to defer the settlement of the entitlement should an employee take leave within 12 months.

The components of this current LSL liability are measured at:

• present value – component that the Kyneton District Health Service does not expect to settle within 12 months; and

• nominal value – component that the Kyneton District Health Service expects to settle within 12 months.

Non-Current Liability – conditional LSL (representing less than 10 years of continuous service) is disclosed as a non-current liability. There is an unconditional right to defer the settlement of the entitlement until the employee has completed the requisite years of service. Conditional LSL is required to be measured at present value.

Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates of Commonwealth Government guaranteed securities in Australia.

Termination Benefits

Termination benefits are payable when employment is terminated before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits.

Liabilities for termination benefits are recognised when a detailed plan for the termination has been developed and a valid expectation has been raised with those employees affected that the terminations will be carried out. The liabilities for termination benefits are recognised in other creditors unless the amount or timing of the payments is uncertain, in which case they are recognised as a provision.

On-Costs

Employee benefit on-costs, such as workers compensation and superannuation are recognised together with provisions for employee benefits.

Superannuation liabilities

The Kyneton District Health Service does not recognise any unfunded defined benefit liability in respect of the superannuation plans because the Health Service has no legal or constructive obligation to pay future benefits relating to its employees; its only obligation is to pay superannuation contributions as they fall due. The Department of Treasury and Finance administers and discloses the State’s defined benefit liabilities in its financial statements.

((kk)) LLeeaasseess

Leases are classified at their inception as either operating or finance leases based on the economic substance of the agreement so as to reflect the risks and rewards incidental to ownership.


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Leases of property, plant and equipment are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Finance Leases

Entity as lessor

The Health Service does not hold any finance lease arrangements with other parties.

Entity as lessee

Finance leases are recognised as assets and liabilities at amounts equal to the fair value of the lease property or, if lower, the present value of the minimum lease payment, each determined at the inception of the lease. The lease asset is depreciated over the shorter of the estimated useful life of the asset or the term of the lease. Minimum lease payments are apportioned between reduction of the outstanding lease liability, and the periodic finance expense which is calculated using the interest rate implicit in the lease, and charged directly to the comprehensive operating statement. Contingent rentals associated with finance leases are recognised as an expense in the period in which they are incurred.

Operating Leases

Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease.

Operating lease payments, including any contingent rentals, are recognised as an expense in the comprehensive operating statement on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern of the benefits derived from the use of the leased asset.

Lease Incentives

All incentives for the agreement of a new or renewed operating lease are recognised as an integral part of the net consideration agreed for the use of the leased asset, irrespective of the incentive’s nature or form or the timing of payments.

In the event that lease incentives are received by the lessee to enter into operating leases, such incentives are recognised as a liability. The aggregate benefits of incentives are recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset is diminished.

Leasehold Improvements

The cost of leasehold improvements are capitalised as an asset and depreciated over the remaining term of the lease or the estimated useful life of the improvements, whichever is the shorter.

((ll)) EEqquuiittyy

Contributed Capital

Consistent with Australian Accounting Interpretation 1038 Contributions by Owners Made to Wholly-Owned Public Sector Entities and FRD 119 Contributions by Owners, appropriations for additions to the net asset base have been designated as contributed capital. Other transfers that are in the nature of contributions or


2200

distributions that have been designated as contributed capital are also treated as contributed capital.

Property, Plant & Equipment Revaluation Surplus

The asset revaluation surplus is used to record increments and decrements on the revaluation of non-current physical assets.

Specific Restricted Purpose Surplus

A specific restricted purpose surplus is established where the Health Service has possession or title to the funds but has no discretion to amend or vary the restriction and/or condition underlying the funds received.

((mm)) CCoommmmiittmmeennttss

Commitments for future expenditure include operating and capital commitments arising from contracts. These commitments are disclosed by way of a note (refer to note 19) at their nominal value and are inclusive of the goods and services tax (“GST”) payable. In addition, where it is considered appropriate and provides additional relevant information to users, the net present values of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised on the balance sheet.

((nn)) CCoonnttiinnggeenntt aasssseettss aanndd ccoonnttiinnggeenntt lliiaabbiilliittiieess

Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of note and, if quantifiable, are measured at nominal value. Contingent assets and contingent liabilities are presented inclusive of GST receivable or payable respectively.

((oo)) GGooooddss aanndd SSeerrvviicceess TTaaxx ((““GGSSTT””))

Income, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as an operating cash flow.

Commitments for expenditure and contingent assets and liabilities are presented on a gross basis.

((pp)) EEvveennttss aafftteerr tthhee rreeppoorrttiinngg ppeerriioodd

Assets, liabilities, income or expenses arise from past transactions or other past events. Adjustments are made to amounts recognised in the financial statements for events which occur after the reporting period and before the date the financial statements are authorised for issue, where those events provide information about


2211

conditions which existed in the reporting period. Note disclosure is made about events between the end of the reporting period and the date the financial statements are authorised for issue where the events relate to conditions which arose after the end of the reporting period and which may have a material impact on the results of subsequent reporting periods.

((qq)) RRoouunnddiinngg

All amounts shown in the financial statements are expressed to the nearest $1 unless otherwise stated. Figures in the financial statements may not equal due to rounding.

((rr)) AAAASSss iissssuueedd tthhaatt aarree nnoott yyeett eeffffeeccttiivvee

Certain new Australian accounting standards and interpretations have been published that are not mandatory for the 30 June 2012 reporting period.

As at 30 June 2012, the following standards and interpretations had been issued by the AASB but were not yet effective. They become effective for the first financial statements for reporting periods commencing after the stated operative dates as detailed in the table below. Kyneton District Health Service has not and does not intend to adopt these standards early.

Standard/Interpretation Summary Applicable for annual reporting periods beginning on

Impact on public sector entity financial statements

AASB 9 Financial instruments

This standard simplifies requirements for the classification and measurement of financial assets resulting from Phase 1 of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement (AASB 139 Financial Instruments: Recognition and Measurement).

1 Jan 2013 Detail of impact is still being assessed.

AASB 10 Consolidated Financial Statements

This Standard establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities and supersedes those requirements in AASB 127 Consolidated and Separate Financial Statements and Interpretation 112 Consolidation – Special Purpose Entities.

1 Jan 2013 Not-for-profit entities are not permitted to apply this Standard prior to the mandatory application date. The AASB is assessing the applicability of principles in AASB 10 in a not-for-profit context.

As such, impact will be assessed after the AASB’s deliberation.


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AASB 11 Joint Arrangements

This Standard requires entities that have an interest in arrangements that are controlled jointly to assess whether the arrangement is a joint operation or joint venture. AASB 11 shall be applied for an arrangement that is a joint operation. It also replaces parts of requirements in AASB 131 Interests in Joint Ventures.



AASB 12 Disclosure of Interests in Other Entities

This Standard requires disclosure of information that enables users of financial statements to evaluate the nature of, and risks associated with, interests in other entities and the effects of those interests on the financial statements. This Standard replaces the disclosure requirements in AASB 127 and AASB 131.



AASB 13 Fair Value Measurement

This Standard outlines the requirements for measuring the fair value of assets and liabilities and replaces the existing fair value definition and guidance in other AASs. AASB 13 includes a ‘fair value hierarchy’ which ranks the valuation technique inputs into three levels using unadjusted quoted prices in active markets for identical assets or liabilities; other observable inputs; and unobservable inputs.

1 Jan 2013 Disclosure for fair value measurements using unobservable inputs are relatively onerous compared to disclosure for fair value measurements using observable inputs. Consequently, the Standard may increase the disclosures for public sector entities that have assets measured using depreciated replacement cost.

AASB 119 Employee Benefits

In this revised Standard for defined benefit superannuation plans, there is a change to the methodology in the calculation of superannuation expenses, in particular there is now a change in the split between superannuation interest expense (classified as transactions) and actuarial gains and losses (classified as ‘Other economic flows – other movements in equity’) reported on the comprehensive operating statement.

1 Jan 2013 Not-for-profit entities are not permitted to apply this Standard prior to the mandatory application date.

While the total superannuation expense is unchanged, the revised methodology is expected to have a negative impact on the net result from transactions of the general government sector and for those few Victorian public sector entities that report superannuation defined benefit plans.

AASB 127 Separate Financial Statements

This revised Standard prescribes the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.




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AASB 128 Investments in Associates and Joint Ventures

This revised Standard sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.



AASB 1053 Application of Tiers of Australian Accounting Standards

This Standard establishes a

differential financial reporting

framework consisting of two

tiers of reporting requirements

for preparing general purpose

financial statements.

1 July 2013 The Victorian Government is currently considering the impacts of Reduced Disclosure Requirements (RDRs) for certain public sector entities and has not decided if RDRs will be implemented in the Victorian public sector.

AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023 and 1038 and Interpretations 10 and 12]

This Standard gives effect to consequential changes arising from the issuance of AASB 9.

1 Jan 2013 No significant impact is expected from these consequential amendments on entity reporting.

AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements

This Standard makes amendments to many Australian Accounting Standards, including Interpretations, to introduce reduced disclosure requirements to the pronouncements for application by certain types of entities.

1 July 2013

The Victorian Government is currently considering the impacts of Reduced Disclosure Requirements (RDRs) for certain public sector entities and has not decided if RDRs will be implemented in the Victorian public sector.

AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) [AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 120, 121, 127, 128, 131, 132, 136, 137, 139, 1023 & 1038 and Interpretations 2, 5, 10, 12, 19 & 127]

These consequential amendments are in relation to the introduction of AASB 9.



2244



AASB 2010-8 Amendments to Australian Accounting Standards – Deferred Tax: Recovery of Underlying Assets [AASB 112]

This amendment provides a practical approach for measuring deferred tax assets and deferred tax liabilities when measuring investment property by usingthe fair value model in AASB 140 Investment Property.

Beginning

1 Jan 2012

This amendment provides additional clarification through practical guidance.

AASB 2010-10 Further Amendments to Australian Accounting Standards – Removal of Fixed Dates for First-time Adopters

[AASB 2009-11 & AASB 2010-7]

The amendments ultimately affect AASB 1 First-time Adoption of Australian Accounting Standards and provide relief for first-time adopters of Australian Accounting Standards from having to reconstruct transactions that occurred before their date of transition to Australian Accounting Standards.

1 Jan 2013 No significant impact is expected on entity reporting.

AASB 2011-2 Amendments to Australian Accounting Standards arising from the Trans-Tasman Convergence Project – Reduced Disclosure Requirements

[AASB 101 & AASB 1054]

The objective of this amendment is to include some additional disclosure from the Trans-Tasman Convergence Project and to reduce disclosure requirements for entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements.

1 July 2013 The Victorian Government is currently considering the impacts of Reduced Disclosure Requirements (RDRs) and has not decided if RDRs will be implemented in the Victorian public sector.

AASB 2011-3 Amendments to Australian Accounting Standards – Orderly Adoption of Changes to the ABS GFS Manual and Related Amendments [AASB 1049]

This amends AASB 1049 to clarify the definition of the ABS GFS Manual, and to facilitate the adoption of changes to the ABS GFS Manual and related disclosures.

1 July 2012 This amendment provides clarification to users preparing the whole of government and general govovernment sector financial reports on the version of the GFS Manual to be used and what to disclose if the latest GFS Manual is not used.

No impact on departmental or entity reporting.

AASB 2011-4

Amendments to Australian Accounting Standards to Remove Individual Key Management Personnel Disclosure Requirements

[AASB 124]

This Standard amends AASB 124 Related Party Disclosures by removing the disclosure requirements in AASB 124 in relation to individual key management personnel (KMP).

1 July 2013 No significant impact is expected from these consequential amendments on entity reporting.


2255



AASB 2011-6

Amendments to Australian Accounting Standards – Extending Relief from Consolidation, the Equity Method and Proportionate Consolidation – Reduced Disclosure Requirements

[AASB 127, AASB 128 & AASB 131]

The objective of this Standard is to make amendments to AASB 127 Consolidated and Separate Financial Statements, AASB 128 Investments in Associates and AASB 131 Interests in Joint Ventures to extend the circumstances in which an entity can obtain relief from consolidation, the equity method or proportionate consolidation.


AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards [AASB 1, 2, 3, 5, 7, 9, 2009-11, 101, 107, 112, 118, 121, 124, 132, 133, 136, 138, 139, 1023 & 1038 and Interpretations 5, 9, 16 & 17]

This Standard outlines consequential changes arising from the issuance of the five ‘new Standards’ to other Standards. For example, references to AASB 127 Consolidated and Separate Financial Statements are amended to AASB 10 Consolidated Financial Statements or AASB 127 Separate Financial Statements, and references to AASB 131 Interests in Joint Ventures are deleted as that Standard has been superseded by AASB 11 and AASB 128 (August 2011).


AASB 2011-8

Amendments to Australian Accounting Standards arising from AASB 13 [AASB 1, 2, 3, 4, 5, 7, 9, 2009-11, 2010-7, 101, 102, 108, 110, 116, 117, 118, 119, 120, 121, 128, 131, 132, 133, 134, 136, 138, 139, 140, 141, 1004, 1023 & 1038 and Interpretations 2, 4, 12, 13, 14, 17, 19, 131 & 132]

This amending Standard makes consequentical changes to a range of Standards and Interpretations arising from the issuance of AASB 13. In particular, this Standard replaces the existing definition and guidance of fair value measurements in other Australian Accounting Standards and Interpretations.

1 Jan 2013 Disclosures for fair value measurements using unobservable inputs is potentially onerous, and may increase disclosures for assets measured using depreciated replacement cost.

AASB 2011-9

Amendments to Australian Accounting Standards – Presentation of Items of Other Comprehensive Income [AASB 1, 5, 7, 101, 112, 120, 121, 132, 133, 134, 1039 & 1049]

The main change resulting from this Standard is a requirement for entities to group items presented in other comprehensive income (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). These amendments do not remove the option to present profit or loss and other comprehensive income in two statements, nor change the option to present items of OCI either before tax or net of tax.

1 July 2012 This amending Standard could change the current presentation of ‘Other economic flows- other movements in equity’ that will be grouped on the basis of whether they are potentially reclassifiable to profit or loss subsequently.

No other significant impact will be expected.


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AASB 2011-10

Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) [AASB 1, AASB 8, AASB 101, AASB 124, AASB 134, AASB 1049 & AASB 2011-8 and Interpretation 14]

This Standard makes consequential changes to a range of other Australian Accounting Standards and Interpretaion arising from the issuance of AASB 119 Employee Benefits.


AASB 2011-11

Amendments to AASB 119 (September 2011) arising from Reduced Disclosure Requirements

This Standard makes amendments to AASB 119 Employee Benefits (September 2011), to incorporate reduced disclosure requirements into the Standard for entities applying Tier 2 requirements in preparing general purpose financial statements.


AASB 2011-12 Amendments to Australian Accounting Standards arising from Interpretation 20 [AASB 1]

This Standard makes amendments to AASB 1 First-time Adoption of Australian Accounting Standards, as a consequence of the issuance of IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine. This Standard allows the first-time adopters to apply the transitional provisions contained in Interpretation 20.

1 Jan 2013 There may be an impact for new agencies that adopt Australian Accounting Standards for the first time.

No implication is expected for existing entities in the Victorian public sector.

2011-13 Amendments to Australian Accounting Standard – Improvements to AASB 1049

This Standard aims to improve the AASB 1049 Whole of Government and General Government Sector Financial Reporting at the operational level. The main amendments clarify a number of requirements in AASB 1049, including the amendment to allow disclosure of other measures of key fiscal aggregates as long as they are clearly distinguished from the key fiscal aggregates and do not detract from the the information required by AASB 1049. Furthermore, this Standard provides additional guidance and examples on the classification between ‘transactions’ and ‘other economic flows’ for GAAP items without GFS equivalents.

1 July 2012 No significant impact is expected from these consequential amendments on entity reporting.

2012-1 Amendments to Australian Accounting Standards - Fair Value Measurement - Reduced Disclosure Requirements

[AASB 3, AASB 7, AASB 13, AASB 140 & AASB 141]

This amending Standard prescribes the reduced disclosure requirements in a number of Australian Accounting Standards as a consequence of the issuance of AASB 13 Fair Value Measurement.

1 July 2013 As the Victorian whole of government and the general government (GG) sector are subject to Tier 1 reporting requirements (refer to AASB 1053 Application of Tiers of Australian Accounting Standards), the reduced disclosure requirements included in AASB 2012-1 will not affect the financial reporting for Victorian whole


2277



of government and GG sector.

AASB Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine

This Interpretation clarifies when production stripping costs should lead to the recognition of an asset and how that asset should be initially and subsequently measured.

1 Jan 2013 No significant impact is expected on entity reporting.

((ss)) CCaatteeggoorryy ggrroouuppss

Kyneton District Health Service has used the following category groups for reporting purposes for the current and previous financial years.

Admitted Patient Services (Admitted Patients) comprises all recurrent health revenue/expenditure on admitted patient services, where services are delivered in public hospitals, or free standing day hospital facilities, or alcohol and drug treatment units or hospitals specialising in dental services, hearing and ophthalmic aids.

Aged Care comprises revenue/expenditure form Home and Community Care (HACC) programs, Allied Health, Aged Care Assessment and support services.

Residential Aged Care (RACS) comprises revenue and expenditure for services provided to permanent residents occupying approved places in Commonwealth funded Aged Care Facilities.

Other Services excluded from Australian Health Care Agreement (AHCA) (Other) comprises revenue/expenditure for services not separately classified above, including Health and Community Initiatives.

Notes To and Forming Part of the Financial StatementsKyneton District Health Service Annual Report 2011/2012

Note 2: Revenue HSA HSA H&CI H&CI Total Total

2012 2011 2012 2011 2012 2011

$ $ $ $ $ $Revenue from Operating Activities

Government Grants - Department of Health 8,809,838 8,551,236 - - 8,809,838 8,551,236 - Commonwealth Government - Residential Aged Care Subsidy 1,370,133 1,429,231 - - 1,370,133 1,429,231

- - Total Government Grants 10,179,971 9,980,467 - - 10,179,971 9,980,467

Indirect Contributions by Department of Health - Insurance 21,927 229,885 - 21,927 229,885 - Long Service Leave 113,610 73,557 - 113,610 73,557

Total Indirect Contributions by Department of Health 135,537 303,442 - - 135,537 303,442

Patient and Resident Fees - Patient Fees (refer note 2b) 799,914 598,973 - 799,914 598,973 - Residential Aged Care (refer note 2b) 618,863 716,504 - 618,863 716,504 Total Patient & Resident Fees 1,418,777 1,315,477 - - 1,418,777 1,315,477

Loddon Mallee Rural Health Alliance 160,163 138,436 - 160,163 138,436 Other Revenue from Operating Activities 638,088 558,140 - 638,088 558,140

Total Revenue from Operating Activities 12,532,536 12,295,962 - - 12,532,536 12,295,962

Revenue from Non-Operating ActivitiesInterest & Dividends 50,435 13,076 - 50,435 13,076 Triage Service Income - - 160,638 160,044 160,638 160,044 Other Revenue from Non-Operating Activities - - 638,394 321,403 638,394 321,403

Total Revenue from Non-Operating Activities 50,435 13,076 799,032 481,447 849,467 494,523

Capital Purpose IncomeState Government Capital Grants - Targeted Capital Works and Equipment 151,210 46,946 151,210 46,946 - Clinical Training Infrastructure 18,729 - 18,729 - - Building & Equipment Upgrade Funding - 89,608 - 89,608 - Loddon Mallee Rural Health Alliance - 5,606 - 5,606

- - Commonwealth Government Capital Grants 92,082 - 92,082 - Net Gain/(Loss) on Disposal of Non-Financial Assets (refer note 2c) 109,001 636 109,001 636 Donations & Bequests 91,749 48,972 91,749 48,972

Total Capital Purpose Income 371,022 142,796 91,749 48,972 462,771 191,768

Total Revenue (refer to note 2a) 12,953,993 12,451,834 890,781 530,419 13,844,774 12,982,253

Indirect contributions by Department of Health: Department of Health makes certain payments on behalf of the Health Service. These amounts have been brought to account in determining the operating result for the year by recording them as revenue and expenses.

This note relates to revenues above the net result line only, and does not reconcile to comprehensive income.

28


Note 2a: Analysis of Revenue by Source

Other Total

2012 2012 2012 2012 2012

$ $ $ $ $

Revenue from Services Supported by Health Services AgreementGovernment Grants 7,439,648 1,910,906 829,417 - 10,179,971 Loddon Mallee Rural Health Alliance - - - 160,163 160,163

Indirect contributions by Department of Health 135,537 - - - 135,537 Patient & Resident Fees (refer note 2b) 648,708 618,863 151,206 - 1,418,777 Other Revenue from Operating Activities 306,373 180,000 151,715 - 638,088 Interest & Dividends - - - 50,435 50,435 Capital Purpose Income (refer note 2) 371,022 - - - 371,022 Total Revenue from Services Supported by Health Services Agreement 8,901,288 2,709,769 1,132,338 210,598 12,953,993

Revenue from Services Supported by Hospital and Community InitiativesTriage Service Income - - - 160,638 160,638 Other - - - 638,394 638,394 Capital Purpose Income (refer note 2) - - - 91,749 91,749 Total Revenue from Services Supported by Hospital and Community Initiatives - - - 890,781 890,781

Total Revenue 8,901,288 2,709,769 1,132,338 1,101,379 13,844,774

Indirect contributions by Department of Health:

Department of Health makes certain payments on behalf of the Health Service. These amounts have been brought to account in determining the operating result for the year by recording them as revenue and expenses.

Aged CareAdmitted Patients

Residential Aged Care

29


Note 2a: Analysis of revenue by source (continued)

Other Total

2011 2011 2011 2011 2011

$ $ $ $ $

Revenue from Services Supported by Health Services AgreementGovernment Grants 7,507,403 1,940,523 532,541 - 9,980,467 Loddon Mallee Rural Health Alliance - - - 138,436 138,436

Indirect contributions by Department of Health 303,442 - - - 303,442 Patient & Resident Fees (refer note 2b) 456,467 716,504 142,506 - 1,315,477 Other Revenue from Operating Activities 518,210 11,115 29,451 - 558,776 Interest & Dividends - - - 13,076 13,076 Capital Purpose Income (refer note 2) 131,535 - 5,019 5,606 142,160 Total Revenue from Services Supported by Health Services Agreement 8,917,057 2,668,142 709,517 157,118 12,451,834

Revenue from Services Supported by Hospital and Community Initiatives*Triage Service Income - - - 160,044 160,044 Other - - - 321,403 321,403 Capital Purpose Income (refer note 2) - - - 48,972 48,972 Total Revenue from Services Supported by Hospital and Community Initiatives - - - 530,419 530,419

Total Revenue 8,917,057 2,668,142 709,517 687,537 12,982,253

Indirect contributions by Department of Health: Department of Health makes certain payments on behalf of the Health Service. These amounts have been brought to account in determining the operating result for the year by recording them as revenue and expenses.

Residential Aged Care Aged Care

Admitted Patients

30


Note 2b: Private and Resident Fees

2012 2011$ $

Patient and Resident FeesAcute – Inpatients 641,672 456,467 – Outpatients 7,035 61,464 Residential Aged Care – Nursing Home Fees 488,212 606,049 – Residential Accommodation Payments 130,652 110,455 Other 151,206 81,042 Total Patient and Resident Fees 1,418,777 1,315,477

31


2012 2011$ $

Proceeds from Disposals of Non-Financial AssetsAssets Classified as Held for Sale 731,501 - Plant and Equipment 7,500 636 Total Proceeds from Disposal of Non-Financial Assets 739,001 636

Less: Written Down Value of Non-Financial Assets SoldAssets Classified as Held for Sale 630,000 - Plant and Equipment - - Total Written Down Value of Non-Financial Assets Sold 630,000 -

Net gain/(loss) on Disposal of Non-Financial Assets 109,001 636

Note 2c: Net Gain/(Loss) on Disposal of Non-Financial Assets

32


Note 3: Expenses

HSA HSA H&CI H&CI Total Total

2012 2011 2012 2011 2012 2011

$ $ $ $ $ $

Employee Expenses

Salaries & Wages 8,026,859 7,515,934 341,785 371,056 8,368,644 7,886,990

WorkCover Premium 102,330 76,213 2,119 1,514 104,449 77,727

Long Service Leave 276,504 275,574 9,569 14,031 286,073 289,605

Superannuation 755,931 709,037 28,490 27,129 784,421 736,166

Total Employee Expenses 9,161,624 8,576,758 381,963 413,730 9,543,587 8,990,488

Non Salary Labour Costs

Fees for Visiting Medical Officers 957,826 1,083,555 56,973 - 1,014,799 1,083,555

Total Non Salary Labour Costs 957,826 1,083,555 56,973 - 1,014,799 1,083,555

Supplies & ConsumablesDrug Supplies 222,751 236,883 243 1,511 222,994 238,394 Medical, Surgical Supplies and Prosthesis 538,716 480,998 7,067 4,667 545,783 485,665

Pathology Supplies 47,850 30,281 - - 47,850 30,281

Food Supplies 159,352 147,270 - 7,655 159,352 154,925

Total Supplies & Consumables 968,669 895,432 7,310 13,833 975,979 909,265

Other ExpensesDomestic Services & Supplies 124,981 128,730 143 395 125,125 129,125

Fuel, Light, Power and Water 149,461 140,190 4,676 3,074 154,137 143,264 Insurance costs funded by the Department of Health 192,463 229,885 - - 192,463 229,885

Repairs & Maintenance 250,357 211,811 4,088 3,651 254,445 215,462

Patient Transport 99,614 63,288 - - 99,614 63,288

Bad & Doubtful Debts 50,000 - - - 50,000

Other Administrative Expenses 1,010,109 1,026,136 10,229 22,356 1,020,338 1,048,492 Audit Fees

- VAGO Audit of Financial Statements 11,800 11,860 - - 11,800 11,860

Total Other Expenses 1,838,785 1,861,900 19,137 29,476 1,857,922 1,891,376

Expenditure using Capital Purpose Income

Loddon Mallee Rural Health Alliance- 27,747 - - - 27,747

Total Expenditure using Capital Purpose Income - 27,747 - - - 27,747

Impairment of Assets

Depreciation & Amortisation 1,173,202 1,233,816 - - 1,173,202 1,233,816

Total Impairment of Assets 1,173,202 1,233,816 - - 1,173,202 1,233,816

Total Expenses 14,100,106 13,679,208 465,383 457,039 14,565,489 14,136,247

This note relates to expenses above the net result line only, and does not reconcile to comprehensive income

33


Note 3a: Analysis of Expenses by Source

Admitted PatientsResidential Aged

Care Aged Care Other Total

2012 2012 2012 2012 2012

$ $ $ $ $

Services Supported by Health Services Agreement

Employee Expenses 5,651,458 2,478,256 1,031,910 - 9,161,624 Non Salary Labour Costs 957,826 - - - 957,826 Supplies & Consumables 753,784 159,391 55,494 - 968,669 Other Expenses from Continuing Operations 1,153,194 321,447 88,122 276,022 1,838,785 Total Expenses from Services Supported by Health Services Agreement 8,516,262 2,959,094 1,175,526 276,022 12,926,904

Services Supported by Hospital and Community InitiativesEmployee Expenses - - - 381,963 381,963 Non Salary Labour Costs - - - 56,973 56,973 Supplies & Consumables - - - 7,310 7,310 Other Expenses from Continuing Operations - - - 19,137 19,137 Total Expenses from Services Supported by Hospital and Community Initiatives - - - 465,383 465,383

Expenditure using Capital Purpose IncomeLoddon Mallee Rural Health Alliance - - - - - Total Expenditure using Capital Purpose Income - - - - -

Depreciation & Amortisation (refer note 4) - - - 1,173,202 1,173,202

Total Expenditure from Services supported by Health Services Agreement and by Hospital and Community Initiatives - - - 1,173,202 1,173,202

Total Expenses 8,516,262 2,959,094 1,175,526 1,914,607 14,565,489

34


Note 3a: Analysis of expenses by source (continued)

Admitted Patients

Residential Aged Care Aged Care Other Total

2011 2011 2011 2011 2011

Prior Year $ $ $ $ $

Services Supported by Health Services AgreementEmployee Expenses 5,210,893 2,473,823 892,042 - 8,576,758 Non Salary Labour Costs 1,083,555 - - - 1,083,555 Supplies & Consumables 705,235 158,020 1,896 - 865,151 Other Expenses from Continuing Operations 1,252,410 348,744 84,610 206,378 1,892,142 Total Expenses from Services Supported by Health Services Agreement 8,252,093 2,980,587 978,548 206,378 12,417,606

Services Supported by Hospital and Community InitiativesEmployee Expenses - - - 413,730 413,730 Supplies & Consumables - - - 13,833 13,833 Other Expenses from Continuing Operations - - - 29,515 29,515 Total Expense from Services Supported by Hospital and Community Initiatives - - - 457,078 457,078

Expenditure using Capital Purpose IncomeLoddon Mallee Rural Health Alliance - - - 27,747 27,747 Total Expenditure using Capital Purpose Income - - - 27,747 27,747

Depreciation & Amortisation (refer note 4) - - - 1,233,816 1,233,816 Total Expenditure from Services supported by Health Services Agreement and by Hospital and Community Initiatives - - - 1,233,816 1,233,816

Total Expenses 8,252,093 2,980,587 978,548 1,925,019 14,136,247

35


2012 2011$ $

Commercial ActivitiesProperty Expenses 17,267 30,607 Provision of Accommodation 12,853 4,664 Catering Services 11,088 10,181 General Practice Clinic 452,530 180,136

TOTAL 493,738 225,588

Note 3b: Analysis of Expenses by Internally Managed and Restricted Specific Purpose Funds for Services Supported by Hospital and Community Initiatives

36


Note 4: Depreciation and Amortisation

2012 2011$ $

DepreciationBuildings 889,483 889,068 Plant & Equipment 215,439 278,587 Motor Vehicles 60,076 58,747 Loddon Mallee Rural Health Alliance 8,204 7,414 Total Depreciation 1,173,202 1,233,816

37


Note 5: Cash and Cash Equivalents

2012 2011$ $

Cash on Hand 232 250 Cash at Bank 958,098 170,922 Total Cash and Cash Equivalents 958,330 171,172

Represented by:Cash for Health Service Operations (as per Cash Flow Statement) 910,203 144,812 Cash for Loddon Mallee Rural Health Alliance 18,290 22,486 Cash for Monies Held in Trust - Cash at Bank 29,837 3,874 Total Cash and Cash Equivalents 958,330 171,172

For the purposes of the cash flow statement, cash assets includes cash on hand and in banks, and short-term deposits which are readily convertible to cash on hand, and are subject to an insignificant risk of change in value, net of outstanding bank overdrafts.

38


Note 6: Receivables

2012 2011$ $

CURRENTContractual

Inter Hospital Debtors 95,794 143,640 Trade Debtors 186,291 167,588 Receivables - Loddon Mallee Rural Health Alliance 16,310 35,910 Patient Fees 83,092 74,422 Accrued Revenue 91,677 108,981 Less Allowance for Doubtful Debts

Inter Hospital Debtors - (18,949) Trade Debtors (25,080) (25,424) Patient Fees (14,918) (6,604) Loddon Mallee Rural Health Alliance (356) -

432,810 479,564 Statutory

GST Receivable - Health Service 53,952 48,524 GST Receivable - Loddon Mallee Rural Health Alliance 5,314 3,072

59,266 51,596 TOTAL CURRENT RECEIVABLES 492,076 531,160

NON CURRENTStatutory

Long Service Leave - Department of Health 418,690 305,080

TOTAL NON-CURRENT RECEIVABLES 418,690 305,080 TOTAL RECEIVABLES 910,766 836,240

(a) Movement in the Allowance for doubtful debts

2012 2011$ $

Balance at beginning of year 50,977 977 Amounts written off during the year 96,022 50,000 Amounts recovered during the year - - Increase/(decrease) in allowance recognised in net result (106,645) - Balance at end of year 40,354 50,977

(b) Ageing analysis of receivablesPlease refer to note 18(b) for the ageing analysis of contractual receivables

(c) Nature and extent of risk arising from receivablesPlease refer to note 18(b) for the nature and extent of credit risk arising from contractual receivables

39


Note 7: Investments and other Financial Assets

2012 2011 2012 2011$ $ $ $

CURRENTTerm Deposit

Aust. Dollar Term Deposits > 3 months 157,486 125,131 157,486 125,131 TOTAL CURRENT 157,486 125,131 157,486 125,131

Represented by:Investments - Loddon Mallee Rural Health Alliance 157,486 125,131 157,486 125,131 TOTAL 157,486 125,131 157,486 125,131

(b) Ageing analysis of investments and other financial assetsPlease refer to note 18(b) for the ageing analysis of investments and other financial assets

(c) Nature and extent of risk arising from investments and other financial assetsPlease refer to note 18(b) for the nature and extent of credit risk arising from investments and other financial assets

TotalCapital Fund

40


Note 8: Inventories

2012 2011$ $

Pharmaceuticals At cost 16,110 16,409 General Stores At cost 55,095 60,785

TOTAL INVENTORIES 71,205 77,194

41


2012 2011$ $

Freehold Land - 630,000

TOTAL NON-FINANCIAL PHYSICAL ASSETS CLASSIFIED AS HELD FOR SALE - 630,000

Note 9: Non-Financial Physical Assets Classified as Held For Sale

42


Note 10: Other Assets

2012 2011CURRENT $ $Prepayments - Health Service 1,121 9,751 Prepayments - Loddon Mallee Rural Health Alliance 5,905 6,484 TOTAL 7,026 16,235

43


Note 11: Property, Plant & Equipment

2012 2011$ $

LandLand at Fair Value 1,867,400 1,867,400

Total Land 1,867,400 1,867,400

BuildingsBuildings Under Construction at cost 18,753 -

Buildings at Fair Value 20,271,123 20,271,123 Less Acc'd Depreciation 7,257,999 6,451,038

Buildings at Cost 1,511,416 1,511,416 Less Acc'd Depreciation 267,639 185,117

Total Buildings 14,275,654 15,146,384

Plant and EquipmentPlant and Equipment at Fair Value 1,840,461 1,511,938

Less Acc'd Depreciation 658,825 567,511

Loddon Mallee Rural Health Alliance 25,055 23,274 Less Acc'd Depreciation 19,612 11,189

Total Plant and Equipment 1,187,079 956,512

Motor VehiclesMotor Vehicles at Fair Value 238,304 235,293

Less Acc'd Depreciation 180,400 101,467 Total Motor Vehicles 57,904 133,826

TOTAL PROPERTY, PLANT & EQUIPMENT 17,388,037 18,104,122

44


Note 11: Property, plant & equipment (continued)

Land Buildings Plant & Motor TotalEquipment Vehicles

$ $ $ $ $Balance at 1 July 2010 1,867,400 16,029,112 1,115,305 192,573 19,204,390 Additions - 6,340 143,783 - 150,123 Loddon Mallee Rural Health Alliance - - 2,651 - 2,651 Disposals - - (19,226) - (19,226) Depreciation and Amortisation (note 4) - (889,068) (286,001) (58,747) (1,233,816)

Balance at 1 July 2011 1,867,400 15,146,384 956,512 133,826 18,104,122

Additions - 18,753 371,126 - 389,879 Loddon Mallee Rural Health Alliance 1,781 1,781 Revaluation Increments/(Decrements) - - 81,303 (15,846) 65,457 Depreciation and Amortisation (note 4) - (889,483) (223,643) (60,076) (1,173,202)

Balance at 30 June 2012 1,867,400 14,275,654 1,187,079 57,904 17,388,037

Land and buildings carried at valuation

The effective date of the valuation is 30 June 2009

Reconciliations of the carrying amounts of each class of asset for the entity at the beginning and end of the previous and current financial year is set out below.

An independent valuation of the Health Service's land and buildings was performed by the Valuer-General Victoria to determine the fair value of the land and buildings. The valuation, which conforms to Australian Valuation Standards, was determined by reference to the amounts for which assets could be exchanged between knowledgeable willing parties in an arm's length transaction. The valuation was based on independent assessments.

An independent valuation of the Health Service's plant and equipment was performed by the Dominion Group (Vic) Pty Ltd to determine the fair value of the plant and equipment. The valuation, which conforms to Australian Valuation Standards, was based on independent assessments.

The effective date of the valuation is 30 June 2009. However, the impact of the revaluation on the financial statements has been recognised as at 30 June 2012.

45


Note 12: Investment Properties

2012 2011$ $

Balance at Beginning of Period - 400,000 Net Gain/(Loss) from Fair Value Adjustments - 230,000 Transfer upon reclassification of asset - (630,000)

Balance at End of Period - -

46


Note 13: Payables

2012 2011$ $

CURRENTContractualTrade Creditors - Health Service 314,706 411,516 Payables - Loddon Mallee Rural Health Alliance 24,853 24,861 Accrued Audit Fees 11,800 11,860 Other Accrued Expenditure 202,949 125,462

554,308 573,699 StatutoryDepartment of Health 259,740 26,250

259,740 26,250 TOTAL PAYABLES 814,048 599,949

(a) Maturity analysis of payablesPlease refer to Note 18c for the ageing analysis of contractual payables

(b) Nature and extent of risk arising from payablesPlease refer to note 18c for the nature and extent of risks arising from contractual payables

47


Note 14: Provisions

2012 2011$ $

Current ProvisionsEmployee Benefits (i)

- Unconditional and expected to be settled within 12 months (ii) 1,089,895 1,067,634 - Unconditional and expected to be settled after 12 months (iii) 811,712 641,049

1,901,607 1,708,683 Provisions related to Employee Benefit On-Costs

- Unconditional and expected to be settled within 12 months (ii) 115,930 111,567 - Unconditional and expected to be settled after 12 months (iii) 94,722 99,401

210,652 210,968 Total Current Provisions 2,112,259 1,919,651

Non-Current ProvisionsEmployee Benefits (i) 368,129 360,455 Provisions related to Employee Benefit On-Costs 36,343 32,963 Total Non-Current Provisions 404,472 393,418

Total Provisions 2,516,731 2,313,069

(a) Employee Benefits and Related On-Costs

Current Employee Benefits and related on-costsUnconditional LSL Entitlement 1,026,434 872,990 Annual Leave Entitlements 786,124 795,508 Accrued Wages and Salaries 287,118 242,812 Accrued Days Off 12,583 8,341 Non-Current Employee Benefits and related on-costsConditional Long Service Leave Entitlements (iii) 404,472 393,418 Total Employee Benefits and Related On-Costs 2,516,731 2,313,069

Notes:

(ii) The amounts disclosed are nominal amounts

(iii) The amounts disclosed are discounted to present values

2012 2011(b) Movements in provisions $ $

Movement in Long Service Leave:Balance at start of year 1,233,996 1,053,605 Provision made during the year 280,010 285,826 Settlement made during the year (83,100) (105,435) Balance at end of year 1,430,906 1,233,996

(i) Provisions for employee benefits consist of amounts for annual leave and long service leave accrued by employees, not including on-costs.

48


Note 15: Other Liabilities

2012 2011$ $

CURRENTMonies Held in Trust* - Staff Salary Packaging 29,837 3,874 Loan - Department of Health 350,000 300,000 Income Received in Advance 44,290 - Total Current 424,127 303,874

NON CURRENTLoan - Department of Health - 350,000 Total Non-Current - 350,000

Total Other Liabilities 424,127 653,874

* Total Monies Held in TrustRepresented by the following assets:Cash Assets (refer to Note 5) 29,837 3,874 TOTAL 29,837 3,874

49


Note 16: Equity

2012 2011$ $

(a) SurplusesProperty, Plant & Equipment Revaluation Surplus 1

Balance at the beginning of the reporting period - Land 1,309,210 1,079,210 - Buildings 5,589,815 5,589,815 Revaluation Increment/(Decrements) - Land - 230,000 - Buildings - - - Plant and Equipment 65,457 - Balance at the end of the reporting period* 6,964,482 6,899,025

* Represented by: - Land 1,309,210 1,309,210 - Buildings 5,589,815 5,589,815 - Plant and Equipment 65,457 -

6,964,482 6,899,025

Balance at the end of the reporting period 6,964,482 6,899,025

(b) Contributed CapitalBalance at the beginning of the reporting period 3,440,072 3,440,072 Capital Contribution received from Victorian Government - - Capital Repayments - - Balance at the end of the reporting period 3,440,072 3,440,072

(c) Accumulated Surpluses/(Deficits)Balance at the beginning of the reporting period 6,054,105 7,208,099 Net Result for the Year (720,715) (1,153,994) Balance at the end of the reporting period 5,333,390 6,054,105

Total Equity at end of financial year 15,737,943 16,393,202

(1) The property, plant & equipment asset revaluation surplus arises on the revaluation of property, plant & equipment.

50


2012 2011$ $

Net Result for the Year (720,715) (1,153,994)

Depreciation & Amortisation 1,173,202 1,233,816 Impairment of Financial and Non Financial AssetsProvision for Doubtful Debts 40,354 50,000 Net (Gain)/Loss from Disposal of Non Financial Physical Assets (109,001) (636) Change in Operating Assets & Liabilities (Increase)/Decrease in Receivables (114,880) (209,276) (Increase)/Decrease in Inventory 5,989 (11,686) (Increase)/Decrease in Prepayments 9,209 7,479 Increase/(Decrease) in Payables 214,099 (684,950) Increase/(Decrease) in Provisions 203,662 189,250 Increase/(Decrease) in Other Liabilities 54,796 (3,740) NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES 756,715 (583,737)

Note 17: Reconciliation of Net Result for the Year to Net Cash Inflow/(Outflow) from Operating Activities

51


Note 18: Financial Instruments

(a) Financial risk management objectives and policies

Kyneton District Health Service's principal financial instruments comprise of: - Cash Assets - Term Deposits - Receivables (excluding statutory receivables) - Payables (excluding statutory payables)

Categorisation of financial instruments

Carrying Amount

Carrying Amount

2012 2011$ $

Financial AssetsCash and cash equivalents 958,330 171,172 Loans and Receivables 432,810 479,564 Available for Sale 157,486 125,131 Total Financial Assets (i) 1,548,626 775,867

Financial LiabilitiesAt Amortised Cost 584,145 577,573 Total Financial Liabilities (ii) 584,145 577,573

Net holding gain/(loss) on financial instruments by category

Net holding gain/(loss)

Net holding gain/(loss)

2012 2011

Financial AssetsCash and Cash Equivalents (i) 50,435 13,076

Available for Sale (i) - - Total Financial Assets 50,435 13,076

(i) For cash and cash equivalents, loans or receivables and available-for-sale financial assets, the net gain or loss is calculated by taking the movement in the fair value of the asset, interest revenue, plus or minus foreign exchange gains or losses arising from revaluation of the financial assets, and minus any impairment recognised in the net result.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, with respect to each class of financial asset, financial liability and equity instrument are disclosed in note 1 to the financial statements.

(i) The total amount of financial assets disclosed here excludes statutory receivables (i.e. GST input tax credit recoverable)

(ii) The total amount of financial liabilities disclosed here excludes statutory payables (i.e. Taxes payable)

The main purpose in holding financial instruments is to prudentially manage Kyneton District Health Service's financial risks within the government policy parameters.

52


Note 18: Financial Instruments (continued)

(b) Credit risk

Credit quality of contractual financial assets that are neither past due nor impaired

2012

Financial Assets

Cash and Cash Equivalent 958,330 958,330 Receivables - Trade Debtors 95,794 95,794 - Other Receivables (i) 337,016 337,016 Other Financial Assets - Term Deposit 157,486 157,486 - Shares in Other Entities

Total Financial Assets 1,115,816 - - 432,810 1,548,626

2011Financial AssetsCash and Cash Equivalent 171,172 171,172 Receivables - Trade Debtors 143,640 143,640 - Other Receivables 335,924 335,924 Other Financial Assets - Term Deposit 125,131 125,131 - Shares in Other Entities

Total Financial Assets 296,303 - - 479,564 775,867

Except as otherwise detailed in the following table, the carrying amount of contractual financial assets recorded in the financial statements, net of any allowances for losses, represents Kyneton District Health Service’s maximum exposure to credit risk without taking account of the value of any collateral obtained.

(i) The total amounts disclosed here exclude statutory amounts (e.g. amounts owing from Victorian Government and GST input tax credit recoverable).

Financial institutions(AAA credit

rating)

Government agencies

(AAA credit rating)

Government agencies

(BBB credit rating)

Other (min BBB

credit rating)

Total

Credit risk arises from the contractual financial assets of the Health Service, which comprise cash and deposits, non-statutory receivables and available for sale contractual financial assets. The Health Service’s exposure to credit risk arises from the potential default of a counter party on their contractual obligations resulting in financial loss to the Health Service. Credit risk is measured at fair value and is monitored on a regular basis.

Credit risk associated with the Health Service’s contractual financial assets is minimal because the main debtor is the Victorian Government. For debtors other than the Government, it is the Health Service’s policy to only deal with entities with high credit ratings of a minimum Triple-B rating and to obtain sufficient collateral or credit enhancements, where appropriate.

In addition, the Health Service does not engage in hedging for its contractual financial assets and mainly obtains contractual financial assets that are on fixed interest, except for cash assets, which are mainly cash at bank. As with the policy for debtors, the Health Service’s policy is to only deal with banks with high credit ratings.

Provision of impairment for contractual financial assets is recognised when there is objective evidence that the Health Service will not be able to collect a receivable. Objective evidence includes financial difficulties of the debtor, default payments, debts which are more than 60 days overdue, and changes in debtor credit ratings.

53


Note 18: Financial Instruments (continued)(b) Credit Risk (continued)

Ageing analysis of Financial Assets as at 30 June

Less than 1 Month

1-3 Months

3 months - 1 Year

1-5 Years

2012 $ $ $ $ $ $ $

Financial Assets

Cash and Cash Equivalents 958,330 958,330 - - - - - Receivables (i) - Trade Debtors 95,794 95,794 - - - - - Other Receivables 337,016 304,739 21,289 10,988 - - Other Financial Assets - Term Deposit 157,486 157,486 - - - - - - Shares in Other Entities

Total Financial Assets 1,548,626 1,115,816 400,533 21,289 10,988 - -

2011Financial AssetsCash and Cash Equivalents 171,172 171,172 - - - - - Receivables (i) - Trade Debtors 143,640 98,549 2,904 7,997 30,254 3,936 - - Other Receivables 335,924 299,126 18,897 9,928 7,973 - - Other Financial Assets - Term Deposit 125,131 125,131 - - - - - - Shares in Other Entities

Total Financial Assets 775,867 693,978 21,801 17,925 38,227 3,936 -

There are no material financial assets which are individually determined to be impaired. Currently, Kyneton District Health Service does not hold any collateral as security nor credit enhancements relating to any of its financial assets.

There are no financial assets that have had their terms renegotiated so as to prevent them from being past due or impaired, and they are stated at the carrying amounts as indicated. The ageing analysis table above discloses the ageing only of contractual financial assets that are past due but not impaired.

Carrying Amount

Not Past Due and Not

Impaired

Past Due But Not Impaired Impaired Financial Assets

54



(c) Liquidity risk

Carrying Amount

Contractual Cash Flows

Less than 1 Month

1-3 Months 3 months - 1 Year

1-5 Years

2012 $ $ $ $ $ $Financial LiabilitiesPayables 554,308 554,308 554,308 BorrowingsOther Financial Liabilities (i) 29,837 29,837 29,837

Total Financial Liabilities 584,145 584,145 584,145 - - -

2011Financial LiabilitiesPayables 573,699 573,699 573,699 - - - BorrowingsOther Financial Liabilities (i) 3,874 3,874 3,874 - - -

Total Financial Liabilities 577,573 577,573 577,573 - - -

Liquidity risk is the risk that the Health Service would be unable to meet its financial obligations as and when they fall due.

The Health Service’s maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of the balance sheet. The Health Service manages its liquidity risk by actively monitoring and managing cash flows, operating within the parameters of a pre-determined budget plan and liaising with Department of Health in relation to forecast liquidity requirements.

(i) Ageing analysis of financial liabilities excludes the types of statutory financial liabilities (i.e GST payable)

Maturity Dates

The following table discloses the contractual maturity analysis for Kyneton District Health Service's financial liabilities. For interest rates applicable to each class of liability refer to individual notes to the financial statements.

Maturity analysis of Financial Liabilities as at 30 June

55



(d) Market risk

Currency risk

Interest rate risk

Interest rate exposure of financial assets and liabilities as at 30 JuneWeighted CarryingAverage Amount Fixed Variable Non-Effective Interest Interest InterestInterest Rate Rate Bearing

2012 Rate (%) $ $ $ $Financial AssetsCash and Cash Equivalents 0.03 958,330 - 958,098 232 Receivables(i)

- Trade Debtors 0.00 95,794 - - 95,794 - Other Receivables 0.00 337,016 - - 337,016 Other Financial Assets - Term Deposit 157,486 157,486 - -

1,548,626 157,486 958,098 433,042 Financial LiabilitiesPayables(i) 0.00 554,308 - - 554,308 Other Financial Liabilities 0.00 29,837 - - 29,837

584,145 - - 584,145 2011Financial AssetsCash and Cash Equivalents 0.03 171,172 - 170,922 250 Receivables(i)

- Trade Debtors 0.00 143,640 - - 143,640 - Other Receivables 0.00 335,924 - - 335,924 Other Financial Assets - Term Deposit 125,131 125,131 - -

775,867 125,131 170,922 479,814 Financial LiabilitiesPayables(i) 0.00 573,699 - - 573,699 Other Financial Liabilities 0.00 3,874 - - 3,874

577,573 - - 577,573

(i) The carrying amount must exclude types of statutory financial assets and liabilities (i.e. GST input tax credit and GST payable)

Kyneton District Health Service's exposures to market risk are primarily through interest rate risk with only insignificant exposure to foreign currency and other price risks. Objectives, policies and processes used to manage each of these risks are disclosed in the paragraph below.

Interest Rate Exposure

Kyneton District Health Service is exposed to insignificant foreign currency risk through its payables relating to purchases of supplies and consumables from overseas. This is because of a limited amount of purchases denominated in foreign currencies and a short timeframe between commitment and settlement.

Exposure to interest rate risk might arise primarily through Kyneton District Health Service's interest bearing liabilities. Minimisation of risk is achieved by mainly undertaking fixed rate or non-interest bearing financial instruments. For financial liabilities, the health service mainly undertake financial liabilities with relatively even maturity profiles.

56



(d) Market risk (continued)Sensitivity disclosure analysis

- A shift of +1% and -1% in market interest rates (AUD) from year-end rates of 3.5%; - A parallel shift of +1% and -1% in inflation rate from year-end rates of 2%

CarryingAmount

Profit Equity Profit Equity Profit Equity Profit Equity2012Financial AssetsCash and Cash Equivalents 958,330 (9,583) (9,583) 9,583 9,583 - - - - Receivables - Trade Debtors 95,794 - - - - - - - - - Other Receivables - - - - - - - - - Other Financial Assets - Term Deposit 157,486 - - - - - - - - Financial LiabilitiesPayables 554,308 - - - - - - - - Other Financial Liabilities 29,837 - - - - - - - -

(9,583) (9,583) 9,583 9,583 - - - - 2011Financial AssetsCash and Cash Equivalents 171,172 (1,712) (1,712) 1,712 1,712 - - - - Receivables - Trade Debtors 143,640 - - - - - - - - - Other Receivables 335,924 - - - - - - - - Other Financial Assets - Term Deposit 125,131 - - - - - - - - Financial LiabilitiesPayables 573,699 - - - - - - - - Other Financial Liabilities 3,874 - - - - - - - -

(1,712) (1,712) 1,712 1,712 - - - -

-1% +1% -1% +1%Interest Rate Risk Other Price Risk

Taking into account past performance, future expectations, economic forecasts, and management's knowledge and experience of the financial markets, Kyneton District Health Service believes the following movements are 'reasonably possible' over the next 12 months (Base rates are sourced from the Reserve Bank of Australia)

The following table discloses the impact on net operating result and equity for each category of financial instrument held by Kyneton District Health Service at year end as presented to key management personnel, if changes in the relevant risk occur.

57



(e) Fair value

Comparison between carrying amount and fair value

Carrying Amount

Fair value Carrying Amount

Fair value

2012 2012 2011 2011$ $ $ $

Financial AssetsCash and Cash Equivalents 958,330 958,330 171,172 171,172 Receivables - Trade Debtors 95,974 95,974 143,640 143,640 - Other Receivables 337,016 337,016 335,924 335,924 Other Financial Assets - Term Deposit 157,486 157,486 125,131 125,131 Total Financial Assets 1,548,806 1,548,806 775,867 775,867

Financial LiabilitiesPayables 554,308 554,308 573,699 573,699 Other Financial Liabilities 29,837 29,837 3,874 3,874 Total Financial Liabilities 584,145 584,145 577,573 577,573

Note 19: Commitments

The fair values and net fair values of financial instrument assets and liabilities are determined as follows:• Level 1 - the fair value of financial instrument with standard terms and conditions and traded in active liquid markets are determined with reference to quoted market prices;• Level 2 - the fair value is determined using inputs other than quoted prices that are observable for the financial asset or liability, either directly or indirectly; and• Level 3 - the fair value is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using unobservable market inputs.

The Health Services considers that the carrying amount of financial instrument assets and liabilities recorded in the financial statements to be a fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectation that they will be paid in full.

The following table shows that the fair values of most of the contractual financial assets and liabilities are the same as the carrying amounts.

There are no known capital or leasing commitments as at the date of this report.

58

Not

es T

o an

d Fo

rmin

g P

art o

f the

Fin

anci

al S

tate

men

tsK

ynet

on D

istri

ct H

ealth

Ser

vice

Ann

ual R

epor

t 201

1/20

12

No

te 2

0:

Op

era

tin

g S

eg

men

ts

20

12

20

11

20

12

20

11

20

12

20

11

20

12

20

11

$$

$$

$$

$$

REV

EN

UE

Ext

ernal

Seg

men

t Rev

enue

10,0

33,6

26

9,6

26,5

74

2,7

09,7

69

2,6

68,1

42

1,0

50,9

44

674,4

61

13,7

94,3

39

12,9

69,1

77

To

tal R

even

ue

10,0

33,6

26

9,6

26,5

74

2,7

09,7

69

2,6

68,1

42

1,0

50,9

44

674,4

61

13,7

94,3

39

12,9

69,1

77

EX

PEN

SES

Ext

ernal

Seg

men

t Exp

ense

s (

9,6

91,7

88)

(

9,2

30,6

41)

(

2,9

59,0

94)

(

2,9

80,5

87)

(1,9

14,6

07)

(1,9

25,0

19)

(14,5

65,4

89)

(14,1

36,2

47)

To

tal Exp

en

ses

(

9,6

91,7

88)

(

9,2

30,6

41)

(

2,9

59,0

94)

(

2,9

80,5

87)

(1,9

14,6

07)

(1,9

25,0

19)

(14,5

65,4

89)

(14,1

36,2

47)

Net

Resu

lt f

rom

ord

inary

act

ivit

ies

3

41,8

38

3

95,9

33 (2

49,3

25)

(3

12,4

45)

(8

63,6

63)

(1,2

50,5

58)

(771,1

50)

(1,1

67,0

70)

Inte

rest

Inco

me

-

-

-

-

5

0,4

35

1

3,0

76

50,4

35

13,0

76

N

et

Resu

lt f

or

Year

3

41,8

38

3

95,9

33 (2

49,3

25)

(3

12,4

45)

(8

13,2

28)

(1,2

37,4

82)

(720,7

15)

(1,1

53,9

94)

OTH

ER

IN

FO

RM

ATIO

NSeg

men

t Ass

ets

8,8

12,7

62

9,0

24,0

04

6,3

26,7

11

6,4

78,3

62

3,1

35,6

82

3,2

10,8

44

18,2

75,1

55

18,7

13,2

10

Unal

loca

ted A

sset

s -

1,2

17,6

96

1,2

46,8

84

1,2

17,6

96

1,2

46,8

84

To

tal A

ssets

8,8

12,7

62

9,0

24,0

04

6,3

26,7

11

6,4

78,3

62

4,3

53,3

78

4,4

57,7

28

19,4

92,8

50

19,9

60,0

94

Seg

men

t Li

abili

ties

1,9

89,7

66

1,8

90,1

35

4

68,1

56

4

44,7

15

1,2

57,7

06

1,1

94,7

31

3,7

15,6

29

3,5

29,5

81

U

nal

loca

ted L

iabili

ties

-

3

9,2

78

3

7,3

11

39,2

78

37,3

11

To

tal Lia

bil

itie

s 1,9

89,7

66

1,8

90,1

35

4

68,1

56

4

44,7

15

1,2

96,9

84

1,2

32,0

42

3,7

54,9

06

3,5

66,8

92

Acq

uis

itio

n o

f Pr

oper

ty,

Plan

t an

d

Equip

men

t an

d I

nta

ngib

le A

sset

s 3

41,6

42

1

37,4

16

3

5,1

01

6

,366

1

3,1

36

6

,340

389,8

79

150,1

22

De p

reci

atio

n E

xpen

se (5

16,2

71)

(5

42,9

44)

(

33,6

23)

(

35,3

60)

(6

23,3

08)

(6

55,5

11)

(1,1

73,2

02)

(1,2

33,8

15)

The

maj

or

pro

duct

s/se

rvic

es fro

m w

hic

h t

he

above

seg

men

ts d

eriv

e re

venue

are:

Bu

sin

ess

Seg

men

tsS

erv

ices

Hea

lth S

ervi

ces

Acu

te H

osp

ital

Ser

vice

sAged

Car

e Ser

vice

s

Res

iden

tial

Aged

Car

e Ser

vice

s (R

ACS)

Nurs

ing H

om

e Fa

cilit

ies

59

Kyn

eton D

istr

ict

Hea

lth S

ervi

ce o

per

ates

pre

dom

inan

tly

in K

ynet

on,

Vic

toria.

M

ore

than

90%

of re

venue,

net

surp

lus

from

ord

inar

y ac

tivi

ties

and s

egm

ent

asse

ts r

elat

e to

oper

atio

ns

in K

ynet

on,

Vic

toria.

Geo

gra

ph

ical

Seg

men

t

TO

TA

LH

EA

LTH

SER

VIC

ES

RA

CS

OTH

ER

SER

VIC

ES


Note 21: Jointly Controlled Operations and Assets

Name of Entity Principal Activity 2012 2011% %

Loddon Mallee Rural Health Alliance Information Systems 4.22 4.14

2012 2011$ $

Current AssetsCash and Cash Equivalents 18,290 22,486 Other Financial Assets 157,486 125,132 Receivables 21,269 38,982 Prepayments 5,905 6,484 Total Current Assets 202,950 193,084

Non Current AssetsProperty, Plant and Equipment 5,443 12,085 Total Non Current Assets 5,443 12,085 Total Assets 208,393 205,169

Current LiabilitiesPayables 22108 24522Accrued Expenses 2745 339Total Current Liabilities 24,853 24,861 Net Assets 183,540 180,308

2012 2011$ $

Revenue from Operating Activities 160,163 138,436 Expenditure (276,022) (206,377) Surplus/(Deficit) before Capital & Depreciation (115,859) (67,941)

Non Operating Income/(Expense)Capital Purpose Income - 5,606 Expenditure using Capital Purpose Income - (27,747) Depreciation (8,204) (7,414) Total (8,204) (29,555) Current Year Surplus/(Deficit) (124,063) (97,496)

Contingent Liabilities

Ownership Interest

During 2008/09 year, the Department of Human Services provided a $3,750,000 recallable capital grant to the Loddon Mallee Region Health Service's for HealthSmart implementation activities. Kyneton District Health Services share of the grant may be recalled by the Department.As at 30 June 2012, $1,000,000 of this grant amount remained outstanding. Kyneton District Health Service's share of this outstanding balance is $42,200.

Kyneton District Health Service's interest in assets employed in the above jointly controlled operations and assets is detailed below. The amounts are included in the financial statements under their respective asset categories:

Kyneton District Health Service interest in revenues and expenses resulting from jointly controlled operations and assets is detailed below:

60


Governing BoardsNoel HarveyGraham JasperAnthony SmithSarah MahonHenryka BensonSimon RushJayne HowleyDeborah HambletonCamille Maclean

Accountable OfficersJennifer Gale

Remuneration of Responsible PersonsThe number of Responsible Persons are shown in their relevant income bands;

2012 2011Income Band No. No.$0 - $9,999 9 7 $190,000 - $199,999 - 1 $200,000 - $209,999 1 - Total Numbers 10 8

$201,075 $197,721

1/7/2011 - 30/6/20121/7/2011 - 30/6/2012

1/7/2011 - 16/2/20121/7/2011 - 30/6/2012

Amounts relating to Responsible Ministers are reported in the financial statements of the Department of Premier and Cabinet

1/7/2011 - 30/6/2012

No transactions have been paid by the reporting entity in connection with Responsible Persons and their Related Parties.

1/7/2011 - 30/6/20121/7/2011 - 30/6/2012

1/7/2011 - 30/6/20121/7/2011 - 30/6/20121/7/2011 - 30/6/2012

Other Transactions of Responsible Persons and their Related Parties.

Total remuneration received or due and receivable by Responsible Persons from the reporting entity amounted to:

In accordance with the Ministerial Directions issued by the Minister for Finance under the Financial Management Act 1994 , the following disclosures are made regarding responsible persons for the

Note 22a: Responsible Persons Disclosures

1/7/2011 - 30/6/2012The Honourable David Davis, MP, Minister for Health and AgeingThe Honourable Mary Wooldridge, MLA, Minister for Mental Health

Responsible Ministers: Period

1/7/2011 - 30/6/2012

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Note 22b: Executive Officer Disclosures

Executive Officers' RemunerationThe numbers of executive officers, other than Ministers and Accountable Officers, and their total remuneration during the reporting period are shown in the first two columns in the table below in their relevant income bands. The base remuneration of executive officers is shown in the third and fourth columns. Base remuneration is exclusive of bonus payments, long-service leave payments, redundancy payments and retirement benefits.

2012 2011 2012 2011No. No. No. No.

$110,000 - $119,999 1 1 1 2 $120,000 - $129,999 1 1 $130,000 - $139,999 1 $240,000 – $249,999 1 1 $250,000 – $259,999 1 1 Total 3 3 3 3 Total Remuneration 497,141$ 467,368$ 491,941$ 455,377$

Total Remuneration Base Remuneration

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Address: 7-25 Caroline Chisholm Drive

PO Box 34 Kyneton Vic 3444

Telephone: (03) 5422 9900

Fax: (03) 5422 9918 Email: [email protected]

Website: www.kynetonhealth.org.au

FINANCIAL STATEMENTS AND EXPLANATORY NOTES

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