WCC Annual Report 2014-15 - Page 29

leave and other entitlements which are accrued at balance date and are expected to be paid or settled within 12 months of balance date are accrued at nominal amounts calculated on the basis of current wage and salary rates, inclusive of associated on-costs. Liabilities for other employee entitlements which are not expected to be paid or settled within 12 months of balance date, are calculated as per Australian Accounting Standard AAS30; Accounting of Employee Entitlements: The liabilities are calculated at the present value of the expected future payments to be made in respect of services provided by employees up to balance date. In assessing future payments, regard is given to experience WCC FUNDING SOURCES State Federal Council Grants Philanthropic/Private Service income Donations/Fundraising Other g) Superannuation The entity makes to the superannuation plan which provided benefits to employees.  1,500,000      1,000,000      500,000     /1 4   14 /1 5   20 13 /1 3   20 12 /1 2   20 11 /1 1   20 10 /1 0   20 09 /9   20 08 /8   20 07 /7   20 06 20 05 /6    -­‐     /5   k) Comparative Information Comparative information, where necessary, has been reclassified to comply with the 30 June 2014 financial statement presentation.  2,000,000     20 j) Creditors These amounts represent unpaid liabilities for goods received and services provided to the entity prior to the end of the reporting period. These amounts are unsecured and are normally settled within 7 days).  2,500,000     04 i) Grants Grants are recognised as revenues when the entity obtains control over assets. Outstanding grants over which the entity has control are recognised as receivables and recorded at nominal amounts. WCC RREVENUE GROWTH WCC   evenue   Growth     / 5 - 2014 / 15 2004/5-­‐2014/15   2004  3,000,000     20 h) Cash for the purpose of the Statement of Cash Flows Cash includes cash deposits which are readily convertible to cash on hand and are subject to an insignificant risk of change in value which are used in the cash management function on a day to day basis. 29