Vision, Mission and Values The Royal Victorian Eye and Ear Hospital (the Eye and Ear) is Australia’s leading provider of eye and ear health care. In 2017–18, the Eye and Ear cared for approximately 220,000 patients throughout Victoria and continued to improve its operational and financial performance. Vision Improving quality of life through caring for the senses. Mission We aspire to be the world’s leading eye and ear hospital by: Excelling in specialist services Integrating teaching and research with clinical services Leading workforce capability Partnering with consumers and communities Building a sustainable future Values Integrity We act ethically, accept personal accountability, communicate openly and honestly and treat everyone with trust and respect. Care We treat patients with respect, are compassionate, thoughtful and responsive to their needs and sensitive to diversity. Teamwork We communicate openly, respect diversity of views and skills and work effectively with partners and in multi-disciplinary teams to deliver the best outcomes for patients. Excellence We give our personal best at all times, deliver exemplary customer service, monitor performance and seek leading edge ways to improve it.
Legislation Requirement Page reference SD 5.2.3 Declaration in report of operations 25 SD 5.1.4 Financial Management Compliance Attestation 25 Other requirements under Standing Directions 5.2 SD 5.2.2 Declaration in financial statements 76 SD 5.2.1(a) Compliance with Australian accounting standards and other authoritative pronouncements 33 SD 5.2.1(a) Compliance with Ministerial Directions 25 Legislation Freedom of Information Act 1982 12 Protected Disclosure Act 2012 11 Carers Recognition Act 2012 12 Victorian Industry Participation Policy Act 2003 17 Building Act 1993 17 Financial Management Act 1994 3 Safe Patient Care Act 2015 12 Disability Act 2006 11
Note 4.2: Property, Plant and Equipment (continued) Reconciliation of Level 3 fair value Land $'000 Buildings $'000 Plant and Equipment $'000 Medical Equipment $'000 Assets Under Construction $'000 Total $'000 Opening Balance at 1 July 2017 Additions / (Disposals) Transfers In (Out) of Asset Classes 44,891 - - 94,459 - 3,318 2,437 337 (1,443) 6,087 1,643 - 37,586 40,756 (1,875) 185,460 42,736 - Gains / (Losses) Recognised in Net Result - Depreciation - (11,699) (310) (1,237) - (13,246) Closing Balance at 30 June 2018 44,891 86,078 1,021 6,493 76,467 214,950 Opening Balance at 1 July 2016 Additions / (Disposals) Transfers In (Out) of Asset Classes 37,427 - - 52,109 1,097 49,750 2,371 713 (8) 5,254 1,837 - 63,463 23,865 (49,742) 160,624 27,512 - Gains / (Losses) Recognised in Net Result - Depreciation - (8,497) (639) (1,004) - (10,140) Items Recognised in Other Comprehensive Income - Revaluation 7,464 - - - - 7,464 Closing Balance at 30 June 2017 44,891 94,459 2,437 6,087 37,586 185,460
Note 5.5: Payables (continued) The following table discloses the contractual maturity analysis for the hospital's financial liabilities. Maturity Analysis of Financial Liabilities as at 30 June Carrying Amount $'000 Nominal Maturity Dates $'000 Less than 1 Month $'000 1 to 3 Months $'000 3 months to 1 Year $'000 1-5 Years $'000 2018 - - 8 Financial Liabilities (i) At Amortised Cost Payables 6,207 6,207 6,207 - - Borrowings 7,788 7,788 - - 7,788 Other Financial Liabilities 51 51 4 30 9 Total Financial Liabilities 14,046 14,046 6,211 30 8 7,797 2017 - 9 Financial Liabilities (i) At Amortised Cost Payables 4,912 4,912 4,912 - - Other Financial Liabilities 49 49 29 11 - Total Financial Liabilities 4,961 4,961 4,941 11 - 9 (i) Ageing analysis of financial liabilities excludes statutory payables (ie. Department of Health and Human Services payable and FBT payable)
Financial instrument assets that meet the definition of loans and receivables may be reclassified out of the fair value through profit and loss category into the loans and receivables category, where they would have met the definition of loans and receivables had they not been required to be classified as fair value through profit and loss. In these cases, the financial instrument assets may be reclassified out of the fair value through profit and loss category, if there is the intention and ability to hold them for the foreseeable future or until maturity. Available-for-sale financial instrument assets that meet the definition of loans and receivables may be reclassified into the loans and receivables category if there is the intention and ability to hold them for the foreseeable future or until maturity. Derecognition of Financial Liabilities: a financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised as an ‘other economic flow’ in the comprehensive operating statement. Note 7.2: Contingent Assets and Contingent Liabilities 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. The Royal Victorian Eye and Ear Hospital has Nil contingent assets or contingent liabilities at 30 June 2018. (30 June 2017: Nil.)
AASB 16 Leases The key changes introduced by AASB 16 include the recognition of operating leases (which are currently not recognised) on balance sheet. 01 Jan 2019 The assessment has indicated that most with the exception of short term and low value leases will come on to the balance sheet and will be recognised as right of use assets with a corresponding lease liability. In the operating statement, the operating lease expense will be replaced by depreciation expense of the asset and an interest charge. There will be no change for lessors as the classification of operating and finance leases remains unchanged. AASB 1058 Income of Not-for-Profit AASB 1058 standard will replace the 01 Jan 2019 The current revenue recognition for Entities of in to grants and other types of to public sector in AASB 1004 The restructure of administrative arrangement will remain under AASB 1004 and will be restricted to government entities and contributions by owners in a public sector context. AASB 1058 establishes principles for transactions that are not within the scope of AASB 15, where the consideration to acquire an asset is significantly less than fair value to enable not-for-profit entities to further their objective. grants is to recognise revenue up front upon receipt of the funds. This may change under AASB 1058, as capital grants for the construction of assets will need to be deferred. Income will be recognised over time, upon completion and satisfaction of performance obligations for assets being constructed, or income will be recognised at a point in time for acquisition of assets. The revenue recognition for operating grants will need to be analysed to establish whether the requirements under other applicable standards need to be considered for recognition of liabilities (which will have the effect of deferring the income associated with these grants). Only after that analysis would it be possible to conclude whether there are any changes to operating grants. The impact on current revenue recognition of the changes is the phasing and timing of revenue recorded in the profit and loss statement.