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Commonwealth of Australia - The Treasury

Annual Report 2014/15

Financial schedules

Schedule of Commitments

As at 30 June 2015
  2015
$’000
2014
$’000
BY TYPE    
Commitments payable    
Capital commitments    
Land and buildings1 457
Plant and equipment2 644
Intangibles3 1,615 1,112
Total capital commitments 2,716 1,112
Other commitments    
Operating leases4 5,134 13,222
Other5 27,920 20,640
Total other commitments 33,054 33,862
Total commitments payable 35,770 34,974
Commitments receivable    
Net GST receivable6 (3,113) (3,033)
Total commitments receivable (3,113) (3,033)
Net commitments by type 32,657 31,941
BY MATURITY    
Commitments payable    
Capital commitments    
Within 1 year 2,716 1,112
Between 1 to 5 years
Total capital commitments 2,716 1,112
Operating lease commitments    
Within 1 year 3,475 7,815
Between 1 to 5 years 1,659 5,407
More than 5 years
Total operating lease commitments 5,134 13,222
Other commitments    
Within 1 year 21,850 14,865
Between 1 to 5 years 6,070 5,775
Total other commitments 27,920 20,640
Total commitments payable 35,770 34,974
Commitments receivable    
Within 1 year (2,539) (2,120)
Between 1 to 5 years (574) (913)
Total commitments receivable (3,113) (3,033)
Net commitments by maturity 32,657 31,941

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

1. Land and buildings commitments relate to capital works.

2. Plant and equipment commitments relate to fit out requirements.

3. Intangible commitments relate to developed software.

4. Operating lease commitments relate to leases for office accommodation.

5. Other commitments primarily relate to contracts for operational expenses.

6. Commitments are GST inclusive where relevant.

Operating leases included are effectively non-cancellable and comprise of:

Schedule of Commitments

As at 30 June 2015
Nature of lease General description of leasing arrangement

Leases for accommodation

Commercial — leases comprise of various periods, including both initial and options periods.

Overseas estate — some commercial lease payments are adjusted annually by two per cent and residential lease payments are reviewed bi-annually to reflect market movements.

The initial periods of office accommodation leases are still current and each may be renewed with options for a further three or five years.

Leases for office equipment

The lessor provides all photocopier equipment designated as necessary in the supply contract for four years with an option to extend the term for a fixed period as agreed by both parties.

Administered Schedule of Comprehensive Income

For the period ended 30 June 2015
  Notes 2015
$’000
2014
$’000
NET COST OF SERVICES      
Expenses      
Grants 17A 83,746,819 93,200,198
Interest   3,427 4,688
Write-down and impairment of assets   150,000
Foreign Exchange Losses 17B 420,777
Suppliers1   27,666 540
Total expenses   83,777,912 93,776,203
Income      
Revenue      
Non-taxation revenue      
Interest 18A 3,166 3,303
Dividends 18B 1,941,500 1,310,000
Sale of goods and rendering of services 18C 726,299 990,065
COAG revenue from government agencies 18D 993,379 1,798,099
Other 18E 154,189 83,637
Total non-taxation revenue   3,818,533 4,185,104
Total revenue   3,818,533 4,185,104
Gains      
Foreign exchange 18F 36,629
Total gains   36,629
Total income   3,855,162 4,185,104
Net cost of (contribution by) services   (79,922,750) (89,591,099)
Surplus (Deficit)   (79,922,750) (89,591,099)
OTHER COMPREHENSIVE INCOME      
Items not subject to subsequent reclassification to net cost of services      
Changes in asset revaluation surplus   5,574,357 9,663,872
Total comprehensive income   5,574,357 9,663,872
Total comprehensive income/(loss)   (74,348,393) (79,927,227)

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

1. Suppliers expenses for 2015 include the community engagement campaign on Australia’s economic challenges.

Administered Schedule of Assets and Liabilities

As at 30 June 2015
  Notes 2015
$’000
2014
$’000
ASSETS      
Financial assets      
Cash and cash equivalents   1,412
Trade and other receivables 20A 3,406,908 2,424,492
Investments 20B 32,565,700 26,277,406
Total financial assets   35,972,608 28,703,310
Non-financial assets      
Other   411 462
Total non-financial assets   411 462
Total assets administered on behalf of government   35,973,019 28,703,772
LIABILITIES      
Payables      
Grants 21A 599,925 636,399
Other payables 21B 5,642,592 5,055,217
Unearned income 21C 77,019 136,235
Total payables   6,319,536 5,827,851
Interest bearing liabilities      
Loans 22A 4,824,704 3,903,540
Total interest bearing liabilities   4,824,704 3,903,540
Provisions      
Other provisions 23A 1,816,251 3,583,296
Total provisions   1,816,251 3,583,296
Total liabilities administered on behalf of government   12,960,491 13,314,687
Net assets   23,012,528 15,389,085

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

Administered Reconciliation Schedule

For the period ended 30 June 2015
  2015
$’000
2014
$’000
Opening assets less liabilities as at 1 July 15,389,085 3,115,348
Net (cost of)/contribution by services    
Income 3,855,162 4,185,104
Expenses    
Payments to entities other than corporate Commonwealth entities1 (83,777,912) (84,968,203)
Payments to corporate Commonwealth entities (8,808,000)
Other comprehensive income    
Revaluations transferred to reserves 5,574,357 9,663,872
Transfers to/from Australian Government:    
Appropriation transfers from OPA:    
Administered assets and liabilities appropriations 20 25,784
Annual appropriation for administered expenses    
Payments to entities other than corporate Commonwealth entities 72,233 4,528
Payments to corporate Commonwealth entities 8,808,000
Special appropriations (limited)    
Payments to entities other than corporate Commonwealth entities 16,979 16,526
Special appropriations (unlimited)    
Payments to entities other than corporate Commonwealth entities 73,350,806 70,571,682
Special accounts — COAG Reform Fund 11,521,643 15,482,471
Refunds of receipts (s77 PGPA) 2,871
Appropriation transfers to OPA    
Transfers to OPA — Appropriations (2,942,116) (2,708,027)
Transfers to OPA — Special Accounts (50,600)  
Restructuring
Closing assets less liabilities as at 30 June 23,012,528 15,389,085

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

1. Includes payments to the States and Territories through the Nation Building Funds. Refer to Note 29E for more information.

Schedule of Administered Cash Flows

For the period ended 30 June 2015
  Notes 2015
$’000
2014
$’000
OPERATING ACTIVITIES      
Cash received      
Sale of goods and rendering of services   55,179 305,151
Interest   1,735 2,180
Dividends   675,255 150,000
Net GST received  
HIH Group liquidation proceeds   92,273 26,257
COAG receipts from government agencies   993,121 1,797,950
Revenue receipts for non-government schools   15,635,076 12,007,975
Other   61,574 64,711
Total cash received   17,514,213 14,354,224
Cash used      
Grant payments   84,866,204 94,641,308
Grants to states for non-government schools   15,635,076 12,007,975
Interest   3,787 4,877
Other   23,386 3,200
Total cash used   100,528,453 106,657,360
Net cash from (used by) operating activities 24 (83,014,240) (92,303,136)
INVESTING ACTIVITIES      
Cash received      
Repayment of IMF loans   360,317 130,899
IMF Maintenance of Value   698,194 230,772
Repayment of CEFC Capital   50,600
Total cash received   1,109,111 361,671
Cash used      
Settlement of IMF loans   40,786 209,461
Settlement of IMF Maintenance of Value   38 230,772
Settlement of international financial institution’s obligations   27,295 27,044
Settlement of Loans to States and Territories   25,300
Payment to CAC bodies   1,131,600
Total cash used   68,119 1,624,177
Net cash from (used by) investing activities   1,040,992 (1,262,506)
Net increase (decrease) in cash held   (81,973,248) (93,565,642)
Cash and cash equivalents at the beginning of the reporting period   1,412 3,719
Cash from Official Public Account for:      
Appropriations   73,442,909 80,788,891
Special Accounts   11,521,643 15,482,471
Total cash from Official Public Account   84,964,552 96,271,362
Cash to Official Public Account for:      
Appropriations   2,942,116 2,708,027
Special Accounts   50,600
Total cash to Official Public Account   2,992,716 2,708,027
    81,973,248 93,567,054
Cash and cash equivalents at the end of the reporting period   1,412

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

Schedule of Administered Commitments

As at 30 June 2015
  2015
$’000
2014
$’000
BY TYPE    
Commitments payable    
Capital commitments    
Investments1 12,555 41,964
Total capital commitments 12,555 41,964
Net commitments by type 12,555 41,964
BY MATURITY    
Commitments payable    
Capital commitments    
Within 1 year 12,555 31,728
Between 1 to 5 years 10,236
Total capital commitments 12,555 41,964
Net commitments by maturity 12,555 41,964

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

1. The nature of the capital commitments relate to the unpaid instalments of general capital increases in shares of the International Bank for Reconstruction and Development. The total for the comparative also includes commitments relating to the final unpaid instalment of general capital increases in shares of the Asian Development Bank.

2. The Treasury received an exemption from the Finance Minister relating to the commitments for grants payable to the states and territories (for current and comparative years). The budgeted information for payment of grants to the states and territories can be found in Budget Paper No. 3. Refer to Note 1.28 for more information.