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Commonwealth of Australia - The Treasury

Annual Report 2014/15

Financial statements

Statement by the Departmental Secretary and Chief Finance Officer

In our opinion, the attached financial statements for the year ended 30 June 2015 are based on properly maintained financial records and give a true and fair view of the matters required by the Financial Reporting Rule made under the Public Governance, Performance and Accountability Act 2013, as amended.

In our opinion, at the date of this statement, there are reasonable grounds to believe that the Treasury will be able to pay its debts as and when they fall due.

SIGNED

John A. Fraser
Secretary to the Treasury

8 October 2015

SIGNED

Matthew King
Chief Finance Officer

8 October 2015

Statement of Comprehensive Income

For the period ended 30 June 2015
  Notes 2015
$’000
2014
$’000
NET COST OF SERVICES      
Expenses      
Employee benefits 4A 122,940 133,136
Suppliers 4B 58,570 46,421
Grants 4C 2,571 1,314
Depreciation and amortisation 8A 9,667 9,297
Write-down and impairment of assets 8A 277 144
Finance costs 10B 25 445
Total expenses   194,050 190,757
Own-Source Income      
Own-source revenue      
Sale of goods and rendering of services 5A 10,308 9,680
Other revenues 5B 1,287 979
Total own-source revenue   11,595 10,659
Gains      
Proceeds from sale of assets 5C 9
Other gains 5D 4,642 2,605
Total gains   4,651 2,605
Total own-source income   16,246 13,264
Net cost of services   (177,804) (177,493)
Revenue from Government   172,767 168,471
Surplus/(Deficit)   (5,037) (9,022)
OTHER COMPREHENSIVE INCOME      
Items not subject to subsequent reclassification to net cost of services      
Changes in asset revaluation reserves   976
Total other comprehensive income   976
Total comprehensive income/(loss) attributable to the Australian Government   (4,061) (9,022)

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

Statement of Financial Position

As at 30 June 2015
  Notes 2015
$’000
2014
$’000
ASSETS      
Financial assets      
Cash and cash equivalents   5,152 655
Trade and other receivables 7A 60,141 63,048
Total financial assets   65,293 63,703
Non-financial assets      
Land and buildings 8A 2,500 5,721
Plant and equipment 8A 8,660 10,721
Intangibles 8A 12,221 9,314
Prepayments 8B 3,366 2,614
Total non-financial assets   26,747 28,370
Total assets   92,040 92,073
LIABILITIES      
Payables      
Suppliers 9A 1,289 2,396
Other payables 9B 11,484 12,645
Total payables   12,773 15,041
Provisions      
Employee provisions 10A 43,566 42,654
Provision for restoration 10B 964 953
Total provisions   44,530 43,607
Total liabilities   57,303 58,648
Net assets   34,737 33,425
EQUITY      
Asset revaluation reserve   6,162 5,186
Contributed equity   51,526 46,153
Retained surplus   (22,951) (17,914)
Total equity   34,737 33,425

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

Statement of Changes in Equity

For the period ended 30 June 2015
  Retained earnings Asset revaluation reserves Contributed equity Total equity
  2015
$’000
2014
$’000
  2015
$’000
2014
$’000
  2015
$’000
2014
$’000
  2015
$’000
2014
$’000
Opening balance as at 1 July (17,914) (8,892)   5,186 5,186   46,153 40,731   33,425 37,025
Comprehensive income                      
Other comprehensive income   976     976
Surplus/(Deficit) for the period (5,037) (9,022)       (5,037) (9,022)
Total comprehensive income (5,037) (9,022)   976     (4,061) (9,022)
Transactions with owners                      
Contributions by owners                      
Equity injection appropriation1     1,775   1,775
Departmental capital budget appropriation     5,373 5,266   5,373 5,266
Restructuring2     (1,619)   (1,619)
Total transactions with owners     5,373 5,422   5,373 5,422
Closing balance as at 30 June (22,951) (17,914)   6,162 5,186   51,526 46,153   34,737 33,425

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

1. 2014 includes $1.595 million appropriation receivable for the Small Business function.

2. The Small Business function was gained from Department of Industry during 2014 due to restructuring of administrative arrangements on 18 September 2013.

Cash Flow Statement

As at 30 June 2015
  Notes 2015
$’000
2014
$’000
OPERATING ACTIVITIES      
Cash received      
Appropriations   173,848 171,375
Sale of goods and rendering of services   11,348 10,057
Net GST received from ATO   3,317 3,674
Other   3,018 1,841
Total cash received   191,531 186,947
Cash used      
Employees   126,741 133,069
Suppliers   57,450 46,797
Grants   2,571 1,314
Section 31 receipts transferred to OPA   1,934
Other   15 49
Total cash used   186,777 183,163
Net cash from/(used by) operating activities 12 4,754 3,784
INVESTING ACTIVITIES      
Cash received      
Proceeds from sales of plant and equipment   21
Total cash received   21
Cash used      
Purchase of land and buildings   456 2,628
Purchase of plant and equipment   893 1,456
Purchase of intangibles   5,897 5,714
Total cash used   7,246 9,798
Net cash from/(used by) investing activities   (7,225) (9,798)
FINANCING ACTIVITIES      
Cash received      
Contributed equity — departmental capital budget   5,373 5,266
Contributed equity — equity injections   1,595 180
Total cash received   6,968 5,446
Net cash from/(used by) financing activities   6,968 5,446
Net increase/(decrease) in cash held   4,497 (568)
Cash at the beginning of the reporting period   655 1,223
Cash at the end of the reporting period   5,152 655

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