Financial Statements

Date

Contents Page

Statement of Revenues and Expenses

Statement of Assets and Liabilities

Statement of Program Expenses and Revenues

Statement of Cash Flows

Schedule of Commitments

Schedule of Contingencies

Notes to and Forming Part of the Financial Statements

Agency Revenues and Expenses

for the year ended 30 June 1998

Notes


1997-98

$’000

1996-97

$’000

NET COST OF SERVICES
Expenses
Employees

4A


31,886

33,667

Suppliers

4B


17,451

16,110

Depreciation and amortisation

4C


1,643

1,859

Interest

13

15

Write down of assets

4D


-

(96)

Expenses of business operations

4E


24,520

24,744

Total expenses

75,513

76,299

Revenues from independent sources
Net gains from sale of assets

7A


2

31

Other revenues from independent sources

8


972

1,382

Revenues of business operations

7B


25,312

26,731

Total revenues from independent sources

26,286

28,144

Net cost of services

49,227

48,155

REVENUES FROM GOVERNMENT
Appropriations used for:
Ordinary annual services (net appropriations)

9A


50,137

51,525

Other services

113

130

Resources received free of charge

9B


534

739

Total revenues from government

50,784

52,394

Operating surplus/deficit before
extraordinary items

1,557

4,239

Net revenues or expenses from extraordinary items:
Restructuring

6A


(62)


-

Operating surplus/deficit

1,495

4,239

Accumulated results at 1 July  

6,845

2,606

Accumulated results at 30 June  

8,340

6,845

The above statement should be read in conjunction with the accompanying notes.

Administered Revenues and Expenses

for the year ended 30 June 1998

Notes


1997-98
$’000

1996-97
$’000

REVENUES
NON TAXATION
Interest revenue

7C


1,692,913

1,573,096

Dividend revenue

7D


2,729,654

1,705,426

Revenue arising from securities other than trading securities

7E


246,267

363,674

Other

7F


9,136,515

2,217,778

Total revenues

13,805,349

5,859,974

EXPENSES
Grants

5


16,931,550

16,727,648

Net foreign exchange losses

2,698,393

399,648

Interest and other financing costs

4F


8,728,490

10,315,173

Other

4G


7,125,009

1,339,723

Total expenses

35,483,442

28,782,192

Net cost to government

(21,678,093)

(22,922,218)

TRANSFERS
Cash from the Official Commonwealth Public Account

106,369,105

32,404,081

Cash to the Official Commonwealth Public Account

(76,016,938)

(10,085,155)

Net change in administered net assets before extraordinary items

8,674,074

(603,292)

Net revenue from extraordinary items

6B


95,910


-

Net change in administered net assets

8,769,984

(603,292)

Accumulated results at 1 July

12B


(127,687)

(97,500,398)

Transfer from reserves

12B


-

(2,925,390)

Change in accounting policy

2.3


(101,095,607)

100,901,393

Accumulated results at 30 June

12B


(92,453,310)

(127,687)

The above statement should be read in conjunction with the accompanying notes.

Agency Assets and Liabilities

as at 30 June 1998

Notes


1997-98
$’000

1996-97
$’000

DEBT
Leases

10A


22

219

Total debt

22

219

PROVISIONS AND PAYABLES
Employees

11A


12,742

12,963

Suppliers

11B


1,044

2,632

Other

11C


1,147

1,500

Total provisions and payables

14,933

17,095

Total liabilities

14,955

17,314

EQUITY
Accumulated results

8,340

6,845

Reserves

4,463

4,463

Total equity

12A


12,803

11,308

Total liabilities and equity

27,758

28,622

FINANCIAL ASSETS
Cash

13A


36

6,287

Receivable

13B


5,246

3,914

Investments

13D


1,368


-

Total financial assets

6,650

10,201

NON-FINANCIAL ASSETS
Infrastructure, plant and equipment

14A,B


8,085

9,115

Inventories

14C


5,962

4,573

Intangibles

14 A,B


366

243

Other

14D


6,695

4,490

Total non-financial assets

21,108

18,421

Total assets

27,758

28,622

Current liabilities

5,341

7,521

Non-current liabilities

9,614

9,793

Current assets

16,174

16,096

Non-current assets

11,584

12,526

The above statement should be read in conjunction with the accompanying notes.

Administered Assets and Liabilities

as at 30 June 1998

Notes


1997-98
$’000

1996-97
$’000

DEBT
Government securities

10B


97,746,374

111,204,749

Loans

10C


3,523,963

9,390,921

Total debt

101,270,337

120,595,670

PROVISIONS AND PAYABLES
Grants

11D


27,500

30,000

Payables due to other financial institutions

11E


2,783,627

11,471,955

Other

11F


4,323,022

4,594,047

Total provisions and payables

7,134,149

16,096,002

Total liabilities

108,404,486

136,691,672

EQUITY
Accumulated results

(92,453,310)

(127,687)

Reserves

8,039,640

8,112,510

Total equity

12B


(84,413,670)

7,984,823

Total liabilities and equity

23,990,816

144,676,495

FINANCIAL ASSETS
Cash

13C


11,433

2,305,164

Receivables due from other financial institutions

13E


89,019

11,147,914

Loans and advances

13F


7,305,705

9,255,980

Other receivables

13G


2,806,067

108,847,493

Investments

13H


13,756,776

13,119,944

Total financial assets

23,969,000

144,676,495

NON-FINANCIAL ASSETS
Other – deferred acquisition costs

21,816


-

Total non-financial assets

21,816


-

Total assets

23,990,816

144,676,495

Current liabilities

23,197,539

29,545,837

Non-current liabilities

85,206,947

107,145,835

Current assets

3,052,509

29,474,680

Non-current assets

20,938,307

115,201,815

The above statement should be read in conjunction with the accompanying notes.

Agency Revenues and Expenses by Program

for the year ended 30 June 1998


Treasury


Royal Australian Mint


Total


1997-98


$’000


1996-97


$’000


1997-98


$’000


1996-97


$’000


1997-98


$’000


1996-97


$’000

NET COST OF SERVICES
Expenses
Employees

31,886

33,667


-


-


31,886

33,667

Suppliers

17,451

16,110


-


-


17,451

16,110

Depreciation and amortisation

1,643

1,859


-


-


1,643

1,859

Interest

13

15


-


-


13

15

Write down of assets

-

(96)


-


-


-

(96)

Expenses of business operations

-

-


24,520

24,744


24,520

24,744

Total expenses

50,993

51,555


24,520

24,744


75,513

76,299

Revenues from independent sources
Net gains from sales of assets

2

31


-

-


2

31

Other revenues from independent sources

972

1,382


-


-


972

1,382

Revenues of business operations

-

-


25,312

26,731


25,312

26,731

Total revenues from independent sources

974

1,413


25,312

26,731


26,286

28,144

Net cost of services

50,019

50,142


(792)

(1,987)


49,227

48,155

REVENUES FROM GOVERNMENT
Appropriations used for:
Ordinary annual services (net
appropriations)

50,137

51,525


-

-


50,137

51,525

Other services

113

130


-

-


113

130

Resources received free of charge

534

739


-

-


534

739

Total revenues from government

50,784

52,394


-


-


50,784

52,394

Operating result before extraordinary items

765

2,252


792

1,987



1,557

4,239

Restructuring

(62)


-


-


-


(62)


-

Operating surplus/deficit

703

2,252


792

1,987


1,495

4,239

The above statement should be read in conjunction with the accompanying notes.

Administered Revenues and Expenses by Program

for the year ended 30 June 1998


Treasury


Royal Australian Mint


Total


1997-98


$’000


1996-97


$’000


1997-98


$’000


1996-97


$’000


1997-98


$’000


1996-97


$’000

REVENUES            
NON TAXATION            
Interest revenue

1,692,913

1,573,096


-

-


1,692,913

1,573,096

Dividend revenue

2,729,654

1,705,426


-

-


2,729,654

1,705,426

Revenue from securities other than trading securities

246,267

363,674


-

-


246,267

363,674

Other

9,136,515

2,217,778


-

-


9,136,515

2,217,778

Total revenues

13,805,349

5,859,974


-

-


13,805,349

5,859,974

             
EXPENSES            
Grants

16,931,550

16,727,648


-

-


16,931,550

16,727,648

Net foreign exchange losses

2,698,
393

399,648


-

-


2,698,393

399,648

Interest and other
financing costs

8,728,490

10,315,173


-

-


8,728,490

10,315,173

Other

7,125,009

1,339,723


-

-


7,125,009

1,339,723

Total expenses

35,483,442

28,782,192


-

-


35,483,442

28,782,192

             
Net cost to government

(21,678,093)

(22,922,218)


-

-


(21,678,093)

(22,922,218)

             
TRANSFERS            
Cash from the Official
Commonwealth
Public Account

106,369,105

32,404,081


-

-


106,369,105

 

32,404,081

Cash to the Official
Commonwealth
Public Account

(76,016,938)

 

(10,085,155)


-

 

-


(76,016,938)

(10,085,155)

Net change in
administered net assets before extraordinary items

8,674,074

(603,292)


-


-


8,674,074

(603,292)

             
Net revenue from extraordinary items

95,910


-

-

-


95,910


-

             
Net change in administered net assets

8,769,984

(603,292)

-

-


8,769,984

(603,292)

             
Accumulated results
at 1 July

(127,687)

(97,500,398)


-


-


(127,687)

(97,500,398)

Transfer from reserves

-

(2,925,390)

   

-

(2,925,390)

Change in accounting policy

(101,095,607)

100,901,393

-

-


(101,095,607)

100,901,393

Accumulated results
at 30 June

(92,453,310)

(127,687)


-

-


(92,453,310)

(127,687)

The above statement should be read in conjunction with the accompanying notes.

Agency Cash Flows

for the year ended 30 June 1998

Notes


1997-98
$’000

1996-97
$’000

OPERATING ACTIVITIES
Cash received
Appropriations  

49,740

48,321

Sale of goods and services  

24,651

29,833

Total cash received

74,391

78,154

       
Cash used      
Employees  

(38,105)

(39,136)

Suppliers  

(39,884)

(32,105)

Interest  

(17)

(11)

Trust Fund moneys transferred to
Consolidated Revenue Fund

-

533

Total cash used

(78,006)

(70,719)

Net cash from operating activities

15A


(3,615)

7,435

INVESTING ACTIVITIES
Cash received      
Proceeds from sales of infrastructure, plant and equipment  

277

58

Total cash received

277

58

       
Cash used      
Purchase of infrastructure, plant and equipment  

(1,658)

(1,281)

Purchase of investments  

(750)

(200)

Total cash used

(2,408)

(1,481)

Net cash from investing activities

(2,131)

(1,423)

FINANCING ACTIVITIES
Cash used      
Trust fund surplus transferred  

(505)

-

Total cash used

(505)

-

Net cash used by financing activities  

(505)

-

Net increase in cash held  

(6,251)

6,012

add cash at 1 July  

6,287

275

Cash at 30 June

13A


36

6,287

The above statement should be read in conjunction with the accompanying notes.

Administered Cash Flows

for the year ended 30 June 1998

Notes


1997-98
$’000

1996-97
$’000

OPERATING ACTIVITIES
Cash received
NON TAXATION
Interest

1,991,220

1,582,218

Dividends

1,706,728

2,141,559

Cash from Official Commonwealth Public Account

31,841,379

27,649,405

Other

1,070,270

1,238,161

Total cash received

36,609,597

32,611,343

Cash used
Borrowing costs

9,467,110

10,368,941

Grants

16,934,050

16,697,648

Cash to Official Commonwealth Public Account

4,757,919

4,961,938

Other

5,351,744

582,816

Total cash used

36,510,823

32,611,343

Net cash from operating activities

15B


98,774

-

INVESTING ACTIVITIES
Cash received
Proceeds from sales of equity instruments

-

12,500

Repayments of advances

158,119

85,183

Cash from Official Commonwealth Public Account

2,165,211

4,265,256

Other

2,101,654

4,797,397

Total cash received

4,424,984

9,160,336

Cash used
Purchase of equity instruments

19,772

11,536

Cash to Official Commonwealth Public Account

2,259,773

4,895,080

Other

2,158,319

4,253,720

Total cash used

4,437,864

9,160,336

Net cash from investing activities

(12,880)

-

FINANCING ACTIVITIES
Cash received
Proceeds from borrowing

60,038,086

67,279,424

Cash from Commonwealth Public Account

72,362,515

67,850,653

Other

10,166,867

781,714

Total cash received

142,567,468

135,911,791

Cash used
Repayment of debt

75,487,035

66,334,273

Cash to Commonwealth Public Account

68,999,246

67,783,582

Other

460,812

-

Total cash used

144,947,093

134,117,855

Net cash from financing activities

(2,379,625)

1,793,936

Net increase in cash held

(2,293,731)

1,793,936

Add cash at 1 July

2,305,164

511,228

Cash at 30 June

13C


11,433

2,305,164

The above statement should be read in conjunction with the accompanying notes.

Schedule of Commitments

as at 30 June 1998


Agency


Administered


1997-98

1996-97


1997-98

1996-97


$’000

$’000


$’000

$’000

OTHER COMMITMENTS
Operating leases

6,213

10,828


-

-

Other commitments

557

119


-

-

Total other commitments

6,770

10,947


-

-

COMMITMENTS RECEIVABLE

-

-


-


-

Net commitments

6,770

10,947


-


-

BY MATURITY
All net commitments
One year or less

3,405

4,129


-

-

From one to two years

2,790

3,942


-

-

From two to five years

575

2,876


-

-

Over five years

-

-


-

-

Net commitments

6,770

10,947


-

-

Operating Lease Commitments
One year or less

3,092

4,056


-

-

From one to two years

2,546

3,896


-

-

From two to five years

575

2,876


-

-

Over five years

-

-


-

-

Net commitments

6,213

10,828

-

-

Schedule of Contingencies

as at 30 June 1998


Agency


Administered


1997-98


$’000


1996-97


$’000


1997-98


$’000


1996-97


$’000

CONTINGENT LOSSES
Uncalled shares

-


-


8,636,836

7,107,565

Claims for damages/costs 1

500

500

-

-

Total contingent losses

500

500


8,636,836

7,107,565

CONTINGENT GAINS
Claims for damages

-

-

-

500

Total contingent gains

-

-

-

500

Net contingencies

500

500


8,636,836

7,107,065

Note 1: This is a claim for compensation for an injury due to an accident at the Treasury/DoFA Cafeteria.

The above schedules should be read in conjunction with the accompanying notes.