Notes to and Forming Part of the Financial Statements
Note 1 – Summary of Significant Accounting Policies
1.1 Objectives of the Office of the Inspector-General of Intelligence and Security
The Office of the Inspector General of Intelligence and Security (OIGIS) is an Australian Government controlled not-for-profit entity. The objective of OIGIS is to meet the following outcome:
Independent assurance for the Prime Minister, senior ministers and Parliament as to whether Australia's intelligence and security agencies act legally and with propriety by inspecting, inquiring into and reporting on their activities.
OIGIS's activities contributing towards this program are classified as departmental. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by OIGIS in its own right.
The continued existence of the OIGIS in its present form and with its present programs is dependent on government policy and on continuing funding by Parliament for OIGIS's administration and programs.
1.2 Basis of Preparation of the Financial Statements
The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013.
The Financial Statements have been prepared in accordance with:
- Financial Reporting Rule (FRR) for reporting periods ending on or after 1 July 2014; and
- Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.
The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.
The financial statements are presented in Australian dollars and values are rounded to the nearest dollar.
Unless an alternative treatment is specifically required by an accounting standard or the FRR, assets and liabilities are recognised in the statement of financial position when and only when it is probable that future economic benefits will flow to the entity or a future sacrifice of economic benefits will be required and the amounts of the assets or liabilities can be reliably measured. However, assets and liabilities arising under executory contracts are not recognised unless required by an accounting standard. Liabilities and assets that are unrecognised are reported in the schedule of commitments.
Unless alternative treatment is specifically required by an accounting standard, income and expenses are recognised in the Statement of Comprehensive Income when and only when the flow, consumption or loss of economic benefits has occurred and can be reliably measured.
1.3 Significant Accounting Judgments and Estimates
In the process of applying the accounting policies listed in this note, OIGIS has made the following judgments that have the most significant impact on the amounts recorded in the financial statements.
- Leave provisions involve assumptions on the likely tenure of existing staff, future salary movements and future discount rates.
1.4 New Australian Accounting Standards
Adoption of New Australian Accounting Standard Requirements
OIGIS has elected to apply AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-Profit Public Sector Entities for this financial year, even though the Standard is not required to be applied until annual reporting periods beginning on or after 1 July 2016. AASB 2015-7 provides relief from disclosing quantitative information about significant unobservable inputs used in fair value, where property, plant and equipment is held for its current service potential rather than to generate future net cash inflows.
The following new standard was issued prior to the sign-off date and is applicable to the current reporting period:
- AASB 1055 Budgetary Reporting applied from 1 July 2014 and resulted in significant disclosure requirement changes.
Future Australian Accounting Standard Requirements
New/revised standards, interpretations and amending standards that were issued prior to the sign-off date and are applicable to the future reporting periods are not expected to have a future financial impact on the entity.
Revenue from Government
Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when OIGIS gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.
Other Types of Revenue
Revenue from the sale of goods is recognised when:
- the risks and rewards of ownership have been transferred to the buyer;
- the agency retains no managerial involvement or effective control over the goods;
- the revenue and transaction costs incurred can be reliably measured; and
- it is probable that the economic benefits associated with the transaction will flow to the entity.
Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:
- the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
- the probable economic benefits associated with the transaction will flow to the entity.
The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.
Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed as at end of reporting period. Allowances are made when collectability of the debt is no longer probable.
Resources Received Free of Charge
Resources received free of charge are recognised as gains when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.
The main resources received free of charge in 2014-15 are office space (from the Department of the Prime Minister and Cabinet) and the installation and maintenance of the OIGIS owned internal secure computer network (from Defence Signals Directorate).
Contributions of assets at no cost of acquisition or for nominal considerations are recognised as gains at their fair value when the asset qualifies for recognition, unless received from another Government agency or authority as a consequence of a restructuring of administrative arrangements.
Sale of Assets
Gains from disposal of assets are recognised when control of the asset has passed to the buyer.
1.7 Transactions with the Government as Owner
Amounts appropriated which are designated as 'equity injections' for a year (less any formal reductions) and
1.8 Employee Benefits
Liabilities for 'short-term employee benefits' (as defined in AASB 119 Employee Benefits) and termination
benefits expected within twelve months of the end of the reporting period are measured at their nominal amounts. The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability.
Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.
The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of OIGIS is estimated to be less than the annual entitlement for sick leave.
The leave liabilities are calculated on the basis of employees' remuneration at the estimated salary rates that will be applied at the time the leave is taken, including OIGIS's employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.
The liability for long service leave has been determined by using the short hand method per the FRR. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.
Staff of OIGIS are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS accumulation plan (PSSap) and other industry super funds outside the Commonwealth.
The CSS and PSS are defined benefit schemes for the Australian Government. The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance's administered schedules and notes.
The PSSap is a defined contribution scheme.
OIGIS makes employer contributions to the employees' superannuation scheme at rates determined by an actuary to be sufficient to meet the current cost to the Government. OIGIS accounts for the contributions as if they were contributions to defined contribution plans.
The liability for superannuation recognised as at 30 June represents outstanding contributions for the final
Cash and cash equivalents includes cash on hand and any deposits in bank accounts with an original maturity of 3 months or less that are readily convertible to known amounts of cash and subject to
1.10 Financial Assets
OIGIS classifies its financial assets as 'loans and receivables'.
Financial assets are recognised and derecognised upon trade date.
Effective Interest Method
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset, or, where appropriate, a shorter period.
Loans and receivables
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest rate.
Credit terms are net 30 days (2013–14: 30 days).
Impairment of financial assets
Financial assets are assessed for impairment at the end of each reporting period.
1.11 Financial Liabilities
Financial liabilities are classified as other financial liabilities.
Financial liabilities are recognised and derecognised upon 'trade date'.
Other Financial Liabilities
Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).
Settlement is usually made net 30 days.
1.12 Contingent Liabilities and Contingent Assets
Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.
OIGIS has no contingencies to report in either 2013-14 or in 2014-15.
No contingent rentals exist.
Note 2 – Events after the Reporting Period
There was no subsequent event that had the potential to significantly affect the ongoing structure and financial activities of the entity.
Note 3 – Net Cash Appropriation Arrangements
|Total Comprehensive Income (loss) less depreciation/amortisation expenses previously funded through revenue appropriations1||621 612||273 640|
|Depreciation/amortisation expenses previously funded through revenue appropriation||(36 481)||(37 999)|
|Total comprehensive income (loss) as per the Statement of Comprehensive Income||585 131||235 641|
1. From 2010-11, the Government introduced net cash appropriation arrangements, where revenue appropriations for depreciation/amortisation expenses ceased. Entities now receive a separate capital budget provided through equity appropriations. Capital budgets are to be appropriated in the period when cash payment for capital expenditure is required.
Note 4 – Expenses
|Note 4A – Employee Benefits|
|Wages and salaries||1 644 289||1 495 856|
|Defined benefit plans||223 658||218 309|
|Defined contribution plans||97 823||53 396|
|Leave and other entitlements||222 673||148 498|
|Separation and Redundancies||-||-|
|Total employee benefits||2 188 443||1 916 059|
Note 4B – Suppliers
|Goods and services supplied or rendered|
|ICT support||46 000||46 000|
|Legal expenses||17 104||13 739|
|Printing non publications||8 868||7 837|
|Resources received free of charge:|
|Notional Rent Charge||102 000||102 000|
|Notional Audit Fees||18 000||18 000|
|Notional IT Support Costs||4 545||4 545|
|Stationery||9 758||5 452|
|Training||33 657||20 186|
|Travel||24 111||13 577|
|Translation Services||11 804||-|
|Other||42 325||33 888|
|Total goods and services supplied or rendered||318 172||266 024|
|Goods and services are made up of:|
|Provision of goods – external entities||12 677||7 727|
|Rendering of services – related entities||210 257||211 009|
|Rendering of services – external entities||95 238||47 288|
|Total goods and services||318 172||266 024|
|Other supplier expenses|
|Workers compensation premiums||4 760||4 659|
|Total other supplier expenses||4 760||4 659|
|Total supplier expenses||322 932||270 683|
Note 5 – Own-Source Income
|Note 5A – Other|
|Inquiry Funding||-||139 741|
|Employee FBT Contributions||5 403||8 329|
|Resources Received Free of Charge:|
|Australian National Audit Office||18 000||18 000|
|Defence Signals Directorate||4 545||4 545|
|Total other own-source revenue||28 023||172 548|
|Note 5B – Other Gains|
|Resources Received Free of Charge:|
|Department of the Prime Minister & Cabinet||102 000||102 000|
|Total other gains||102 000||102 000|
|REVENUE FROM GOVERNMENT|
|Note 5C – Revenue from Government|
|Departmental Appropriation||3 003 000||2 179 000|
|Total revenue from government||3 003 000||2 179 000|
Note 6 – Fair Value Measurement
The following table provides an analysis of assets and liabilities that are measured at fair value. The different levels of the fair value hierarchy are defined below:
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – Unobservable inputs for the asset or liability.
Note 6A – Fair Value Measurements, Valuation Techniques and Inputs Used
|Fair value measurement at the end of the reporting period||For Levels 2 and 3 fair value measurements|
(Level 1, 2 or 3)
|Valuation Technique(s)1||Inputs used|
|Property, plant and equipment|
|Level 2 assets included office equipment and furniture||22 338||30 035||Level 2||Market comparables||Sale prices of comparable assets|
|Level 3 assets included computer equipment and office furniture||4 880||33 700||Level 3||Market comparables and depreciated replacement cost||Sale prices of comparable assets in limited market and quotes for replacement assets adjusted for life of asset|
- No change in valuation technique occurred during
The OIGIS's assets are held for operational purposes and not held for the purposes of deriving a profit. The current use of all controlled assets is considered their highest and best use.
Note 6B – Level 1 and Level 2 Transfers for Recurring Fair Value Measurements
There were no transfers between levels during 2014-15.
OIGIS's policy for determining when transfers between levels are deemed to have occurred can be found in Note 1.
Note 7 – Financial Assets
|Note 7A – Trade and other receivables|
|For existing programs||2 987 155||2 223 593|
|Total appropriation receivable||2 987 155||2 223 593|
|GST receivable from the Australian Taxation Office||1 752||153|
|Other receivables||77 015||6 457|
|Total other receivables||78 767||6 610|
|Total trade and other receivables (gross)||3 065 922||2 230 203|
|Less Impairment Allowance:|
|Total trade and other receivables (net)||3 065 922||2 230 203|
|Receivables are aged as follows: Not overdue||3 065 922||2 230 203|
All receivables are expected to be recovered in less than 12 months.
Note 8 – Non-Financial Assets
|Note 8A – Property, plant and equipment|
|Other property, plant and equipment:|
|Fair value||63 635||63 735|
|Accumulated depreciation||(36 417)||-|
|Total property, plant and equipment||27 218||63 735|
All revaluations are independent and are conducted in accordance with the revaluation policy stated in Note 1.14. The most recent revaluation was conducted by the B&A Valuers as at 30 June 2014.
All assets were examined for indicators of impairment during the stocktake completed on 30 June 2015 and none were found. With the exception of the secure IT system (which is due to be upgraded in late 2015) no items of property plant and equipment are expected to be sold or disposed of within the next 12 months. Note: the components of the secure IT system which are due for upgrading were given appropriate useful lives during the revaluation exercise in 2014 and were consequently not assessed as impaired at 30 June 2015.
Note 8B – Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment (2014-15)
|Item||Other property,plant &
|As at 1 July 2014|
|Gross book value||63 735||63 735|
|Accumulated depreciation and impairment||-||-|
|Net book value as at 1 July 2014||63 735||63 735|
|Revaluations and impairments recognised in other comprehensive income|
|Depreciation expense||(36 481)||(36 481)|
|Net Book Value 30 June 2015||27 218||27 218|
|Net Bank Value as at 30 June 2015 represented by:|
|Gross book value||63 635||63 635|
|Accumulated depreciation and impairment||36 417||36 417|
Note 8B – Reconciliation
|Item||Other property,plant &
|As at 1 July 2013|
|Gross book value||165 059||165 059|
|Accumulated depreciation and impairment||(78 416)||(78 416)|
|Net book value as at 1 July 2013||86 643||86 643|
|by purchase||8 258||8 258|
|Revaluations and impairments recognised in other comprehensive income||9 308||9 308|
|Depreciation expense||(37 999)||(37 999)|
|Disposals||(2 475)||(2 475)|
|Net Book Value 30 June 2014||63 735||63 735|
|Net Bank Value as at 30 June 2014 represented by:|
|Gross book value||63 735||63 735|
|Accumulated depreciation and impairment||-||-|
Note 9 – Payables
|Note 9A - Suppliers|
|Trade creditors and accruals||20 690||38 800|
|Total suppliers||20 690||38 800|
|Supplier payables expected to be settled within 12 months:|
|Related entities||19 626||28 882|
|External parties||1 064||9 918|
|Total supplier payables||20 690||38 800|
|No supplier payables expected to be settled in greater than 12 months.|
|Note 9B – Other Payables|
|Salaries and wages||67 338||48 968|
|Superannuation||10 572||8 411|
|Other||50 221||20 847|
|Total other payables||128 131||78 226|
|Total other payables are expected to be settled in:|
|No more than 12 months||128 131||78 226|
|Total other payables||128 131||78 226|
Note 10 – Provisions
|Note 10A – Employee Provisions|
|Leave||865 347||730 388|
|Total employee provisions||865 347||730 388|
|Employee provisions are expected to be settled in:|
|No more than 12 months||145 538||106 878|
|More than 12 months||719 809||623 510|
|Total employee provisions||865 347||730 388|
Note 11 – Cash Flow Reconciliation
|Reconciliation of Cash and cash equivalents as per Statement of Financial Position to Cash flow statement|
|Report cash and cash equivalents as per:|
|Cash Flow Statement||174 814||207 005|
|Statement of Financial Position||174 814||207 005|
|Reconciliation of net cost of services to net cash from operating activities:|
|Net cost of services||(2 417 869)||(1 952 667)|
|Add revenue from Government||3 003 000||2 179 000|
|Adjustments for non-cash items|
|Depreciation/amortisation||36 481||37 999|
|Loss on disposal of assets||36||2 474|
|Movements in assets and liabilities|
|Increase/(Decrease) in provision of employee liabilities||134 959||(6 679)|
|Increase/(Decrease) in other payables||49 905||25 418|
|Increase/(Decrease) in supplier trade creditors||(12 575)||28 308|
|(Increase)/Decrease in appropriation receivables||(748 436)||(317 623)|
|(Increase)/Decrease in other assets||(70 558)||(1 975)|
|(Increase)/Decrease in other prepayments||-||3 341|
|(Increase)/Decrease in GST receivable||(1 599)||92|
|Net cash from (used by) operating activities||(26 656)||(2 312)|
Note 12 – Senior Management Personnel Remuneration
|Short-term employee benefits:|
|Salary||521 028||489 240|
|Annual leave1||29 772||-|
|Total short-term employee benefits||550 800||489 240|
|Superannuation||94 438||82 538|
|Total post-employment benefits||94 438||82 538|
|Other long-term employee benefits:|
|Annual Leave||10 742||39 404|
|Long Service Leave||18 997||17 732|
|Total other long-term employee benefits||29 739||57 136|
|Total senior executive remuneration expenses||674 977||628 914|
The total number of senior management personnel that are included in the above table are 3 individuals (2014: 2 individuals). The 2015 figure includes one seconded officer for part of the year.
- Annual Leave expected to be taken within 12 months.
Note 13 – Financial Instruments
|Note 13A – Categories of Financial Instruments|
|Loans and Receivables|
|Loans and receivables|
|Cash and cash equivalents||174 814||207 005|
|Trade receivables||77 015||6 457|
|Total carrying amount of financial assets||251 829||213 462|
|At amortised cost|
|Trade creditors||20 690||38 800|
|Total carrying amount of financial liabilities||20 690||38 800|
The net fair values of the financial assets and liabilities are at their carrying amounts. OIGIS derived no interest income from financial assets in either the current and prior year.
Note 13B – Credit Risk
OIGIS has endorsed policies and procedures for debt management (including the provision of credit terms), to reduce the incidence of credit risk. In most instances debtors for OIGIS are other government entities and therefore represent minimal credit risk.
The carrying amount of financial assets, net of impairment losses, reported in the statement of financial position represents the Agencies maximum exposure to credit risk.
Note 13C – Liquidity Risk
OIGIS's financial liabilities only include payables. Any exposure to liquidity risk is based on the notion that OIGIS will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely as OIGIS is appropriated funding from the Australian Government and manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, the entity has policies in place to ensure timely payments were made when due and has no past experience of default.
Note 13D – Market Risk
OIGIS holds only basic financial instruments that do not expose the agency to certain market risks, such as 'Currency risk' and 'Other price risk'.
Note 14 – Financial Asset Reconciliation
|Total financial assets as per statement of financial position||3 240 736||2 437 208|
|Less: non-financial instrument components:|
|Appropriation Receivable||2 987 155||2 223 593|
|GST Receivable||1 752||153|
|Total non-financial instrument components||2 988 907||2 223 746|
|Total financial assets as per financial instruments note||251 829||213 462|
Note 15 – Appropriations
Note 15A – Annual Appropriations ('Recoverable GST exclusive')
|Ordinary Annual Services||2015
|Annual Appropriation||3 029 000||2 248 000|
|PGPA Act – Section 741||116 500||401 110|
|PGPA Act – Section 75||-||-|
|Total appropriation||3 145 500||2 649 110|
|Appropriation applied (current and prior years)||2 371 063||2 270 744|
|Variance2||774 437||378 366|
- In 2013-14 relates to FMA Act Section 31.
- Variance between Total Appropriation and Appropriation Applied is due to section 74 receipts and the additional appropriation received midyear. The additional appropriation was not fully expended largely due to recruitment delays associated with security clearance requirements.
Note 15B: Departmental Capital Budget ('Recoverable GST exclusive)
|Departmental Capital Budget||2015
|Annual DepartmentalCapitalBudget1||26 000||69 000|
|Payments for non-financial assets2||5 535||2 723|
|Variance||20 465||66 277|
- Departmental Capital Budgets are appropriated through Appropriation Acts (No 1, 3, 5). They form part of ordinary annual services, and are not separately identified in the Appropriation Acts. For more information on ordinary annual services appropriations, please see Table A: Annual Appropriations.
- Payments made for non-financial assets include purchases of assets and expenditure on assets which have been capitalised.
Note 15C: Unspent Annual Appropriations ('Recoverable GST exclusive)
|Appropriation Act (No 1) 2010-11 – DCB1||-||1 874|
|Appropriation Act (No 1) 2011-12 – DCB1||-||9 000|
|Appropriation Act (No 1) 2013-14||-||2 142 718|
|Appropriation Act (No 1) 2013-14 - DCB||69 000||69 000|
|Appropriation Act (No 1) 2014-15||2 051 155|
|Appropriation Act (No 3) 2014-15||840 000|
|Appropriation Act (No 1) 2014-15 – DCB||26 000|
|Cash||174 814||207 005|
|Total Departmental||3 160 969||2 429 597|
- Appropriation Act (No. 1) 2010-2011 – DCB and Appropriation Act (No 1) 2011-2012 -DCB lapsed with effect from 1 July 2014. The effect has been reflected in the Statement of Financial Position in Contributed Equity.
Note 16 – Reporting of Outcomes
There is only one outcome for OIGIS as detailed in the objectives in Note 1.1. Note 16A – Net Cost of Outcome Delivery
|Expenses||2 547 892||2 227 215||2 547 892||2 227 215|
|Own-source income||130 023||274 548||130 023||274 548|
|Net cost/(contribution) of outcome delivery||2 417 869||1 952 667||2 417 869||1 952 667|
Note 17 – Budgetary Reports and Explanation of Major Variances
The following tables provide a comparison of the original budget as presented in the 2014-15 Portfolio Budget Statements (PBS) to the 2014-15 final outcome as presented in accordance with Australian Accounting Standards for OIGIS. The Budget is not audited. Explanations of major variances are provided further below.
Note 17A: Departmental Budgetary Reports
|NET COST OF SERVICES|
|Employee benefits||2 188 443||1 905 000||283 443|
|Supplier||322 932||376 000||(53 068)|
|Depreciation and amortisation||36 481||13 000||23 481|
|Loss on asset disposal||36||-||36|
|Total Expenses||2 547 892||2 294 000||253 892|
|Other revenue||28 023||-||28 023|
|Total own-source revenue||28 023||-||28 023|
|Other gains||102 000||118 000||(16 000)|
|Total gains||102 000||118 000||(16 000)|
|Total own-source income||130 023||118 000||12 023|
|Net Cost of services||2 417 869||2 176 000||241 869|
|Revenue from Government||3 003 000||2 163 000||840 000|
|Surplus attributable to the Australian Government||585 131||(13 000)||598 131|
|OTHER COMPREHENSIVE INCOME|
|Items not subject to subsequent reclassification to net cost of services|
|Changes in asset revaluation surplus||-||-||-|
|Total comprehensive income||585 131||(13 000)||598 131|
|Cash and cash equivalents||174 814||202 000||(27 186)|
|Trade and other receivables||3 065 922||1 840 000||1 225 922|
|Total financial assets||3 240 736||2 042 000||1 198 736|
|Property, plant and equipment||27 218||157 000||(129 782)|
|Other non-financial assets||-||-||-|
|Total non-financial assets||27 218||157 000||(129 782)|
|Total Assets||3 267 954||2 199 000||1 068 954|
|Suppliers||20 690||5 000||15 690|
|Other payables||128 131||-||128 131|
|Total payables||148 821||5 000||143 821|
|Employee provisions||865 347||774 000||91 347|
|Total provisions||865 347||774 000||91 347|
|Total Liabilities||1 014 168||779 000||235 168|
|Net Assets||2 253 786||1 420 000||833 786|
|Contributed equity||478 126||489 000||(10 874)|
|Reserves||16 105||7 000||9 105|
|Retained surplus||1 759 555||924 000||835 555|
|Total Equity||2 253 786||1 420 000||833 786|
|Retained Earnings||Asset Revaluation Surplus||Contributed Equity/Capital||Total Equity|
|Actual||Budget Estimate||Actual||Budget Estimate||Actual||Budget Estimate||Actual||Budget Estimate|
|Balance carried forward from previous period||1 174 424||937 000||237 424||16 105||7 000||9 105||463 000||463 000||-||1 653 529||1 407 000||246 529|
|Adjusted opening balance||1 174 424||937 000||237 424||16 105||7 000||9 105||463 000||463 000||-||1 653 529||1 407 000||246 529|
|Surplus for the period||585 131||(13 000)||598 131||-||-||-||-||-||-||585 131||(13 000)||598 131|
|Other Comprehensive Income||-||-||-||-||-||-||-||-||-||-||-||-|
|Total Comprehensive Income||585 131||(13 000)||598 131||-||-||-||-||-||-||585 131||(13 000)||598 131|
|Transactions with owners|
|Contributions by owners|
|Reduction of Appropriation – Omnibus Repeal Day Act 2014||(10 874)||-||(10 874)|
|Departmental Capital Budget||-||-||-||-||-||-||26 000||26 000||-||15 126||26 000||(10 874)|
|Total Transactions with Owners||-||-||-||-||-||-||15 126||26 000||(10 874)||15 126||26 000||(10 874)|
|Closing balance as at 30 June||1 759 555||924 000||835 555||16 105||7 000||9 105||478 126||489 000||(10 874)||2 253 786||1 420 000||833 786|
Statement of Comprehensive Income for not-for-profit Reporting Entities
for year ended 30 June 2015
|Appropriations||2 371 063||2 339 000||32 063|
|Sales of goods and rendering of services||-||-||-|
|Other||125 097||-||125 097|
|Total cash received||2 496 160||2 339 000||157 160|
|Employees||(2 092 294)||(1 932 000)||160 294|
|Suppliers||(314 023)||(407 000)||(92 977)|
|Net GST paid||-||-||-|
|Other||(116 499)||-||116 499|
|Total cash used||(2 522 816)||(2 339 000)||(183 816)|
|Net cash from operating activities||(26 656)||-||(26 656)|
|Proceeds from sales of property, plant and equipment||-||-||-|
|Total cash received||-|
|Purchase of property, plant and equipment||(5 535)||(92 000)||86 465|
|Total cash used||(5 535)||(92 000)||86 465|
|Net cash from (used by) investing activities||(5 535)||(92 000)||86 465|
|Contributed equity||-||92 000||(92 000)|
|Total cash received||-||92 000||(92 000)|
|Net cash from financing activities||-||92 000||(92 000)|
|Net increase in cash held||(32 191)||-||(32 191)|
|Cash and cash equivalents at the beginning of the reporting period||207 005||202 000||5 005|
|Cash and cash equivalents at the end of the reporting period||174 814||202 000||(27 186)|
Note 17B – Departmental Major Budget Variances for 2015
|Explanation of major variances||Affected line items (and statement)|
At MYEFO the office received additional funding as part of the measure 'National Security- additional counterterrorism funding'. This included funding for five additional ASL for the full financial year. Three of these positions were filled with already cleared staff. Recruitment delays are associated with the lengthy security clearance process.
Revenue from government
The variance is partly due to the effect on depreciation of changes in asset values and estimated remaining lives after the asset revaluation conducted at 30 June 2014.
The value of resources received free of charge (office space) was less than originally budgeted for.
The planned secure IT system upgrade was deferred until late 2015. The departmental capital funding was moved to 2015-16 during the year.
Property, plant and equipment