You are here

Financial statements

STATEMENT BY THE INSPECTOR-GENERAL OF
INTELLIGENCE AND SECURITY

In my opinion, the attached financial statements for the year ended 30 June 2017 comply with subsection 42(2) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act), and are based on properly maintained financial records as per subsection 41(2) of the PGPA Act.

In my opinion, at the date of this statement, there are reasonable grounds to believe that the Office of the Inspector-General of Intelligence and Security will be able to pay its debts as and when they fall due.

signature of Mr Jake Blight

Mr Jake Blight
Acting Inspector-General of
Intelligence and Security

20 September 2017

OFFICE OF THE INSPECTOR-GENERAL OF INTELLIGENCE AND SECURITY
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June 2017

Notes

2017
$

2016
$

Original
Budget
$

NET COST OF SERVICES

Expenses

Employee benefits

2A

2 590 442

2 347 850

2 857 000

Suppliers

2B

365 906

263 149

388 000

Depreciation

5

19 562

15 062

13 000

Write-down and impairment of asset

505

-

-

Total expenses

2 976 415

2 626 061

3 258 000

Own-Source Income

Own-source revenue

Other revenue

3A

157 705

128 625

-

Total own-source revenue

157 705

128 625

-

Gains

Resources received free of charge

-

-

127 000

Total gains

-

-

127 000

Total own-source income

157 705

128 625

127 000

Net cost of services

2 818 710

2 497 436

3 131 000

Revenue from Government

3 118 000

3 050 000

3 118 000

Surplus /(deficit) after income tax on continuing operations

299 290

552 564

(13 000)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

5 518

-

-

Total comprehensive income/(loss)

304 808

552 564

(13 000)

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

OFFICE OF THE INSPECTOR-GENERAL OF INTELLIGENCE AND SECURITY
STATEMENT OF FINANCIAL POSITION
as at 30 June 2017

Notes

2017
$

2016
$

Original
Budget
$

ASSETS

Financial Assets

Cash and cash equivalents

200 498

154 879

175 000

Trade and other receivables

4

3 830 223

3 324 803

3 023 000

Total financial assets

4 030 721

3 479 682

3 198 000

Non-Financial Assets

Property, plant and equipment

5

89 400

77 706

121 000

Total non-financial assets

89 400

77 706

121 000

Total Assets

4 120 121

3 557 388

3 319 000

LIABILITIES

Payables

Suppliers

6A

13 198

21 344

-

Other payables

6B

370 703

107 477

149 000

Total payables

383 901

128 821

149 000

Provisions

Employee provisions

7

575 062

597 217

866 000

Total provisions

575 062

597 217

866 000

Total Liabilities

958 963

726 038

1 015 000

Net Assets

3 161 158

2 831 350

2 304 000

EQUITY

Contributed equity

528 126

503 126

528 000

Reserves

21 623

16 105

16 000

Retained surplus

2 611 409

2 312 119

1 760 000

Total Equity

3 161 158

2 831 350

2 304 000

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

OFFICE OF THE INSPECTOR-GENERAL OF INTELLIGENCE AND SECURITY
STATEMENT OF CHANGES IN EQUITY
for the period 30 June 2017

2017
$

2016
$

Original
Budget
$

CONTRIBUTED EQUITY

Opening balance as at 1 July

503 126

478 126

503 000

Transactions with Owners

Contributions by Owners

Departmental Capital Budget

25 000

25 000

25 000

Total Transactions with Owners

25 000

25 000

25 000

Closing balance as at 30 June

528 126

503 126

528 000

RETAINED EARNINGS

Opening balance as at 1 July

Balance carried forward from previous period

2 312 119

1 759 555

1 773 000

Comprehensive Income

Surplus/deficit for the period

299 290

552 564

(13 000)

Total comprehensive income

299 290

552 564

(13 000)

Closing balance as at 30 June

2 611 409

2 312 119

1 760 000

ASSET REVALUATION RESERVE

Opening balance as at 1 July

Balance carried forward from previous period

16 105

16 105

16 000

Comprehensive Income

Other Comprehensive Income

5 518

-

-

Total comprehensive income

5 518

-

-

Closing balance as at 30 June

21 623

16 105

16 000

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

2 831 350

2 253 786

2 292 000

Comprehensive Income

Surplus/deficit for the period

299 290

552 564

(13 000)

Other comprehensive income

5 518

-

-

Total comprehensive income

304 808

552 564

(13 000)

Transactions with Owners

Contributions by Owners

Departmental Capital Budget

25 000

25 000

25 000

Total Transactions with Owners

25 000

25 000

25 000

Closing balance as at 30 June

3 161 158

2 831 350

2 304 000

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

Equity Injections
Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly to contributed equity in that year.

OFFICE OF THE INSPECTOR-GENERAL OF INTELLIGENCE AND SECURITY
CASH FLOW STATEMENT
for the year ended 30 June 2017

Notes

2017
$

2016
$

Original
Budget
$

OPERATING ACTIVITIES

Cash received

Appropriations

2,743 480

2 867 103

2 975 000

Net GST received

7 600

14 329

-

Other cash received

113 705

187 214

-

Total cash received

2 864 785

3 068 646

2 975 000

Cash used

Employees

(2 412 936)

(2 279 195)

(2 831 000)

Suppliers

(291 283)

(641 163)

(118 000)

Section 74 receipts transferred to OPA

(113 705)

(185 044)

-

Total cash used

(2 817 924)

(3 105 402)

(2 949 000)

Net cash from/(used by) operating activities

46 861

(36 756)

26 000

INVESTING ACTIVITIES

Cash used

Purchase of property, plant and equipment

(26 242)

(49 094)

(51 000)

Total cash used

(26 242)

(49 094)

(51 000)

Net cash from/(used by) investing activities

(26 242)

(49 094)

(25 000)

FINANCING ACTIVITIES

Cash received

Contributed equity

25 000

65 915

25 000

Total cash received

25 000

65 915

25 000

Net cash from financing activities

25 000

65 915

25 000

Net increase/(decrease) in cash held

45 619

(19 935)

-

Cash and cash equivalents at the beginning of the reporting period

154 879

174 814

175 000

Cash and cash equivalents at the end of the reporting period

200 498

154 879

175 000

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


Major Budget Variances for 2017

The following table provides high level commentary of major variances between budgeted information for the OIGIS published in the 2016-17 Portfolio Budget Statements (PBS) and the 2016-17 final outcome as presented in accordance with Australian Accounting Standards for the OIGIS. Adjustments to the original PBS budget during the year included a reallocation between employee benefits and supplier expenses. The Budget is not audited. Major variances are those deemed relevant to an analysis of OIGIS' performance and are not focused merely on numerical differences between the budget and actual amounts. Explanations of major variances are as follows:

Explanation of major variances

Affected line items (and statements)

Other Revenue – approximately $157,000 above budget which was offset by Gains – Resources Received Free of Charge which was $127,000 below budget following a reclassification. The increase related to a change in the assessed value of resources received free of charge from DPM&C for office space. The matching expense also increased so overall no result on the retained surplus.

Impacted:

Statement of Comprehensive Income: Other Revenue
Supplier expenses

Employee Benefits – $267,000 underspent on original budget mainly due to recruitment delays associated with the lengthy security clearance process.

Other Payables – approximately $220,000 above budget. The most significant variance relates to an accrued redundancy payment not anticipated at original budget.

Impacted:

Statement of Comprehensive Income: Employee expenses

Statement of Financial Position: Appropriations receivable
Employee provisions
Other payables
Retained surplus

Cashflow Statement:
Cash used - operating activities

Suppliers – $22,000 underspent compared to the original budget and $135,000 underspent compared to the revised budget. The most significant variances related to delays in the security clearance process and the delayed implementation of Portfolio wide shared service arrangements. Other variances include underspends in expenses driven by the number and scope of inquiry work, including legal and travel expenses.

Impacted:

Statement of Comprehensive Income:
Supplier expenses

Statement of Financial Position:
Appropriation receivable
Suppliers payables
Retained surplus

Cashflow Statement:
Cash used - operating activities

Property, Plant and Equipment – capital expenditure was approximately $25,000 below budget due to changes in the scheduled replacement of existing assets and the need to prioritise office fitout changes to accommodate IT infrastructure upgrades.

Impacted:

Statement of Comprehensive Income:
Depreciation

Statement of Financial Position:
Property, plant and equipment Appropriations receivable

Cashflow Statement:
Cash used - investing activities

Other Cash Received – $113,000 above budget. The variance relates to leave liabilities transfers for new starters which are not budgeted for.

Impacted:

Statement of Financial Position:
Cash and cash equivalentsAppropriations receivable

Cashflow Statement:
Cash received - operating activities

HTML version of this annual report converted and prepared by XiNG Digital Pty Ltd.