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Annual Report 2001-2002: financial

Human Rights and Equal Opportunity Commission Annual Report 2000-2001

 

Financial Statements

Human Rights and Equal Opportunity
Commission Statement of Financial Performance for the period ended 30
June 2001

"If you require
this information in a more accessible format, please contact paffairs@humanrights.gov.au
"

Human
Rights and Equal Opportunity Commission

Statement of Financial Performance

a
Notes

2000-01
$

1999-2000
$

Revenues
from ordinary activities
a
a
a
Revenues
from government
3.1
10,609,000
14,426,000
Sales
of goods and services
3.2
2,796,646
3,245,221
Other
3.3
86,664
62,741
Total
revenues from ordinary activities
a
13,492,310
17,733,962
a
a
a
a
Expenses
from ordinary activities
a
a
a
Employees
4.1
6,849,056
9,015,177
Suppliers
4.2
5,437,306
7,361,150
Depreciation
and amortisation
4.3
677,836
641,025
Disposals
of assets 3.4
4.4
13,954
22,756
Write-down
of assets
4.4
29,003
685,379
Total
expenses from ordinary activities
a
13,007,155
17,725,487
a
a
a
a
Net
operating surplus from ordinary activities
a
485,155
8,475
Equity
interests
a
a
a
Net
surplus attributable to the Commonwealth 485,155 8,475
a
485,155
8,475

 

Human Rights
and Equal Opportunity Commission

Statement
of Financial Position as at 30 June 2001

ASSETS
Notes
2000-01
$

1999-00
$
Financial
assets
a
a
a
Cash
a
2,237,009
1,537,633
Receivables
5
473,636
622,609
Total
financial assets
aa
2,710,645
2,160,242
a
Non-financial
assets
a
 a a
Infrastructure,
plant and equipment
6.1,
6.2
2,010,588
2,236,575
Intangibles
6.3
113,253
97,926
Other
6.4
266,578
91,331
Total
non-financial assets
a
2,390,419
2,425,832
aa
aa
aa
aa
LIABILITIES
aa
aa
aa
Debt
aa
aa
aa
Other
7
2,314,057
3,055,075
Total
debt
aa
2,314,057
3,055,075
a
a
a
a
Provisions
a
a
a
Capital
use charge
a
35,000
a
Employees
8.1
1,406,493
2,048,111
Total
provisions
a
1,441,493
2,048,111
a
a
a
a
Payables
a
a
a
Suppliers
8.2
358,609
270,905
Other
8.3
732,527
-
Total
payables
a
1,091,136
270,905
Total
liabilities
a
4,846,686
5,374,091
a
a
a
a
EQUITY
a
a
a
Capital
a
1,006,000
1,095,000
Reserves
a
55,592
55,592
Accumulated
deficits
a
(807,214)
(1,938,609)
Total
equity
9
254,378
(788,017)
a
a
a
a
Current
liabilities
a
2,598,988
2,256,805
Non-current
liabilities
a
2,247,698
3,117,286
Current
assets
a
2,977,223
2,251,573
Non-current
assets
a
2,123,841
2,334,501

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

Human Rights
and Equal Opportunity Commission

Statement of Cash Flows for the period ended 30 June 2001

OPERATING
ACTIVITIES		 Notes
2000-01
$
1999-00
$
Cash
received		 -
-
-
Appropriations
for outputs		 -
10,640,000
15,435,000
Sales
of goods and services		 -
3,749,200
2,983,893
Interest -
82,203
62,741
GST
refunds 		-
247,120
-
Total
cash received		 -
14,718,523
18,481,634
a a
a
a
Cash
used		 a
a
a
Employees a
6,778,880
8,580,036
Suppliers a
6,692,263
7,842,805
Total
cash used		 a
13,471,143
16,422,842
Net
cash from operating activities 		10
1,247,380
2,058,792
a a
a
a
INVESTING
ACTIVITIES		 a
a
a
Cash
received		 a
a
a
Proceeds
from sales of property, plant and equipment 		a
645
3,107
Total
cash received		 a
645
3,107
a a
a
a
Cash
used		 a
a
a
Purchase
of infrastructure, plant and equipment 		a
548,649
543,265
Total
cash used		 a
548,649
543,265
Net
cash used by investing activities 		a
(548,004)
(540,158)
a a
a
a
Net
increase in cash held		 a
699,376
1,518,634
Cash
at the beginning of the reporting period		 a
1,537,633
18,998
Cash
at the end of the reporting period 		a
2,237,009
1,537,633

 

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

Human Rights
and Equal Opportunity Commission

Schedule of Commitments as at 30 June 2001

OTHER COMMITMENTS

Operating
leases
7,807,929
9,502,241
Other
commitments
131,439
379,793
Total
other commitments
7,939,368
9,882,034
a
a
a
COMMITMENTS
RECEIVABLE
(2,611,450)
(1,932,576)
Net
commitments
5,327,918
7,949,458
a
a
a
BY
MATURITY
a
a
All
net commitments
a
a
One
year or less
1,466,480
2,264,524
From
one to five years
3,861,438
5,684,934
Over
five years
-
-
Net
commitments
5,327,918
7,949,458
a
a
a
Operating
Lease Commitments
a
a
One
year or less
2,497,430
2,367,876
From
one to five years
5,310,499
7,134,365
Over
five years
-
-
Commitments
a
a



Schedule of Contingencies
as at 30 June 2001

CONTINGENT
LOSSES		 a
70,000
Total
contingent losses		 -
70,000
CONTINGENT
GAINS		 -
-
Total
contingent gains		 -
-
Net
contingencies		 -
70,000

 

At 30 June the
Commission recognised no contingent losses or gains. The contingent
loss noted in 1999-00 was

realised in 2000-01 and is included in Suppliers expense.

Schedule of Unquantifiable
Contingencies

As at 30 June
2001, the Commission was named as the respondent in three applications
for special leave in the

High Court which are yet to be heard, a number of matters before the
Federal Court of Australia and a matter before the District Court of
South Australia. It is not possible to estimate the amounts of the eventual
payments that may be required in relation to these claims, though it
is not common for costs to be awarded against the Commission in these
matters.

The Commission has also intervened in three matters since June 2000.
Although it is technically possible that a cost order could be made
against the Commission in one of these matters, such an order is unlikely.

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

Human Rights and Equal Opportunity
Commission Notes to and forming part of the Financial Statements

for the year ended 30 June 2001

Note 1 - Objectives
of the Human Rights and Equal Opportunity Commission

The Commission
has one outcome:

"An Australian
society in which the human rights of all are respected, protected
and promoted ".

The Commission's objective is to ensure that Australians:

  • have access
    to independent human rights complaint handling and public inquiries
    processes; and
  • benefit
    from human rights education, promotion, monitoring and compliance
    activities.

 

Note 2 - Summary
of significant accounting policies

2.1 Basis of
Accounting

The financial statements
are required by section 49 of the Financial Management and Accountability
Act 1997

and are a general purpose financial report.

The statements
have been prepared in accordance with:

  • Schedule 1 of
    the Financial Management and Accountability (Financial Statements
    2000-01) Orders made by the Finance Minister for the preparation of
    Financial Statements in relation to financial years ending on 30 June
    2001;
  • Australian Accounting
    Standards and Accounting Interpretations issued by the Australian
    Accounting Standards Boards;
  • other authoritative
    pronouncements of the Boards; and
  • the Consensus
    Views of the Urgent Issues Group.

    •  

The statements
have been prepared having regard to:

  • Statements of
    Accounting Concepts;
  • the Explanatory
    Notes to Schedule 1, and Guidance Notes issued by the Department of
    Finance and Administration.

The Agency Statements
of Financial Performance and Financial Position have been prepared on
an accrual basis and are in accordance with historical cost convention,
except for certain assets which as noted, are at valuation. Except where
stated, no allowance is made for the effect of changing prices on the
results or the financial position.

Assets and liabilities are recognised in the Commission's Statement
of Financial Position when and only when it is probable that future
economic benefits will flow and the amounts of the assets or liabilities
can be reliably measured. Assets and liabilities arising under agreements
equally proportionally unperformed are however not recognised unless
required by an Accounting Standard. Liabilities and assets which are
unrecognised are reported in the Schedule of Commitments and the Schedule
of Contingencies.

Revenues and expenses are recognised in the Agency Statement of Financial
Performance when and only when the flow or consumption or loss of economic
benefits has occurred and can be reliably measured.

The continued existence of the Commission in its present form, and with
its present functions, is dependent on Government policy and on continuing
appropriations by Parliament for the Commission's administration and
functions.

2.2 Changes
in Accounting Policy

Changes in accounting
policy have been identified in this note under their appropriate headings.

The accounting policies used in the preparation of these financial statements
are consistent with those used

in 1999-2000.

2.3 Agency and
Administered items

The Commission
has no administered items.

2.4 Reporting
by Outcomes

A comparison of
Budget and Actual figures by outcome specified in the Appropriation
Acts relevant to the Agency is presented in Note 17. The net cost to
Budget outcomes shown includes intra-government costs that are eliminated
in calculating the actual budget outcome for the Government overall.

2.5 Revenues
from government

Revenues from government
are revenues relating to the core operating activities of the Commission.

Policies for accounting for revenue from government follow; amounts
and other details are given in Note 3.1.

(a) Revenues from Government - Agency Appropriations

Appropriations to the Commission for its departmental outputs are recognised
as revenue to the extent that they have been received into the Commission's
Bank account or are entitled to be received by the Commission at year
end.

(b) Resources Received
Free of Charge

Services received free of charge are recognised as revenue 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.

(c) Other Revenue

Revenue from the sale of goods is recognised upon delivery of goods
to customers. Interest revenue is recognised on a proportional basis
taking into account the interest rates applicable to the financial assets.

Dividend revenue is recognised when the right to receive a dividend
has been established. Revenue from disposal of non-current assets is
recognised when control of the asset has passed to the buyer.

Agency revenue
from the rendering of a service is recognised by reference to the stage
of completion of contracts or other agreements to provide services to
Commonwealth bodies. The stage of completion is determined according
to the proportion that costs incurred to date bear to the estimated
total costs of the transaction.

2.6 Employee
entitlements

(a) Leave

The liability for employee entitlements 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 the Commission is estimated to be less
than the annual entitlement for sick leave.

The liability for annual leave and current long service leave reflects
the value of total leave entitlements of all employees at 30 June 2001
and is recognised at the nominal amount.

The non-current proportion of the liability for long service leave is
recognised and measured at the present value of the estimated future
cash flows to be made in respect of all employees at 30 June 2001. In
determining the present value of the liability, the Commission has taken
into account attrition rates and pay increases through promotion and
inflation.

(b) Separation
and redundancy

Provision is made for separation and redundancy payments in circumstances
where the Commission has formally identified positions as excess to
requirements and a reliable estimate of the amount of the payments can
be determined.

(c) Superannuation

Staff of the Commission contribute to the Commonwealth Superannuation
Scheme (CSS) and the Public Sector Superannuation Scheme (PSS). Employer
contributions amounting to $540,261 (1999-00:$730,948) in relation to
these schemes have been expended in these financial statements.

No liability for superannuation is recognised as at 30 June as the employer
contributions fully extinguish the accruing liability which is assumed
by the Commonwealth, except for that component at Note 8.1 which recognises
only those employer contributions accrued in 2000-01 and paid in the
subsequent year.

Employer Superannuation Productivity Benefit contributions totalled
$107,398.64 (1999-00: $140,482).

2.7 Leases

A distinction is
made between finance leases which effectively transfer from the lessor
to the lessee substantially all the risks and benefits incidental to
ownership of leased non-current assets, and operating leases under which
the lessor effectively retains all such risks and benefits. All leases
entered into by the Commission have been classified as Operating Leases
and lease payments are treated as expenses in the reporting period in
which they are incurred.

Operating lease rentals as shown in Note 4.2 represent actual rental
expense for the year adjusted for the impact of lease incentives. Calculations
are in accordance with mandatory reporting requirements.

Lease incentives taking the form of 'free' leasehold improvements and
rent holidays are recognised as liabilities. These liabilities are reduced
by allocating lease payments between rental expense and reduction of
the liability.

The lease incentive recognised as a result is amortised over the lease
term by allocating a portion of the rent expense against the current
balance. Fixed assets that are recognised are depreciated over the term
of the lease.

2.8 Unearned
Revenue

As at 30 June the
Commission recognised payments for services under contract, for which
costs have not yet beenincurred, as unearned revenue. In the event of
the services not being performed the moneys would have to be repaid.

2.9 Cash

Cash includes notes
and coins held and any deposits held at call with a bank or financial
institution.

2.10 Financial
Instruments

Accounting policies
for financial instruments are stated at Note 16.

2.11 Acquisition
of Assets

Assets are recorded
at cost on acquisition except as stated below. The cost of acquisition
includes the fair value of assets transferred in exchange and liabilities
undertaken.

Assets acquired at no cost, or for nominal consideration, are initially
recognised as assets and revenues at their fair value at the date of
acquisition, unless acquired as a consequence of restructuring arrangements.

In the latter case, assets are initially recognised as contributions
by owners at the amounts at which they were recognised in the transferor
agency's accounts immediately prior to restructuring.

2.12 Disposal
of Assets

Assets disposed
are at the end of their useful lives, or are technically obsolete or
have been found

to be un-economic to repair.

2.13 Transfer
of assets

Assets have been
relinqushed as a consequence of restructuring arrangements, at the amounts
at which they were recognised in the Commission's accounts immediately
prior to restructuring.

2.14 Property,
plant and equipment

Asset recognition
threshold

All depreciable non-current assets with historical cost equal to or
in excess of $2,000 are capitalised in the

year of acquisition and included on the Commission's Asset Register.
Except where stated all plant and

equipment is valued at historical cost.

Revaluations

Infrastructure, plant and equipment are revalued progressively in accordance
with the 'deprival' method of valuation in successive 3-year cycles,
so that no asset has a value greater than three years old. The current
cycles commenced in 1998-99. All assets on hand at the commencement
of the cycle will be revalued in 2001-02.

Assets in each class acquired after the commencement of the progressive
revaluation cycle are not captured by the progressive revaluation then
in progress.

The Commission recognises infrastructure, plant and equipment at its
depreciated replacement cost.Any assets which would not be replaced
or are surplus to the requirements are valued at net realisable value.
At 30 June 2001, the Commission had no assets in this situation. All
valuations are independent.

Recoverable amount test

Schedule 1 requires the application of the recoverable amount test to
departmental non-current assets in

accordance with AAS 10 Recoverable Amount of Non-Current Assets. The
carrying amounts of these

non-current assets have been reviewed to determine whether they are
in excess of their recoverable

amounts. In assessing recoverable amounts, the relevant cash flows have
been discounted to their present

value.

Depreciation and Amortisation

Depreciation is calculated on a straight line basis so as to write off
the cost of each item of infrastructure,

plant and equipment over its expected useful life. For leasehold improvements
the depreciation is calculated

over the lease term or the useful life, whichever is the shorter.

Depreciation/amortisation rates (useful lives) and methods are reviewed
at each balance date and necessary

adjustments are recognised in the current, and future reporting periods,
as appropriate. Residual values

are re-estimated for a change in prices only when assets are revalued.

Depreciation and amortisation rates applying to each class of depreciable
asset are based on the following

useful lives:

a 2000-2001 1999-2000
Leasehold
improvements		 Lease term Lease term
Plant
and equipment 		4
to 10 years		 4
to 10 years

"If you require
this information in a more accessible format, please contact paffairs@humanrights.gov.au
"

The aggregate
amount of depreciation allocated for each class of asset during the
reporting period is disclosed in Note 4.3.

2.15 Taxation

The Commission's
activities are exempt from all forms of taxation except fringe benefits
tax and the goods

and services tax.

2.16 Foreign
Currency

Transactions denominated
in a foreign currency are converted at the exchange rate at the date
of the transaction. Foreign currency receivables and payables are translated
at the exchange rates current as at balance date. Associated currency
gains and losses are not material.

2.17 Insurance

The Commission
has insured for risks through the Government's insurable risk managed
fund, called Comcover. Workers compensation is insured through Comcare
Australia.

2.18 Comparative
Figures

Comparative figures
have been adjusted to conform to changes in presentation in these financial
statements

where required.

2.19 Capital
use charge (CUC)

A capital usage
charge of 12% is imposed by the Government on the net departmental assets
of the Commission.

a

The revaluations
were as at 1July 1999 in accordance with the progressive revaluation
policy stated at Note 2 and were completed by an independent valuer,
Australian Valuation Office.

6.2 Analysis
of Property, Plant, Equipment and Intangibles

 TABLE
A: Movement summary 2000-01 for all assets irrespective of valuation
basis

Item
Land
Buildings
Total
land &buildings
Infrastructure,
plant &equipment
Computer
sofware total intangibles
Total
Gross Value
as at 1 July 2000
-
-
-
5,805,768
302,297
6,108,065
Additions:
-
-
-
-
-
-
- acquisition
of new assets
-
-
-
490,493
42,897
533,390
Revaluations:
write-ups (write-downs)
-
-
-
-
-
-
Assets transferred
in/(out)
-
-
-
(100,763)
-
(100,763)
Write-offs
-
-
-
-
-
-
Disposals
-
-
-
(48,106)
-
(48,106)
Gross Value
as at 30 June 2001
a

aa
6,147,392
345,194
6,492,586
Accumulated
Depreciation/Amortisation as at 1July 2000
-
-
-
3,569.193
204,371
3,773,564
Depreciation/Amortisation
charges for assets held 1July 2000
-
-
-
476,337
-
476,337
Depreciation/Amortisation
charges for additions
-
-
-
173,929
27,570
201,499
Revaluations
-
-
-
-
-
-
Assets transferred
in/(out)
-
-
-
(49,148)
(49,148)
Write-offs
-
-
-
-
-
-
Disposals
-
-
-
(33,507)
-
(33,507)
Accumulated
Depreciation/Amortisation as at 30 June 2001
-
-
-
4,136,804
231,941
4,368,745
Net book value
as at 30 June 2001
-
-
-
2,010,588
113,253
 2,123,841
Net book value
as at 1 July 2000
-
-
-
2,236,575
97,926
 2,334,501

 

Item
Land
Buildings
Total
land &buildings
Infrastructure,
plant &equipment
Computer
sofware total intangibles
Total
As at 30 June
2001
a
a
a
a
a
a
Gross Value
-
-
-
5,204,315
-
5,204,315
Accumulated
Depreciation/Amortisation
-
-
-
(3,758,525)
-
(3,758,525)
Net book value
-
-
-
1,445,790
-
1,445,790
As at 30 June
2000
-
-
-
-
-
-
Gross Value
-
-
-
5,293,803
-
5,293,803
Accumulated
Depreciation/Amortisation
-
-
-
(3,501,998)
-
(3,501,998)
Net book value
-
-
-
1,791,805
-
1,791,805

 

a
2000-01
$
1999-00
$
6.3
Intangibles
a
a
Computer software
- internally developed
345,194
302,297
Less: Accumulated
depreciation
(231,941)
(204,371)
Total
113,253
97,926
6.4
Other
-
-
Prepayments
-
-
Rent
159,118
Other
107,460
91,331
Total
266,578
91,331
Note 7
a
a
Other Debt
-
-
Lease incentives
2,314,057
3,055,075
Note 8 Provisions
and Payables
a
a
8.1
Employee Provisions
a
a
Salaries and
wages
150,671
268,902
Leave
1,237,250
1,594,907
Superannuation
18,572
30,394
Separation
and redundancies
-
153,908
Aggregate
employee entitlement liability
1,406,493
2,048,111
Current
724,206
803,230
Non-current
682,287
1,244,881
8.2 Supplier
Payables
a
a
Trade creditors
339,637
266,930
Operating
lease rentals
18,972
3,975
Total
358,609
270,905
8.3 Other
Payables
a
a
Unearned revenue
732,527
-

 

Note 9 - Equity
(cont)

Restructuring

As a result of a restructuring of administrative arrangements, the Commission
relinquished its responsibility for

the delivery of functions under the Privacy Act 1988.

The Privacy Amendment (Office of the Privacy Commissioner) Act 2000
amended the Privacy Act 1988

and established the Office of the Federal Privacy Commissioner as a
separate entity.

In respect of the functions relinquished, the following assets and liabilities
were transferred by the

Commission:

a
2000-01
$
1999-00
$
Total assets
relinquished
55,585
-
Total liabilities
relinquished
647,826
-
Net assets
relinquished
(592,241)
-
Net Contribution
by Government as owner during the period
(592,241)
-

Note 10 - Cash
flow reconcilation

Reconciliation
of Cash per Statement of Financial Position to Statement of Cash
Flows
aaa
aaa
Cash
at year end per Statement of Cash Flows
2,237,009
1,537,633
Statement
of Financial Position items comprising above cash: 'Financial Asset
-Cash'
2,237,009
1,537,633
Reconciliation
of operating surplus to net cash from operating activities:
a
a
Net
surplus -
485,155
8,475
Restructuring
transfers
592,241
-
Fixed
asset transfer
51,615
-
Other
asset transfer
15,259
-
Provision
for doubtful debts
16,042
-
Depreciation
and Amortisation
677,836
641,025
Loss
on disposal
13,954
704,092
Recognition
of capital reserve
-
88,555
(Increase)/Decrease
in Receivables
132,931
728,516
(Increase)/Decrease
in Prepayments
(175,247)
137,020
Increase/(Decrease)
in Employee provision
(641,619)
270,631
Increase/(Decrease)
in Suppliers
87,704
201,365
Increase/(Decrease)
in Debt
(741,018)
(720,887)
Increase/(Decrease)
in Other payables provision
732,527
-
Net
cash from operating activities
1,247,380
2,058,792

 

Note 11 - Executive
Remuneration

The number of Executives who received or were due to receive total remuneration
of $100,000 or more:

REMUNERATION
OF

2000-01

Number

1999-00

Number
$100,000-$109,999
1
-
$120,000-$129,999
-
1
$130,000-$139,999
1
-
$140,000-$149,999
-
2
$150,000-$159,999
-
1
$170,000-$179,999
1
4
$180,000-$189,999
1
-
$190,000-$199,999
-
1
$200,000-$209,999
1
-
a
5
9
The aggregate
amount of total remuneration of Executives

shown above.
$815,991
$1,456,889
The aggregate
amount of separation and redundancy

payments during the year to executive officers shown above
-
$,949

Note 12 - Remuneration
of Auditors

Financial
statement audit services are provided free of charge to the

Commission by the Auditor-General. The fair value of the audit services

was:		 25,000
30,000
Other Services

Amounts paid in relation to the audit of two special purpose

financial reports
2,773
3,000
Total 27,773
33,000

Note 13 - Act of
grace payments and waivers

No Act of Grace payments were made during the reporting period. - -

No waivers of amounts owing to the Commonwealth were made - -

pursuant to subsection 34(1) of the Financial Management and

Accountability Act 1997.

Note 14 - Average
Staffing Levels

The average staffing levels for the Commission during the year were:

ASL ASL
91 126

Note 15 - Appropriations

15.1 Agency
appropriations

Annual
Appropriations for Departmental items (outputs)
2000-01
$
1999-2000 $
Appropriation
Acts 1 & 3 credits:

Section 7 - Act 1 - basic appropriations (budget)

Section 7 - Act 3 - basic appropriations

Section 10 - adjustments

Section 11 - Advance to the Finance Minister

Section 12 - Comcover receipts


10,584,000

-

-

-

-


14,396,000

-

-

-

-
Total Current
Appropriation Acts
10,584,000
14,396,000
-

247,120

-

3,832,048
-

-

-

3,049,741
Total appropriated
in the year
14,663,168
17,445,741
Balance brought
forward from previous period
1,479,137
-
Total appropriations
available for payments
16,142,305
17,445,741
Payments during
the year
13,905,296
15,972,329
Balance of
appropriations (unspent) at 30 June carried to next period
2,237,009
1,473,412
The
brought forward figure for the balance of appropriations for the
prior period has been amended toincorporate petty cash on hand of
$5,727.

15.2 Annual
Appropriations for Departmental Capital items

a Equity
injections		 Loans Carryovers
Total
a 2000-01 1999-00 2000-01 1999-00 2000-01 1999-00
2000-01
1999-00
Appropriation
Act No 2 & 4

Section 10 - Act No 2 (Budget)

Section 10 - Act No 4

Advance to the Finance Minister 		a


89,000

a a


56,000





950,000


56,000





1,039,000
Total
Current Appropriation ActsAdd: FMA Act appropriations Add: Appropriation
Act No 4 s30 appropriations s30A appropriations (GST recoverables)		 a

89,000

a a

56,000

950,000

56,000

1
,039,000
Total
appropriated in the year Balance available at 1 July brought forward
from previous period 		-









58,494

89,000




-

 

a a

56,000

950,000

56,000



 

58,494

1
,039,000
Payments
during the year		 58,494 30,506 - - 56,000 950,000
114,494
980,506
Balance
of appropriations at 30 June carried to next period 		- 58,494 - - - -
-
58,494

 

Note 16 - Financial
Instruments

16.1 Terms, conditions and accounting policies

Financial
Instrument
Notes
Accounting
Policies and Methods (Including recognition criteria and measurement
basis)
Nature
of underlying instrument (including significant terms &conditions
affecting the amount, timing and certainty of cash flows)
Financial
Assets
a
Financial
assets are recognised when control over future economic benefits
is established and the amount of the benefit can be reliably recognised.
a
Cash
a
Deposits
are recognised at their nominalamounts. Interest is credited to
revenueas it accrues.
The
Commission received interest payments from term deposits and the
operating account. All accounts are held at the
RBA and operate under the DOFA agency banking arrangements.
Receivables
for goods and services
5
Receivables
are recognised at the nominal amount due less any provision for
bad and doubtful debts. Collectability of debts is reviewed at
balance date. Provision is made when collection is judged less
rather than more likely.
Balance
of receivables are with entities external to the Commonwealth.
Credit terms are net 30 days.
Financial
liabilities
a
Financial
liabilities are recognised when a present obligation to another
party is entered into and the amount of the liability can be reliably
measured.
a
Lease
incentives
7
Lease incentives are recognised as a liability at the time of
receipt. The amount of the liability is reduced on a straight
line basis over the life of the lease by allocating a portion
of the rent expense against the current balance.
The
Commission received lease incentives on entering a property operating
lease in October 1994. Lease payments are made monthly.

16.2 Interest
rate risk

Please for an accessible
format for this table contact: paffairs@humanrights.gov.au

 

16.3 Net Fair
Values of Financial Assets and Liabilities

a a 2001-01 1999-00
Agency financial
assets		 Note Total Carrying
amount $		 Aggregate
Net Fair Value		 Total carrying
amount $		 Aggregate
Net Fair Value
Cash -
2,237,009
2,237,009
1,537,633
1,537,633
Interest receivable 5
4,461
4,461
-
-
Receivables
for goods and services		 5
377,342
377,342
566,609
566,609
Appropriations 5
-
-
56,000
56,000
Total Financial
Assets		 -
2,618,812
2,618,812
2,160,242
2,160,242
Financial
Liabilities (Recognised)		 -
a
a
a
a
Lease incentives 7
2,314,057
2,314,057
3,055,075
3,055,075
Trade Creditors 8.2
339,637
266,930
266,930
266,930
Operating
lease rentals		 8.2
18,972
18,972
3,975
3,975
Unearned revenue 8.3
732,527
732,527
-
-
Total Financial
Liabilities (Recognised)		 -
3,405,193
3,405,193
3,325,980
3,325,980

 

Financial Assets

The net fair values of cash and non-interest bearing monetary financial
assets approximate their carrying amounts.

Financial liabilities

The net fair values of lease incentives liabilities are based on discounted
cash flows using current interest rates

for liabilities with similar risk profiles.

The net fair values for trade creditors are short-term in nature and
are approximated by their carrying amounts.

d) Credit Risk Exposures

The Commission's maximum exposures to credit risk at reporting date
in relation to each class of recognised

financial assets is the carrying amount of those assets as indicated
in the Statement of Financial Position.

The Commission has no significant exposures to any concentrations of
credit risk.

All figures for credit risk referred to do not take into account the
value of any collateral or other security.

 

Budget
$
Actual
$
Net Subsidies,
benefits and grant expenses Other administered expenses Total net
administered expenses
-
-
Add Net cost
of departmental outputs Outcome before extraordinary items
14,334,000


14,334,000
10,098,845 10,098,845
Extraordinary
items Net Cost to Budget Outcome
-

14,334,000
-

10,098,845
Outcome specific
assets deployed as at 30/6/01
3,617,000
5,101,064
Assets that
are not outcome specific deployed as at 30/6/01
-
-
Major Agency
Revenues & Expenses by Outcome
a
a
Operating
Revenues
a
a
Revenues from
government
14,334,000
10,584,000
Sale of goods
and services
1,718,000
2,796,646
Other non-taxation
revenues
74,000
111,664
Total operating
revenues
16,126,000
13,492,310
Operating
Expenses
a
a
Employees
8,143,000
6,849,056
Suppliers
7,298,000
5,437,306
Other
741,000
720,793
Total operating
expenses
16,182,000
13,007,155


Note 18 Trust Moneys
Comcare Trust Account

Purpose - monies held in trust and advanced to the Commission by COMCARE
for the purpose of distributing compensation payments made in accordance
with the Safety Rehabilitation and Compensation Act 1988.



Comcare Trust Account Trust Money

a 2000-01 $ 1999-2000
$
Balance carried
forward from previous period		 - -
Receipts during
the period		 2,648 -
Available
for payments		 2,648 -
Payments made 2,648 -
Balance carried
forward to next period		 - -