Financial Statements

Date

20 October 1999

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.

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