GAINS
|
|
|
|
|
|
|
|
Note 4C: Other Gains
|
|
|
|
|
|
|
|
Resources received free of charge
|
65
|
|
65
|
Total other gains
|
65
|
|
65
|
REVENUE FROM GOVERNMENT
|
|
|
|
|
|
|
|
Note 4D: Revenue from Government
|
|
|
|
|
|
|
|
Appropriations:
|
|
|
|
Other - amounts credited to special account
|
172,763
|
|
195,735
|
Total revenue from Government
|
172,763
|
|
195,735
|
Note 5: Financial Assets
|
2012
|
|
2011
|
|
$'000
|
|
$'000
|
Note 5A: Cash and Cash Equivalents
|
|
|
|
|
|
|
|
Cash on hand or on deposit
|
-
|
|
-
|
Total cash and cash equivalents
|
-
|
|
-
|
Note 5B: Trade and Other Receivables
|
|
|
|
|
|
|
|
Appropriations receivable:
|
|
|
|
For existing programs
|
385,868
|
|
391,886
|
Total appropriations receivable
|
385,868
|
|
391,886
|
|
|
|
|
Other receivables:
|
|
|
|
GST receivable from the Australian Taxation Office
|
2,655
|
|
2,879
|
Interest
|
13,505
|
|
18,615
|
Grants and other receivables
|
65
|
|
821
|
Total other receivables
|
16,225
|
|
22,315
|
Total trade and other receivables (gross)
|
402,093
|
|
414,201
|
|
|
|
|
Less impairment allowance account
|
|
|
|
Grants and other receivables 1
|
-
|
|
-
|
Total impairment allowance account
|
-
|
|
-
|
Total trade and other receivables (net)
|
402,093
|
|
414,201
|
|
|
|
|
Receivables are expected to be recovered in:
|
|
|
|
No more than 12 months
|
402,093
|
|
414,201
|
Total trade and other receivables (net)
|
402,093
|
|
414,201
|
|
|
|
|
Receivables are aged as follows:
|
|
|
|
Not overdue
|
402,041
|
|
413,461
|
Overdue by:
|
|
|
|
0 to 30 days
|
6
|
|
7
|
More than 90 days
|
46
|
|
733
|
Total receivables (gross)
|
402,093
|
|
414,201
|
|
|
|
|
Credit terms for grants and other receivables were within 30 days (2011: 30 days).
1. Trade and other receivables are assessed for impairment at the end of each reporting period. No indicators of impairment were found for trade and other receivables (2011: None).
Note 6: Payables
|
2012
|
|
2011
|
|
$'000
|
|
$'000
|
Note 6A: Suppliers
|
|
|
|
|
|
|
|
Trade creditors and accruals
|
2,736
|
|
476
|
Total supplier payables
|
2,736
|
|
476
|
|
|
|
|
Supplier payables expected to be settled within 12 months:
|
|
|
|
External parties
|
2,736
|
|
476
|
Total
|
2,736
|
|
476
|
Total supplier payables
|
2,736
|
|
476
|
Settlement was usually made within 30 days.
Note 6B: Grants
|
|
|
|
|
|
|
|
Public sector:
|
|
|
|
Australian Government entities (related entities)
|
-
|
|
2,157
|
State and Territory Governments
|
385
|
|
6,850
|
Private sector:
|
|
|
|
Non-profit organisations
|
1,713
|
|
2,361
|
Other
|
110
|
|
-
|
Universities
|
-
|
|
26
|
Total grants
|
2,208
|
|
11,394
|
|
|
|
|
Total grants are expected to be settled in:
|
|
|
|
No more than 12 months
|
2,208
|
|
11,394
|
Total grants
|
2,208
|
|
11,394
|
Settlement was usually made according to the terms and conditions of each grant. This was usually within 30 days of performance or eligibility.
Note 6C: Other Payables
|
|
|
|
|
|
|
|
GST payable to OPA
|
2,424
|
|
3,031
|
Total other payables
|
2,424
|
|
3,031
|
|
|
|
|
Total other payables are expected to be settled in:
|
|
|
|
No more than 12 months
|
2,424
|
|
3,031
|
Total other payables
|
2,424
|
|
3,031
|
Note 7: Cash Flow Reconciliation
|
2012
|
|
2011
|
|
$'000
|
|
$'000
|
Reconciliation of cash and cash equivalents as per Balance Sheet to Cash Flow Statement
|
|
|
|
|
|
|
|
Cash and cash equivalents as per:
|
|
|
|
Cash flow statement
|
-
|
|
-
|
Balance sheet
|
-
|
|
-
|
Difference
|
-
|
|
-
|
|
|
|
|
Reconciliation of net cost of services to net cash from operating activities:
|
|
|
|
Net cost of services
|
(177,338)
|
|
(192,435)
|
Add revenue from Government
|
172,763
|
|
195,735
|
|
|
|
|
Changes in assets / liabilities
|
|
|
|
(Increase) / decrease in net receivables
|
12,108
|
|
785
|
Increase / (decrease) in supplier payables
|
2,260
|
|
(1,841)
|
Increase / (decrease) in grants payable
|
(9,186)
|
|
8
|
Increase / (decrease) in other payables
|
(607)
|
|
(2,322)
|
Net cash from (used by) operating activities
|
-
|
|
(70)
|
Note 8: Contingent Assets and Liabilities
Quantifiable Contingencies
There are no quantifiable contingencies in either the current or the immediately preceding reporting period, therefore there is no Schedule for such items.
Unquantifiable Contingencies
There are no unquantifiable contingencies in either the current or immediate preceding reporting period.
Significant Remote Contingencies
There are no remote contingencies in either the current or immediate preceding reporting period.
Note 9: Remuneration of Auditors
|
2012
|
|
2011
|
|
$'000
|
|
$'000
|
Financial statement audit services were provided free of charge to the Trust by the Australian National Audit Office (ANAO).
|
|
|
|
|
|
|
|
Fair value of the services provided
|
|
|
|
Financial statement audit services
|
65
|
|
65
|
|
65
|
|
65
|
No other services were provided by the auditors of the financial statements.
Note 10: Financial Instruments
|
2012
|
|
2011
|
|
$'000
|
|
$'000
|
Note 10A: Categories of Financial Instruments
|
|
|
|
|
|
|
|
Financial Assets
|
|
|
|
Loans and receivables:
|
|
|
|
Grants and other receivables
|
65
|
|
821
|
Total
|
65
|
|
821
|
Carrying amount of financial assets
|
65
|
|
821
|
|
|
|
|
Financial Liabilities
|
|
|
|
At amortised cost:
|
|
|
|
Trade creditors and accruals
|
2,736
|
|
476
|
Grant payables
|
2,208
|
|
11,394
|
Total
|
4,944
|
|
11,870
|
Carrying amount of financial liabilities
|
4,944
|
|
11,870
|
Note 10B: Net Income and Expense from Financial Assets
|
|
|
|
|
|
|
|
Loans and receivables
|
|
|
|
Impairment
|
197
|
|
-
|
Net loss from loans and receivables
|
197
|
|
-
|
Net loss from financial assets
|
197
|
|
-
|
The Trust did not have any income and expenses from financial liabilities (2011: Nil).
Note 10C: Fair Value of Financial Instruments
|
|
|
|
|
|
|
|
|
|
The fair value of all financial assets and liabilities approximate their carrying amounts.
|
Note 10D: Credit Risk
|
|
|
|
|
|
|
|
|
|
|
|
The Trust was exposed to minimal credit risk as loans and receivables were cash, grants and other receivables. The maximum exposure to credit risk was the risk that arises from potential default of a debtor. This amount was equal to the total amount of grants and other receivables (2012: $65,000 and 2011: $821,000).The Trust had assessed the risk of the default on payment and had allocated $0 in 2012 (2011: $0) to an impairment allowance account.
The Trust managed its credit risk by undertaking background and credit checks prior to allowing a debtor relationship. The Trust held no collateral to mitigate against credit risk. In addition, the Trust had policies and procedures that guided employees on debt recovery techniques that were to be applied.
The following table illustrates the Trust’s gross exposure to credit risk, excluding any collateral or credit enhancements.
|
|
|
|
|
|
|
|
|
|
|
2012
|
2011
|
|
|
|
|
$'000
|
$'000
|
Financial assets
|
|
|
|
|
|
Grants and other receivables
|
|
|
|
65
|
821
|
Total
|
|
|
|
65
|
821
|
|
|
|
|
|
|
Credit quality of financial instruments not past due or individually determined as impaired
|
|
|
Not past due nor impaired
|
Not past due nor impaired
|
Past due or impaired
|
Past due or impaired
|
|
|
2012
|
2011
|
2012
|
2011
|
|
|
$'000
|
$'000
|
$'000
|
$'000
|
Grants and other receivables
|
|
13
|
81
|
52
|
740
|
Total
|
|
13
|
81
|
52
|
740
|
|
|
|
|
|
|
Ageing of financial assets that were past due but not impaired for 2012
|
|
0 to 30
|
31 to 60
|
61 to 90
|
90+
|
|
|
days
|
days
|
days
|
days
|
Total
|
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
Grants and other receivables
|
6
|
-
|
-
|
46
|
52
|
Total
|
6
|
-
|
-
|
46
|
52
|
|
|
|
|
|
|
Ageing of financial assets that were past due but not impaired for 2011
|
|
0 to 30
|
31 to 60
|
61 to 90
|
90+
|
|
|
days
|
days
|
days
|
days
|
Total
|
|
$'000
|
$'000
|
$'000
|
$'000
|
$'000
|
Grants and other receivables
|
7
|
-
|
-
|
733
|
740
|
Total
|
7
|
-
|
-
|
733
|
740
|
Note 10E: Liquidity Risk
|
|
|
|
|
|
The Trust’s financial liabilities were trade creditors, accruals and grants payables. The exposure to liquidity risk was based on the notion that the Trust will encounter difficulty in meeting its obligations associated with financial liabilities. This was highly unlikely as the Trust is appropriated funding from the Australian Government and the Trust managed its budgeted funds to ensure it has adequate funds to meet payments as they fall due. In addition, the Trust had policies in place to ensure timely payments were made when due and has no past experience of default.
|
|
|
|
Maturities for non-derivative financial liabilities 2012
|
|
|
|
Within 1
|
|
|
year
|
Total
|
|
$'000
|
$'000
|
Trade creditors and accruals
|
2,736
|
2,736
|
Grant payables
|
2,208
|
2,208
|
Total
|
4,944
|
4,944
|
|
|
|
Maturities for non-derivative financial liabilities 2011
|
|
|
|
Within 1
|
|
|
year
|
Total
|
|
$'000
|
$'000
|
Trade creditors and accruals
|
476
|
476
|
Grant payables
|
11,394
|
11,394
|
Total
|
11,870
|
11,870
|
Note 10F: Market Risk
|
|
|
|
|
|
|
|
The Trust held basic financial instruments that did not expose the Trust to certain market risks, such as 'Currency risk', 'Interest rate risk' and 'Other price risk'.
|
Note 11: Financial Assets Reconciliation
|
|
2012
|
|
2011
|
|
|
$'000
|
|
$'000
|
Financial assets
|
Notes
|
|
|
|
|
|
|
|
|
Total financial assets as per balance sheet
|
|
402,093
|
|
414,201
|
Less: non-financial instrument components
|
|
|
|
|
Appropriation receivables
|
5B
|
385,868
|
|
391,886
|
GST receivable from the ATO
|
5B
|
2,655
|
|
2,879
|
Interest receivable
|
5B
|
13,505
|
|
18,615
|
Total non-financial instrument components
|
|
402,028
|
|
413,380
|
Total financial assets as per financial instruments note
|
10A
|
65
|
|
821
|
Note 12: Special Accounts
Note 12A: Compliance with Statutory Conditions for Payments from the Consolidated Revenue Fund
|
Section 83 of the Constitution provides that no amount may be paid out of the Consolidated Revenue Fund except under an appropriation made by law. The Department of Finance and Deregulation provided information to all agencies in 2011 regarding the need for risk assessments in relation to compliance with statutory conditions on payments from special appropriations, including special accounts.
During 2011-12, the Trust developed a plan to review exposure to risks of not complying with statutory conditions on payments from the Natural Heritage Trust of Australia Special Account. The plan involved determining the risk of non-compliance by assessing the difficulty of administering the statutory conditions and assessing the extent to which existing payment systems and processes satisfy those conditions.
As at 30 June 2012 this work had been completed in respect of the Natural Heritage Trust of Australia Special Account. No issues of non-compliance with Section 83 were identified.
Note 12B: Special Accounts ('Recoverable GST exclusive')
|
|
|
|
|
|
|
NHT Account1
|
|
2012
|
2011
|
$'000
|
$'000
|
Balance brought forward from previous period
|
391,885
|
392,138
|
Increases:
|
|
|
Amounts credited under section 6(2) of the NHT Act 1997
|
18,615
|
17,643
|
Amounts credited under section 23 of the NHT Act 1997
|
172,763
|
195,735
|
Other receipts
|
824
|
1,484
|
Total increases
|
192,202
|
214,862
|
Available for payments
|
584,087
|
607,000
|
Decreases:
|
|
|
Administered
|
|
|
Payments made - suppliers
|
(47,232)
|
(49,727)
|
Payments made - grants
|
(150,972)
|
(165,388)
|
Payments made - other
|
(15)
|
-
|
Total administered decreases
|
(198,219)
|
(215,115)
|
Total decreases
|
(198,219)
|
(215,115)
|
Total balance carried to the next period
|
385,868
|
391,885
|
-
Appropriation: Financial Management and Accountability Act 1997 section 21.
Establishing Instrument: Natural Heritage Trust of Australia Act 1997 section 4.
Purpose: The purposes of the reserves are as follows:
-
the National Vegetation initiative;
-
the Murray-Darling 2001 Project;
-
the National Land and Water Resources Audit;
-
the National Reserve System;
-
the Coasts and Clean Seas Initiative;
-
environmental protection (as defined by section 15 of the Act);
-
supporting sustainable agriculture (as defined by section 16 of the Act);
-
natural resources management (as defined by section 17 of the Act);
-
a purpose incidental or ancillary to any of the above purposes;
-
the making of grants of financial assistance for any of the above purposes; and
-
an accounting transfer purpose (as defined by section 18 of the Act).
Note 13: Compensation and Debt Relief
|
2012
|
|
2011
|
|
$
|
|
$
|
No ‘Act of Grace payments' were expensed during the reporting period (2011: No expenses).
|
-
|
|
-
|
|
|
|
|
No waivers of amounts owing to the Australian Government were made pursuant to subsection 34(1) of the Financial Management and Accountability Act 1997 (2011: No waivers).
|
-
|
|
-
|
|
|
|
|
No payments were provided under the Compensation for Detriment caused by Defective Administration (CDDA) Scheme during the reporting period (2011: No payments).
|
-
|
|
-
|
|
|
|
|
No ex-gratia payments were provided for during the reporting period (2011: No payments).
|
-
|
|
-
|
|
|
|
|
No payments were provided in special circumstances relating to APS employment pursuant to section 73 of the Public Service Act 1999 (PS Act) during the reporting period (2011: No payments).
|
-
|
|
-
|
Note 14: Reporting of Outcomes
The Trust's Income, Expenses, Assets and Liabilities are part of the Department of Sustainability, Environment, Water, Population and Communities Outcome 1.
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