Financial Statements

Department of Foreign Affairs and Trade

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2016

 
Original
2016 2015 Budget
Notes $’000 $’000 $’000
NET COST OF SERVICES
Expenses  
Employee benefits 2A 781,733 725,252 730,089
Suppliers 2B 700,842 636,431 682,839
Depreciation and amortisation 5A 147,678 147,490 117,579
Write-off and impairment of assets 2C 11,458 17,950 –
Grants 4,614 7,929 5,000
Finance costs – unwinding of discount 462 349 –
Total expenses 1,646,787 1,535,401 1,535,507
 
Own-Source Income  
Own-source revenue  
Sale of goods and rendering of services 3A 123,856 104,953 101,539
Other revenue 3B 9,456 10,602 8,300
Total own-source revenue 133,312 115,555 109,839
 
Gains  
Gains on sale of assets 3C 348 536 –
Other gains 3D 2,492 2,154 687
Foreign exchange gains – non-speculative 558 6,280 –
Total gains 3,398 8,970 687
Total own-source income 136,710 124,525 110,526
Net cost of services (1,510,077) (1,410,876) (1,424,981)
 
Revenue from Government – departmental appropriations 1,381,749 1,303,974 1,347,819
(Deficit) attributable to the Australian Government (128,328) (106,902) (77,162)
 
OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to net cost of services
Changes in asset revaluation reserve 241,943 473,709 –
Total other comprehensive income 241,943 473,709 –
 
Total comprehensive income attributable to the Australian Government 113,615 366,807 (77,162)

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

Department of Foreign Affairs and Trade

STATEMENT OF FINANCIAL POSITION

as at 30 June 2016

 
  Original
2016 2015 Budget
Notes $’000 $’000 $’000
ASSETS
Financial assets
Cash and cash equivalents 4A 57,295 84,556 73,716
Trade and other receivables 4B 801,089 755,178 834,902
Total financial assets 858,384 839,734 908,618
Non-financial assets
Land and buildings 5A 3,039,304 2,883,632 2,548,563
Property, plant and equipment 5A 263,413 208,468 424,853
Intangibles 5A 106,628 89,611 81,868
Inventories 5B 47,586 39,641 28,326
Assets held for sale 5C 106,014 671 –
Other non-financial assets 5D 94,439 85,210 91,608
Total non-financial assets 3,657,384 3,307,233 3,175,218
Total assets 4,515,768 4,146,967 4,083,836
 
LIABILITIES  
Payables  
Suppliers 6A 117,924 121,472 115,943
Other payables 6B 60,811 62,468 36,193
Total payables 178,735 183,940 152,136
 
Provisions  
Employee provisions 7A 227,468 212,482 244,934
Other provisions 7B 18,763 22,422 23,096
Total provisions 246,231 234,904 268,030
Total liabilities 424,966 418,844 420,166
   
Net assets 4,090,802 3,728,123 3,663,670
 
EQUITY  
Contributed equity/capital 2,402,445 2,153,381 2,406,397
Asset revaluation reserve 1,483,437 1,241,494 813,011
Retained surplus 204,920 333,248 444,262
Total equity 4,090,802 3,728,123 3,663,670

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

Department of Foreign Affairs and Trade

STATEMENT OF CHANGES IN EQUITY

for the period ended 30 June 2016

Retained surplus Asset revaluation reserve Contributed equity/capital Total equity
  Original   Original   Original   Original
2016 2015 Budget 2016 2015 Budget 2016 2015 Budget 2016 2015 Budget
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Opening balance
Balance carried forward from previous period 333,248 440,150 521,424 1,241,494 767,785 777,915 2,153,381 2,086,006 2,148,985 3,728,123 3,293,941 3,448,324
Adjusted opening balance 333,248 440,150 521,424 1,241,494 767,785 777,915 2,153,381 2,086,006 2,148,985 3,728,123 3,293,941 3,448,324
 
Comprehensive income
Revaluation adjustment – – – 239,050 473,709 35,096 – – – 239,050 473,709 35,096
Makegood revaluation adjustment – – – 2,893 – – – – – 2,893 – –
(Deficit) for the period (128,328) (106,902) (77,162) – – – – – – (128,328) (106,902) (77,162)
Total comprehensive income (128,328) (106,902) (77,162) 241,943 473,709 35,096 – – – 113,615 366,807 (42,066)
 
Transactions with owners
Distribution to owners
Returns of capital:
Other – – – – – – (4,618) (106,721) – (4,618) (106,721) –
Contributions by owners        
Equity injection – Appropriations – – – – – – 201,511 121,064 205,241 201,511 121,064 205,241
Departmental capital budget – – – – – – 52,171 53,032 52,171 52,171 53,032 52,171
Total transactions with owners – – – – – – 249,064 67,375 257,412 249,064 67,375 257,412
Closing balance as at 30 June 204,920 333,248 444,262 1,483,437 1,241,494 813,011 2,402,445 2,153,381 2,406,397 4,090,802 3,728,123 3,663,670

Accounting Policy

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 in contributed equity in that year.

 

Other Distributions to Owners

The Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR) requires that distributions to owners be debited to contributed equity unless in the nature of a dividend. These represent amounts appropriated to the department that were subsequently returned to Government.

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

Department of Foreign Affairs and Trade

CASH FLOW STATEMENT

for the period ended 30 June 2016

Original
2016 2015 Budget
Notes $’000 $’000 $’000
OPERATING ACTIVITIES
Cash received
Appropriations 1,495,558 1,509,118 1,347,819
Sale of goods and rendering of services 120,845 86,898 109,839
Special account cash transferred from Official Public Account (OPA) 108,000 183,000 –
Net GST received 42,204 37,798 –
Other 9,024 9,236 –
Total cash received 1,775,631 1,826,050 1,457,658
Cash used
Employees 781,715 722,668 728,870
Suppliers 751,834 661,344 723,685
Section 74 receipts transferred to OPA 192,077 97,699 –
Special account cash transferred to OPA 5,800 116,000 –
Other 4,614 7,731 5,103
Total cash used 1,736,040 1,605,442 1,457,658
Net cash from operating activities 8 39,591 220,608 –
     
INVESTING ACTIVITIES
Cash received
Proceeds from sales of land and buildings 691 731 –
Proceeds from sales of property, plant and equipment 925 930 –
Total cash received 1,616 1,661 –
Cash used
Purchase and development of land and buildings 126,555 282,202 –
Purchase and development of property, plant and equipment 89,938 60,621 535,016
Purchase and development of intangibles 37,677 36,032 –
Total cash used 254,170 378,855 535,016
Net cash (used by) investing activities (252,554) (377,194) (535,016)
     
FINANCING ACTIVITIES
Cash received
Contributed equity 185,144 159,345 230,404
Other – – 304,612
Total cash received 185,144 159,345 535,016
Net cash from financing activities 185,144 159,345 535,016
     
Net (decrease) / increase in cash held (27,819) 2,759 –
Cash and cash equivalents at the beginning of the reporting period 84,556 75,517 73,716
Effect of exchange rate movements on cash and cash equivalents at the beginning of the reporting period 558 6,280 –
Cash and cash equivalents at the end of the
reporting period		 4A 57,295 84,556 73,716

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

Department of Foreign Affairs and Trade

ADMINISTERED SCHEDULE OF COMPREHENSIVE INCOME

for the period ended 30 June 2016

Original
2016 2015 Budget
Notes $’000 $’000 $’000
NET COST OF SERVICES
   
Expenses
International development assistance 13A 3,116,868 4,123,826 3,105,723
Multilateral replenishments and other loans 13B 110,837 126,550 –
Other contributions 13C 425,431 361,937 466,256
Export Finance and Insurance Corporation (Efic) 13D 21,532 16,370 15,528
Other expenses 13E 7,525 29,301 4,007
Payments to corporate Commonwealth entities – Tourism Australia 144,018 138,865 137,290
Depreciation and amortisation 16A 1,460 1,322 1,507
Total expenses 3,827,671 4,798,171 3,730,311
   
Income
Fees and charges 14A 465,092 402,558 455,127
Multilateral replenishments and other loans 14B 55,295 392,696 –
Efic National Interest Account (NIA) 14C 35,686 32,876 1,109
Efic Dividends 13,654 18,153 9,000
Return of prior year administered expenses 14D 34,954 33,099 52,414
Other revenue and gains 14E 6,433 8,881 158
Total income 611,114 888,263 517,808
   
Net cost of services (3,216,557) (3,909,908) (3,212,503)
   
OTHER COMPREHENSIVE INCOME  
Re-measurements of defined benefit plans (8,618) (7,108) –
Changes in asset revaluation surplus (1,074) – –
Movement in the carrying amount of investments 8,540 14,053 –
Total other comprehensive income (1,152) 6,945 –
Total comprehensive (loss) (3,217,709) (3,902,963) (3,212,503)

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

Department of Foreign Affairs and Trade

ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES

for the period ended 30 June 2016

Original
2016 2015 Budget
Notes $’000 $’000 $’000
   
ASSETS
Financial assets
Cash on hand or on deposit 257 1,832 16,414
Trade and other receivables 15A 185,512 175,633 2,139,685
Investments 15B 2,451,526 2,392,373 1,987,084
Total financial assets 2,637,295 2,569,838 4,143,183
Non-financial assets
Leasehold improvements 16A 62 1,661 3,759
Property, plant and equipment 16A 6 18 26
Computer software internally developed 16A 4,094 4,586 5,118
Prepayments 572 151 2,089
Total non-financial assets 4,734 6,416 10,992
Total assets administered on behalf of
Government		 2,642,029 2,576,254 4,154,175
 
LIABILITIES  
Payables  
Grants 17A 509,767 590,449 692,234
Other payables 17B 965,376 1,072,018 1,234,543
Total payables 1,475,143 1,662,467 1,926,777
Provisions  
Employee provisions 18 89,711 80,749 20,447
Total provisions 89,711 80,749 20,447
Total liabilities administered on behalf of
Government		 1,564,854 1,743,216 1,947,224
 
Net assets 1,077,175 833,038 2,206,951

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

Department of Foreign Affairs and Trade

ADMINISTERED RECONCILIATION SCHEDULE

for the period ended 30 June 2016

2016 2015
$’000 $’000
   
Opening assets less liabilities as at 1 July 833,038   66,153
       
Net (cost of)/contribution by services    
Income 611,114   888,263
Expenses    
Payments to entities other than corporate Commonwealth entities (3,683,653)   (4,659,306)
Payments to corporate Commonwealth entities – Tourism Australia (144,018)   (138,865)
     
Other comprehensive income
Movement in the carrying amount of investments 8,540   14,053
Administered asset revaluations taken to/from reserves (1,074)   –
Actuarial (losses) on defined benefit plans (8,618)   (7,108)
Transfers (to)/from the Australian
Government
Appropriation transfers from Official Public Account
Administered assets and liabilities appropriations 362,075   568,245
Annual appropriations
Payments to entities other than corporate Commonwealth entities 3,615,886   4,501,727
Payments to corporate Commonwealth entities – Tourism Australia 144,018   138,865
Special accounts
Payments to entities other than corporate Commonwealth entities 25,881   41,483
Special appropriations (unlimited)
Payments to entities other than corporate Commonwealth entities 831   945
Appropriation transfers to Official Public Account
Transfers to Official Public Account (686,845)   (581,417)
Closing assets less liabilities as at 30 June 1,077,175 833,038

 

Accounting Policy

Administered Cash Transfers to and from the Official Public Account

Revenue collected by DFAT for use by the Government rather than by DFAT is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of the Government. These transfers to and from the OPA are adjustments to the administered cash held by DFAT on behalf of the Government and reported as such in the Administered Cash Flow Statement and in the Administered Reconciliation Schedule.

 

Payments to Corporate Commonwealth Entities

Payments to corporate Commonwealth entities from amounts appropriated for that purpose are classified as administered expenses, equity injections or loans of the relevant portfolio department. The appropriation to DFAT is disclosed in Note 24A: Annual Appropriations (‘Recoverable GST exclusive’)

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

Department of Foreign Affairs and Trade

ADMINISTERED CASH FLOW STATEMENT

for the period ended 30 June 2016

Notes 2016 2015
    $’000 $’000
OPERATING ACTIVITIES    
Cash received
Fees and charges 441,983 404,858
Net GST received 59,074 84,460
Return of prior year administered expenses 34,954 33,099
Efic – Dividends & NIA 45,996 41,652
Other 4,448 13,694
Total cash received 586,455 577,763
Cash used
International development assistance 3,224,642 4,207,842
Other contributions 425,431 381,944
Payments to corporate Commonwealth entities – Tourism Australia 144,018 138,865
Efic – NIA 21,532 16,989
Other 7,042 13,197
Total cash used 3,822,665 4,758,837
Net cash (used by) operating activities 19 (3,236,210) (4,181,074)
     
INVESTING ACTIVITIES
Cash received
Proceeds from sale of property, plant and equipment 8 –
Total cash received 8 –
Cash used
Purchase of intangibles 730 291
Purchase of concessional financial instruments 227,021 292,043
Investment in Efic – 200,000
Total cash used 227,751 492,334
Net cash (used by) investing activities (227,743) (492,334)
       
Net (decrease) in cash held (3,463,953) (4,673,408)
Cash and cash equivalents at the beginning of the reporting period 1,832 16,414
Cash from Official Public Account  
Appropriations 4,122,810 5,209,782
Special Accounts 25,881 41,483
Total cash from official public account 4,148,691 5,251,265
Cash to Official Public Account    
Appropriations (686,845) (581,417)
Total cash to official public account (686,845) (581,417)
Effect of exchange rate fluctuations 532 (11,022)
Cash and cash equivalents at the end of the reporting period 257 1,832

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

Back to top