Note 19: Assets Administered on Behalf of Government
2010 $'000 |
2009 $'000 |
|
|---|---|---|
| FINANCIAL ASSETS | ||
| Note 19A. Cash and Cash Equivalents | ||
| Cash on hand or on deposit | 6,376 | 233 |
| Cash at the OPA | 5,000 | 5,000 |
| Total cash and cash equivalents | 11,376 | 5,233 |
| Note 19B. Receivables | ||
| Goods and services: | ||
| Goods and services receivable - external parties* | 828 | 817 |
| Total receivables for goods and services | 828 | 817 |
| Other receivables: | ||
| Related entities | 1,119 | 3,993 |
| GST receivable from ATO | - | 207 |
| Advances and loans: | ||
| Other Loans - Consular Traveller Emergency Loans | 1,263 | 1,169 |
| National Interest receivable** | - | 9,652 |
| Passport Fees and VAT | 2,166 | 1,338 |
| Total other receivables | 4,548 | 16,359 |
| Total receivables (gross) | 5,376 | 17,176 |
| Less: impairment allowance account: | ||
| Advances and loans - Consular Traveller | (564) | (376) |
| Total impairment allowance account | (564) | (376) |
| Total receivables (net) | 4,812 | 16,800 |
| Receivables are expected to be recovered in: | ||
| No more than 12 months | 4,657 | 6,853 |
| More than 12 Months | 155 | 9,947 |
| Total Trade and other receivales (net) | 4,812 | 16,800 |
| Receivables were aged as follows: | ||
| Not overdue | 4,099 | 6,250 |
| Overdue by: | ||
| 0 to 30 days | 316 | 555 |
| 31 to 60 days | 16 | 1 |
| 61 to 90 days | 61 | 3 |
| More than 90 days | 884 | 10,367 |
| Total receivables (gross) | 5,376 | 17,176 |
| The impairment allowance account is aged as follows: | ||
| Not overdue | - | (67) |
| Overdue by: | ||
| 0 to 30 days | (1) | - |
| 31 to 60 days | (2) | - |
| 61 to 90 days | - | - |
| More than 90 days | (561) | (309) |
| Total impairment allowance account | (564) | (376) |
*Goods and services receivables are with entities external to the Australian Government. Credit terms were net 30 days (2009: 30 days).
**The 2008-09 National Interest receivable represents an amount receivable from a sovereign counter party. In 2009-10 this amount was provided for with the collection being managed through EFIC.
Reconciliation of the Impairment Allowance Account:
Movements in relation to 2010
Consular loans $'000 |
Total $'000 |
|
|---|---|---|
| Opening balance | (376) | (376) |
| Amounts impaired | (189) | (189) |
| Amounts recovered and reversed | - | - |
| Increase/decrease due to foreign exchange variation of the underlying financial asset | - | - |
| Closing balance | (565) | (565) |
| Movements in relation to 2009 | ||
Consular loans $'000 |
Total $'000 |
|
| Opening balance | (135) | (135) |
| Amounts impaired | (241) | (241) |
| Amounts recovered and reversed | - | - |
| Increase/decrease due to foreign exchange variation of the underlying financial asset | - | - |
| Closing balance | (376) | (376) |
| Note 19C. Other Investments | ||
| Australian Government company - EFIC | 407,606 | 376,700 |
| Total Other Investments | 407,606 | 376,700 |
| Other investments are expected to be recovered in: | ||
| No more than 12 months | - | - |
| More than 12 Months | 407,606 | 376,700 |
| Total other investments | 407,606 | 376,700 |
| Total Financial Asssets Administered on Behalf of Government | 423,794 | 398,733 |
| NON-FINANCIAL ASSETS | ||
| Note 19D. Prepayments | ||
| Prepayments | 1,607 | 3,649 |
| Total Prepayments | 1,607 | 3,649 |
| Other investments are expected to be recovered in: | ||
| No more than 12 months | 1,607 | 3,649 |
| More than 12 Months | - | - |
| Total other investments | 1,607 | 3,649 |
| Total non-financial assets administered on behalf of Government | 1,607 | 3,649 |
| Total assets administered on behalf of government | 425,401 | 402,382 |