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Australian Government - Department of Foreign Affairs and Trade

Advancing the interests of Australia and Australians internationally

Australian Government - Department of Foreign Affairs and Trade

Advancing the interests of Australia and Australians internationally



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

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