Note 16: Assets Administered on Behalf of Government
| 2011 $'000 |
2010 $'000 |
|
|---|---|---|
| FINANCIAL ASSETS | ||
| Note 16A: Cash and Cash Equivalents * | ||
| Cash on hand or on deposits | 2,528 | 6,376 |
| Total cash and cash equivalents | 2,528 | 6,376 |
| Note 16B: Trade and Other Receivables | ||
| Goods and services: | ||
| Goods and services receivable - external parties ** | 17 | 828 |
| Total receivables for goods and services | 17 | 828 |
| Advances and loans: | ||
| Other - Traveller Emergency Loans | 1,404 | 1,263 |
| Total advances and loans | 1,404 | 1,263 |
| Other receivables: | ||
| Related entities | 313 | 1,119 |
| GST receivable from ATO | 157 | - |
| Passport and Consular Fees | 1,228 | 2,166 |
| 1,698 | 3,285 | |
| Total trade and other receivables (gross) | 3,119 | 5,376 |
| Less: impairment allowance account: | ||
| Advances and loans - Traveller Emergency Loans | (553) | (564) |
| Total impairment allowance account | (553) | (564) |
| Total trade and other receivables (net) | 2,566 | 4,812 |
| Receivables are expected to be recovered in: | ||
| No more than 12 months | 1,851 | 4,657 |
| More than 12 months | 715 | 155 |
| Total trade and other receivables (net) | 2,566 | 4,812 |
| Receivables were aged as follows: | ||
| Not overdue | 2,084 | 4,099 |
| Overdue by: | ||
| 0 to 30 days | 2 | 316 |
| 31 to 60 days | 47 | 16 |
| 61 to 90 days | 30 | 61 |
| More than 90 days | 956 | 884 |
| Total receivables (gross) | 3,119 | 5,376 |
| The impairment allowance account is aged as follows: | ||
| Not overdue | - | - |
| Overdue by: | ||
| 0 to 30 days | - | (1) |
| 31 to 60 days | - | (2) |
| 61 to 90 days | - | - |
| More than 90 days | (553) | (561) |
| Total impairment allowance account | (553) | (564) |
| * Previous disclosure of "Cash at the OPA" of $5,000,000 has been removed as it is the balance of the "Administered Payment and Receipts Account for Other Entities Special Account" that is held at the OPA. **Goods and services receivable were with entities external to the Australian Government. Credit terms were within 30 days (2010: 30 days). |
||
| Reconciliation of the Impairment Allowance Account: | ||
| Movements in relation to 2011 | ||
| Advances and loans $'000 |
Total $'000 |
|
| Opening balance | (565) | (565) |
| Amounts Impaired | - | - |
| Amounts recovered and reversed | 12 | 12 |
| Increase/decrease recognised in net surplus | - | - |
| Closing balance | (553) | (553) |
| Movements in relation to 2010 | ||
| Advances and loans $'000 |
Total $'000 |
|
| Opening balance | (376) | (376) |
| Amounts Impaired | (189) | (189) |
| Amounts recovered and reversed | - | - |
| Increase/decrease recognised in net surplus | - | - |
| Closing balance | (565) | (565) |
| Note 16C: Investments Accounted for Using the Equity Method | ||
| Investments in Associates: | ||
| Export Finance and Insurance Corporation (EFIC) | 408,082 | 407,606 |
| Total Equity Accounted Investments | 408,082 | 407,606 |
| Investments in equity accounted investments are expected to be recovered in: | ||
| No more than 12 months | - | - |
| More than 12 months | 408,082 | 407,606 |
| Total Equity Accounted Investments | 408,082 | 407,606 |
| NON-FINANCIAL ASSETS | ||
| Note 16D: Prepayments | ||
| Prepayments | 1,613 | 1,607 |
| Total Prepayments | 1,613 | 1,607 |
| Other investments are expected to be recovered in: | ||
| No more than 12 months | 1,613 | 1,607 |
| More than 12 Months | - | - |
| Total other investments | 1,613 | 1,607 |
| Total non-financial assets administered on behalf of Government | 1,613 | 1,607 |