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 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

 

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