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Financial Statements

Department of Foreign Affairs and Trade

STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2017

 
Original
2017 2016 Budget
Notes $’000 $’000 $’000
NET COST OF SERVICES
Expenses  
Employee benefits 1.1A 778,564 781,733 765,608
Suppliers 1.1B 698,362 700,842 696,337
Depreciation and amortisation 3.2A 171,287 147,678 159,282
Write-down and impairment of assets 1.1C 12,408 11,458 –
Grants 10,313 4,614 4,930
Finance costs – unwinding of discount 659 462 –
Total expenses 1,671,593 1,646,787 1,626,157
 
Own-Source Income  
Own-source revenue  
Sale of goods and rendering of services 1.2A 135,116 123,856 104,863
Other revenue 1.2B 14,513 9,456 8,300
Total own-source revenue 149,629 133,312 113,163
 
Gains  
Gains on sale of assets 1.2C 367 348 18,074
Other gains 1.2D 1,860 2,492 –
Foreign exchange gains – non-speculative 11 558 –
Total gains 2,238 3,398 18,074
Total own-source income 151,867 136,710 131,526
Net cost of services (1,519,726) (1,510,077) (1,494,920)
 
Revenue from Government – departmental appropriations 1,382,971 1,381,749 1,403,143
(Deficit) attributable to the Australian Government (136,755) (128,328) (91,777)
 
OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to net cost of services
Changes in asset revaluation reserve 31,965 241,943 –
Total other comprehensive income 31,965 241,943 –
 
Total comprehensive income attributable to the Australian Government 104,790 113,615 (91,777)

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 2017

 
  Original
2017 2016 Budget
Notes $’000 $’000 $’000
ASSETS
Financial assets
Cash and cash equivalents 3.1A 178,403 161,184 84,720
Trade and other receivables 3.1B 573,022 697,200 589,651
Total financial assets 751,425 858,384 674,371
Non-financial assets
Land and buildings 3.2A 3,132,820 3,039,304 3,070,305
Plant and equipment 5A 306,290 263,413 285,094
Intangibles 3.2A 118,895 106,628 86,090
Inventories 3.2B 47,118 47,586 39,641
Assets held for sale 3.2C 106,323 106,014 66,842
Other non-financial assets 3.2D 59,915 94,439 86,923
Total non-financial assets 3,771,361 3,657,384 3,634,895
Total assets 4,522,786 4,515,768 4,309,266
 
LIABILITIES  
Payables  
Suppliers 3.3A 137,439 117,924 123,914
Other payables 3.3B 42,723 60,811 63,324
Total payables 180,162 178,735 187,238
 
Provisions  
Employee provisions 6.1A 219,273 227,468 216,753
Other provisions 3.4B 19,567 18,763 22,647
Total provisions 238,840 246,231 239,400
Total liabilities 419,002 424,966 426,638
   
Net assets 4,103,784 4,090,802 3,882,628
 
EQUITY  
Contributed equity/capital 2,520,217 2,402,445 2,516,502
Asset revaluation reserve 1,515,402 1,483,437 1,241,493
Retained surplus 68,165 204,920 124,633
Total equity 4,103,784 4,090,802 3,882,628

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 2017

Retained surplus Asset revaluation reserve Contributed equity/capital Total equity
  Original   Original   Original   Original
2017 2016 Original Budget 2017 2016 Original Budget 2017 2016 Original Budget 2017 2016 Original Budget
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Opening balance
Balance carried forward from previous period 204,920 333,248 216,410 1,483,437 1,241,494 1,241,493 2,402,445 2,153,381 2,407,063 4,090,802 3,728,123 3,864,966
Adjusted opening balance 204,920 333,248 216,410 1,483,437 1,241,494 1,241,493 2,402,445 2,153,381 2,407,063 4,090,802 3,728,123 3,864,966
 
Comprehensive income
Revaluation adjustment – – – 32,079 239,050 – – – – 32,079 239,050 –
Makegood revaluation adjustment – – – (114) 2,893 – – – – (114) 2,893 –
(Deficit) for the period (136,755) (128,328) (91,777) – – – – – – (136,755) (128,328) (91,777)
Total comprehensive income (136,755) (128,328) (91,777) 31,965 241,943 – – – – (104,790) 113,615 (91,777)
 
Transactions with owners
Distribution to owners
Returns of capital:
Other – – – – – – – (4,618) – – (4,618) –
Contributions by owners        
Equity injection – Appropriations – – – – – – 66,017 201,511 57,684 66,017 201,511 57,684
Departmental capital budget – – – – – – 51,755 52,171 51,755 51,755 52,171 51,755
Total transactions with owners – – – – – – 117,772 249,064 109,439 117,772 249,064 109,439
Closing balance as at 30 June 68,165 204,920 124,633 1,515,402 1,483,437 1,241,493 2,520,217 2,402,445 2,516,502 4,103,784 4,090,802 3,882,628

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 2017

Original
2017 2016 Budget
Notes $’000 $’000 $’000
OPERATING ACTIVITIES
Cash received
Appropriations 1,602,175 1,495,558 1,403,143
Sale of goods and rendering of services 152,454 120,845 113,163
Special account cash transferred from Official Public Account (OPA) 89,000 108,000 –
Net GST received 41,067 42,204 –
Other 13,952 9,024 104,496
Total cash received 1,898,648 1,775,631 1,620,802
Cash used
Employees 781,995 781,715 763,462
Suppliers 678,633 751,834 695,110
Section 74 receipts transferred to OPA 224,531 192,077 –
Special account cash transferred to OPA 87,340 5,800 –
Other 11,973 106,814 98,854
Total cash used 1,784,472 1,836,240 1,557,426
Net cash from operating activities 8 114,176 (62,609) 63,376
     
INVESTING ACTIVITIES
Cash received
Proceeds from sales of land and buildings 1,222 1,616 41,120
Total cash received 1,222 1,616 41,120
Cash used
Purchase of land and buildings 155,788 126,555 –
Purchase of plant and equipment 114,943 89,938 231,286
Purchase and development of intangibles 27,743 37,677 –
Total cash used 298,474 254,170 231,286
Net cash (used by) investing activities (297,252) (252,554) (190,166)
     
FINANCING ACTIVITIES
Cash received
Contributed equity 200,284 185,144 126,790
Total cash received 200,284 185,144 126,790
Net cash from financing activities 200,284 185,144 126,790
     
Net (decrease) / increase in cash held (17,208) (130,019) –
Cash and cash equivalents at the beginning of the reporting period 161,184 290,645 84,720
Effect of exchange rate movements on cash and cash equivalents at the beginning of the reporting period 11 558 –
Cash and cash equivalents at the end of the reporting period 4A 178,403 161,184 84,720

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 2017

Original
2017 2016 Budget
Notes $’000 $’000 $’000
NET COST OF SERVICES
   
Expenses
International development assistance 2.1A 2,919,738 3,116,868 2,919,800
Multilateral replenishments and other loans 2.1B 1,205,760 110,837 1,240,048
Other contributions 2.1C 415,157 425,431 517,550
Export Finance and Insurance Corporation (Efic) 2.1D 9,115 21,532 16,327
Other expenses 2.1E 8,289 7,525 3,984
Payments to corporate Commonwealth entities – Tourism Australia 143,610 144,018 140,266
Depreciation and amortisation 4.2A 1,350 1,460 1,189
Total expenses 4,703,019 3,827,671 4,839,164
   
Income
Fees and charges 2.2A 505,290 465,092 505,098
Multilateral replenishments and other loans 2.2B 12,050 55,295 –
Efic National Interest Account (NIA) 2.2C 34,708 35,686 38,450
Efic Dividend and competitive neutrality 2.2D 12,824 13,654 13,954
Return of prior year administered expenses 38,454 34,954 13,641
Other revenue and gains 2.2E 8,820 6,433 254
Total income 612,146 611,114 571,397
   
Net cost of services (4,090,873) (3,216,557) (4,267,767)
   
OTHER COMPREHENSIVE INCOME  
Re-measurements of defined benefit plans 2,991 (8,618) –
Changes in asset revaluation surplus 532 (1,074) –
Movement in the carrying amount of investments 6,513 8,540 –
Total other comprehensive income (10,036 (1,152) –
Total comprehensive (loss) (4,080,837) (3,217,709) (4,267,767)

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 2017

Original
2017 2016 Budget
Notes $’000 $’000 $’000
   
ASSETS
Financial assets
Cash on hand or on deposit 4.1A 12,162 25,683 1,832
Trade and other receivables 4.1B 185,305 185,512 2,852,668
Investments 4.1C 2,367,368 2,451,526 2,472,373
Total financial assets 2,564,835 2,662,721 5,326,873
Non-financial assets
Leasehold improvements 4.2A 81 62 973
Property, plant and equipment 4.2A 27 6 1,436
Computer software internally developed 4.2A 3,565 4,094 4,168
Prepayments 128 572 151
Total non-financial assets 3,801 4,734 6,728
Total assets administered on behalf of Government 2,568,636 2,667,455 5,333,601
 
LIABILITIES  
Payables  
Grants 4.3A 1,071,059 509,767 1,368,069
Other payables 4.3B 1,127,086 945,153 1,386,366
Total payables 2,198,145 1,454,920 2,754,435
Provisions  
Employee provisions 6.1B 82,252 89,711 80,749
Total provisions 82,252 89,711 80,749
Total liabilities administered on behalf of Government 2,280,397 1,544,631 2,835,184
 
Net assets 288,239 1,122,824 2,498,417

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 2017

2017 2016
$’000 $’000
   
Opening assets less liabilities as at 1 July 1,122,824   853,639
       
Net (cost of)/contribution by services    
Income 612,146   611,114
Expenses    
Payments to entities other than corporate Commonwealth entities (4,559,409)   (3,683,653)
Payments to corporate Commonwealth entities – Tourism Australia (143,610)   (144,018)
     
Other comprehensive income
Movement in the carrying amount of investments 6,513   8,540
Administered asset revaluations taken to/from reserves 532   (1,074)
Actuarial gains / (losses) on defined benefit plans 2,991   (8,618)
Transfers (to)/from the Australian Government
Appropriation transfers from Official Public Account
Administered assets and liabilities appropriations 410,718   362,075
Annual appropriations
Payments to entities other than corporate Commonwealth entities 3,421,926   3,615,886
Payments to corporate Commonwealth entities – Tourism Australia 143,610   144,018
Special accounts
Payments to entities other than corporate Commonwealth entities 8,920   37,876
Special appropriations (unlimited)
Payments to entities other than corporate Commonwealth entities 656   831
Appropriation transfers to Official Public Account
Transfers to OPA (739,578)   (673,792)
Closing assets less liabilities as at 30 June 288,239 1,122,824

 

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 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 5.1A: 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 2017

Notes 2017 2016
    $’000 $’000
OPERATING ACTIVITIES    
Cash received
Fees and charges 510,047 441,983
Net GST received 92,454 59,074
Return of prior year administered expenses 38,454 34,954
Efic (dividend and neutrality) and NIA 47,245 45,996
Other 8,182 4,448
Total cash received 696,382 586,455
Cash used
International development assistance 3,112,963 3,237,695
Other contributions 415,157 425,431
Payments to corporate Commonwealth entities – Tourism Australia 143,610 144,018
Efic – NIA 9,210 21,532
Other 3,488 7,042
Total cash used 3,684,428 3,835,718
Net cash / (used by) operating activities 19 (2,988,046) (3,249,263)
     
INVESTING ACTIVITIES
Cash received
Proceeds from sale of plant and equipment – 8
Proceeds from concessional financial instruments 3,950 –
Total cash received 3,950 8
Cash used
Purchase of intangibles 329 730
Purchase of concessional financial instruments 275,348 227,021
Total cash used 275,677 227,751
Net cash / (used by) investing activities (271,727) (227,743)
       
Net (decrease) in cash held (3,259,773) (3,477,006)
Cash and cash equivalents at the beginning of the reporting period 25,683 15,263
Cash from Official Public Account  
Appropriations 3,976,910 4,122,810
Special Accounts 8,920 37,876
Total cash from official public account 3,985,830 4,160,686
Cash to Official Public Account    
Appropriations (739,578) (673,792)
Total cash to official public account (739,578) (673,792)
Effect of exchange rate fluctuations – 532
Cash and cash equivalents at the end of the reporting period 12,162 25,683

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

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