Notes to and forming part of the Financial Statements - Notes 2-6

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Note 2. Events after the Balance Sheet Date

There have been no events after the balance sheet date that impact on the ongoing structure or financial activities of the department

  2007 2006
  $’000 $’000

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Note 3. Income

Note that transactions reflecting the transfer of special account revenue to the department and its expenditure have been eliminated, so that only the net amounts are reported.

Revenues

Note 3A—Revenue from Government
  Appropriations for departmental outputs
136,081
94,987
  Total revenue from government
136,081
94,987


Note 3B—Sale of goods and rendering of services
Rendering of services—related entities
1,935
1,108
  Rendering of services—external entities
988
195
  Total rendering of services
2,923
1,303


Note 3C—Commissions
  Campaign Advertising Special Account
2,893
2,202
  Total commissions revenue
2,893
2,202


Note 3D—Gains
  Resources received free of charge
5,398
1,120
  Total Gains
5,398
1,120

 

2007
2006
$’000
$’000

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Note 4. Operating Expenses

Note that transactions reflecting the transfer of special account revenue to the department and its expenditure have been eliminated, so that only the net amounts are reported.


Note 4A—Employee benefits
Wages and salaries
47,814
32,696
Superannuation
7,885
5,789
Leave and other entitlements
6,706
4,952
Separations and redundancies
97
Other
605
355
  Total employee expenses
63,010
43,889


Note 4B—Supplier expenses
Provision of goods—related entities
3,869
728
Provision of goods—external entities
44,492
8,375
48,361
9,103
Rendering of services—related entities
2,088
1,152
Rendering of services—external entities
24,015
13,247
26,103
14,399
Operating lease rentals: minimum lease payments
8,528
6,549
  Workers compensation premium
398
305
  Total supplier expenses
83,390
30,356


Note 4C—Grants
  Private Sector: Non-profit organisations
2,542
2,012
  Total grants expenses
2,542
2,012


Note 4D—Depreciation and amortisation
Depreciation
Infrastructure, plant and equipment
5,172
4,012
5,172
4,012
Amortisation
Intangibles—computer software
609
628
609
628
   
 
  Total depreciation and amortisation
5,781
4,640

Depreciation expenses are $1.2m lower than budget due to lower then projected capital expenditure by the APEC Taskforce and delays in finalising the fitout costs for the department’s new accommodation at One National Circuit.


Note 4E—Write-down and impairment of assets

Financial assets
—Receivables
96
15
Non-financial assets
  —Infrastructure, plant and equipment*
257
–
  Total write-down and impairment of assets
353
15

* The department’s fitout for 3–5 National Circuit became obsolete during 2007 following the department’s relocation to new accommodation at One National Circuit. The recoverable amount of the fitout was determined as its net selling price.


Note 4F—Losses from asset sales
Infrastructure, plant and equipment:
Proceeds from disposal
–
4
Carrying value of assets sold
–
18
  Selling expense
–
–
  Total losses from asset sales
–
14
2007
2006
$’000
$’000

Note 5. Financial Assets

 


Note 5A—Cash and cash equivalents
Special accounts
–
1
  Cash on hand and at bank
774
17,392
  Total cash
774
17,393
Appropriation receivable held as Cash at OPA is available for the department to use as per cash at bank. Accordingly, the accounting treatment of appropriation receivable has been revised to reflect that cash at OPA is the equivalent of cash.


Note 5B—Receivables
Appropriation receivable
54,291
33,686
Goods and services
1,874
601
Commission—Campaign Advertising special account
284
23
GST receivable from the Australian Taxation Office
986
641
Total trade and other receivables (gross)
57,435
34,951
Less allowance for doubtful debts
    Goods and services
(107)
(20)
      Other Trust Monies special account
(9)
–
  Total trade and other receivables (net)
57,319
34,931
Receivables (gross) are aged as follows:
Current
55,277
34,254
Overdue by:
    less than 30 days
1,151
210
    30 to 60 days
579
263
    60 to 90 days
298
44
      more than 90 days
130
180
  Total receivables (gross)
57,435
34,951
Receivables are represented by:
Current
56,428
34,931
  Non-current
891
–
  Total trade and other receivables (net)
57,319
34,931


Note 5C—Accrued Revenue
Accrued revenue—Campaign Advertising special account
795
214
  —departmental
170
–
  Total Accrued Revenue
965
214

2007
2006
$’000
$’000

Note 6. Non-financial Assets


Note 6A—Infrastructure, plant and equipment
Gross carrying value (at fair value)
33,225
23,513
Accumulated depreciation
(702)
(16,321)
32,523
7,192
  Work in progress
911
4,198
  Total infrastructure, plant and equipment (non-current)
33,434
11,390
All revaluations are conducted in accordance with the revaluation policy stated at Note 1. In 2006–07, an independent valuer Preston Rowe Patterson NSW Pty Ltd conducted the revaluations.
Revaluation increment of $1,658,000 for infrastructure, plant and equipment was credited to the asset revaluation reserve and included in the equity section of the balance sheet and $257,000 was expensed (2006: $552,000 revaluation increment to equity and nil expensed).

Note 6B—Intangibles
Computer software at cost:
    Internally developed
1,792
1,733
    Purchased
3,347
3,093
Total Computer Software
      Accumulated amortisation
(4,127)
(3,636)
  Total intangibles (non-current)
1,012
1,190
No indicators of impairment were found for intangible assets.


Note 6C—Other
  Prepayments
678
681
  Total other
678
681
No indicators of impairment were found for other non-financial assets.

 

Note 6D—Analysis of property, plant and equipment
TABLE A—Reconciliation of the opening and closing balances of infrastructure,
plant and equipment (2006–07)
Total
$’000
As at 1 July 2006
Gross book value
24,044
Accumulated depreciation/amortisation
(16,874)
Net book value 1 July 2006
7,170
Additions:
    by purchase
28,784
Gross Revaluation increment/(decrement)
(10,246)
Revaluation—write back of accumulated depreciation
13,127
Reduction in make good
(18)
Depreciation/amortisation expense
(5,172)
Disposals:
    Other disposals
(10,404)
    Disposal depreciation
9,282
Net book value 30 June 2007
32,523
Net book value as of 30 June 2007 represented by:
Gross book value
33,225
Accumulated depreciation/amortisation
(702)
 
32,523
TABLE A—Reconciliation of the opening and closing balances of infrastructure,
plant and equipment (2005–06)

Total
$’000
As at 1 July 2005
Gross book value
21,837
Accumulated depreciation/amortisation
(12,888)
Net book value 1 July 2005
8,949
Additions:
    by purchase
2,073
    not previously recognised
101
    work in progress
3,746
Net Revaluation increment/(decrement)
545
Depreciation / Amortisation Expense
(4,012)
Disposals:
    Other disposals
(60)
    Disposal depreciation
26
Net book value 30 June 2006
11,368
Net book value as of 30 June 2006 represented by:
Gross book value
24,044
Accumulated depreciation/amortisation
(16,874)
Sub-total
7,170
Work in progress
4,198
 
11,368

The book value of infrastructure, plant and equipment for 2005–06 was overstated by $22,000, which has subsequently been corrected and is reflected in the comparative figures for 2005–06.

Note 6E—Analysis of intangibles
Table B: Reconciliation of the opening and closing balances of intangibles (2006–07)
Computer software internally developed
Computer software purchased
Total
 
$’000
$’000
$’000
As at 1 July 2006
Gross book value
1,733
3,093
4,826
Accumulated amortisation
(1,064)
(2,572)
(3,636)
Net book value 1 July 2006
669
521
1,190
Additions:
    Purchase/Internally developed
59
368
427
    from acquisitions of entities of     operations (including restructuring)
–
Movements:
    Reclassifications
–
–
–
    Amortisation Expense
(167)
(442)
(609)
    Impairments recognised in the     operating result
–
–
–
    Other movements
–
–
–
Disposals:
    Gross value
–
(114)
(114)
    Depreciation
–
118
118
Net book value 30 June 2007
561
451
1,012


Net book value as of 30 June 2007 represented by
Gross book value
1,792
3,347
5,139
Accumulated amortisation
(1,231)
(2,896)
(4,127)
 
561
451
1,012

Note 6E—Analysis of intangibles (continued)
Table B: Reconciliation of the opening and closing balances of intangibles (2005–06)
Computer software internally developed
Computer software purchased
Total
 
$’000
$’000
$’000
As at 1 July 2005
Gross book value
1,708
2,674
4,382
Accumulated amortisation
(880)
(2,134)
(3,014)
Net book value 1 July 2005
828
540
1,368
Additions:
Purchase/Internally developed
25
419
444
from acquisitions of entities of operations (including restructuring)
–
–
–
Movements:
Reclassifications
–
–
–
Amortisation Expense
(184)
(444)
(628)
Impairments recognised in the operating result
–
–
–
Other movements
–
–
–
Disposals:
Gross value
–
–
–
Depreciation
–
–
–
Net book value 30 June 2006
669
521
1,190
Net book value as of 30 June 2006 represented by:
Gross book value
1,733
3,093
4,826
Accumulated amortisation
(1,064)
(2,572)
(3,636)
 
669
521
1,190
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Last Updated: 21 January, 2008