ºÚÁÏÇ鱨վ

Human Rights and Equal Opportunity Commission Annual Report 2000-2001

• Back to contents

 

Human Rights and Equal Opportunity
Commission Statement of Financial Performance for the period ended 30
June 2001

"If you require
this information in a more accessible format, please contact paffairs@humanrights.gov.au
"

Human
Rights and Equal Opportunity Commission

Statement of Financial Performance

a	Notes	2000-01 $	1999-2000 $
Revenues from ordinary activities	a	a	a
Revenues from government	3.1	10,609,000	14,426,000
Sales of goods and services	3.2	2,796,646	3,245,221
Other	3.3	86,664	62,741
Total revenues from ordinary activities	a	13,492,310	17,733,962
a	a	a	a
Expenses from ordinary activities	a	a	a
Employees	4.1	6,849,056	9,015,177
Suppliers	4.2	5,437,306	7,361,150
Depreciation and amortisation	4.3	677,836	641,025
Disposals of assets 3.4	4.4	13,954	22,756
Write-down of assets	4.4	29,003	685,379
Total expenses from ordinary activities	a	13,007,155	17,725,487
a	a	a	a
Net operating surplus from ordinary activities	a	485,155	8,475
Equity interests	a	a	a
Net surplus attributable to the Commonwealth 485,155 8,475	a	485,155	8,475

 

Human Rights
and Equal Opportunity Commission

Statement
of Financial Position as at 30 June 2001

ASSETS	Notes	2000-01 $	1999-00 $
Financial assets	a	a	a
Cash	a	2,237,009	1,537,633
Receivables	5	473,636	622,609
Total financial assets	aa	2,710,645	2,160,242
a
Non-financial assets	a	a	a
Infrastructure, plant and equipment	6.1, 6.2	2,010,588	2,236,575
Intangibles	6.3	113,253	97,926
Other	6.4	266,578	91,331
Total non-financial assets	a	2,390,419	2,425,832
aa	aa	aa	aa
LIABILITIES	aa	aa	aa
Debt	aa	aa	aa
Other	7	2,314,057	3,055,075
Total debt	aa	2,314,057	3,055,075
a	a	a	a
Provisions	a	a	a
Capital use charge	a	35,000	a
Employees	8.1	1,406,493	2,048,111
Total provisions	a	1,441,493	2,048,111
a	a	a	a
Payables	a	a	a
Suppliers	8.2	358,609	270,905
Other	8.3	732,527	-
Total payables	a	1,091,136	270,905
Total liabilities	a	4,846,686	5,374,091
a	a	a	a
EQUITY	a	a	a
Capital	a	1,006,000	1,095,000
Reserves	a	55,592	55,592
Accumulated deficits	a	(807,214)	(1,938,609)
Total equity	9	254,378	(788,017)
a	a	a	a
Current liabilities	a	2,598,988	2,256,805
Non-current liabilities	a	2,247,698	3,117,286
Current assets	a	2,977,223	2,251,573
Non-current assets	a	2,123,841	2,334,501

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

Human Rights
and Equal Opportunity Commission

Statement of Cash Flows for the period ended 30 June 2001

OPERATING ACTIVITIES	Notes	2000-01 $	1999-00 $
Cash received	-	-	-
Appropriations for outputs	-	10,640,000	15,435,000
Sales of goods and services	-	3,749,200	2,983,893
Interest	-	82,203	62,741
GST refunds	-	247,120	-
Total cash received	-	14,718,523	18,481,634
a	a	a	a
Cash used	a	a	a
Employees	a	6,778,880	8,580,036
Suppliers	a	6,692,263	7,842,805
Total cash used	a	13,471,143	16,422,842
Net cash from operating activities	10	1,247,380	2,058,792
a	a	a	a
INVESTING ACTIVITIES	a	a	a
Cash received	a	a	a
Proceeds from sales of property, plant and equipment	a	645	3,107
Total cash received	a	645	3,107
a	a	a	a
Cash used	a	a	a
Purchase of infrastructure, plant and equipment	a	548,649	543,265
Total cash used	a	548,649	543,265
Net cash used by investing activities	a	(548,004)	(540,158)
a	a	a	a
Net increase in cash held	a	699,376	1,518,634
Cash at the beginning of the reporting period	a	1,537,633	18,998
Cash at the end of the reporting period	a	2,237,009	1,537,633

 

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

Human Rights
and Equal Opportunity Commission

Schedule of Commitments as at 30 June 2001

OTHER COMMITMENTS Operating leases	7,807,929	9,502,241
Other commitments	131,439	379,793
Total other commitments	7,939,368	9,882,034
a	a	a
COMMITMENTS RECEIVABLE	(2,611,450)	(1,932,576)
Net commitments	5,327,918	7,949,458
a	a	a
BY MATURITY	a	a
All net commitments	a	a
One year or less	1,466,480	2,264,524
From one to five years	3,861,438	5,684,934
Over five years	-	-
Net commitments	5,327,918	7,949,458
a	a	a
Operating Lease Commitments	a	a
One year or less	2,497,430	2,367,876
From one to five years	5,310,499	7,134,365
Over five years	-	-
Commitments	a	a

Schedule of Contingencies
as at 30 June 2001

CONTINGENT LOSSES	a	70,000
Total contingent losses	-	70,000
CONTINGENT GAINS	-	-
Total contingent gains	-	-
Net contingencies	-	70,000

 

At 30 June the
Commission recognised no contingent losses or gains. The contingent
loss noted in 1999-00 was

realised in 2000-01 and is included in Suppliers expense.

Schedule of Unquantifiable
Contingencies

As at 30 June
2001, the Commission was named as the respondent in three applications
for special leave in the

High Court which are yet to be heard, a number of matters before the
Federal Court of Australia and a matter before the District Court of
South Australia. It is not possible to estimate the amounts of the eventual
payments that may be required in relation to these claims, though it
is not common for costs to be awarded against the Commission in these
matters.

The Commission has also intervened in three matters since June 2000.
Although it is technically possible that a cost order could be made
against the Commission in one of these matters, such an order is unlikely.

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

Human Rights and Equal Opportunity
Commission Notes to and forming part of the Financial Statements

for the year ended 30 June 2001

Note 1 - Objectives
of the Human Rights and Equal Opportunity Commission

The Commission
has one outcome:

"An Australian
society in which the human rights of all are respected, protected
and promoted ".

The Commission's objective is to ensure that Australians:

• have access
  to independent human rights complaint handling and public inquiries
  processes; and
  
• benefit
  from human rights education, promotion, monitoring and compliance
  activities.
  

 

Note 2 - Summary
of significant accounting policies

2.1 Basis of
Accounting

The financial statements
are required by section 49 of the Financial Management and Accountability
Act 1997

and are a general purpose financial report.

The statements
have been prepared in accordance with:

• Schedule 1 of
  the Financial Management and Accountability (Financial Statements
  2000-01) Orders made by the Finance Minister for the preparation of
  Financial Statements in relation to financial years ending on 30 June
  2001;
  
• Australian Accounting
  Standards and Accounting Interpretations issued by the Australian
  Accounting Standards Boards;
  
• other authoritative
  pronouncements of the Boards; and
  
• the Consensus
  Views of the Urgent Issues Group.
  

 

The statements
have been prepared having regard to:

• Statements of
  Accounting Concepts;
  
• the Explanatory
  Notes to Schedule 1, and Guidance Notes issued by the Department of
  Finance and Administration.
  

The Agency Statements
of Financial Performance and Financial Position have been prepared on
an accrual basis and are in accordance with historical cost convention,
except for certain assets which as noted, are at valuation. Except where
stated, no allowance is made for the effect of changing prices on the
results or the financial position.

Assets and liabilities are recognised in the Commission's Statement
of Financial Position when and only when it is probable that future
economic benefits will flow and the amounts of the assets or liabilities
can be reliably measured. Assets and liabilities arising under agreements
equally proportionally unperformed are however not recognised unless
required by an Accounting Standard. Liabilities and assets which are
unrecognised are reported in the Schedule of Commitments and the Schedule
of Contingencies.

Revenues and expenses are recognised in the Agency Statement of Financial
Performance when and only when the flow or consumption or loss of economic
benefits has occurred and can be reliably measured.

The continued existence of the Commission in its present form, and with
its present functions, is dependent on Government policy and on continuing
appropriations by Parliament for the Commission's administration and
functions.

2.2 Changes
in Accounting Policy

Changes in accounting
policy have been identified in this note under their appropriate headings.

The accounting policies used in the preparation of these financial statements
are consistent with those used

in 1999-2000.

2.3 Agency and
Administered items

The Commission
has no administered items.

2.4 Reporting
by Outcomes

A comparison of
Budget and Actual figures by outcome specified in the Appropriation
Acts relevant to the Agency is presented in Note 17. The net cost to
Budget outcomes shown includes intra-government costs that are eliminated
in calculating the actual budget outcome for the Government overall.

2.5 Revenues
from government

Revenues from government
are revenues relating to the core operating activities of the Commission.

Policies for accounting for revenue from government follow; amounts
and other details are given in Note 3.1.

(a) Revenues from Government - Agency Appropriations

Appropriations to the Commission for its departmental outputs are recognised
as revenue to the extent that they have been received into the Commission's
Bank account or are entitled to be received by the Commission at year
end.

(b) Resources Received
Free of Charge

Services received free of charge are recognised as revenue when and
only when a fair value can be reliably determined and the services would
have been purchased if they had not been donated. Use of those resources
is recognised as an expense.

(c) Other Revenue

Revenue from the sale of goods is recognised upon delivery of goods
to customers. Interest revenue is recognised on a proportional basis
taking into account the interest rates applicable to the financial assets.

Dividend revenue is recognised when the right to receive a dividend
has been established. Revenue from disposal of non-current assets is
recognised when control of the asset has passed to the buyer.

Agency revenue
from the rendering of a service is recognised by reference to the stage
of completion of contracts or other agreements to provide services to
Commonwealth bodies. The stage of completion is determined according
to the proportion that costs incurred to date bear to the estimated
total costs of the transaction.

2.6 Employee
entitlements

(a) Leave

The liability for employee entitlements includes provision for annual
leave and long service leave. No provision has been made for sick leave
as all sick leave is non-vesting and the average sick leave taken in
future years by employees of the Commission is estimated to be less
than the annual entitlement for sick leave.

The liability for annual leave and current long service leave reflects
the value of total leave entitlements of all employees at 30 June 2001
and is recognised at the nominal amount.

The non-current proportion of the liability for long service leave is
recognised and measured at the present value of the estimated future
cash flows to be made in respect of all employees at 30 June 2001. In
determining the present value of the liability, the Commission has taken
into account attrition rates and pay increases through promotion and
inflation.

(b) Separation
and redundancy

Provision is made for separation and redundancy payments in circumstances
where the Commission has formally identified positions as excess to
requirements and a reliable estimate of the amount of the payments can
be determined.

(c) Superannuation

Staff of the Commission contribute to the Commonwealth Superannuation
Scheme (CSS) and the Public Sector Superannuation Scheme (PSS). Employer
contributions amounting to $540,261 (1999-00:$730,948) in relation to
these schemes have been expended in these financial statements.

No liability for superannuation is recognised as at 30 June as the employer
contributions fully extinguish the accruing liability which is assumed
by the Commonwealth, except for that component at Note 8.1 which recognises
only those employer contributions accrued in 2000-01 and paid in the
subsequent year.

Employer Superannuation Productivity Benefit contributions totalled
$107,398.64 (1999-00: $140,482).

2.7 Leases

A distinction is
made between finance leases which effectively transfer from the lessor
to the lessee substantially all the risks and benefits incidental to
ownership of leased non-current assets, and operating leases under which
the lessor effectively retains all such risks and benefits. All leases
entered into by the Commission have been classified as Operating Leases
and lease payments are treated as expenses in the reporting period in
which they are incurred.

Operating lease rentals as shown in Note 4.2 represent actual rental
expense for the year adjusted for the impact of lease incentives. Calculations
are in accordance with mandatory reporting requirements.

Lease incentives taking the form of 'free' leasehold improvements and
rent holidays are recognised as liabilities. These liabilities are reduced
by allocating lease payments between rental expense and reduction of
the liability.

The lease incentive recognised as a result is amortised over the lease
term by allocating a portion of the rent expense against the current
balance. Fixed assets that are recognised are depreciated over the term
of the lease.

2.8 Unearned
Revenue

As at 30 June the
Commission recognised payments for services under contract, for which
costs have not yet beenincurred, as unearned revenue. In the event of
the services not being performed the moneys would have to be repaid.

2.9 Cash

Cash includes notes
and coins held and any deposits held at call with a bank or financial
institution.

2.10 Financial
Instruments

Accounting policies
for financial instruments are stated at Note 16.

2.11 Acquisition
of Assets

Assets are recorded
at cost on acquisition except as stated below. The cost of acquisition
includes the fair value of assets transferred in exchange and liabilities
undertaken.

Assets acquired at no cost, or for nominal consideration, are initially
recognised as assets and revenues at their fair value at the date of
acquisition, unless acquired as a consequence of restructuring arrangements.

In the latter case, assets are initially recognised as contributions
by owners at the amounts at which they were recognised in the transferor
agency's accounts immediately prior to restructuring.

2.12 Disposal
of Assets

Assets disposed
are at the end of their useful lives, or are technically obsolete or
have been found

to be un-economic to repair.

2.13 Transfer
of assets

Assets have been
relinqushed as a consequence of restructuring arrangements, at the amounts
at which they were recognised in the Commission's accounts immediately
prior to restructuring.

2.14 Property,
plant and equipment

Asset recognition
threshold

All depreciable non-current assets with historical cost equal to or
in excess of $2,000 are capitalised in the

year of acquisition and included on the Commission's Asset Register.
Except where stated all plant and

equipment is valued at historical cost.

Revaluations

Infrastructure, plant and equipment are revalued progressively in accordance
with the 'deprival' method of valuation in successive 3-year cycles,
so that no asset has a value greater than three years old. The current
cycles commenced in 1998-99. All assets on hand at the commencement
of the cycle will be revalued in 2001-02.

Assets in each class acquired after the commencement of the progressive
revaluation cycle are not captured by the progressive revaluation then
in progress.

The Commission recognises infrastructure, plant and equipment at its
depreciated replacement cost.Any assets which would not be replaced
or are surplus to the requirements are valued at net realisable value.
At 30 June 2001, the Commission had no assets in this situation. All
valuations are independent.

Recoverable amount test

Schedule 1 requires the application of the recoverable amount test to
departmental non-current assets in

accordance with AAS 10 Recoverable Amount of Non-Current Assets. The
carrying amounts of these

non-current assets have been reviewed to determine whether they are
in excess of their recoverable

amounts. In assessing recoverable amounts, the relevant cash flows have
been discounted to their present

value.

Depreciation and Amortisation

Depreciation is calculated on a straight line basis so as to write off
the cost of each item of infrastructure,

plant and equipment over its expected useful life. For leasehold improvements
the depreciation is calculated

over the lease term or the useful life, whichever is the shorter.

Depreciation/amortisation rates (useful lives) and methods are reviewed
at each balance date and necessary

adjustments are recognised in the current, and future reporting periods,
as appropriate. Residual values

are re-estimated for a change in prices only when assets are revalued.

Depreciation and amortisation rates applying to each class of depreciable
asset are based on the following

useful lives:

a	2000-2001	1999-2000
Leasehold improvements	Lease term	Lease term
Plant and equipment	4 to 10 years	4 to 10 years

"If you require
this information in a more accessible format, please contact paffairs@humanrights.gov.au
"

The aggregate
amount of depreciation allocated for each class of asset during the
reporting period is disclosed in Note 4.3.

2.15 Taxation

The Commission's
activities are exempt from all forms of taxation except fringe benefits
tax and the goods

and services tax.

2.16 Foreign
Currency

Transactions denominated
in a foreign currency are converted at the exchange rate at the date
of the transaction. Foreign currency receivables and payables are translated
at the exchange rates current as at balance date. Associated currency
gains and losses are not material.

2.17 Insurance

The Commission
has insured for risks through the Government's insurable risk managed
fund, called Comcover. Workers compensation is insured through Comcare
Australia.

2.18 Comparative
Figures

Comparative figures
have been adjusted to conform to changes in presentation in these financial
statements

where required.

2.19 Capital
use charge (CUC)

A capital usage
charge of 12% is imposed by the Government on the net departmental assets
of the Commission.

a

The revaluations
were as at 1July 1999 in accordance with the progressive revaluation
policy stated at Note 2 and were completed by an independent valuer,
Australian Valuation Office.

6.2 Analysis
of Property, Plant, Equipment and Intangibles

TABLE
A: Movement summary 2000-01 for all assets irrespective of valuation
basis

Item	Land	Buildings	Total land &buildings	Infrastructure, plant &equipment	Computer sofware total intangibles	Total
Gross Value as at 1 July 2000	-	-	-	5,805,768	302,297	6,108,065
Additions:	-	-	-	-	-	-
- acquisition of new assets	-	-	-	490,493	42,897	533,390
Revaluations: write-ups (write-downs)	-	-	-	-	-	-
Assets transferred in/(out)	-	-	-	(100,763)	-	(100,763)
Write-offs	-	-	-	-	-	-
Disposals	-	-	-	(48,106)	-	(48,106)
Gross Value as at 30 June 2001	a aa			6,147,392	345,194	6,492,586
Accumulated Depreciation/Amortisation as at 1July 2000	-	-	-	3,569.193	204,371	3,773,564
Depreciation/Amortisation charges for assets held 1July 2000	-	-	-	476,337	-	476,337
Depreciation/Amortisation charges for additions	-	-	-	173,929	27,570	201,499
Revaluations	-	-	-	-	-	-
Assets transferred in/(out)	-	-	-	(49,148)		(49,148)
Write-offs	-	-	-	-	-	-
Disposals	-	-	-	(33,507)	-	(33,507)
Accumulated Depreciation/Amortisation as at 30 June 2001	-	-	-	4,136,804	231,941	4,368,745
Net book value as at 30 June 2001	-	-	-	2,010,588	113,253	2,123,841
Net book value as at 1 July 2000	-	-	-	2,236,575	97,926	2,334,501

 

Item	Land	Buildings	Total land &buildings	Infrastructure, plant &equipment	Computer sofware total intangibles	Total
As at 30 June 2001	a	a	a	a	a	a
Gross Value	-	-	-	5,204,315	-	5,204,315
Accumulated Depreciation/Amortisation	-	-	-	(3,758,525)	-	(3,758,525)
Net book value	-	-	-	1,445,790	-	1,445,790
As at 30 June 2000	-	-	-	-	-	-
Gross Value	-	-	-	5,293,803	-	5,293,803
Accumulated Depreciation/Amortisation	-	-	-	(3,501,998)	-	(3,501,998)
Net book value	-	-	-	1,791,805	-	1,791,805

 

a	2000-01 $	1999-00 $
6.3 Intangibles	a	a
Computer software - internally developed	345,194	302,297
Less: Accumulated depreciation	(231,941)	(204,371)
Total	113,253	97,926
6.4 Other	-	-
Prepayments	-	-
Rent	159,118
Other	107,460	91,331
Total	266,578	91,331
Note 7	a	a
Other Debt	-	-
Lease incentives	2,314,057	3,055,075
Note 8 Provisions and Payables	a	a
8.1 Employee Provisions	a	a
Salaries and wages	150,671	268,902
Leave	1,237,250	1,594,907
Superannuation	18,572	30,394
Separation and redundancies	-	153,908
Aggregate employee entitlement liability	1,406,493	2,048,111
Current	724,206	803,230
Non-current	682,287	1,244,881
8.2 Supplier Payables	a	a
Trade creditors	339,637	266,930
Operating lease rentals	18,972	3,975
Total	358,609	270,905
8.3 Other Payables	a	a
Unearned revenue	732,527	-

 

Note 9 - Equity
(cont)

Restructuring

As a result of a restructuring of administrative arrangements, the Commission
relinquished its responsibility for

the delivery of functions under the Privacy Act 1988.

The Privacy Amendment (Office of the Privacy Commissioner) Act 2000
amended the Privacy Act 1988

and established the Office of the Federal Privacy Commissioner as a
separate entity.

In respect of the functions relinquished, the following assets and liabilities
were transferred by the

Commission:

a	2000-01 $	1999-00 $
Total assets relinquished	55,585	-
Total liabilities relinquished	647,826	-
Net assets relinquished	(592,241)	-
Net Contribution by Government as owner during the period	(592,241)	-

Note 10 - Cash
flow reconcilation

Reconciliation of Cash per Statement of Financial Position to Statement of Cash Flows	aaa	aaa
Cash at year end per Statement of Cash Flows	2,237,009	1,537,633
Statement of Financial Position items comprising above cash: 'Financial Asset -Cash'	2,237,009	1,537,633
Reconciliation of operating surplus to net cash from operating activities:	a	a
Net surplus -	485,155	8,475
Restructuring transfers	592,241	-
Fixed asset transfer	51,615	-
Other asset transfer	15,259	-
Provision for doubtful debts	16,042	-
Depreciation and Amortisation	677,836	641,025
Loss on disposal	13,954	704,092
Recognition of capital reserve	-	88,555
(Increase)/Decrease in Receivables	132,931	728,516
(Increase)/Decrease in Prepayments	(175,247)	137,020
Increase/(Decrease) in Employee provision	(641,619)	270,631
Increase/(Decrease) in Suppliers	87,704	201,365
Increase/(Decrease) in Debt	(741,018)	(720,887)
Increase/(Decrease) in Other payables provision	732,527	-
Net cash from operating activities	1,247,380	2,058,792

 

Note 11 - Executive
Remuneration

The number of Executives who received or were due to receive total remuneration
of $100,000 or more:

REMUNERATION OF	2000-01 Number	1999-00 Number
$100,000-$109,999	1	-
$120,000-$129,999	-	1
$130,000-$139,999	1	-
$140,000-$149,999	-	2
$150,000-$159,999	-	1
$170,000-$179,999	1	4
$180,000-$189,999	1	-
$190,000-$199,999	-	1
$200,000-$209,999	1	-
a	5	9
The aggregate amount of total remuneration of Executives shown above.	$815,991	$1,456,889
The aggregate amount of separation and redundancy payments during the year to executive officers shown above	-	$,949

Note 12 - Remuneration
of Auditors

Financial statement audit services are provided free of charge to the Commission by the Auditor-General. The fair value of the audit services was:	25,000	30,000
Other Services Amounts paid in relation to the audit of two special purpose financial reports	2,773	3,000
Total	27,773	33,000

Note 13 - Act of
grace payments and waivers

No Act of Grace payments were made during the reporting period. - -

No waivers of amounts owing to the Commonwealth were made - -

pursuant to subsection 34(1) of the Financial Management and

Accountability Act 1997.

Note 14 - Average
Staffing Levels

The average staffing levels for the Commission during the year were:

ASL	ASL
91	126

Note 15 - Appropriations

15.1 Agency appropriations Annual Appropriations for Departmental items (outputs)	2000-01 $	1999-2000 $
Appropriation Acts 1 & 3 credits: Section 7 - Act 1 - basic appropriations (budget) Section 7 - Act 3 - basic appropriations Section 10 - adjustments Section 11 - Advance to the Finance Minister Section 12 - Comcover receipts	10,584,000 - - - -	14,396,000 - - - -
Total Current Appropriation Acts	10,584,000	14,396,000
	- 247,120 - 3,832,048	- - - 3,049,741
Total appropriated in the year	14,663,168	17,445,741
Balance brought forward from previous period	1,479,137	-
Total appropriations available for payments	16,142,305	17,445,741
Payments during the year	13,905,296	15,972,329
Balance of appropriations (unspent) at 30 June carried to next period	2,237,009	1,473,412
The brought forward figure for the balance of appropriations for the prior period has been amended toincorporate petty cash on hand of $5,727.

15.2 Annual
Appropriations for Departmental Capital items

a	Equity injections		Loans		Carryovers		Total
a	2000-01	1999-00	2000-01	1999-00	2000-01	1999-00	2000-01	1999-00
Appropriation Act No 2 & 4 Section 10 - Act No 2 (Budget) Section 10 - Act No 4 Advance to the Finance Minister	a	89,000	a	a	56,000	950,000	56,000	1,039,000
Total Current Appropriation ActsAdd: FMA Act appropriations Add: Appropriation Act No 4 s30 appropriations s30A appropriations (GST recoverables)	a	89,000	a	a	56,000	950,000	56,000	1 ,039,000
Total appropriated in the year Balance available at 1 July brought forward from previous period	- 58,494	89,000 -	a	a	56,000	950,000	56,000   58,494	1 ,039,000
Payments during the year	58,494	30,506	-	-	56,000	950,000	114,494	980,506
Balance of appropriations at 30 June carried to next period	-	58,494	-	-	-	-	-	58,494

 

Note 16 - Financial
Instruments

16.1 Terms, conditions and accounting policies

Financial Instrument	Notes	Accounting Policies and Methods (Including recognition criteria and measurement basis)	Nature of underlying instrument (including significant terms &conditions affecting the amount, timing and certainty of cash flows)
Financial Assets	a	Financial assets are recognised when control over future economic benefits is established and the amount of the benefit can be reliably recognised.	a
Cash	a	Deposits are recognised at their nominalamounts. Interest is credited to revenueas it accrues.	The Commission received interest payments from term deposits and the operating account. All accounts are held at the RBA and operate under the DOFA agency banking arrangements.
Receivables for goods and services	5	Receivables are recognised at the nominal amount due less any provision for bad and doubtful debts. Collectability of debts is reviewed at balance date. Provision is made when collection is judged less rather than more likely.	Balance of receivables are with entities external to the Commonwealth. Credit terms are net 30 days.
Financial liabilities	a	Financial liabilities are recognised when a present obligation to another party is entered into and the amount of the liability can be reliably measured.	a
Lease incentives	7	Lease incentives are recognised as a liability at the time of receipt. The amount of the liability is reduced on a straight line basis over the life of the lease by allocating a portion of the rent expense against the current balance.	The Commission received lease incentives on entering a property operating lease in October 1994. Lease payments are made monthly.

16.2 Interest
rate risk

Please for an accessible
format for this table contact: paffairs@humanrights.gov.au

 

16.3 Net Fair
Values of Financial Assets and Liabilities

a	a	2001-01		1999-00
Agency financial assets	Note	Total Carrying amount $	Aggregate Net Fair Value	Total carrying amount $	Aggregate Net Fair Value
Cash	-	2,237,009	2,237,009	1,537,633	1,537,633
Interest receivable	5	4,461	4,461	-	-
Receivables for goods and services	5	377,342	377,342	566,609	566,609
Appropriations	5	-	-	56,000	56,000
Total Financial Assets	-	2,618,812	2,618,812	2,160,242	2,160,242
Financial Liabilities (Recognised)	-	a	a	a	a
Lease incentives	7	2,314,057	2,314,057	3,055,075	3,055,075
Trade Creditors	8.2	339,637	266,930	266,930	266,930
Operating lease rentals	8.2	18,972	18,972	3,975	3,975
Unearned revenue	8.3	732,527	732,527	-	-
Total Financial Liabilities (Recognised)	-	3,405,193	3,405,193	3,325,980	3,325,980

 

Financial Assets

The net fair values of cash and non-interest bearing monetary financial
assets approximate their carrying amounts.

Financial liabilities

The net fair values of lease incentives liabilities are based on discounted
cash flows using current interest rates

for liabilities with similar risk profiles.

The net fair values for trade creditors are short-term in nature and
are approximated by their carrying amounts.

d) Credit Risk Exposures

The Commission's maximum exposures to credit risk at reporting date
in relation to each class of recognised

financial assets is the carrying amount of those assets as indicated
in the Statement of Financial Position.

The Commission has no significant exposures to any concentrations of
credit risk.

All figures for credit risk referred to do not take into account the
value of any collateral or other security.

 

	Budget $	Actual $
Net Subsidies, benefits and grant expenses Other administered expenses Total net administered expenses	-	-
Add Net cost of departmental outputs Outcome before extraordinary items	14,334,000 14,334,000	10,098,845 10,098,845
Extraordinary items Net Cost to Budget Outcome	- 14,334,000	- 10,098,845
Outcome specific assets deployed as at 30/6/01	3,617,000	5,101,064
Assets that are not outcome specific deployed as at 30/6/01	-	-
Major Agency Revenues & Expenses by Outcome	a	a
Operating Revenues	a	a
Revenues from government	14,334,000	10,584,000
Sale of goods and services	1,718,000	2,796,646
Other non-taxation revenues	74,000	111,664
Total operating revenues	16,126,000	13,492,310
Operating Expenses	a	a
Employees	8,143,000	6,849,056
Suppliers	7,298,000	5,437,306
Other	741,000	720,793
Total operating expenses	16,182,000	13,007,155

Note 18 Trust Moneys
Comcare Trust Account

Purpose - monies held in trust and advanced to the Commission by COMCARE
for the purpose of distributing compensation payments made in accordance
with the Safety Rehabilitation and Compensation Act 1988.



Comcare Trust Account Trust Money

a	2000-01 $	1999-2000 $
Balance carried forward from previous period	-	-
Receipts during the period	2,648	-
Available for payments	2,648	-
Payments made	2,648	-
Balance carried forward to next period	-	-