Primary financial statements
Statement of Comprehensive Income
for the period ended 30 June 2020 | ||||
Notes | 2020 $'000 | 2019 $'000 | Original Budget $'000 | |
NET COST OF SERVICES | ||||
Expenses | ||||
Employee benefits | 160,438 | 137,829 | 139,966 | |
Suppliers | 93,400 | 88,897 | 98,959 | |
Depreciation and amortisation | 17,704 | 5,268 | 6,816 | |
Settlement of litigation | 33,256 | 6,172 | 0 | |
Finance costs | 844 | 15 | 33 | |
Impairment of non-financial assets | 18 | 425 | 0 | |
Total expenses | 305,660 | 238,606 | 245,774 | |
Own-source income | ||||
Own-source revenue | 4,932 | 5,428 | 3,797 | |
Total own-source income | 4,932 | 5,428 | 3,797 | |
Net (cost of) services | (300,728) | (233,178) | (241,977) | |
Departmental appropriations | 259,215 | 228,941 | 235,161 | |
Surplus/(Deficit) attributable to the Australian Government | (41,513) | (4,237) | (6,816) | |
Total comprehensive income/(loss) attribute to the Australian Government | (41,513) | (4,237) | (6,816) |
The above statement should be read in conjunction with accompanying notes.
Statement of Financial Position
as at 30 June 2020 | ||||
2020 $'000 | 2019 $'000 | Original Budget $'000 | ||
Notes | ||||
ASSETS | ||||
Financial assets | ||||
Cash and cash equivalents | 1,164 | 1,656 | 1,616 | |
Trade and other receivables | 63,842 | 60,337 | 39,017 | |
Total financial assets | 65,006 | 61,993 | 40,633 | |
Non-financial assets | ||||
Leasehold improvements | 79,808 | 15,893 | 11,223 | |
Plant and equipment | 3,177 | 3,439 | 4,194 | |
Computer software | 19,451 | 5,624 | 11,792 | |
Other non-financial assets | 1,627 | 4,608 | 4,060 | |
Total non-financial assets | 104,063 | 29,564 | 31,269 | |
Total assets | 169,069 | 91,557 | 71,902 | |
LIABILITIES | ||||
Payables | ||||
Suppliers | 17,654 | 13,038 | 13,108 | |
Other payables | 3,313 | 21,937 | 16,649 | |
Total payables | 20,967 | 34,975 | 29,757 | |
Interest bearing liabilities | ||||
Leases | 75,076 | 0 | 0 | |
Total interest bearing liabilities | 75,076 | 0 | 0 | |
Provisions | ||||
Employee provisions | 48,227 | 40,329 | 35,685 | |
Other provisions | 25,824 | 10,018 | 2,828 | |
Total provisions | 74,051 | 50,347 | 38,513 | |
Total liabilities | 170,094 | 85,322 | 68,270 | |
Net assets | (1,025) | 6,235 | 3,632 | |
EQUITY | ||||
Contributed equity | 114,985 | 99,283 | 105,078 | |
Reserves | 4,197 | 4,197 | 4,198 | |
Retained surplus/(Accumulated deficit) | (120,207) | (97,245) | (105,644) | |
Total equity | (1,025) | 6,235 | 3,632 |
The above statement should be read in conjunction with the accompanying notes.
Statement of Changes in Equity
for the period ended 30 June 2020 | ||||||||||||
Retained Surplus | Contributed Equity | Asset Revaluation Reserve | Total Equity | |||||||||
2020 $'000 | 2019 $'000 | Original Budget $'000 | 2020 $'000 | 2019 $'000 | Original Budget $'000 | 2020 $'000 | 2019 $'000 | Original Budget $'000 | 2020 $'000 | 2019 $'000 | Original Budget $'000 | |
Opening balance at 1 July 2019 | (97,245) | (93,008) | (98,828) | 99,283 | 88,079 | 99,283 | 4,197 | 4,197 | 4,198 | 6,235 | (732) | 4,653 |
Changes in accounting policy | 18,551 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18,551 | 0 | 0 |
Adjusted opening balance at 1 July | (78,694) | (93,008) | (98,828) | 99,283 | 88,079 | 99,283 | 4,197 | 4,197 | 4,198 | 24,786 | (732) | 4,653 |
Comprehensive Income | ||||||||||||
Surplus/(Deficit) for the period | (41,513) | (4,237) | (6,816) | 0 | 0 | 0 | 0 | 0 | 0 | (41,513) | (4,237) | (6,816) |
Total comprehensive income | (41,513) | (4,237) | (6,816) | 0 | 0 | 0 | 0 | 0 | 0 | (41,513) | (4,237) | (6,816) |
Transactions with owners | ||||||||||||
Contributions by owners | ||||||||||||
Equity injection | 0 | 0 | 0 | 1,100 | 1,100 | 1,100 | 0 | 0 | 0 | 1,100 | 1,100 | 1,100 |
Departmental capital budget | 0 | 0 | 0 | 14,602 | 10,104 | 4,695 | 0 | 0 | 0 | 14,602 | 10,104 | 4,695 |
Total transactions with owners | 0 | 0 | 0 | 15,702 | 11,204 | 5,795 | 0 | 0 | 0 | 15,702 | 11,204 | 5,795 |
Closing balance as at 30 June | (120,207) | (97,245) | (105,644) | 114,985 | 99,283 | 105,078 | 4,197 | 4,197 | 4,198 | (1,025) | 6,235 | 3,632 |
The above statement should be read in conjunction with the accompanying notes.
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.
Cash Flow Statement
for the period ended 30 June 2020 | |||
2020 $'000 | 2019 $'000 | Original Budget $'000 | |
OPERATING ACTIVITIES | |||
Cash received | |||
Appropriations | 274,770 | 225,864 | 250,301 |
Sale of goods and rendering of services | 1,223 | 1,321 | 3,703 |
Interest | 84 | 0 | 0 |
Net GST received | 10,022 | 8,076 | 0 |
Other | 3,881 | 3,875 | 0 |
Total cash received | 289,980 | 239,136 | 254,004 |
Cash used | |||
Employees | 151,004 | 130,404 | 138,165 |
Suppliers | 102,160 | 95,262 | 102,677 |
Interest payments on lease liabilities | 844 | 0 | 0 |
Section 74 receipts transferred to OPA | 25,193 | 15,788 | 13,662 |
Settlement of litigation | 14,379 | 0 | 0 |
Total cash used | 293,580 | 241,454 | 254,504 |
Net cash from/(used by) operating activities | (3,600) | (2,318) | (500) |
INVESTING ACTIVITIES | |||
Cash received | |||
Other | 2,194 | 2,909 | 0 |
Total cash received | 2,194 | 2,909 | 0 |
Cash used | |||
Purchase of non-financial assets | 19,018 | 5,658 | 5,295 |
Other | 224 | 3 | 0 |
Total cash used | 19,242 | 5,661 | 5,295 |
Net cash from/(used by) investing activities | (17,048) | (2,752) | (5,295) |
FINANCING ACTIVITIES | |||
Cash received | |||
Principal receipts on sublease receivable | 743 | 0 | 0 |
Contributed equity | 32,282 | 5,034 | 5,795 |
Total cash received | 33,025 | 5,034 | 5,795 |
Cash used | |||
Principal payments on lease liabilities | 12,869 | 0 | 0 |
Total cash used | 12,869 | 0 | 0 |
Net cash from/(used by) financing activities | 20,156 | 5,034 | 5,795 |
Net increase/(decrease) in cash held | (492) | (36) | - |
Cash and cash equivalents at the beginning of the reporting period | 1,656 | 1,692 | 1,616 |
Cash and cash equivalents at the end of the reporting period | 1,164 | 1,656 | 1,616 |
The above statement should be read in conjunction with the accompanying notes.
Administered Schedule of Comprehensive Income
for the period ended 30 June 2020 | |||
2020 | 2019 | Original Budget | |
$’000 | $’000 | $’000 | |
NET COST OF SERVICES | |||
Expenses | |||
Impairment and repayment of fees and fines | 26,445 | 21,421 | 0 |
Total expenses | 26,445 | 21,421 | 0 |
Income | |||
Non-taxation revenue | |||
Fines and costs | 202,128 | 91,235 | 40,000 |
Other fees and charges | 1,643 | 808 | - |
Total income | 203,771 | 92,043 | 40,000 |
Surplus | 177,326 | 70,622 | 40,000 |
Total comprehensive income | 177,326 | 70,622 | 40,000 |
The above schedules should be read in conjunction with the accompanying notes.
Administered Schedule of Assets and Liabilities
as at 30 June 2020 | ||||
Notes | 2020 $'000 | 2019 $'000 | Original Budget $'000 | |
ASSETS | ||||
Financial assets | ||||
Cash and cash equivalents | 500 | 0 | 0 | |
Trade and other receivables | 37,553 | 22,970 | 32,615 | |
Total financial assets | 38,053 | 22,970 | 32,615 | |
Total assets administered on behalf of Government | 38,053 | 22,970 | 32,615 | |
Net assets/(liabilities) | 38,053 | 22,970 | 32,615 |
The above schedules should be read in conjunction with the accompanying notes.
Administered Reconciliation Schedule
for the period ended 30 June 2020 | ||
2020 | 2019 | |
$’000 | $’000 | |
Opening assets less liabilities as at 1 July | 22,970 | 32,615 |
Net (cost of)/contribution by services | ||
Income | 203,771 | 92,043 |
Expenses | (26,445) | (21,421) |
Transfers (to)/from the Australian Government | ||
Appropriation transfers to Official Public Account | ||
Transfers to Official Public Account | (162,243) | (76,766) |
Transfers from other entities | 0 | (3,501) |
Closing assets less liabilities as at 30 June | 38,053 | 22,970 |
Accounting Policy Administered Cash Transfers to and from the Official Public Account Revenue collected by the Commission for use by the Government rather than the Commission is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the Commission on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule. | ||
The above schedules should be read in conjunction with the accompanying notes.
Administered Cash Flow Statement
for the period ended 30 June 2020 | ||
2020 | 2019 | |
$’000 | $’000 | |
OPERATING ACTIVITIES | ||
Cash received | ||
Fines and costs | 161,106 | 76,627 |
Other fees and charges | 1,645 | 141 |
Total cash received | 162,751 | 76,768 |
Cash used | ||
Refund of fees and fines | 8 | 2 |
Total cash used | 8 | 2 |
Net cash from operating activities | 162,743 | 76,766 |
Cash to Official Public Account | ||
Appropriations | (162,243) | (76,766) |
Total cash to Official Public Account | (162,243) | (76,766) |
Cash and cash equivalents at the beginning of the reporting period | 0 | 0 |
Cash and cash equivalents at the end of the reporting period | 500 | 0 |
The above schedules should be read in conjunction with the accompanying notes.
Visit
https://www.transparency.gov.au/annual-reports/australian-competition-and-consumer-commission/reporting-year/2019-20-11