Primary financial statements
STATEMENT OF COMPREHENSIVE INCOME for the period ended 30 June 2021
2021 | 2020 | Original Budget 2021 | ||
Notes | $'000 | $'000 | $'000 | |
NET COST OF SERVICES | ||||
Expenses | ||||
Employee benefits | 194,722 | 177,714 | 172,461 | |
Suppliers | 131,237 | 122,823 | 131,555 | |
Depreciation and amortisation | 164,851 | 117,029 | 145,894 | |
Finance costs | 1,181 | 1,517 | 2,386 | |
Impairment/(write-back) on financial instruments | (4) | 42 | - | |
Write-down and impairment of other assets | 1,804 | 491 | 1 | |
Foreign exchange losses | 68 | 88 | 84 | |
Loss from sale of assets | 198 | 583 | - | |
Contributions to WMO and IOC1 | 2,821 | 2,862 | 2,146 | |
Total expenses | 496,878 | 423,149 | 454,527 | |
Own-Source Income | ||||
Own-source revenue | ||||
Revenue from contracts with customers | 71,642 | 74,054 | 45,100 | |
Other revenue | 1,868 | 271 | - | |
Total own-source revenue | 73,510 | 74,325 | 45,100 | |
Gains | ||||
Foreign exchange gains | 850 | 607 | - | |
Total gains | 850 | 607 | - | |
Total own-source income | 74,360 | 74,932 | 45,100 | |
Net cost of services | (422,518) | (348,217) | (409,427) | |
Revenue from Government | 269,919 | 263,269 | 267,765 | |
Deficit | (152,599) | (84,948) | (141,662) | |
OTHER COMPREHENSIVE INCOME | ||||
Items not subject to subsequent reclassification to net cost of services | ||||
Changes in asset revaluation surplus | - | 58,905 | - | |
Total other comprehensive income | - | 58,905 | - | |
Total comprehensive loss | (152,599) | (26,043) | (141,662) |
1. Contributions to World Meteorological Organization (WMO) and Inter-Governmental Oceanographic Commission (IOC).
The budget variances commentary is contained in the Other Information section (note 7.1).
The above statement should be read in conjunction with the accompanying notes.
STATEMENT OF FINANCIAL POSITION as at 30 June 2021
2021 | 2020 | Original Budget 2021 | ||
Notes | $'000 | $'000 | $'000 | |
ASSETS | ||||
Financial Assets | ||||
Cash and cash equivalents | 421 | 948 | 948 | |
Trade and other receivables | 156,775 | 164,752 | 90,528 | |
Accrued revenues | 6,244 | 2,296 | 2,296 | |
Total financial assets | 163,440 | 167,996 | 93,772 | |
Non-Financial Assets1 | ||||
Land | 11,402 | 12,229 | - | |
Buildings | 168,678 | 196,300 | 199,036 | |
Plant and equipment | 436,071 | 461,302 | 489,778 | |
Computer software | 239,459 | 178,722 | 237,330 | |
Other intangibles | 1 | 3 | - | |
Inventories | 4,439 | 5,381 | 5,381 | |
Prepayments | 7,311 | 9,155 | 9,155 | |
Total non-financial assets | 867,361 | 863,092 | 940,680 | |
Assets held for sale | 640 | 2,548 | 2,548 | |
Total assets | 1,031,441 | 1,033,636 | 1,037,000 | |
LIABILITIES | ||||
Payables | ||||
Suppliers | 90,417 | 88,338 | 29,031 | |
Other payables and liabilities | 10,062 | 6,532 | 49,089 | |
Total payables | 100,479 | 94,870 | 78,120 | |
Interest bearing liabilities | ||||
Leases | 103,845 | 123,755 | 127,066 | |
Total interest bearing liabilities | 103,845 | 123,755 | 127,066 | |
Provisions | ||||
Employee provisions | 64,875 | 63,279 | 63,279 | |
Provisions for restoration | 25,232 | 25,141 | 25,141 | |
Total provisions | 90,107 | 88,420 | 88,420 | |
Total liabilities | 294,431 | 307,045 | 293,606 | |
Net assets | 737,010 | 726,591 | 743,394 | |
EQUITY | ||||
Contributed equity | 1,250,095 | 1,086,180 | 1,246,978 | |
Reserves | 334,049 | 334,049 | 334,049 | |
Accumulated deficit | (847,134) | (693,638) | (837,633) | |
Total equity | 737,010 | 726,591 | 743,394 |
1. Right-of-use assets are included in the following line items: Land, Buildings, Plant and Equipment.
The budget variances commentary is contained in the Other Information section (note 7.1).
The above statement should be read in conjunction with the accompanying notes.
STATEMENT OF CHANGES IN EQUITY for the period ended 30 June 2021
2021 | 2020 | Original Budget 2021 | ||
$'000 | $'000 | $'000 | ||
CONTRIBUTED EQUITY | ||||
Opening balance | ||||
Balance carried forward from previous period | 1,086,180 | 923,315 | 1,086,180 | |
Adjusted opening balance | 1,086,180 | 923,315 | 1,086,180 | |
Transactions with owners | ||||
Distributions to owners | ||||
Returns of capital | ||||
Return of equity appropriations | (7) | (52) | - | |
Contributions by owners | ||||
Equity injection - appropriations | 122,376 | 128,355 | 119,252 | |
Departmental capital budget | 41,546 | 34,562 | 41,546 | |
Total transactions with owners | 163,915 | 162,865 | 160,798 | |
Closing balance as at 30 June | 1,250,095 | 1,086,180 | 1,246,978 | |
RETAINED EARNINGS | ||||
Opening balance | ||||
Balance carried forward from previous period | (693,638) | (609,680) | (693,638) | |
Adjustment on initial application of AASB 16 | - | 4,257 | - | |
Adjustment to correct AASB 16 leases recognised1 | 731 | - | - | |
Adjusted opening balance | (692,907) | (605,423) | (693,638) | |
Comprehensive income | ||||
Deficit for the period | (152,599) | (84,948) | (141,662) | |
Total comprehensive income | (152,599) | (84,948) | (141,662) | |
Transactions with owners | ||||
Distributions to owners | ||||
Other | (1,628) | (3,267) | (2,333) | |
Total transactions with owners | (1,628) | (3,267) | (2,333) | |
Closing balance as at 30 June | (847,134) | (693,638) | (837,633) | |
ASSET REVALUATION RESERVE | ||||
Opening balance | ||||
Balance carried forward from previous period | 334,049 | 275,144 | 334,049 | |
Adjusted opening balance | 334,049 | 275,144 | 334,049 | |
Comprehensive income | ||||
Other comprehensive income | - | 58,905 | - | |
Total comprehensive income | - | 58,905 | - | |
Closing balance as at 30 June | 334,049 | 334,049 | 334,049 | |
1 Refer Note 2.2A and 2.4 for further details.
2021 | 2020 | Original Budget 2021 | ||
$'000 | $'000 | $'000 | ||
TOTAL EQUITY | ||||
Opening balance | ||||
Balance carried forward from previous period | 726,591 | 588,779 | 726,591 | |
Adjustment on initial application of AASB 16 | - | 4,257 | - | |
Adjustment to correct AASB 16 leases recognised1 | 731 | - | - | |
Adjusted opening balance | 727,322 | 593,036 | 726,591 | |
Comprehensive income | ||||
Deficit for the period | (152,599) | (84,948) | (141,662) | |
Other comprehensive income | - | 58,905 | - | |
Total comprehensive income | (152,599) | (26,043) | (141,662) | |
Transactions with owners | ||||
Distributions to owners | ||||
Returns of capital | ||||
Return of equity appropriations | (7) | (52) | - | |
Other | (1,628) | (3,267) | (2,333) | |
Contributions by owners | ||||
Equity injection - appropriations | 122,376 | 128,355 | 119,252 | |
Departmental capital budget | 41,546 | 34,562 | 41,546 | |
Total transactions with owners | 162,287 | 159,598 | 158,465 | |
Closing balance as at 30 June | 737,010 | 726,591 | 743,394 | |
1 Refer Note 2.2A and 2.4 for further details.
The budget variances commentary is contained in the Other Information section (note 7.1).
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.
Other Distributions to Owners
The FRR require that distributions to owners be debited to contributed equity unless it is in the nature of a dividend.
The return of funds to the Commonwealth relating to the proceeds of Bureau of Meteorology houses are debited to retained earnings.
CASH FLOW STATEMENT for the period ended 30 June 2021
2021 | 2020 | Original Budget 2021 | ||
Notes | $'000 | $'000 | $'000 | |
OPERATING ACTIVITIES | ||||
Cash received | ||||
Appropriations | 346,321 | 352,414 | 386,679 | |
Sales of goods and rendering of services | 89,895 | 84,011 | 45,099 | |
GST received | 28,584 | 28,323 | - | |
Total cash received | 464,800 | 464,748 | 431,778 | |
Cash used | ||||
Employees | (190,131) | (186,071) | (175,211) | |
Suppliers | (156,102) | (158,100) | (145,555) | |
Interest payments on lease liabilities | (922) | (1,375) | (2,386) | |
Section 74 receipts transferred to OPA | (86,383) | (79,652) | (47,024) | |
GST paid | (3,370) | (6,161) | - | |
Total cash used | (436,908) | (431,359) | (370,176) | |
Net cash from operating activities | 27,892 | 33,389 | 61,602 | |
INVESTING ACTIVITIES | ||||
Cash received | ||||
Proceeds from sales of property, plant and equipment and assets held for sale | 696 | 3,280 | 2,135 | |
Total cash received | 696 | 3,280 | 2,135 | |
Cash used | ||||
Purchase of property, plant and equipment and intangibles | (191,056) | (185,126) | (210,126) | |
Total cash used | (191,056) | (185,126) | (210,126) | |
Net cash used by investing activities | (190,360) | (181,846) | (207,991) | |
FINANCING ACTIVITIES | ||||
Cash received | ||||
Departmental capital budget | 41,546 | 34,562 | - | |
Contributed equity | 136,714 | 131,108 | 160,798 | |
Total cash received | 178,260 | 165,670 | 160,798 | |
Cash used | ||||
Principal payments of lease liabilities | (14,691) | (13,811) | (12,263) | |
Other | (1,628) | (3,267) | (2,146) | |
Total cash used | (16,319) | (17,078) | (14,409) | |
Net cash from financing activities | 161,941 | 148,592 | 146,389 | |
Net increase/(decrease) in cash held | (527) | 135 | - | |
Cash and cash equivalents at the beginning of the reporting period | 948 | 813 | 948 | |
Cash and cash equivalents at the end of the reporting period | 421 | 948 | 948 |
The budget variances commentary is contained in the Other Information section (note 7.1).
The above statement should be read in conjunction with the accompanying notes.
ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES as at 30 June 2021
2021 | 2020 | ||
Notes | $'000 | $'000 | |
ASSETS | |||
Total assets administered on behalf of Government | - | - | |
LIABILITIES | |||
Payables | |||
Trade and other payables | 366 | 366 | |
Total liabilities administered on behalf of government | 366 | 366 | |
Net liabilities | (366) | (366) |
The above schedule should be read in conjunction with the accompanying notes.
Budget Variance Commentary
The original budget for 2021 has not been disclosed in the Administered Schedule of Comprehensive Income as no items were published in the 2020-21 Portfolio Budget Statements.
ADMINISTERED RECONCILIATION SCHEDULE for the period ended 30 June 2021
2021 | 2020 | |
$'000 | $'000 | |
Opening assets less liabilities as at 1 July | (366) | (366) |
Net contribution by services | ||
Income/(expenses) | - | - |
Transfers (to)/from the Australian Government | ||
Appropriation transfers to Official Public Account | ||
Transfers to Official Public Account | - | - |
Closing assets less liabilities as at 30 June | (366) | (366) |
Accounting Policy
Administered Cash Transfers to and from Official Public Account
Revenue collected by the Bureau of Meteorology for use by the Government rather than the Bureau of Meteorology 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 Bureau of Meteorology on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.
An administrative process is required to be re-initiated with Department of Finance for this balance to be repaid to the Bureau of Meteorology.
ADMINISTERED CASH FLOW STATEMENT for the period ended 30 June 2021
2021 | 2020 | ||
$'000 | $'000 | ||
OPERATING ACTIVITIES | |||
Cash received | |||
Sale of goods and rendering of services | - | 112 | |
Net GST received | - | 11 | |
Total cash received | - | 123 | |
Cash used | |||
Suppliers | - | (112) | |
Net GST paid | - | (11) | |
Total cash paid | - | (123) | |
Net cash from operating activities | - | - | |
Cash to Official Public Account | |||
Cash transfers to Official Public Account | - | - | |
Cash and cash equivalents at the beginning of the reporting period | - | - | |
Cash and cash equivalents at the end of the reporting period | - | - |
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https://www.transparency.gov.au/annual-reports/bureau-meteorology/reporting-year/2020-21-15