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Financial Statements

DEPARTMENT OF FOREIGN AFFAIRS AND TRADE
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 30 June 2020

STATEMENT OF COMPREHENSIVE INCOME

Original

2020

2019

Budget

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

888,534

853,458

808,342

Suppliers

1.1B

558,427

727,856

730,435

Depreciation and amortisation

3.2A

353,283

195,539

185,883

Impairment loss on financial instruments

1.1C

263

9

-

Write-down and impairment of other assets

1.1D

4,284

5,100

-

Grants and other contributions

9,799

11,197

-

Finance costs

1.1E

16,247

383

-

Losses from asset sales

-

-

1,180

Foreign exchange losses

9,462

-

-

Other expenses

1.1F

-

3,903

-

Total expenses

1,840,299

1,797,445

1,725,840

Own-source income

Own-source revenue

Revenue from contracts with customers

1.2A

102,603

111,429

144,060

Rental income

1.2B

49,848

35,889

-

Other revenue

1.2C

6,550

9,414

11,258

Total own-source revenue

159,001

156,732

155,318

Gains

Gains from sale of assets

12,500

303

-

Other gains

1.2D

325

2,543

674

Foreign exchange gains

-

5,143

-

Total gains

12,825

7,989

674

Total own-source income

171,826

164,721

155,992

Net cost of services

(1,668,473)

(1,632,724)

(1,569,848)

Revenue from Government - departmental appropriations

1,473,158

1,439,258

1,442,165

Deficit from continuing operations

(195,315)

(193,466)

(127,683)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

131,309

220,517

-

Total other comprehensive income

131,309

220,517

-

Total comprehensive (loss) / income

(64,006)

27,051

(127,683)

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

DEPARTMENT OF FOREIGN AFFAIRS AND TRADE
STATEMENT OF FINANCIAL POSITION​
for the period ended 30 June 2020

STATEMENT OF FINANCIAL POSITION​

Original

2020

2019

Budget

Notes

$'000

$'000

$'000

ASSETS

Financial assets

Cash and cash equivalents

3.1A

428,027

430,643

256,798

Trade and other receivables

3.1B

391,844

504,542

503,574

Total financial assets

819,871

935,185

760,372

Non-financial assets

Land

3.2A

1,989,064

1,973,538

1,769,952

Buildings

3.2A

2,834,777

1,518,846

1,593,348

Plant and equipment

3.2A

278,516

304,239

375,322

Computer software

3.2A

145,689

124,714

130,232

Inventories

3.2B

42,430

40,228

46,383

Assets held for sale

12,428

19,618

-

Prepayments

69,305

62,218

68,023

Total non-financial assets

5,372,209

4,043,401

3,983,260

Total assets

6,192,080

4,978,586

4,743,632

LIABILITIES

Payables

Suppliers

3.3A

89,843

128,841

110,302

Other payables

3.3B

62,443

59,747

58,208

Total payables

152,286

188,588

168,510

Interest bearing liabilities

Leases

3.4A

1,166,047

-

-

Total interest bearing liabilities

1,166,047

-

-

Provisions

Employee provisions

6.1A

278,741

274,081

231,444

Other provisions

3.5A

29,528

25,385

18,038

Total provisions

308,269

299,466

249,482

Total liabilities

1,626,602

488,054

417,992

Net assets

4,565,478

4,490,532

4,325,640

EQUITY

Contributed equity

2,817,056

2,713,340

2,886,734

Asset revaluation reserve

2,087,655

1,956,346

1,735,829

Accumulated deficit

(339,233)

(179,154)

(296,923)

Total equity

4,565,478

4,490,532

4,325,640

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 2020

STATEMENT OF CHANGES IN EQUITY

RETAINED EARNINGS

ASSET REVALUATION RESERVE

CONTRIBUTED EQUITY

TOTAL EQUITY

Original

Original

Original

Original

2020

2019

Budget

2020

2019

Budget

2020

2019

Budget

2020

2019

Budget

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Opening balance

Balance carried forward from previous period

(179,154)

14,312

(158,617)

1,956,346

1,735,829

1,735,829

2,713,340

2,618,447

2,782,711

4,490,532

4,368,588

4,359,923

Adjustment on initial application of AASB 16

35,236

-

-

-

-

-

-

-

-

35,236

-

-

Adjusted opening balance

(143,918)

14,312

(158,617)

1,956,346

1,735,829

1,735,829

2,713,340

2,618,447

2,782,711

4,525,768

4,368,588

4,359,923

Comprehensive income

Revaluation adjustment

-

-

-

132,075

225,846

-

-

-

-

132,075

225,846

-

Makegood revaluation adjustment

-

-

-

(766)

(5,329)

-

-

-

-

(766)

(5,329)

-

(Deficit) for the period

(195,315)

(193,466)

(127,683)

-

-

-

-

-

-

(195,315)

(193,466)

(127,683)

Total comprehensive income

(195,315)

(193,466)

(127,683)

131,309

220,517

-

-

-

-

(64,006)

27,051

(127,683)

Transactions with owners

Distribution to owners

Returns on / of capital:

Dividends

-

-

-

-

-

-

-

(7,200)

-

-

(7,200)

-

Departmental equity returns

-

-

-

-

-

-

-

(59,155)

-

-

(59,155)

-

Contributions by owners

Equity injection - Appropriations

-

-

-

-

-

-

43,546

101,121

43,546

43,546

101,121

43,546

Departmental capital budget

-

-

-

-

-

-

60,170

60,127

60,477

60,170

60,127

60,477

Other

-

-

(10,623)

-

-

-

-

-

-

-

-

(10,623)

Total transactions with owners

-

-

(10,623)

-

-

-

103,716

94,893

104,023

103,716

94,893

93,400

Closing balance as at 30 June

(339,233)

(179,154)

(296,923)

2,087,655

1,956,346

1,735,829

2,817,056

2,713,340

2,886,734

4,565,478

4,490,532

4,325,640

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.

Departmental Equity Returns

Lapsed appropriations are recognised as departmental equity returns.

Departmental Capital Budget

2019-20 includes nil (2019: $9.638m) withheld under section 51.

Dividends

2018-19 included a transfer of $7.2m from the Overseas Property Office special account to the consolidated revenue fund. This was accounted for against retained earnings in 2018-19 in error. In 2019-20 the prior year comparative has been corrected and accounted for against contributed equity.

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 2020

CASH FLOW STATEMENT

Original

2020

2019

Budget

Notes

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Appropriations

1,710,617

1,595,586

1,435,414

Sale of goods and rendering of services

131,386

135,956

154,143

GST received

43,224

37,901

41,098

Other

6,116

8,320

11,258

Total cash received

1,891,343

1,777,763

1,641,913

Cash used

Employees

854,720

825,095

806,131

Suppliers

681,389

723,143

777,582

Interest payments on lease liabilities

15,966

-

-

Section 74 receipts transferred to OPA

129,978

114,931

10,623

Other

9,513

15,971

-

Total cash used

1,691,566

1,679,140

1,594,336

Net cash from operating activities

199,777

98,623

47,577

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

32,715

864

11,803

Total cash received

32,715

864

11,803

Cash used

Purchase of land and buildings

99,763

89,868

189,226

Purchase of plant and equipment

64,210

55,498

57,108

Purchase and development of computer software

46,913

31,491

14,500

Total cash used

210,886

176,857

260,834

Net cash used by investing activities

(178,171)

(175,993)

(249,031)

FINANCING ACTIVITIES

Cash received

Contributed equity

136,810

104,127

109,943

Total cash received

136,810

104,127

109,943

Cash used

Principal payments of lease liabilities

151,570

-

-

Dividends paid

-

7,200

-

Total cash used

151,570

7,200

-

Net cash (used by) / from financing activities

(14,760)

96,927

109,943

Net increase / (decrease) in cash held

6,846

19,557

(91,511)

Cash and cash equivalents at the beginning of the reporting period

430,643

405,943

348,309

Effect of exchange rate movements on cash and cash equivalents at the beginning of the reporting period

(9,462)

5,143

-

Cash and cash equivalents at the end of the reporting period

3.1A

428,027

430,643

256,798

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 2020

ADMINISTERED SCHEDULE OF COMPREHENSIVE INCOME

Original

2020

2019

Budget

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

International development assistance

2.1A

3,153,451

3,205,464

3,151,642

Multilateral replenishments and other loans

2.1B

589,818

254,833

556,733

Other grants and contributions

2.1C

507,919

454,965

588,350

Export Finance Australia (EFA)

3,677

1,365

1,300

Impairment loss on financial instruments

2.1D

427

242

-

Other expenses

2.1E

8,932

10,617

3,882

Payments to corporate Commonwealth entities - Tourism Australia

139,534

135,141

135,618

Depreciation and amortisation

4.2A

914

847

500

Total expenses

4,404,672

4,063,474

4,438,025

Income

Fees and charges

2.2A

464,488

559,992

569,712

Loan Interest

2.2B

12,999

12,697

12,999

EFA National Interest Account (NIA)

2.2C

35,882

35,513

31,774

EFA dividend and competitive neutrality

2.2D

27,359

15,023

17,647

Return of prior year administered expenses

2.2E

37,216

19,259

34,559

Other revenue and gains

2.2F

5,782

4,605

255

Total income

583,726

647,089

666,946

Net cost of services

(3,820,946)

(3,416,385)

(3,771,079)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Remeasurements of defined benefit plans

(6,696)

(5,309)

-

Items subject to subsequent reclassification to net cost of services

Remeasurements of multilateral subscriptions

108,300

150,987

-

Movement in the carrying amount of investments

39,001

95,127

-

Total other comprehensive income

140,605

240,805

-

Total comprehensive loss

(3,680,341)

(3,175,580)

(3,771,079)

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

DEPARTMENT OF FOREIGN AFFAIRS AND TRADE
ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES
as at 30 June 2020

ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES

Original

2020

2019

Budget

Notes

$'000

$'000

$'000

ASSETS

Financial assets

Cash and cash equivalents

4.1A

23,138

41,796

27,666

Receivables and loans

4.1B

204,405

190,146

37,300

Investments

4.1C

3,155,707

3,006,238

2,958,500

Total financial assets

3,383,250

3,238,180

3,023,466

Non-financial assets

Plant and equipment

4.2A

-

-

19

Computer software internally developed

4.2A

2,230

2,675

3,078

Prepayments

-

181

64

Total non-financial assets

2,230

2,856

3,161

Total assets administered on behalf of Government

3,385,480

3,241,036

3,026,627

LIABILITIES

Payables

Grants

4.3A

1,058,130

930,179

1,604,677

Other payables

4.3B

808,713

631,120

229,957

Total payables

1,866,843

1,561,299

1,834,634

Provisions

Employee provisions

6.1B

93,714

86,943

79,611

Total provisions

93,714

86,943

79,611

Total liabilities administered on behalf of Government

1,960,557

1,648,242

1,914,245

Net assets

1,424,923

1,592,794

1,112,382

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

DEPARTMENT OF FOREIGN AFFAIRS AND TRADE
ADMINISTERED RECONCILIATION SCHEDULE
as at 30 June 2020

ADMINISTERED RECONCILIATION SCHEDULE

2020

2019

$'000

$'000

Opening assets less liabilities as at 1 July

1,592,794

1,004,360

Net (cost of) / contribution by services

Income

583,726

647,089

Expenses

Payments to entities other than corporate Commonwealth entities

(4,265,138)

(3,928,333)

Payments to corporate Commonwealth entities - Tourism Australia

(139,534)

(135,141)

Other comprehensive income

Movement in the carrying amount of investments

39,001

95,127

Movement in the carrying amount of multilateral subscriptions

108,300

150,987

Actuarial (losses) / gains on defined benefit plans

(6,696)

(5,309)

Transfers (to) / from the Australian Government

Appropriation transfers from OPA

Annual appropriations

Payments to entities other than corporate Commonwealth entities

4,095,958

4,376,986

Payments to corporate Commonwealth entities - Tourism Australia

139,534

135,141

Special accounts

Payments to entities other than corporate Commonwealth entities

39,468

24,677

Special appropriations (unlimited)

Payments to entities other than corporate Commonwealth entities

1,861

1,054

Appropriation transfers to OPA

Transfers to OPA

(764,351)

(773,844)

Closing assets less liabilities as at 30 June

1,424,923

1,592,794

Accounting Policy

Administered cash transfers to and from the Official Public Account

Revenue collected by DFAT on behalf of the Government 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
as at 30 June 2020

ADMINISTERED CASH FLOW STATEMENT

2020

2019

Notes

$'000

$'000

OPERATING ACTIVITIES

Cash received

Fees and charges

453,962

561,832

GST received

118,738

137,915

Return of prior year administered expenses

37,216

19,259

EFA dividend

13,425

6,941

EFA competitive neutrality

13,934

8,082

EFA - NIA

34,576

32,422

Other

1,037

3,431

Total cash received

672,888

769,882

Cash used

International development assistance

3,391,592

3,755,726

Other contributions

507,918

454,965

Payments to corporate Commonwealth entities - Tourism Australia

139,534

135,141

Other

5,274

3,641

Total cash used

4,044,318

4,349,473

Net cash (used by) operating activities

(3,371,430)

(3,579,591)

INVESTING ACTIVITIES

Cash received

Proceeds from concessional financial instruments

9,751

9,751

Total cash received

9,751

9,751

Cash used

Purchase of intangibles

469

457

Purchase of concessional financial instruments

168,980

154,513

Total cash used

169,449

154,970

Net cash (used by) investing activities

(159,698)

(145,219)

Net (decrease) in cash held

(3,531,128)

(3,724,810)

Cash and cash equivalents at the beginning of the reporting period

41,796

2,592

Cash from Official Public Account

Appropriations

4,237,353

4,513,181

Special accounts

39,468

24,677

Total cash from official public account

4,276,821

4,537,858

Cash to Official Public Account

Appropriations

(764,351)

(773,844)

Total cash to official public account

(764,351)

(773,844)

Cash and cash equivalents at the end of the reporting period

4.1A

23,138

41,796

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