Note 1.1 Expenses
NOTE 1.1 EXPENSES
1.1A Employee Benefits
Wages and salaries
Superannuation defined contribution plans
Leave and other entitlements
Separation and redundancies
Total employee benefits
Accounting policies for employee related expenses is contained in the Overview section.
Services provided by Export Finance Australia
Computer and communication costs
Advertising and promotional costs
1.1C Finance costs
Interest on lease liabilities
Total finance costs
NAIF has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated.
Operating lease payable
Within 1 year
Between 1 to 5 years
Total operating lease commitments
NAIF in its capacity as lessee of a property in Cairns has signed a lease agreement starting on the 25th March 2018 for a term of three years with a 3 year extension option. At this stage NAIF has not made any determination as to whether they will be extending the lease.
Operating lease payments are expensed on a straight line basis which is representative of the pattern of benefits derived from the lease.
NAIF has brought this lease onto the balance sheet under AASB 16 and has applied the modified retrospective approach and therefore the comparative information has not been restated.
Note 1.2 Revenue
1.2A Own source revenue
Total own source revenue
1.2B Revenue from Government
Department of Industry, Science, Energy and Resources
Corporate Commonwealth entity payment
Corporate Commonwealth entity receivable
Total revenue from Government
Funding received or receivable from the Department of Industry, Science, Energy and Resources (DISER), are appropriated to NAIF as a Corporate Commonwealth Entity payment item and is recognised as Revenue from the Government when NAIF gains control of the funding. If the funding is in the nature of an equity injection, such amounts are recognised directly in contributed equity in the year received.
Note 2.1 Financial Assets
NOTE 2.1 FINANCIAL ASSETS
Cash at bank
Cash is held on deposit and is available at call
2.1B Other Receivables
Goods and services tax
Total other receivables
Note 2.2 Non-Financial Assets
2.2A Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment
Plant and equipment
As at 1 July 2019
Recognition of right of use asset on initial application of AASB 16
Adjusted total as at 1 July 2019
Depreciation on right-of-use assets
Total as at 30 June 2020
Total as at 30 June 2020 represented by
Gross book value
Total as at 30 June 2020
Carrying amount of right-of-use assets
Refer Overview section for accounting policy on property, plant, equipment and leases.
2.2B Other non-financial assets
Total other non-financial assets
Note 2.3 Payables
Trade creditors and accruals
Supplier payables are recognised at cost to the extent that goods and services have been received irrespective of having been invoiced. Credit terms for goods and services is usually within 30 Days.
2.3B Other Payables
Salaries and wages
Total other payables
The liability for salaries and wages and superannuation recognised represents outstanding amounts for the final fortnight of the financial year.
Note 2.4 Interest Bearing Liabilities
NAIF has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated
Total cash outflow for leases for the year ended 30 June 2020 was $120,000
Refer Overview section for accounting policy on leases.
Note 3.1 Key Management Personnel Remuneration
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The entity has determined the key management personnel to be the Board members, the Chief Executive Officer, Chief of Staff, General Counsel, the Minister for Northern Australia, and the Portfolio Minister.
The key management personnel remuneration excludes the remuneration and other benefits of the Minister for Northern Australia and the Portfolio Minister. The Minister for Northern Australia and the Portfolio Minister's remuneration and other benefits are set by the Remuneration Tribunal and are not paid by NAIF. NAIF key management personnel remuneration is:
Short-term employee benefits
Other Long-term employment benefits
Total key management personnel remuneration expenses
Total number of key management personnel that are included in the above table are:
Included in the 11 key management personnel are the former Chief Executive Officer, Chief of Staff, and General Counsel who all departed during the year. The number of key management personnel at 30 June 2020 was 8 comprising the new Chief Executive Officer and 7 Directors.
Short-term employee benefits include salary, annual leave, variable renumeration, other benefits and allowances. Post-employment benefits relates to superannuation. Other long-term benefits principally relates to long service leave.
This table has been based on the requirements stipulated in the Resource Management Guide No. 138 Commonwealth entities Executive Remuneration Reporting Guide for Annual Reports.
The Board and CEO remuneration and other benefits are set by the Remuneration Tribunal. The Board members and CEO are not paid performance awards.
Note: 3.2 RELATED PARTY RELATIONSHIPS
NAIF is an Australian Government controlled entity. Related parties to the entity are the key management personnel as defined above and other Australian Government entities.
Given the breadth of Government activities, related parties may transact with the government sector in the same capacity as ordinary citizens.
Significant transactions with related parties can include provision of corporate and administration services to NAIF, the provision of insurance, the provision of leases and the purchases of goods and services.
Where a NAIF Board member has an actual, apparent or potential conflict of interest in relation to a potential investment decision, that member does not receive papers or participate in discussions on that transaction. A conflicts of interest register is maintained to record Board members’ disclosed interests. Minutes from Board meetings record recusals as and when they occur.
Giving consideration to relationships with related entities, and transactions entered into during the reporting period by the entity, it has been determined that there are no material related party transactions to be separately disclosed.
Note 4: Other Information
NOTE 4: OTHER INFORMATION
Note 4.1: Aggregate assets and liabilities
Assets expected to be recovered in:
No more than 12 months
More than 12 months
Liabilities expected to be settled in:
No more than 12 months
More than 12 months
Total aggregated assets and liabilities