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Primary Financial Statements

Statement of Comprehensive Income

for the period ended 30 June 2019

Notes

2019

2018

$

$

NET COST OF SERVICES

Expenses

Suppliers

1.1A

827,942

618,959

Total expenses

827,942

618,959

Own-source income

Own-source revenue

Resources received free of charge

1.2A

812,942

604,959

Audit services received free of charge

1.2B

15,000

14,000

Total own-source revenue

827,942

618,959

Total own-source income

827,942

618,959

Net (cost of)/contribution by services

-

-

Surplus/(Deficit) on continuing operations

-

-

OTHER COMPREHENSIVE INCOME

Total other comprehensive income

-

-

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

Budget variances commentary

Departmental Budgetary Reports are not required in the Statement of Comprehensive Income as the Seafarers Safety, Rehabilitation and Compensation Authority (Seacare Authority) does not have a departmental budget. All departmental expenses of Seacare Authority are paid by Comcare under its Portfolio Budget Statements (PBS) Outcome 1, Component 1.3 - Provide the Seacare Authority secretarial and other assistance, and make available to it the services of Comcare's staff, and other resources as reasonably required from time to time for the proper performance of its functions or exercise of its powers.

Administered Schedule of Comprehensive Income

for the period ended 30 June 2019

Notes

2019

2018

2019

$

$

Original

Budget $

NET COST OF SERVICES

Expenses

Suppliers

2.1A

44,738

135,864

155,000

Workers' compensation claims expense

2.1B

652,385

2,915,000

-

Total expenses

697,123

3,050,864

155,000

Income

Revenue

Non-taxation revenue

Levies

2.2A

153,250

114,825

155,000

Recovery from insurance

2.2A

60,771

2,063,177

-

Total revenue

214,021

2,178,002

155,000

Net (cost of)/contribution by services

(483,102)

(872,862)

-

Surplus/(deficit)

(483,102)

(872,862)

-

OTHER COMPREHENSIVE INCOME

Total other comprehensive income

-

-

-

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

Budget variances commentary

Supplier costs were lower due to change of service charge arrangements in 2018–9.

2.1A

Worker’s compensation expenses were significantly higher than budget due to:

- an increase in the valuation of the provision for workers’ compensation claims,

- payments towards accepted claims.

2.1B

Levies paid to the Seacare Authority by employers in the scheme were close to budget, following the increase in levy rate in 2018–19.

2.2A

The Recovery from Insurance revenue was not included in the budget The 2018–19 revenue was due to an annual indexation adjustment to the Insurance Recovery Receivable, which was first recognised at $2.1m in 2017–18.

2.2A

Administered Schedule of Assets and Liabilities

as at 30 June 2019

Notes

2019

2018

2019 Original

$

$

Budget $

ASSETS

Financial assets

Cash and cash equivalents

3.1A

1,152,034

1,210,610

1,356,000

Prepayments

3.1B

73,296

-

-

Trade and other receivables

3.1C

2,123,948

2,072,639

-

Total financial assets

3,349,278

3,283,249

1,356,000

TOTAL ASSETS

3,349,278

3,283,249

1,356,000

LIABILITIES

Payables

Workers' compensation Claims payable

3.2A

3,320,945

-

-

Suppliers

3.2B

104,935

-

115,000

Income received in advance

3.2C

4,900

-

-

Total payables

3,430,780

-

115,000

Provisions

Workers' compensation claims

3.3A

655,351

3,537,000

622,000

Total provisions

655,351

3,537,000

622,000

TOTAL LIABILITIES

4,086,131

3,537,000

737,000

NET ASSETS

(736,853)

(253,751)

619,000

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

Budget variances commentary

Cash was lower than budget due to:

- payments for towards accepted claims, offset by

- savings from the reduced adminstrative expenses in 2018–19.

3.1A

The 2019–20 insurance premium has been prepaid in June 2019. There was no budget for prepayment of suppliers expenses.

3.1B

The Insurance Recoverable Receivable reflects the amount expected to be recovered from the reinsurance arrangements held by the Secare Authority, following the acceptance of a significant claim in 2017–18.

3.1C

The Workers' Compensation Claims payable reflects the liability owed by the Secare Authority following the acceptance of a significant claim in 2017–18.

3.2A

The balance of Workers' Compensation Claims was close to budget, although it is lower than 2018 following the re-classification to Workers' Compensation Claims payable of known liabilities.

3.3A

Administered Reconciliation Schedule

2019

2018

$

$

Opening assets less liabilities as at 1 July

(253,751)

619,111

Plus: Administered revenues

214,021

2,178,002

(39,730)

2,797,113

Less: Administered expenses

697,123

3,050,864

Closing assets less liabilities as at 30 June

(736,853)

(253,751)

Accounting policy

Revenue collected by Seacare Authority for use by the Government is administered revenue. Collections are transferred to the Official Public Account (OPA) which is maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of the Government. Transfers to and from the OPA are adjustments to the administered cash held by the entity on behalf of the Government, and are reported as such in both the schedule of administered cash flows, and in the administered reconciliation schedule.

Administered Cash Flow Statement

for the period ended 30 June 2019

Notes

2019

2018

2019

$

$

Original Budget $

OPERATING ACTIVITIES

Cash received

Levies

B1

158,150

114,825

155,000

Other - GST received

9,454

15,585

-

Total cash received

167,604

130,410

155,000

Cash used

Suppliers

B2

44,730

275,451

155,000

Claims

B2

181,450

-

-

Total cash used

226,180

275,451

155,000

Net cash from/(used by) operating activities

(58,576)

(145,041)

-

Cash from Official Public Account

Special Accounts

B2

226,180

275,451

155,000

Total cash from official public account

226,180

275,451

155,000

Cash to Official Public Account

Special Accounts

B1

(167,604)

(130,410)

(155,000)

Total cash to official public account

(167,604)

(130,410)

(155,000)

Cash and cash equivalents at the beginning of the reporting period

-

-

-

Cash and cash equivalents at the end of the reporting period

3.1A

-

-

-

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

Budget variances commentary

Levies paid to the Seacare Authority by employers in the scheme were close to budget, following the increase in levy rate from in 2018–19.

B1

Supplier costs were lower than budget due to reduced administrative expenses in 2018–19.

B2

Claims costs were higher due to payments towards accepted claims.

B2