Primary Financial Statements
Statement of Comprehensive Income
|
for the period ended 30 June 2019 |
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|
Notes |
2019 |
2018 |
||
|
$ |
$ |
|||
|
NET COST OF SERVICES |
||||
|
Expenses |
||||
|
Suppliers |
827,942 |
618,959 |
||
|
Total expenses |
827,942 |
618,959 |
||
|
Own-source income |
||||
|
Own-source revenue |
||||
|
Resources received free of charge |
812,942 |
604,959 |
||
|
Audit services received free of charge |
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. |
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|
Budget variances commentary |
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|
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. |
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Administered Schedule of Comprehensive Income
|
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Administered Schedule of Assets and Liabilities
|
as at 30 June 2019 |
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|
Notes |
2019 |
2018 |
2019 Original |
|
|
$ |
$ |
Budget $ |
||
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and cash equivalents |
1,152,034 |
1,210,610 |
1,356,000 |
|
|
Prepayments |
73,296 |
- |
- |
|
|
Trade and other receivables |
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 |
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|
Payables |
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|
Workers' compensation Claims payable |
3,320,945 |
- |
- |
|
|
Suppliers |
104,935 |
- |
115,000 |
|
|
Income received in advance |
4,900 |
- |
- |
|
|
Total payables |
3,430,780 |
- |
115,000 |
|
|
Provisions |
||||
|
Workers' compensation claims |
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. |
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|
Budget variances commentary |
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|
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 |
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|
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 |
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|
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 |
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|
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 |
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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 |
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|
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. |
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Administered Cash Flow Statement
|
for the period ended 30 June 2019 |
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|
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 |
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|
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 |
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|
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 |
- |
- |
- |
|
|
The above statement should be read in conjunction with the accompanying notes. |
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|
Budget variances commentary |
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|
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 |
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|
Supplier costs were lower than budget due to reduced administrative expenses in 2018–19. |
B2 |
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|
Claims costs were higher due to payments towards accepted claims. |
B2 |
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Visit
https://www.transparency.gov.au/annual-reports/seafarers-safety-rehabilitation-and-compensation-authority/reporting-year/2018-2019-16