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Financial Statements Year Ended 30 June 2005

PricewaterhouseCoopers
Level 1
25 National Circuit
FORREST ACT 2603

Postal Address:
GPO Box 447
CANBERRA CITY ACT 2601

Phone (02) 6271 3000
Fax (02) 6271 3999

Independent review report to the board members of the Australian Maritime Safety Authority on the National Plan to Combat Pollution of the Sea by Oil and other Noxious and Hazardous Substances

Statement [ PDF: 281Kb]

Statement of Financial Performance

as at 30 June 2005
		2005	2004
	Notes	$	$
Revenue
Protection of the sea levy		4,632,042	4,313,167
Equipment hire		24,480	202,115
Incident recovery	3	6,007	30,183
Interest		-	102,026
Profit on sale of assets		-	-
Other revenue		13,730	33,374
Total Revenue	4	4,676,259	4,680,865
Expenses
Staff costs	5	726,055	758,601
Travel and transport		233,888	225,454
Materials and services	6	1,211,255	1,024,512
Communications expenses		43,700	34,953
Occupancy costs	7	315,167	186,361
Administrative expenses		172,408	99,914
Overheads	8	403,643	551,352
Depreciation and amortisation		829,624	885,573
Incident costs	3	-	3,039
Loss on sale of assets	1	16,635	426,479
Total Expenses		3,952,375	4,196,238
Operating surplus/(deficit)		723,884	484,627

The above statement of Financial Performance should be read in conjunction with the notes to the financial statements set out in the following pages.

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Statement of Financial Position

as at 30 June 2005
		2005	2004
	Notes	$	$
Current Assets
Cash	9	5,255,785	3,604,803
Receivables	10	138,897	186,963
Inventories	11	-	-
Other	12	15,066	99,752
Total Current Assets		5,409,748	3,891,518
Non Current Assets
Property, plant and equipment	13	7,144,632	4,891,864
Intangibles	14	80,475	69,179
Total Non Current Assets		7,225,107	4,961,043
Total Assets		12,634,855	8,852,561
Current Liabilities
Creditors	15	550,733	501,746
Employee Entitlements	16	16,344	876
Total Current Liabilities		567,077	502,622
Non Current Liabilities
Employee Entitlements	16	142,491	196,948
Total Non Current Liabilities		142,491	196,948
Total Liabilities		709,568	699,570
Net Assets		11,925,287	8,152,991
Equity
Accumulated surpluses/(deficit)	19	4,316,128	527,372
Reserves	19	7,609,159	7,625,619
Total Equity		11,925,287	8,152,991

The above statement of Financial Performance should be read in conjunction with the notes to the financial statements set out in the following pages.

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Statement of Cash Flow

for the year ended 30 June 2005
		2005	2004
	Notes	$	$
OPERATING ACTIVITIES
Cash received
Levies, fees and charges received		4,766,028	4,503,404
Interest received		-	102,026
Incident costs re-imbursed		6,007	30,183
GST recovered from taxation authority		119,341	221,377
Total cash received		4,891,376	4,856,989
Cash used
Cash paid to employees and suppliers		(3,177,556)	(3,211,621)
Total cash used		(3,177,556)	(3,211,621)
Net cash from operating activities	17	1,713,820	1,645,368
INVESTING ACTIVITIES
Cash received
Proceeds from disposal of equipment		-	-
Total cash received		-	-
Cash used
Payments for property, plant and equipment		(62,838)	(343,702)
Total cash used		(62,838)	(343,702)
Net cash used by investing activities		(62,838)	(343,702)
Net increase (decrease) in cash held		1,650,982	1,301,666
Cash at the beginning of the reporting period		3,604,803	2,303,137
Cash at the end of the reporting period		5,255,785	3,604,803
Cash as per Statement of Financial Position		5,255,785	3,604,803

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Notes to the Financial Statement

for the year ended 30 June 2004
		2005	2004
		$	$
Note 4	Revenue
	Rendering of services	4,676,259	4,578,839
	Interest	-	102,026
		4,676,259	4,680,865
Note 5	Staff costs
	Staff costs also include the proportion AMSA's staff costs attributable to National Plan activities and staff costs associated with pollution incidents. Staff costsattributable to pollution incidents are recovered through incident recoveries.
	In addition to salaries and wages, staff costs includes all associated staff on costs, including superannuation, staff development and fringe benefits tax.
Note 6	Materials and services
	In the financial year ended 30 June 2005, materials and services expense included an adjustment to the provision made for slow moving dispersant stock. (refer note 11).
Note 7	Occupancy costs
	Occupancy costs include storage costs of equipment and accommodation costs of National Plan staff.
Note 8	Overheads
	Overheads are the estimated share of the Authority's corporate and head office costs attributable to National Plan activities. This includes the proportion of actual expenditures for the Board, Executive, Internal Audit and the Corporate Services Division.
Note 9	Cash
	Cash	5,255,785	3,604,803
		5,255,785	3,604,803
Note 10	Receivables
	Trade debtors	12,340	17,828
	less Provision for doubtful debts	-	-
		12,340	17,828
	Other debtors	42,763	133,051
	GST receivable	83,794	36,084
		138,897	186,963
Note 11	Inventory
	Oil dispersant stocks	985,117	107,953
	Provision slow moving stock	(985,117)	(107,953)
		-	-
Note 12	Other
	Prepayments	15,066	99,752
		15,066	99,752
Note 13	Property, plant and equipment
	Plant and equipment:
	fair value	11,349,188	-
	Accumulated depreciation	(5,181,898)	-
		6,167,290	-
	- independent valuation 2000	-	1,100,348
	Accumulated depreciation	-	(411,937)
		-	688,411
	- independent valuation 2003	-	6,979,738
	Accumulated depreciation	-	(4,197,961)
			2,781,777
	- cost	-	794,305
	Accumulated depreciation	-	(296,556)
		-	497,749
	Total plant and equipment	6,167,290	3,967,937

	Office and computer equipment:
	fair value	69,500	-
	Accumulated depreciation	(63,140)	-
		6,360	-
	- independent valuation 2000	-	15,213
	Accumulated depreciation	-	(15,213)
		-	-
	- independent valuation 2003	-	90,363
	Accumulated depreciation	-	(81,326)
		-	9,037
	- cost	-	22,067
	Accumulated depreciation	-	(7,356)
		-	14,711
	Total office and computer equipment	6,360	23,748

	Furniture and fittings:
	fair value	-
	Accumulated depreciation	-
		-
	- independent valuation 2000	-	-
	Accumulated depreciation	-	-
		-	-
	- independent valuation 2003	-	79,540
	Accumulated depreciation	-	(45,587)
		-	33,953
	- cost		-
	Accumulated depreciation		-
			-
	Total furniture and fittings	-	33,953

	Vehicles:
	fair value	375,300	-
	Accumulated depreciation	(333,229)	-
		42,071	-
	- independent valuation 2003	-	396,800
	Accumulated depreciation	-	(392,303)
		-	4,497
		-	-
	Total vehicles	42,071	4,497

	Vessels and amphibians:
	fair value	1,459,488	-
	Accumulated depreciation	(548,939)	-
		910,549	-
	- independent valuation 2004	-	4,805,000
	Accumulated depreciation	-	(3,980,592)
		-	824,408
	- cost	-	-
	Accumulated depreciation	-	-
		-	-
	Total vessels and amphibians	910,549	824,408

	Capital works in progress	18,362	37,321

	Total property, plant and equipment	7,144,632	4,891,864
Note 14	Intangibles
	Externally Acquired Computer software	358,550	355,855
	Accumulated amortisation	(278,075)	(286,676)
		80,475	69,179
Note 15	Creditors
	Trade creditors	443,529	365,481
	Salaries and wages	27,764	51,973
	Annual leave	79,440	84,292
	Other creditors	-	-
		550,733	501,746
Note 16	Employee Entitlements
	Current
	Long service leave	16,344	876
		16,344	876
	Non Current
	Long service leave	142,491	196,948
		142,491	196,948
Note 17	Reconciliation of operating surplus/(deficit) to net cashflows from operating activities
	Operating surplus/(deficit)	723,884	484,627
	Depreciation	829,624	885,573
	Asset write downs		-
	Loss on disposal of non-current assets	16,635	426,479
	Profit on disposal of non-current assets	-	-
	GST Recovered on payments for non-current assets	926	31,246
	Changes in assets and liabilities:
	(Increase)decrease in trade debtors	48,066	6,092
	(Increase)decrease in inventories	-	-
	(Increase)decrease in prepayments	84,686	(90,088)
	(Decrease)increase in trade creditors and other creditors	78,048	(88,034)
	(Decrease)increase in employee liabilities	(68,049)	(10,525)
	Net cash flows from operating activities	1,713,820	1,645,369
	Balance per cash flow statement	1,713,820	1,645,368
Note 18	Commitments for Expenditure
	Operating Leases
	Commitments for the acquisition of plant and equipment contracted for at the reporting date but not recognised as liabilities, payable:
	Within one year	69,454	8,527
	Later than one year but not later than five years	73,609	-
	Total Operating Lease commitments	143,063	8,527

	Capital Commitments
	Commitments for minimum lease payment in relation to non-cancelable operating leases are payable as follows:
	Within one year	17,400	108,466
	Later than one year but not later than five years	-	196,227
	Total Capital commitments	17,400	304,693

	Other Commitments
	Commitments for expenditure in relation to purchase orders that have been made and are payable as follows:
	Within one year	793,210	913
	Later than one year but not later than five years	397,102	-
	Total Other commitments	1,190,312	913

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for the year ended 30 June 2004
Note 19	Equity
	Item	Accumulated surpluses	Asset revaluation reserve	Total reserves	TOTAL EQUITY
		$'000	$'000	$'000	$'000
	Balance 1 July 2004	527,372	7,625,619	7,625,619	8,152,991
	Surplus/(deficit)	723,884	-	-	723,884
	Prior year adjustments	3,064,872	-	-	3,064,872
	Net revaluation increment/(decrement)	-	(16,460)	(16,460)	(16,460)
	Transfers to/(from) reserves	-	0	0	-
	Balance 30 June 2005	4,316,128	7,609,159	7,609,159	11,925,287
	Accumulated surpluses
	The accumulated surpluses represent the equity of the National Plan used to fund the working capital costs of the National Plan and to purchase property plant and equipment assets to deliver a response capability. As such, the accumulated surpluses can only be realised as cash upon cessation of the National Plan.
	Asset revaluation reserve
	The National Plan property plant and equipment assets were revalued in accordance with Australian Accounting Standard AASB 1041 Revaluation of Non-Current Assets which requires the value of non current assets to be reassessed on a progressive basis. Revaluations undertaken up to 30 June 2002 were done on a deprival basis; revaluations since that date are at fair value. AASB 1041 requires this change in accounting policy. The asset revaluation reserve represents the net increase in asset values between book values and the revalued amounts upon revaluation and as such cannot be realised as cash until the sale of the assets.
	Prior year adjustments
	An adjustment is required to equity to accommodate prior year treatment of depreciation. A manual adjustment was undertaken to depreciation for plant and equipment and furniture and fittings for 2001-02 and 2002-03 in anticipation of the handover of the tier one and two equipment. The handover of equipment was undertaken in 2003-04 and the loss on disposal calculated taking this into account. Upon reconstruction of the asset register during 2004-05 it was determined the manual adjustment to depreciation was inappropriate and was not incorporated into the revised figures. The adjustment to equity will accommodate the additional depreciation charged to the profit and loss in 2001-02 and 2002-03 and the errors identified in the asset balances reported in 2003-04.

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last updated: May 2006