STATEMENT BY THE CHIEF EXECUTIVE OFFICER
OTHER COMPREHENSIVE INCOME
1.15 Buildings, plant and equipment
Revaluations
Fair values for each class of asset are determined as shown below:
Asset class Fair value measured at
Leasehold Improvements Depreciated replacement cost
Plant and Equipment Market selling price
e Work AustraliaANNUAL REPORT 2011-12
Following initial recognition at cost, leasehold improvements, plant and equipment are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.
Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reverses a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of assets are recognised directly in the surplus/deficit except to the extent that they reverse a previous revaluation increment for that class.
Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.
Depreciation
Depreciable leasehold improvements, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the Agency using in all cases the straight-line method of depreciation.
Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.
Depreciation rates applying to each class of depreciable asset are based on the following useful lives:
Asset class 2011-12 2010-11
Leasehold Improvements Lease term Lease term
Plant and Equipment 3 to 15 years 3 to 15 years Impairment
All assets were assessed for impairment at 30 June 2012. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.
The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the Agency were deprived of the asset, its value in use is taken to be its depreciated replacement cost.
Safe Work AustraliaFINANCIAL PERFORMANCE
Derecognition
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.
1.16 Intangibles
The Agency’s intangibles comprise internally developed software and purchased software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses. Purchases costing less than $2,000 are expensed in the year of acquisition, other than when they form part of a group of similar items which are significant in total.
Software is amortised on a straight-line basis over its anticipated useful life, as shown below for each class:
Asset class 2011-12 2010-11
Purchased Software 2 to 5 years 2 to 5 years
Internally Developed Software 2 to 5 years 2 to 5 years All software assets were assessed for indications of impairment as at 30 June 2012.
1.17 Taxation
The Agency is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).
Revenues, expenses and assets are recognised net of GST except:
where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
for receivables and payables.
1.18 Insurance
The risks associated with the business of the Agency are covered by arrangements with Comcover.
Arrangements are in place with Comcare to protect the health, safety and welfare of the Agency’s employees.
Note 2: Events After the Reporting Period
There were no significant events that occurred after 30 June 2012 but prior to the signing of the financial statements.
e Work AustraliaANNUAL REPORT 2011-12
Note 3: Expenses
2012 2011
$ $
Note 3A: Employee Benefits
Wages and salaries 9,215,876 8,461,676
Superannuation:
Defined contribution plans 567,135 495,460
Defined benefit plans 1,187,883 1,045,967
Leave and other entitlements 2,013,280 1,728,686
Separation and redundancies 374,548
-Total employee benefits 13,358,721 11,731,789
Note 3B: Suppliers Goods and services
Advertising and Promotion 111,368 148,560
Consultants 2,162,152 2,084,040
Contractors and Seconded Staff 89,543 178,819
IT Related Costs 248,304 229,251
Corporate and IT Service Fees 1,112,807 905,015
Printing and Office Suppliers 169,430 129,034
Property Costs 106,720 139,770
Recruitment and Training Costs 163,830 150,691
Sponsorships 70,000 126,014
Subscriptions and Publications 109,209 104,835
Travel Costs 419,784 530,277
Venue Hire and Guest Speakers 174,696 151,378
Other 273,099 245,422
Total goods and services 5,210,941 5,123,106
Goods and services are made up of:
Provision of goods – related entities 9,851
-Provision of goods – external parties 336,985 335,690
Rendering of services – related entities 1,622,552 1,501,060 Rendering of services – external parties 3,241,553 3,286,356
Total goods and services 5,210,941 5,123,106
Other supplier expenses
Operating lease rentals – external parties:
Minimum lease payments
904,356 874,085
Workers compensation expenses 83,953 54,873
Total other supplier expenses 988,309 928,958
Safe Work AustraliaFINANCIAL PERFORMANCE Note 3: Expenses (continued)
Note 3C: Depreciation and Amortisation Depreciation:
Leasehold improvements 382,508 177,468
Plant and equipment 64,590 66,272
Total depreciation 447,098 243,740
Amortisation:
Intangibles:
Internally developed software 65,093 5,806
Purchased software 4,995 4,835
Total amortisation 70,088 10,641
Total depreciation and amortisation 517,186 254,381
Note 3D: Write-Down and Impairment of Assets Asset write-downs and impairments from:
Revaluation decrement - plant and equipment - 15,406
Write-down of assets - leasehold improvements - 271,915 Write-down of assets - plant and equipment 3,205 2,694
Total write-down and impairment of assets 3,205 290,014
Note 4: Income
2012 2011
OWN-SOURCE REVENUE $ $
Note 4A: Rendering of Services Rendering of services - related entities (Commonwealth-funded projects)
659,841 166,587
Rendering of services - external parties (states and territories) 9,317,545 9,008,000
Total rendering of services 9,977,386 9,174,587
Note 4B: Other Gains
Resources received free of charge - ANAO 46,000 46,000
Prior year adjustments - gains - 29,879
Total other gains 46,000 75,879
REVENUE FROM GOVERNMENT Note 4C: Revenue from Government Appropriations:
Departmental outputs 8,932,000 8,639,000
Total revenue from Government 8,932,000 8,639,000
e Work AustraliaANNUAL REPORT 2011-12
Note 5: Financial Assets
2012 2011
$ $
Note 5A: Cash and Cash Equivalents
Cash on hand or on deposit 297,794 290,629
Total cash and cash equivalents 297,794 290,629
Note 5B: Trade and Other Receivables Goods and Services:
Goods and services - related entities 45,000 210,814
Goods and services - external parties 55 624
Total receivables for goods and services 45,055 211,438
Other receivables:
GST receivable from the Australian Taxation Office 58,523 84,068 Safe Work Australia Special Account 7,828,770 8,216,498
Total other receivables 7,887,293 8,300,566
Total trade and other receivables (gross) 7,932,348 8,512,004 Total trade and other receivables (net) 7,932,348 8,512,004
Receivables are expected to be recovered in:
No more than 12 months 7,932,348 8,512,004
More than 12 months -
-Total trade and other receivables (net) 7,932,348 8,512,004
Receivables are aged as follows:
Not overdue 7,932,293 8,512,004
Overdue by:
0 to 30 days -
-31 to 60 days 55
-61 to 90 days -
-More than 90 days -
-Total receivables (net) 7,932,348 8,512,004
No indicators of impairment were found for trade and other receivables.
Safe Work AustraliaFINANCIAL PERFORMANCE Note 5: Financial Assets (continued)
2012 2011
$’000 $’000
Note 5C: Accrued Revenue
Goods and services 236,319
-Total accrued revenue 236,319
-Total accrued revenue is expected to be recovered in:
No more than 12 months 236,319
-More than 12 months -
-Total accrued revenue 236,319
-Note 6: Non-Financial Assets
2012 2011
$ $
Note 6A: Buildings Leasehold improvements:
Fair value 1,025,000 1,612,500
Accumulated depreciation -
-Accumulated impairment losses -
-Total leasehold improvements 1,025,000 1,612,500
Total land and buildings 1,025,000 1,612,500
No indicators of impairment were found for buildings.
No buildings are expected to be sold or disposed of within the next 12 months.
Note 6B: Plant and Equipment Plant and equipment:
Fair value 187,059 163,850
Accumulated depreciation (60,225) (1,531)
Accumulated impairment losses -
-Total plant and equipment 126,833 162,319
Total buildings, plant and equipment 1,151,833 1,774,819
No indicators of impairment were found for plant and equipment.
No plant or equipment is expected to be sold or disposed of within the next 12 months.
e Work AustraliaANNUAL REPORT 2011-12
Revaluation of non-financial assets
Revaluations are conducted in accordance with the revaluation policy stated at Note 1. An independent valuer conducted a revaluation of the leasehold improvements as at 30 June 2012.
A revaluation of all plant and equipment assets was conducted as at 30 June 2011; it was decided that a further revaluation of these assets was not required for 2012 as they are subject to only insignificant changes in fair value.
Revaluation decrement for leasehold improvements was $218,439 (2011: increment of $313,759).
This decrement was transferred to the asset revaulation surplus by asset class and included in the equity section of the balance sheet. No decrements were expensed (2011: nil).
Note 6C: Reconciliation of the Opening and Closing Balances of Buildings, Plant and Equipment (2011-12)
Gross book value 1,612,500 163,850 1,776,350
Adjustment to opening gross book value - -
-Accumulated depreciation and impairment - (1,531) (1,531)
Adjustment to opening accumulated depreciation and impairment
- -
-Net book value 1 July 2011 1,612,500 162,319 1,774,819
Additions:
By purchase 13,447 32,309 45,756
First recognised - -
-From acquisition of entities or operations (including restructuring)
- -
-Revaluations and impairments recognised in other comprehensive income
(218,439) - (218,439)
Revaluations and impairments recognised in the operating statement
- -
-Depreciation expense (382,508) (64,590) (447,098)
Disposals:
Write-down of obsolete assets - (3,205) (3,205)
Net book value 30 June 2012 1,025,000 126,833 1,151,833
Net book value as of 30 June 2012 represented by:
Gross book value 1,025,000 187,059 1,212,059
Accumulated depreciation - (60,225) (60,225)
1,025,000 126,833 1,151,833
Safe Work AustraliaFINANCIAL PERFORMANCE Note 6 (Cont’d): Non-Financial Assets
Note 6C: Reconciliation of the Opening and Closing Balances of Buildings, Plant and Equipment (2010-11)
Plant &
equipment Total
$’000 $’000 $’000
As at 1 July 2010
Gross book value 723,410 155,184 878,594
Accumulated depreciation and impairment - (61,326) (61,326)
Net book value 1 July 2010 723,410 93,858 817,268
Additions:
By purchase 1,024,714 152,833 1,177,547
Revaluations and impairments recognised in other comprehensive income
313,759 - 313,759
Revaluations and impairments recognised in the
operating statement - (15,406) (15,406)
Depreciation expense (177,468) (66,272) (243,740)
Disposals:
Write-down of obsolete assets (271,915) (2,694) (274,609)
Net book value 30 June 2011 1,612,500 162,319 1,774,819
Net book value as of 30 June 2011 represented by:
Gross book value 1,612,500 163,850 1,776,350
Accumulated depreciation - (1,531) (1,531)
1,612,500 162,319 1,774,819
Note 6D: Intangibles
2012 2011
$ $
Computer software:
Internally developed – in progress 121,167
-Internally developed – in use 191,307 191,307
Purchased 14,986 14,986
Accumulated amortisation (81,737) (11,649)
Accumulated impairment losses -
-Total computer software 245,723 194,644
Total intangibles 245,723 194,644
No indicators of impairment were found for intangible assets.
No intangibles are expected to be sold or disposed of within the next 12 months.
e Work AustraliaANNUAL REPORT 2011-12
Note 6E: Reconciliation of the Opening and Closing Balances of Intangibles 2012 Computer
Gross book value 191,307 14,986 206,293
Accumulated amortisation and impairment (5,806) (5,843) (11,649)
Net book value 1 July 2011 185,501 9,143 194,644
Additions:
By purchase - -
-Internally developed 121,167 - 121,167
Amortisation (65,093) (4,995) (70,088)
Net book value 30 June 2012 241,575 4,148 245,723
Net book value as of 30 June 2012 represented by:
Gross book value 312,474 14,986 327,460
Accumulated amortisation and impairment (70,899) (10,838) (81,737)
241,575 4,148 245,723
Note 6 (Cont’d): Non-Financial Assets
Note 6E (Cont’d): Reconciliation of the Opening and Closing Balances of Intangibles 2011 Computer
Gross book value 6,636 12,100 18,736
Accumulated amortisation and impairment - (1,008) (1,008)
Net book value 1 July 2010 6,636 11,092 17,728
Additions:
By purchase - 2,886 2,886
Internally developed 184,671 - 184,671
Amortisation (5,806) (4,835) (10,641)
Net book value 30 June 2011 185,501 9,143 194,644
Net book value as of 30 June 2011 represented by:
Gross book value 191,307 14,986 206,293
Accumulated amortisation and impairment (5,806) (5,843) (11,649)
185,501 9,143 194,644
Safe Work AustraliaFINANCIAL PERFORMANCE
2012 2011
$ $
Note 6F: Other Non-Financial Assets
Prepayments 55,503 86,232
Total other non-financial assets 55,503 86,232
Total other non-financial assets - are expected to be recovered in:
No more than 12 months 55,503 86,232
More than 12 months -
-Total other non-financial assets 55,503 86,232
No indicators of impairment were found for other non-financial assets.
Note 7: Payables
2012 2011
$ $
Note 7A: Suppliers
Trade creditors and accruals 865,075 927,869
Total supplier payables 865,075 927,869
Supplier payables expected to be settled within 12 months:
Related entities 269,396 186,253
External parties 595,679 741,616
Total 865,075 927,869
Settlement is usually made within 30 days.
Note 7B: Other Payables
Wages and salaries 308,022 279,241
Superannuation 45,119 38,922
Unearned income (Commonwealth-funded projects) 72,230 103,099
Total other payables 425,371 421,262
Total other payables are expected to be settled in:
No more than 12 months 425,371 421,262
More than 12 months -
-Total other payables 425,371 421,262
e Work AustraliaANNUAL REPORT 2011-12
Note 8: Provisions
2012 2011
$ $
Note 8A: Employee Provisions
Leave 3,303,581 2,842,288
Total employee provisions 3,303,581 2,842,288
Employee provisions are expected to be settled in:
No more than 12 months 1,068,155 1,080,408
More than 12 months 2,235,426 1,761,880
Total employee provisions 3,303,581 2,842,288
Note 9: Cash Flow Reconciliation
2012 2011
$ $
Reconciliation of cash and cash equivalents as per Balance Sheet to Cash Flow Statement
Cash and cash equivalents as per:
Cash flow statement 297,794 290,629
Balance sheet 297,794 290,629
Difference -
-Reconciliation of net cost of services to net cash from operating activities:
Net cost of services (10,054,976) (9,077,782)
Add revenue from Government 8,932,000 8,639,000
Cash from (to) the OPA 387,729 (944,159)
Adjustments for non-cash items
Depreciation / amortisation 517,186 254,381
Net write down of assets 3,205 290,014
Changes in assets / liabilities
(Increase) / decrease in net receivables (69,936) 290,556
(Increase) / decrease in prepayments 30,727 134,729
(Increase) / decrease in GST receivables 25,543 (45,253)
Increase / (decrease) in employee provisions 461,294 519,793
Increase / (decrease) in supplier payables (64,105) 121,989
Increase / (decrease) in other payable 5,421 (53,535)
Net cash from (used by) operating activities 174,088 129,733
Safe Work AustraliaFINANCIAL PERFORMANCE Note 10: Senior Executive Remuneration
Note 10A: Senior Executive Remuneration Expenses for the Reporting Period
2012 2011
$ $
Short-term employee benefits:
Salary 822,129 746,067
Annual leave accrued 76,663 62,897
Other 136,867 158,147
Total short-term employee benefits 1,035,659 967,111
Post-employment benefits:
Superannuation 167,466 153,381
Total post-employment benefits 167,466 153,381
Other long-term benefits:
Long-service leave 58,781 19,871
Total other long-term benefits 58,781 19,871
Total employment benefits 1,261,907 1,140,363
Notes:
1. Note 10A is prepared on an accrual basis (therefore the performance bonus expenses disclosed above may differ from the cash ‘Bonus paid’ in Note 10B).
2. Note 10A excludes acting arrangements and part-year service where total remuneration expensed for a senior executive was less than $150,000.
3. “Other” includes reportable fringe benefits, motor vehicle allowances and other allowances.
e Work AustraliaANNUAL REPORT 2011-12 Note 10B: Average Annual Reportable Remuneration Paid to Substantive Senior Executives During the Reporting Period 2012 Average annual reportable remuneration¹Senior ExecutivesReportable salary²Contributed superannuation³Reportable allowances⁴Bonus paid⁵Total No.$$$$$ Total remuneration (including part- time arrangements): $150,000 to $179,9991 152,587 24,281 - -176,868 $180,000 to $209,9991 175,757 26,199 - -201,956 $210,000 to $239,9992 188,022 33,070 - -221,092 $330,000 to $359,9991 277,710 53,656 - -331,366 Total5 2011 Average annual reportable remuneration¹Senior ExecutivesReportable salary²Contributed superannuation³Reportable allowances⁴Bonus paid⁵Total No.$$$$$ Total remuneration (including part- time arrangements): $150,000 to $179,9991 134,904 20,904 - -155,808 $180,000 to $209,9991 174,828 23,782 - -198,610 $210,000 to $239,9992 183,615 29,595 - -213,210 $300,000 to $329,9991 272,357 49,451 - -321,808 Total5
Safe Work AustraliaFINANCIAL PERFORMANCE
Notes:
1. This table reports substantive senior executives who received remuneration during the reporting period. Each row is an averaged figure based on headcount for individuals in the band.
2. ‘Reportable salary’ includes the following:
a) gross payments (less any bonuses paid, which are separated out and disclosed in the ‘bonus paid’ column);
b) reportable fringe benefits (at the net amount prior to ‘grossing up’ to account for tax benefits); and
c) exempt foreign employment income.
3. The ‘contributed superannuation’ amount is the average actual superannuation contributions paid to senior executives in that reportable remuneration band during the reporting period, including any salary sacrificed amounts, as per the individuals’ payroll records and payment
summaries.
4. ‘Reportable allowances’ are the average actual allowances paid as per the ‘total allowances’
line on individuals’ payment summaries.
5. ‘Bonus paid’ represents average actual bonuses paid during the reporting period in that reportable remuneration band. The ‘bonus paid’ within a particular band may vary between financial years due to various factors such as individuals commencing with or leaving the entity during the financial year.
6. Various salary sacrifice arrangements were available to senior executives including
superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the ‘reportable salary’ column, excluding salary sacrificed superannuation, which is reported in the ‘contributed superannuation’ column.
Note 10C: Other Highly Paid Staff
2012
There were no Other Highly Paid Staff for 2011.
e Work AustraliaANNUAL REPORT 2011-12
Notes:
1. This table reports staff:
a) who were employed by the entity during the reporting period;
b) whose reportable remuneration was $150,000 or more for the financial period; and c) were not required to be disclosed in Tables A, B or director disclosures.
Each row is an averaged figure based on headcount for individuals in the band.
2. ‘Reportable salary’ includes the following:
a) gross payments (less any bonuses paid, which are separated out and disclosed in the ‘bonus paid’ column);
b) reportable fringe benefits (at the net amount prior to ‘grossing up’ to account for tax benefits); and
c) exempt foreign employment income.
3. The ‘contributed superannuation’ amount is the average actual superannuation contributions paid to staff in that reportable remuneration band during the reporting period, including any salary sacrificed amounts, as per the individuals’ payroll records and payment summaries.
4. ‘Reportable allowances’ are the average actual allowances paid as per the ‘total allowances’
line on individuals’ payment summaries.
5. ‘Bonus paid’ represents average actual bonuses paid during the reporting period in that reportable remuneration band. The ‘bonus paid’ within a particular band may vary between financial years due to various factors such as individuals commencing with or leaving the entity during the financial year.
6. Various salary sacrifice arrangements were available to other highly paid staff including superannuation, motor vehicle and expense payment fringe benefits. Salary sacrifice benefits are reported in the ‘reportable salary’ column, excluding salary sacrificed superannuation, which is reported in the ‘contributed superannuation’ column.
Note 11: Remuneration of Auditors
2012 2011
$ $
Financial statement audit services were provided free of charge to the Agency by the ANAO.
Fair value of the services provided
Financial statement audit services 46,000 46,000
46,000 46,000 No other services were provided by the auditors of the financial statements.
Safe Work AustraliaFINANCIAL PERFORMANCE Note 12: Financial Instruments
2012 2011
$ $
Note 12A: Categories of Financial Instruments Financial Assets
Loans and receivables:
Cash and cash equivalents 297,794 290,629
Trade receivables 45,055 211,438
Accrued revenue 236,319
-Total 579,168 502,067
Carrying amount of financial assets 579,168 502,067
Financial Liabilities At amortised cost:
Trade creditors and accruals 865,075 927,869
Unearned income (Commonwealth-funded projects) 72,230 103,099
Total 937,305 1,030,968
Carrying amount of financial liabilities 937,305 1,030,968
No income or expense from financial instruments for 2011-12 (2011: nil).
Note 12B: Fair Value of Financial Instruments Carrying
amount
Fair value Carrying
amount Fair value
2012 2012 2011 2011
$ $ $ $
Financial Assets
Cash and cash equivalents 297,794 297,794 290,629 290,629
Trade receivables 45,055 45,055 211,438 211,438
Accrued revenue 236,319 236,319 -
-Total 579,168 579,168 502,067 502,067
Financial Liabilities
Trade creditors and accruals 865,075 865,075 927,869 927,869 Unearned income
(Commonwealth-funded projects) 72,230 72,230 103,099 103,099
Total 937,305 937,305 1,030,968 1,030,968
1. The fair value for each class of financial asset and financial liability are the same as the carrying amount due to the short-term nature of each class held.
e Work AustraliaANNUAL REPORT 2011-12
Note 12 (Cont’d): Financial Instruments Note 12C: Credit Risk
Safe Work Australia is exposed to minimal credit risk as loans and receivables are cash and trade receivables. The maximum exposure to credit risk is the risk that arises from potential default of a debtor. This amount is equal to the total amount of trade receivables in 2012: $45,055 (2011:
$211,438). The Agency has assessed the risk of the default on payment and has determined that an allowance for doubtful debts is not required.
Safe Work Australia has no significant exposures to any concentrations of credit risk. The Agency holds no collateral to mitigate against credit risk.
The following table illustrates Safe Work Australia’s gross exposure to credit risk, excluding any collateral or credit enhancements.
2012 2011
$ $
Financial assets
Cash and cash equivalents 297,794 290,629
Trade receivables 45,055 211,438
Accrued revenue 236,319
-Total 579,168 502,067
Financial liabilities
Trade creditors and accruals 865,075 927,869
Unearned income (Commonwealth-funded projects) 72,230 103,099
Total 937,305 1,030,968
Credit quality of financial instruments not past due or individually determined as impaired Not past due
Cash and cash equivalents 297,794 290,629 -
-Trade receivables 45,000 211,438 55
-Accrued revenue 236,319 236,319
Total 342,794 502,067 55
-Ageing of financial assets that were past due but not impaired for 2012 0 to 30 days 31 to 60
Safe Work AustraliaFINANCIAL PERFORMANCE Ageing of financial assets that were past due but not impaired for 2011
0 to 30 31 to 60 61 to 90 90+
days days days days Total
$ $ $ $ $
Trade receivables - - - -
-Total - - - -
-Note 12 (Cont’d): Financial Instruments Note 12D: Liquidity Risk
The Agency is jointly funded by Commonwealth, state and territory governments. The Agency manages its budgeted funds to ensure it has adequate funds to meet payments as they fall due.
In addition, the Agency has policies in place to ensure timely payments are made when due and has no past experience of default.
Maturities for non-derivative financial liabilities 2012
On demand within 1 year Total
$ $ $
Trade creditors and accruals - 865,075 865,075
Unearned income (Commonwealth-funded
projects) 72,230 72,230
Total - 937,305 937,305
Maturities for non-derivative financial liabilities 2011
On demand within 1 year Total
$ $ $
Trade creditors and accruals - 927,869 927,869
Unearned income (Commonwealth-funded
projects) 103,099 103,099
Total - 1,030,968 1,030,968
The Agency had no derivative financial liabilities in either 2012 or 2011.
Note 12E: Market Risk
Safe Work Australia holds basic financial instruments that do not expose the Agency to market risks.
e Work AustraliaANNUAL REPORT 2011-12
Note 13: Financial Assets Reconciliation
2012 2011
$ $
Financial assets Notes
Total financial assets as per balance sheet 8,466,461 8,802,633 Less: non-financial instrument components:
Appropriations receivable 5B 7,828,770 8,216,498
Statutory receivables 5B -
-Other receivables 5B 58,523 84,068
Total non-financial instrument components 7,887,293 8,300,566 Total financial assets as per financial instruments note 579,168 502,067
Safe Work AustraliaFINANCIAL PERFORMANCE Note 14: Appropriations Table A: Annual Appropriations (‘Recoverable GST exclusive’) 2012 Appropriations Appropriation applied in 2012 (current and prior years)Variance
Appropriation ActFMA Act Total appropriationAnnual AppropriationAppropriations reduced1AFM2Section 30Section 31Section 32 $’000$’000$’000$’000$’000$’000$’000$’000$’000 DEPARTMENTAL Ordinary annual services8,932 - - - - -8,932 (8,932) - Total departmental8,932 - - - - -8,932 (8,932) - Notes: 1. Appropriations reduced under Appropriation Acts (Nos. 1,3&5) 2011-12: sections 10, 11, and 12 and under Appropriation Acts (Nos. 2,4&6) 2011-12: sections 12,13, and 14. Departmental appropriations do not lapse at financial year-end. However, the responsible Minister may decide that part or all of a departmental appropriation is not required and request the Finance Minister to reduce that appropriation. The reduction in the appropriation is effected by the Finance Minister’s determination and is disallowable by Parliament. In 2012, there was no reduction in departmental and non-operating departmental appropriations. 2011 Appropriations Appropriation applied in 2011 (current and prior years)Variance
Appropriation ActFMA Act Total appropriationAnnual AppropriationAppropriations reduced1AFM2Section 30Section 31Section 32 $’000$’000$’000$’000$’000$’000$’000$’000$’000 DEPARTMENTAL Ordinary annual services9,935 - - - - -9,935 (9,935) - Total departmental9,935 - - - - -9,935 (9,935) - Notes: 1. Appropriations reduced under Appropriation Acts (Nos. 1 & 3) 2010-11: sections 10, 11, 12 and 15 and under Appropriation Acts (Nos. 2&4) 2010-11: sections 12, 13, 14 and 17. Departmental appropriations do not lapse at financial year-end. However, the responsible Minister may decide that part or all of a departmental appropriation is not required and request the Finance Minister to reduce that appropriation. The reduction in the appropriation is effected by the Finance Minister’s determination and is disallowable by Parliament. In 2011, there was no reduction in departmental and non-operating departmental appropriations.
