JavaScript is required

Financial statements

Financial statements for the financial year ended 30 June 2021.

Understanding the financial statements

Comprehensive operating statement

This measures our performance over the year and shows if a surplus or deficit has been made in delivering our services. The statement includes all sources of income less all expenses incurred in earning that income.

For the financial year ending 30 June 2021, the net result of the Authority was $10.9 million.

Balance sheet

This sets out our net accumulated financial worth at the end of the financial year. It shows the assets we own as well as liabilities or claims against those assets.

Both assets and liabilities are expressed as current or non-current. Current assets or current liabilities are expected to be converted to cash receipts or outlays within the next twelve months. Non-current assets or liabilities are longer-term.

Equity is our reserves and accumulated surplus that have been reinvested in the Authority over the year.

Cash flow statement

This summarises our cash receipts and payments for the financial year and the net cash position at the end of the year. It differs from the Comprehensive Operating Statement in that it excludes non-cash expenses such as the accruals taken into account in the Comprehensive Operating Statement.

For the year ending 30 June 2021, the Authority had net cash flow from operating activities of $75.9 million.

Statement of changes in equity

This shows the changes in equity from last year to this year.

The total overall change in equity during a financial year comprises the net result for the year.

Notes to the accounts

This provide further information about how the financial statements are prepared as well as additional information and detail about specific items within them.

The Notes to the Accounts also describe any changes to accounting standards, policy or legislation that may affect the way the statements are prepared. Information in the Notes is particularly helpful if there has been a significant change from the previous year’s comparative figures.

Statutory Certificate and Auditor General’s Report

These provide the reader with a written undertaking that the financial statements fairly represent the Authority’s financial position and performance for 2020-21. The Report from the Independent Auditor provides an independent view and outlines any issues of concern.

Statutory certification

We certify that the attached financial statements for the Portable Long Service Benefits Authority have been prepared in accordance with Direction 5.2 of the Standing Directions of the Assistant Treasurer under the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards including interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the Comprehensive Operating Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity and the accompanying notes, presents fairly the financial transactions during the financial year ended 30 June 2021 and the financial position of the Authority as at 30 June 2021.

At the date of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 24 August 2021.

Julius Roe

Chair
Portable Long Service Benefits Authority

Joseph Yeung

Chief Executive Officer and Regulator
Portable Long Service Benefits Authority

Peter Leersen

Chief Financial Officer
Portable Long Service Benefits Authority

Comprehensive operating statement

For the financial year ended 30 June 2021

Notes 2021
($'000)
2020
($'000)
Income from transactions
Government grants 2.2.2 692 6,236
Contributions from employers and contractors 2.2.1 93,250 55,997
Investment income 2.2.3 5,748 571
Interest 26 33
Net gain/(loss) on financial instruments 4.2.1 6,809 (418)
Total income from transactions 106,525 62,419
Expenses from transactions
Employee benefits expense 3.3.1 4,711 3,740
Portable long service benefits expense 3.4.1 88,658 47,684
Administration expense 3.2 1,990 1,444
Interest expense 6.2.2 10 15
Depreciation 4.1.2, 6.2.2 274 263
Total expenses from transactions 95,643 53,146
Net result from transactions (net operating balance) 10,882 9,273
Net result 10,882 9,273
Comprehensive result 10,882 9,273

The accompanying notes form part of these financial statements.

Balance sheet

As at 30 June 2021

Notes 2021
($'000)
2020
($'000)
ASSETS
Current assets
Cash and deposits 6.3 9,444 13,959
Receivables 5.1 35,864 19,487
Investments and other financial assets 4.2 15,709 11,225
Prepayments 12 21
Total current assets 61,029 44,692
Non-current assets
Property, plant and equipment 4.1 262 529
Investments and other financial assets 4.2 98,124 14,519
Total non-current assets 98,386 15,048
TOTAL ASSETS 159,415 59,740
LIABILITIES
Current liabilities
Trade and other payables 5.2 309 272
Employee benefits 3.3.2 812 424
Accrued portable long service benefits 3.4.2 15,984 3,123
Borrowings 6.1 191 249
Total current liabilities 17,296 4,068
Non-current liabilities
Employee benefits 3.3.2 57 109
Accrued portable long service benefits 3.4.2 120,358 44,561
Borrowings 6.1 30 210
Total non-current liabilities 120,445 44,880
TOTAL LIABILITIES 137,741 48,948
NET ASSETS 21,674 10,792
EQUITY
Reserves 6.5 6,818 1,782
Accumulated surplus 14,856 9,010

NET WORTH

21,674 10,792

The accompanying notes form part of these financial statements.

Cash flow statement

For the financial year ended 30 June 2021

Notes 2021
($’000)
2020
($’000)
Cash flows from operating activities
Receipts
Receipts from Government 1,191 7,379
Receipts from employers 81,664 37,661
Goods and services tax received from the ATO (i) 68 126
Total receipts 82,923 45,166
Payments
Payments to suppliers and employees (6,379) (4,750)
Payments to scheme employers and workers (615) (29)
Total payments (6,994) (4,779)
Net cash flows from / (used in) operating activities 6.3.1 75,929 40,387
Cash flows from investing activities
Payments for investments (81,281) (26,162)
Proceeds from sale of investments 1,081 67
Payments for property, plant and equipment (6) (100)
Net cash flows from / (used in) investing activities (80,206) (26,195)
Cash flows from financing activities
Repayment of finance lease liabilities 6.2.3 (238) (233)
Net cash flows from / (used in) financing activities (238) (233)
Net increase in cash and cash equivalents (4,515) 13,959
Cash and cash equivalents at the beginning of the financial year 13,959 -
Cash and cash equivalents at end of financial year 6.3 9,444 13,959

The accompanying notes form part of these financial statements.

(i) Goods and Services Tax paid to the Australian Taxation Office is presented on a net basis.

Statement of changes in equity

For the financial year ended 30 June 2021

Reserves
($’000)
Accumulated surplus
($’000)
Total
($’000)
Balance at 1 July 2019 - 1,519 1,519
Net result for the year - 9,273 9,273
Transfer to reserves 1,782 (1,782) -
Balance at 30 June 2020 1,782 9,010 10,792
Net result for the year - 10,882 10,882
Transfer to reserves 5,036 (5,036) -
Balance at 30 June 2021 6,818 14,856 21,674

The accompanying notes form part of these financial statements.

Notes to the financial statements

Updated