Statutory Certification
We certify that the attached financial statements for the Portable Long Service Benefits Authority (the Authority) have been prepared in accordance with Direction 5.2 of the Standing Directions of the Minister for Finance 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, Statement of Changes in Equity, Cash Flow Statement and the accompanying notes, presents fairly the financial transactions during the financial period ended 30 June 2019 and the financial position of the Authority as at 30 June 2019.
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 14 August 2019.
Julis Roe,
Chair
Joseph Yeung,
CEO and Registrar
Peter Leersen
CFO
Comprehensive Operating Statement
| For the period ended 30 June 2019 | Notes | 2019 ($'000) |
|---|---|---|
| Revenue | ||
| Government grants | 2.1 | 1,820 |
| Total revenue | 1,820 | |
| Expenses | ||
| Operating and administration expenses | 3.2 | 133 |
| Employee benefits | 3.3.1 | 168 |
| Total expenses | 301 | |
| Net result for the year | 1,519 | |
| Total comprehensive result for the year | 1,519 |
The above Comprehensive Operating Statement should be read in conjunction with the accompanying notes.
Balance Sheet
| As at 30 June 2019 | Notes | 2019 ($'000) |
|---|---|---|
| Assets | ||
| Current assets | ||
| Receivables | 4.1 | 1,731 |
| Total current assets | 1,731 | |
| Total assets | 1,731 | |
| Liabilities | ||
| Current liabilities | ||
| Payables | 4.2 | 160 |
| Employee benefits | 3.3.2 | 52 |
| Total current liabilities | 212 | |
| Total liabilities | 212 | |
| Net assets | 1,519 | |
| Equity | ||
| Accumulated funds | 1,519 | |
| Total equity | 1,519 |
The above Balance Sheet should be read in conjunction with the accompanying notes.
Statement of Changes in Equity
| For the period ended 30 June 2019 | Accumulated funds ($'000) |
Total ($'000) |
|---|---|---|
| Balance at 1 July 2018 | - | - |
| Net result for the year | 1,519 | 1,519 |
| Balance at 30 June 2019 | 1,519 | 1,519 |
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Cash Flow Statement
| For the period ended 30 June 2019 | Notes | 2019 ($'000) |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Receipts | ||
| Receipts from Government | 100 | |
| GST received from the ATO1 | 4 | |
| 104 | ||
| Payments | ||
| Payments to suppliers and employees | (104) | |
| (104) | ||
| Net cash inflows from operating activities | 5.1.1 | - |
| Net increase in cash and cash equivalents | - | |
| Cash and cash equivalents at the beginning of the financial year | - | |
| Cash and cash equivalents at the end of the financial year | - |
The above Cash Flow Statement should be read in conjunction with the accompanying notes.
1 Goods and Services Tax paid to the ATO is presented on a net basis.
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