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Financial statements

Financial statements for the financial year ended 30 June 2019.

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.

Reviewed 28 October 2019

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