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Note 4.1: Administered – financial assets

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Note 4.1: Administered – financial assets 1, 2

    2016 2015
   Notes $'000 $'000

4.1A: Cash and cash equivalents

     
Cash on hand or deposit   1 3
       

4.1B: Loans and variables

     
Goods and services receivables   502 559
       
Advances and loans3      
State and territory governments   99,175 120,592
       
Other receivables      
Special account receivable from Official Public Account   - 1
Other   6 26
Personal benefit recoveries4   1,614 1,362
GST receivable from Australian Taxation Office   2,121 2,640
Total other receivables   3,741 4,029
Total loans and receivables (gross)   103,418 125,180
       
Less impairment allowance      
Goods and services   (143) (102)
Personal benefits recoveries   (1,290) (1,089)
Total impairment allowance   (1,433) (1,191)
Total trade and other receivables (net)   101,985 123,989
       
Trade and other receivables (net) expected to be recovered      
No more than 12 months   101,985 123,989
Total trade and other receivables (net)   101,985 123,989
       
Trade and other receivables (gross) aged as follows      
Not overdue   101,431 123,439
Overdue by      
0 to 30 days   68 3
31 to 60 days   - -
61 to 90 days   11 10
More than 90 days   1,908 1,728
Total trade and other receivables (gross)   103,418 125,180
       
Impairment allowance aged as follows      
Overdue by      
More than 90 days   (1,433) (1,191)
Total impairment allowance   (1,433) (1,191)

Reconciliation of the impairment allowance

     

Movements in relation to 2016

     

 

Goods and services Personal benefit recoveries  Total
  $'000 $'000 $'000
As at July 2015 102 1,089 1,191
Amounts recovered and reversed - - -
Amounts transferred under restructuring of administrative arrangements (73) - (73)
Total as at 30 June 16 143 1,290 1,433
       
Movements in relation to 2015      
As at 1 July 2014 91 646 737
Amounts recovered and reversed (6) ff (6)
Increase recognised in net defecit 17 443 460
Total as at 30 June 2015 102 1,089 1,191
Credit terms for goods and services were within 30 days
(2015: 30 days).
     

Accounting policy

Loans and receivables

Where loans and receivables are not subject to concessional treatment, they are carried at amortised cost using the effective interest method. Gains and losses due to impairment, derecognition and amortisation is recognised through profit and loss.

Concessional loans are initially recognised at their fair value. If the rate of interest charged is lower than the government bond rate (for government/public sector loans) or the counterparty’s borrowing rate (for non-government loans), the difference between the amortised cost and the fair value of the loan is treated as an expense.


  2016 2015
  $'000 $'000

4.1C: Investments1

   
 Investments in associates    
Australian Human Rights Commission5 223 -
High Court of Australia 218,492 216,326
Australian Business Arts Foundation - 1,745
Australian Council - 23,247
Australian Film, Television and Radio School - 10,887
Australian Government Solicitor - 26,404
Australian National Maritime Museum - 255,944
Bundanon Trust - 51,560
National Film and Sound Archive - 278,880
National Gallery of Australia - 5,826,671
National Library of Australia - 1,674,055
National Museum of Australia - 466,559
National Portrait Gallery - 129,684
Screen Australia - 58,705
Investments in jointly controlled entities    
Law Courts Limited 130,211 119,599
Total investments 348,926 9,140,266
     
Investments expected to be recovered    
More than 12 months 348,926 9,140,266
Total investments 348,926 9,140,266

Details of investments    
  Ownership  
  2016 2015
Name of entity % %
Jointly controlled entities 47.5 47.5
Law Courts Limited    
Associates    
Australian Human Rights Commission 100 -
High Court of Australia 100 100
Australian Business Arts Foundation - 100
Australia Council - 100
Australian Film, Television and Radio School - 100
Australian Government Solicitor - 100
Australian National Maritime Museum - 100
Bundanon Trust - 100
National Film and Sound Archive - 100
National Gallery of Australia - 100
National Library of Australia - 100
National Museum of Australia - 100
National Portrait Gallery - 100
Screen Australia - 100

Notes

1 On 15 December 2014, the Government announced that it would consolidate the Australian Government Solicitor (AGS) within the Attorney-General’s Department with effect from 1 July 2015. As a consequence, assets may be materially different to the comparative shown in the 2014–15 financial year.

2 In accordance with the Administrative Arrangements Order of 21 September 2015, the Classification, Copyright and Arts and Cultural Development programs and functions were transferred to the Department of Communications and the Arts with effect from 1 November 2015. Accordingly, both assets and liabilities may be materially different to the comparative shown in the 2014–15 financial year.

3 Loans are made to state and territory governments for periods up to 100 years. No security is required. Principal will be repaid in full by maturity. Interest rates are either fixed or variable. Interest payments are made annually.

4 Recovery action undertaken by the Department of Human Services in respect of payments made under the Australian Government Disaster Recovery Program and Disaster Income Recovery Subsidy.

5 The Australian Human Rights Commission became a corporate Commonwealth entity on 1 July 2014.

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