Departmental Financial Statements
(for the year ended 30 June 2021)
The financial statements record the revenue, expenses, assets, liabilities, commitments, contingent liabilities and contingent assets the Commission and Social Wellbeing Agency manage.
On this page
Statement of Comprehensive Revenue and Expenses
Statement of Financial Position
Statement of Comprehensive Revenue and Expenses
for the year ended 30 June 2021
|
2020 Actual $000 |
Notes |
2021 Actual $000 |
2021 Budget $000 |
2021 Supps $000 |
2022 Forecast $000 |
|
|---|---|---|---|---|---|---|
|
Revenue |
||||||
|
41,129 |
Revenue Crown |
2 |
38,377 |
34,464 |
38,377 |
34,399 |
|
7,086 |
Revenue other |
2 |
9,020 |
4,650 |
11,493 |
10,827 |
|
48,215 |
Total revenue |
47,397 |
39,114 |
49,870 |
45,226 |
|
|
Expenditure |
||||||
|
31,248 |
Personnel costs |
3 |
32,271 |
30,136 |
32,298 |
32,944 |
|
247 |
Capital charge |
4 |
224 |
210 |
223 |
223 |
|
951 |
Depreciation and amortisation expense |
6 |
1,141 |
691 |
1,022 |
1,022 |
|
12,056 |
Other operating expenses |
5 |
11,986 |
8,077 |
15,821 |
11,037 |
|
44,502 |
Total expenditure |
45,622 |
39,114 |
49,364 |
45,226 |
|
|
3,713 |
Net surplus/(deficit) |
1,775 |
- |
506 |
- |
|
|
- |
Other comprehensive revenue |
- |
- |
- |
- |
|
|
3,713 |
Total comprehensive revenue |
1,775 |
- |
506 |
- |
Explanations of major variances against budget are detailed in note 17.
The accompanying accounting policies and notes form part of these financial statements.
Statement of Financial Position
as at 30 June 2021
|
2020 Actual $000 |
|
Notes |
2021 Actual $000 |
2021 Budget $000 |
2021 Supps $000 |
2022 Forecast $000 |
|---|---|---|---|---|---|---|
AssetsCurrent Assets |
||||||
|
10,897 |
Cash and cash equivalents |
13,026 |
8,820 |
8,041 |
8,457 |
|
|
3,028 |
Debtor Crown |
3,028 |
3,028 |
3,028 |
3,028 |
|
|
2,151 |
Debtors and other receivables |
7 |
4,022 |
3,370 |
2,151 |
2,151 |
|
273 |
Prepayments |
|
17 |
28 |
273 |
273 |
|
16,349 |
Total current assets |
|
20,093 |
15,246 |
13,493 |
13,909 |
Non-current assets |
||||||
|
1,727 |
Property, plant and equipment |
6 |
1,767 |
1,313 |
1,987 |
1,559 |
|
721 |
Intangible assets |
6 |
290 |
496 |
627 |
133 |
|
2,448 |
Total non-current assets |
|
2,057 |
1,809 |
2,614 |
1,692 |
|
18,797 |
Total assets |
22,150 |
17,055 |
16,107 |
15,601 |
|
LiabilitiesCurrent Liabilities |
||||||
|
4,083 |
Creditors and other payables |
8(a) |
5,006 |
5,570 |
4,918 |
4,412 |
|
2,884 |
Revenue - advance |
8(b) |
6,532 |
3,701 |
2,884 |
2,884 |
|
3,713 |
Return of operating surplus |
1,500 |
- |
- |
- |
|
|
254 |
Provisions |
10 |
245 |
- |
254 |
254 |
|
1,756 |
Employee entitlements |
9 |
1,943 |
1,642 |
1,756 |
1,756 |
|
12,690 |
Total current liabilities |
|
15,226 |
10,913 |
9,812 |
9,306 |
Non-current liabilities |
||||||
|
119 |
Provisions |
10 |
119 |
119 |
119 |
119 |
|
69 |
Employee entitlements |
9 |
94 |
104 |
69 |
69 |
|
188 |
Total non-current liabilities |
|
213 |
223 |
188 |
188 |
|
12,878 |
Total liabilities |
|
15,439 |
11,136 |
10,000 |
9,494 |
|
5,919 |
Net assets |
|
6,711 |
5,919 |
6,107 |
6,107 |
Equity |
||||||
|
5,823 |
Taxpayers' funds |
13 |
6,011 |
5,823 |
6,011 |
6,011 |
|
- |
Memorandum accounts |
13 |
604 |
- |
- |
- |
|
96 |
Artwork revaluation reserves |
13 |
96 |
96 |
96 |
96 |
|
5,919 |
Total equity |
|
6,711 |
5,919 |
6,107 |
6,107 |
Explanations of major variances against budget are detailed in note 17.
The accompanying accounting policies and notes form part of these financial statements.
Statement of Changes in Equity
for the year ended 30 June 2021
|
2020 Actual $000 |
Notes |
2021 Actual $000 |
2021 Budget $000 |
2021 Supps $000 |
2022 Forecast $000 |
|
|---|---|---|---|---|---|---|
|
6,086 |
Balance as at 1 July |
5,919 |
5,919 |
5,919 |
6,107 |
|
Comprehensive revenue / (expense) |
||||||
|
3,713 |
Net surplus/(deficit) for the year |
1,775 |
- |
506 |
- |
|
|
475 |
Capital contribution |
188 |
- |
188 |
- |
|
|
(642) |
Capital withdrawal |
- |
- |
(329) |
- |
|
|
- |
Transfer to memorandum account |
329 |
- |
329 |
- |
|
|
(3,713) |
Return of operating surplus to the Crown |
14 |
(1,500) |
- |
(506) |
- |
|
5,919 |
Balance as at 30 June |
|
6,711 |
5,919 |
6,107 |
6,107 |
Explanations of major variances against budget are detailed in note 17.
The accompanying accounting policies and notes form part of these financial statements.
Statement of Cash Flows
for the year ended 30 June 2021
|
2020 Actual $000 |
Notes |
2021 Actual $000 |
2021 Budget $000 |
2021 Supps $000 |
2022 Forecast $000 |
|
|---|---|---|---|---|---|---|
Cash flows from operating activities |
||||||
|
41,129 |
Receipts from Crown |
38,377 |
34,464 |
38,377 |
34,399 |
|
|
7,489 |
Receipts from other revenue |
10,797 |
4,650 |
11,493 |
10,827 |
|
|
(12,475) |
Payments to suppliers |
(10,887) |
(10,066) |
(15,966) |
(11,185) |
|
|
(31,069) |
Payments to employees |
(31,933) |
(28,147) |
(32,153) |
(32,796) |
|
|
(254) |
Payments for capital charge |
(224) |
(210) |
(223) |
(223) |
|
|
52 |
Goods and services tax (net) |
|
17 |
- |
- |
- |
|
4,872 |
Net cash flows from operating activities |
11 |
6,147 |
691 |
1,528 |
1,022 |
Cash flows from investing activities |
||||||
|
(565) |
Purchase of property, plant and equipment |
|
(722) |
(100) |
(788) |
(100) |
|
(89) |
Purchase of intangible assets |
|
(100) |
- |
(400) |
- |
|
(654) |
Net cash flows from investing activities |
|
(822) |
(100) |
(1,188) |
(100) |
Cash flows from financing activities |
||||||
|
(2,112) |
Repayment of operating surplus |
(3,384) |
- |
(3,384) |
(506) |
|
|
(167) |
Capital (withdrawal)/injection |
|
188 |
- |
188 |
- |
|
(2,279) |
Net cash flows from financing activities |
|
(3,196) |
- |
(3,196) |
(506) |
|
1,939 |
Net (decrease) / increase in cash |
2,129 |
591 |
(2,856) |
416 |
|
|
8,958 |
Cash at the beginning of the year |
|
10,897 |
8,229 |
10,897 |
8,041 |
|
10,897 |
Cash at the end of the year |
|
13,026 |
8,820 |
8,041 |
8,457 |
Explanations of major variances against budget are detailed in note 17.
The accompanying accounting policies and notes form part of these financial statements.
Statement of Commitments
as at 30 June 2021
|
2020 Actual $000 |
|
2021 Actual $000 |
|
|
Non-cancellable operating lease commitments |
|
|
694 |
Not later than one year |
1,130 |
|
- |
Later than one year and not later than five years |
1,823 |
|
694 |
Total non-cancellable operating lease commitments |
2,953 |
|
694 |
Total commitments |
2,953 |
The non-cancellable operating leases for both the Commission and the Social Wellbeing Agency have varying terms, escalation clauses and renewal rights. There are no restrictions placed on either agency by any of its leasing arrangements. The amounts disclosed as future commitments are based on current lease payments. Operating lease commitments have increased due to the renewal of both the Commission’s and the Social Wellbeing Agency’s existing operating lease and a new lease for the additional floor in the Reserve Bank of New Zealand Building for the Commission.
There was no capital commitment for 2020/21 or 2019/20.
Statement of Contingent Liabilities and Contingent Assets
as at 30 June 2021
Unquantifiable Contingent Liabilities and Assets
There are no unquantifiable contingent liabilities and assets as at 30 June 2021 (2020: There was no unquantifiable contingent liability).
Quantifiable Contingent Liabilities and Assets
The Commission is involved in a Human Rights Review Tribunal case. Disclosure of further information may prejudice the Commission’s position (2020: There was no quantifiable contingent liability).
The accompanying accounting policies and notes form part of these financial statements.