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.

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

Assets

Current 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

Liabilities

Current 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.

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