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Annual Report 30 June 2013

Financial Statements

For the year ended 30 June 2013

Statement of Comprehensive Income

For the year ended 30 June 2013



30/06/12
Actual
$000

Notes

30/06/13
Actual
$000

30/06/13
Main
estimates
$000

30/06/13
Supp.*
estimates
$000

79,291

100

25,100

REVENUE

364,415

Crown

348,119

393,259

368,829

15,416

Other

2

11,628

14,791

11,648

22

Interest

25

100

100

230

Gain on sale of assets

247

-

-

380,083

Total revenue

360,019

408,150

380,577

EXPENDITURE

160,006

Personnel

3

152,071

158,179

154,521

79,466

Operating

4

72,861

128,302

86,302

48,046

Accommodation

5

44,770

55,661

48,459

23,465

Depreciation

6

18,902

19,211

18,897

2,520

Amortisation on intangible assets

7

2,297

1,748

2,262

40,182

Capital charge

8

45,036

44,949

45,036

7,581

Net loss on foreign exchange

19

6,696

-

-

361,266

Total output expenses

342,633

408,050

355,477

RE-MEASUREMENT

(1,372)

Net gain on derivative financial instruments

20

(5,384)

-

-

936

Movement in discount rate for Long Service Leave and Retirement Leave

17

(1,172)

-

-

(436)

Total re-measurement

(6,556)

-

-

360,830

Total expenses

336,077

408,050

355,477

19,253

Net operating surplus/ (deficit)

23,942

100

25,100

OTHER COMPREHENSIVE INCOME

60,038

Gain on property revaluations

-

-

-

*These are the 2012/13 estimated actuals disclosed in the 2013/14 main estimates. The individual output statements disclosed with the Statements of Service Performance reflect the appropriations in the 2012/13 supplementary estimates.

The accompanying accounting policies and notes form part of these financial statements. For information on major variances against budget refer to Note 23.

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Statement of Changes in Taxpayers’ Funds

For the year ended 30 June 2013

30/06/12
Actual
$000

Notes

30/06/13
Actual
$000

30/06/13
Main
estimates
$000

30/06/13
Supp*
estimates
$000

562,299

Taxpayers' funds as at 30 June

9

568,855

561,863

562,299

501,825

Taxpayers' funds brought forward
as at 1 July

562,299

561,863

562,299

79,291

Total comprehensive income

23,942

100

25,100

(18,817)

Return of operating surplus to the Crown

15

(17,386)

(100)

(25,100)

60,474

Movement in taxpayers' funds
for the year

6,556

-

-

* These are the 2012/13 estimated actuals as disclosed in the 2013/14 main estimates.

The accompanying accounting policies and notes form part of these financial statements. For information on major variances against budget refer to Note 23.

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Statement of Financial Position

As at 30 June 2013

30/06/12
Actual
$000

Notes

30/06/13
Actual
$000

30/06/13
Main
estimates
$000

30/06/13
Supp*
estimates
$000

638,123

Total liabilities and taxpayers' funds

631,419

619,841

653,156

TAXPAYERS' FUNDS

404,195

General funds

9

410,751

403,759

404,195

158,104

Property revaluation reserve

9

158,104

158,104

158,104

562,299

Total taxpayers' funds

568,855

561,863

562,299

Represented by:

CURRENT ASSETS

66,342

Cash and cash equivalents

46,866

51,288

68,391

102,451

Debtor Crown

125,300

78,825

107,336

2,673

Debtors and other receivables

10

2,212

2,281

2,673

6,693

Prepayments

11

7,830

9,001

6,693

112

Derivative financial instruments

20

1,751

151

112

178,271

Total current assets

183,959

141,546

185,205

NON-CURRENT ASSETS

3,192

Debtors and receivables

10

3,910

3,271

3,192

3,773

Prepayments – leased land

11

3,695

3,921

3,773

447,475

Property, plant, and equipment

12

435,474

461,402

454,223

5,412

Intangible assets

13

4,381

9,701

6,763

459,852

Total Non-current assets

447,460

478,295

467,951

638,123

Total assets

631,419

619,841

653,156

CURRENT LIABILITIES

12,547

Creditors and other payables

14

14,430

16,453

21,296

18,817

Return of operating surplus

15

17,386

100

25,100

6,531

Provisions for other costs

16

2,150

427

1,963

17,781

Provision for employee entitlements

17

16,985

17,497

22,396

4,790

Derivative financial instruments

20

1,043

6,200

4,790

60,466

Total current liabilities

51,994

40,677

75,545

NON-CURRENT LIABILITIES

11,808

Provision for employee entitlements

17

9,264

11,022

11,762

3,550

Provisions for other costs

16

1,306

6,279

3,550

15,358

Total non-current liabilities

10,570

17,301

15,312

75,824

Total liabilities

62,564

57,978

90,857

562,299

NET ASSETS

568,855

561,863

562,299

* These are the 2012/13 estimated actuals as disclosed in the 2013/14 main estimates.

The accompanying accounting policies and notes form part of these financial statements. For information on major variances against budget refer to Note 23.

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Statement of Cash Flows

For the year ended 30 June 2013

30/06/12
Actual
$000

Notes

30/06/13
Actual
$000

30/06/13
Main
estimates
$000

30/06/13
Supp*
estimates
$000

66,342

Closing cash at the end of the year

46,866

51,288

68,391

OPERATING ACTIVITIES

Cash provided from:

362,839

Receipts from Crown

325,270

435,814

372,694

15,236

Receipts from Departments and other

11,278

14,791

11,648

22

Interest

25

100

100

-

Goods and services tax (net)

94

-

-

378,097

336,667

450,705

384,442

Cash disbursed to:

(155,253)

Payments to employees

(154,671)

(158,416)

(154,563)

(137,375)

Payments to suppliers

(129,832)

(183,726)

(134,719)

(40,182)

Payments for capital charge

(45,036)

(44,949)

(45,036)

(528)

Goods and services tax (net)

-

-

-

(333,338)

(329,539)

(387,091)

(334,318)

44,759

Net cash flow from operating activities

18

7,128

63,614

50,124

INVESTING ACTIVITIES

Cash provided from:

416

Sale of property, plant, and equipment

3,213

37,986

2,181

Cash disbursed for:

(15,729)

Purchase of property, plant, and equipment

(9,615)

(68,114)

(27,826)

(1,499)

Purchase of intangible assets

(1,385)

(3,000)

(3,613)

(16,812)

Net cash flow from investing activities

(7,787)

(33,128)

(29,258)

FINANCING ACTIVITIES

Cash disbursed for:

(11,021)

Return of operating surplus

(18,817)

(20,100)

(18,817)

(11,021)

Net cash flow from financing activities

(18,817)

(20,100)

(18,817)

16,926

Net increase/(decrease) in cash

(19,476)

10,386

2,049

49,416

Add cash at the beginning of the year

66,342

40,902

66,342

The GST (net) component of operating activities reflects the net GST paid and received to/from the Inland Revenue Department. The GST component has been presented on a net basis, as the gross amounts do not provide meaningful information for financial statement purposes.

* These are the 2012/13 estimated actuals as disclosed in the 2013/14 main estimates.

The accompanying accounting policies and notes form part of these financial statements.

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Statement of Commitments

As at 30 June 2013

30/06/12
Actual
$000

30/06/13
Actual
$000

133,759

CAPITAL COMMITMENTS

Land and buildings

4,880

Less than one year

2,625

4,880

Total capital commitments

2,625

NON-CANCELLABLE OPERATING LEASES

Accommodation

32,291

Less than one year

28,371

55,603

One to five years

45,408

40,985

More than five years

39,132

128,879

Total non-cancellable operating lease commitments

112,911

Capital commitments

Capital commitments are the aggregate amount of capital expenditure contracted for the acquisition of property, plant, and equipment and intangible assets that have not been recognised as a liability as at 30 June 2013.

Non-cancellable operating leases

MFAT leases property, plant, and equipment in the normal course of its business. The majority of these leases are for premises that have a non-cancellable leasing period.

Our non-cancellable operating leases have varying terms, escalation clauses and renewal rights. There are no restrictions placed on us by any of its leasing arrangements.

The accompanying accounting policies and notes form part of these financial statements.

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Statement of Contingent Liabilities and Contingent Assets

As at 30 June 2013

MFAT has a contingent liability in the form of an indemnity as at 30 June 2013 to HSBC for $0.800 million as part of the Chancery lease conditions in New York (30 June 2012: $0.788 million).

We have other contingent liabilities relating to employment disputes and property disputes as at 30 June 2013 for $0.237 million (30 June 2012: $0.462 million).

MFAT has no contingent asset as at 30 June 2013 (30 June 2012: $4.550 million).

Statement of Departmental Unappropriated Expenditure and Capital Expenditure

For the year ended 30 June 2013

MFAT had no departmental unappropriated expenditure as at 30 June 2013 (30 June 2012: nil).

Departmental Net Asset Schedule

MFAT had no breaches of projected departmental net asset schedules as at 30 June 2013 (30 June 2012: nil).

The accompanying accounting policies and notes form part of these financial statements.

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Statement of Departmental Expenditure and Capital Expenditure against Appropriations

For the year ended 30 June 2013

30/06/12
$000

30/06/13
$000

30/06/13
Appropriation
voted*
$000

17,228

31,439

VOTE: FOREIGN AFFAIRS AND TRADE

Appropriations for Output expenses

1,440

Administration of diplomatic privileges and immunities

1,401

1,425

19,366

Consular services

17,938

19,339

1,088

Pacific Security Fund

1,163

1,700

67,212

Policy advice and representation: international institutions

60,805

63,842

196,606

Policy advice and representation: other countries

197,532

227,066

18

Policy advice and representation: other countries (permanent legislative authority)

18

20

145

Promotional activities: other countries

17

150

14,277

Services for other New Zealand agencies overseas

10,653

10,983

3,276

Rugby World Cup Guests of Government

-

-

3,587

Hosting of the Pacific Islands Forum 2011

-

-

307,015

Sub-total

289,527

324,525

VOTE: OFFICIAL DEVELOPMENT ASSISTANCE

Appropriations for output expenses

54,251

Management of New Zealand Official Development Assistance

53,106

55,952

54,251

Sub-total

53,106

55,952

361,266

Total expenditure and appropriations before re-measurement

342,633

380,477

Non-output expenses

(1,372)

Unrealised gain on the re-measurement of foreign exchange contracts

(5,384)

-

936

Movement in discount rate for long service leave and retirement leave

(1,172)

-

(436)

Total re-measurements

(6,556)

-

360,830

Total expenditure after re-measurement

336,077

380,477

Appropriations for departmental capital expenditure

17,228

Capital expenditure (permanent legislative authority)

11,001

31,439

* This includes adjustments made in the supplementary estimates.

The accompanying accounting policies and notes form part of these financial statements.

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Statement of Trust Monies

For the year ended 30 June 2013

Account

As at
30/06/12
$000

Contribution
$000

Distribution
$000

Revenue
$000

As at
30/06/13
$000

Total

3,069

7,882

(4,431)

12

NZ/France Friendship Trust Fund

22

195

(207)

-

10

Niue Admin Building Trust Fund

280

-

-

4

284

Cook Islands Trust Fund

23

3,170

(2,973)

6

226

Fred Hollows Foundation Trust

1

306

(300)

2

9

Kiribati Sustainable Towns Programme Trust Account

5

-

-

-

5

Niue Primary School Infrastructure Project Trust

2,738

2,576

-

-

5,314

Tuvalu Ship to Shore Transport Project Trust

-

-

-

-

-

Afghanistan New Zealand Aid Programme Trust

-

1,635

(951)

-

684

 

Purpose of Trust Accounts

New Zealand/France Friendship Fund

The New Zealand/France Friendship Fund was established to manage the distribution of income from funds held in France as part of the Rainbow Warrior dispute. Funds are used for projects promoting relations between France and New Zealand.

Niue Admin Building Trust Fund

The Niue Admin Building Trust was established to receive funds held on behalf of the French Government committed to the construction of a new government administration building in Niue, to replace the temporary structures used since most of the government buildings on the island were damaged/destroyed in a cyclone several years ago.

Cook Islands Trust Fund

The Cook Islands Trust account was opened to hold funds provided by AusAID. The Trust was established following the decision by AusAID and New Zealand Aid Programme to harmonise the aid programmes for the Cook Islands under the New Zealand Aid Programme's management.

Fred Hollows Trust Fund

The Fred Hollows Trust account was opened to hold funds received from AusAID and to be managed as part of the New Zealand Aid Programme for a jointly funded programme to address vision impairment in the Pacific.

Kiribati Sustainable Towns Programme Trust

The Kiribati Sustainable Towns Programme Trust account was opened to hold and manage funds received from the Cities Alliance Secretariat – the World Bank; and to be managed as part of the New Zealand Aid Programme.

Niue Primary School Infrastructure Project Trust

The Niue Primary School Infrastructure Project Trust account was set up in May 2012 to hold and manage funds on behalf of AusAID to undertake oversight of the construction of the Niue Primary School through the Niue Primary School Infrastructure project.

Tuvalu Ship to Shore Transport Project Trust

The Tuvalu Ship to Shore Transport Project Trust account was set up in May 2012 to hold and manage funds on behalf of AusAID to undertake oversight and management of the Tuvalu Ship to Shore Transport project. No transactions had flowed through this trust account as at 30 June 2013.

Afghanistan New Zealand Aid Programme Trust

The Afghanistan New Zealand Aid Programme Trust account was set up in May 2012 to hold and manage donor funds relating to the New Zealand Aid Programme in Afghanistan for the purpose specified within each donor cooperation agreement for (a) Agricultural Support Programme and (b) Renewable Energy Programme.

The accompanying accounting policies and notes form part of these financial statements.

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