Appendix 8 - Financial Statements

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The following pages provide the financial statements for the Department of Education, Science and Training for 2002-03. They have been submitted to the Auditor-General for scrutiny as required by section 57 of the Financial Management and Accountability Act 1997.

	Page
Audit Report	154
Statement by the Chief Executive and Chief Finance Officer	157
Statement of Financial Performance	158
Statement of Financial Position	159
Statement of Cash Flows	160
Schedule of Commitments	161
Schedule of Contingencies	162
Schedule of Administered Items	163
Notes to and forming part of the Financial Statements	167

Audit Report

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Statement by the Chief Executive and Chief Finance Officer

In my opinion, the attached financial statements for the year ended 30 June 2003 give a true and fair view of the matters required by the Finance Minister’s Orders made under the Financial Management and Accountability Act 1997.

J Harmer	C Storen
Chief Executive	Chief Finance Officer

12 September 2003	12 September 2003

Department of Education, Science and Training
Statement of Financial Performance
for the year ended 30 June 2003

	Note	2002-03	2001-02
		$’000	$’000
REVENUE
Revenues from ordinary activities
Revenues from government	3(a)	230 189	212 316
Goods and services	3(b)	6 732	5 630
Interest	3(c)	1 240	2 239
Revenue from sale of assets	3(d)	508	276
Other	3(e)	11 354	11 464
Revenues from ordinary activities		250 023	231 925
EXPENSE
Expenses from ordinary activities
Employees	4(a)	105 625	94 786
Suppliers	4(b)	131 793	120 905
Depreciation and amortisation	4(c)	12 073	11 922
Write-down of assets	4(d)	2 479	2 877
Value of assets sold	3(d)	106	253
Net foreign exchange losses		-	1
Expenses from ordinary activities		252 076	230 744

Net operating surplus / (deficit) from ordinary activities		(2 053)	1181


Net surplus / (deficit)		(2 053)	1181

Total changes in equity other than those resulting from transactions with owners as owners		(2 053)		1181

Department of Education, Science and Training
Statement of Financial Position
as at 30 June 2003

	Note	2002-03	2001-02
		$’000	$’000
ASSETS
Financial assets
Cash	5(a)	12 450	35 691
Receivables	5(b)	29 706	5 034
Accrued revenues	5(c)	-	27
Capital use charge		-	92
Total financial assets		42 156	40 844

Non-financial assets
Land and buildings	6(a)	5 608	3 437
Infrastructure, plant and equipment	6(b)	10 520	9 037
Intangibles	6(c)	17 249	21 731
Other	6(d)	1 947	1 932
Total non-financial assets		35 324	36 137

Total assets		77 480	76 981


LIABILITIES
Interest bearing liabilities
Leases	7(a)	22	109
Total interest bearing liabilities		22	109

Provisions
Employees	8(a)	38 604	35 072
Total provisions		38 604	35 072

Payables
Suppliers	9(a)	11 326	8 465
Other		203	285
Total payables		11 529	8 750

Other
Unearned Income		427	656
Total Other		427	656

Total liabilities		50 582	44 587


EQUITY
Contributed Equity	10(a)	13 987	13 987
Reserves	10(a)	5 189	5 189
Retained surpluses	10(a)	7 722	13 218

Total equity		26 898	32 394


Current liabilities		26 368	21 344
Non-current liabilities		24 214	23 243
Current assets		44 103	42 773
Non-current assets		33 377	34 208

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