PSR Annual Report 2005-2006

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Financial statements

INCOME STATEMENT for the year ended 30 June 2006
Notes 2006 $ 2005 $
INCOME
Revenue
Revenues from Government 5A 7,593,000 7,772,000
Sales of goods and services 5B 0 2,309
Other revenues 5C 60,533 216,082
Total revenue 7,653,533 7,990,391
Gains
Net gains from disposal of assets 5D 0 1,299
Other gains 5E 8,000 7,250
Total gains 8,000 8,549
TOTAL INCOME 7,661,533 7,998,940
EXPENSES
Employee expenses 6A 1,866,791 2,688,406
Suppliers expenses 6B 3,288,456 4,219,978
Depreciation and amortisation 6C 279,704 266,814
Borrowing costs expense 6D 3,215 0
Net loss from disposal of assets 5D 197 0
Write-down and impairment of assets 6E 0 33,714
Total Expenses 5,438,363 7,208,912
OPERATING RESULT 2,223,170 790,028
BALANCE SHEET as at 30 June 2006
Notes 2006 $ 2005 $
ASSETS
Financial assets
Cash 7A 3,501,685 1,216,697
Receivables 7B 5,122,704 5,243,737
Total financial assets 8,624,389 6,460,434
Non-financial assets
Leasehold improvements 8A,D 279,985 368,224
Infrastructure, plant and equipment 8B,D 258,729 262,321
Intangibles 8C,D 243,692 276,684
Other non-financial assets 8E 25,636 19,028
Total non-financial assets 808,042 926,257
TOTAL ASSETS 9,432,431 7,386,691
LIABILITIES
Payables
Suppliers 9A 374,726 372,215
Other Payables 9B 10,942 11,706
Total payables 385,668 383,921
Provisions
Employers 10A 373,792 558,935
Other Provisions 30,215 27,000
Total provisions 404,007 585,935
TOTAL LIABILITIES 789,675 969,856
NET ASSETS 8,642,756 6,416,835
EQUITY
Retained surpluses/(Accumulated deficits) 7,919,924 5,694,004
Reserves 22,832 22,832
Contributed equity 700,000 700,000
TOTAL EQUITY 8,642,756 6,416,836
Current assets 8,650,025 6,479,462
Non-current assets 782,406 907,229
Current liabilities 730,990 818,742
Non-current liabilities 58,685 151,114
STATEMENT OF CASH FLOWS for the year ended 30 June 2006
Notes 2006 $ 2005 $
OPERATING ACTIVITIES
Cash received
Goods and services (12,012) 2,309
Appropriations 7,593,000 7,727,000
Other revenues 68,533 223,336
Net GST received from ATO 133,045 0
Total cash received 7,782,566 7,952,645
Cash used
Employees 2,051,934 2,935,088
Suppliers 3,290,566 3,833,626
Net GST Paid to ATO 0 38,325
Total cash used 5,342,500 6,807,039
Net cash from or (used by) operating activities 11 2,440,066 1,145,606
INVESTING ACTIVITIES
Cash received
Proceeds from sales of infrastructure, plant and equipment 2,000 18,571
Total cash received 2,000 18,571
Cash used
Purchase of property, plant and equipment 157,078 605,201
Purchase of intangibles 0 53,098
Total cash used 157,078 658,299
Net cash from or (used by) investing activities (155,078) (639,728)
FINANCING ACTIVITIES
Cash received
Appropriations - contributed equity 0 0
Total cash received 0 0
Cash used
Cash to the OPA 0 5,000,000
Total cash used 0 5,000,000
Net cash from or (used by) financing activities 0 (5,000,000)
Net increase or (decrease) in cash held 2,284,988 (4,494,122)
Cash at the beginning of the reporting period 1,216,697 5,710,818
Cash at the end of the reporting period 7A 3,501,685 1,216,696
STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2006
Accumulated results Asset revaluation reserve Contributed equity/capital Total equity
2006 $ 2005 $ 2006 $ 2005 $ 2006 $ 2005 $ 2006 $ 2005 $
Opening balance 5,694,004 5,124,377 22,832 30,322 700,000 700,000 6,416,836 5,854,699
Adjustment for errors1 2,750 (220,401) 0 0 0 2,750 (220,401)
Adjustment for changes in accounting policies 0 0 0 0 0 0 0 0
Adjusted opening balance 5,696,754 4,903,976 22,832 30,322 700,000 700,000 6,419,586 5,634,298
Income and expenses 0 0 0 0 0 0 0 0
Revaluation adjustment 0 0 0 (7,490) 0 0 0 (7,490)
Subtotal income and expenses recognised directly in equity 0 0 0 (7,490) 0 0 0 (7,490)
Net operating result 2,223,170 790,028 0 0 0 0 2,223,170 790,028
Total income and expenses 2,223,170 790,028 0 0 0 2,223,170 790,028
Transactions with owners
Distributions to owners 0 0 0 0 0 0 0 0
Returns on capital - Dividends 0 0 0 0 0 0 0 0
Contributions by owners
Appropriation (equity injection) 0 0 0 0 0 0 0 0
Restructuring 0 0 0 0 0 0 0
Sub-total transactions with owners 0 0 0 0 0 0 0 0
Transfers between equity components 0 0 0 0 0 0 0 0
Closing balance at 30 June 7,919,924 5,694,004 22,832 22,832 700,000 700,000 8,642,756 6,416,836
  1. A $220,401 equity adjustment was brought to account in 2004-05 following legal advice that Professional Services Review should have paid superannuation to Panel members. A $2,750 adjustment was brought to account in the 2005-06 opening balance following a financial management system error.
SCHEDULE OF COMMITMENTS as at 30 June 2006
2006 $ 2005 $
BY TYPE
Capital Commitments
Land and buildings 0 0
Infrastructure, plant and equipment 0 0
Total Capital Commitments 0 0
Other Commitments
Operating leases 838,012 1,202,290
Total Other Commitments 838,012 1,202,290
Commitments Receivable (76,183) (109,299)
Net Commitments by Type 761,829 1,092,991
BY MATURITY
Capital Commitments
One year or less 0 0
From one to five years 0 0
Over five years 0 0
Total Capital Commitments 0 0
Operating Lease Commitments
One year or less 305,488 311,828
From one to five years 532,524 890,462
Total Operating Lease Commitments 838,012 1,202,290
Commitments Receivable (76,183) (109,299)
Net Commitments by Maturity 761,829 1,092,991

1. Operating leases included are effectively non-cancellable and comprise:

Nature of lease General description of leasing arrangement
Leases for office accommodation Lease payments are subject to annual increases. The term of the lease for the Brindabella Park Office is for 5 years and commenced on 1 August 2004.
Agreements for the provision of motor vehicles to senior executive officers. No contingent rentals exist. There is no renewal or purchase options available to Professional Services Review.
A lease in relation to computer equipment held as at 30 June. The lessor provides all computer equipment and software designated as necessary in the supply contract for 3 years. The initial equipment has on average a useful life of 3 years from the commencement of the contract. Professional Services Review may vary its originally designated requirement, subject to giving 3 months notice, at no penalty.
SCHEDULE OF CONTINGENCIES as at 30 June 2006
Contingent liabilities Guarantees Claims for damages/costs Total
2006 $ 2005 $ 2006 $ 2005 $ 2006 $ 2005 $
Balance from previous period 0 0 0 0 0 0
New 0 0 0 0 0 0
Re-measurement 0 0 0 0 0 0
Liabilities crystallised 0 0 0 0 0 0
Obligations expired 0 0 0 0 0 0
Total contingent liabilities 0 0 0 0 0 0
Contingent assets Guarantees Claims for damages/costs Total
Balance from previous period 0 0 0 0 0 0
New 0 0 0 0 0 0
Re-measurement 0 0 0 0 0 0
Assets crystallised 0 0 0 0 0 0
Expired 0 0 0 0 0 0
Total contingent assets 0 0 0 0 0 0
Net contingencies 0 0

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