DEPARTMENT OF FISHERIES ANNUAL REPORT TO THE ...
DEPARTMENT OF FISHERIES ANNUAL REPORT TO THE ... DEPARTMENT OF FISHERIES ANNUAL REPORT TO THE ...
SUMMARy OF THE yEAR � FINANCIAL OvERvIEw financial Position The Statement of Financial Position shows what the Department owns (assets) as well as owes (liabilities). This is useful in assessing and analysing how good the Department is at managing its resources. Financial position – five-year trend Figure 14 shows the value of the assets and liabilities, and net assets of the Department over the last five financial years. The net assets of the Department is the difference between total assets and total liabilities and represents the residual interest in the assets after deducting the probable call on these resources, represented by liabilities. Under the Fisheries Adjustment Schemes Act 1987 the Department has the capacity to reduce effort in a fishery by acquiring commercial fishing authorisations. The Act allows the Department to borrow money from the Treasurer to purchase the authorisations. The fishers remaining in the relevant fisheries are required to pay additional fees to recover the outlays incurred by the Department. Under these schemes, outstanding amounts owing from fishers as at 30 June of the financial year are recognised as ‘Amounts Receivable’. In the 2010/11 year significant acquisitions occurred in the Shark Bay prawn, Shark Bay scallop and Abrolhos Island trawl fisheries. The borrowings relating to these schemes and the recognition of associated amounts receivable has impacted both assets and liabilities at 30 June 2011. Figure 14. Financial position – five-year trend $ '000 120,000 100,000 80,000 60,000 40,000 20,000 0 45,431 Assets Liabilities NET ASSETS 63,887 2006/07 2007/08 2008/09 2009/10 2010/11 YEAR 59,915 61,764 61,185 33
SUMMARy OF THE yEAR � FINANCIAL OvERvIEw Asset categories The Department’s assets as at 30 June 2011 are made up of property, plant and equipment (52 per cent), Fisheries Adjustment Scheme and trade receivables (35 per cent), cash (five per cent), and other assets like pre-payments and debtors (eight per cent). This is shown in Figure 15 against comparative figures for 2010/11. Fisheries Adjustment Scheme ‘receivables’ relates to money owed to the Department from fisheries in Abrolhos Island, Exmouth and Shark Bay. This debt will be completely recovered in 2019. See also notes with respect to Figure 14. Figure 15. Asset categories As at 30 June 2011 and 30 June 2010 Asset categories Cash Other Assets Receivables Property, Plant and Equipment $ '000 0 table 14. 10,000 20,000 30,000 40,000 50,000 2010/11 2009/10 60,000 ASSet cAtegorIeS 2009/10 $’000 2010/11 $’000 2010/11 % Property, Plant and Equipment 59,384 59,452 52% Receivables 4,895 39,990 35% Other Assets 7,518 8,737 8% Cash 5,480 5,825 5% totAl ASSetS 77,277 114,004 100% 70,000 34
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SUMMARy <strong>OF</strong> <strong>THE</strong> yEAR � FINANCIAL OvERvIEw<br />
Asset categories<br />
The Department’s assets as at 30 June 2011<br />
are made up of property, plant and equipment<br />
(52 per cent), Fisheries Adjustment Scheme and<br />
trade receivables (35 per cent), cash (five per cent),<br />
and other assets like pre-payments and debtors<br />
(eight per cent). This is shown in Figure 15 against<br />
comparative figures for 2010/11.<br />
Fisheries Adjustment Scheme ‘receivables’<br />
relates to money owed to the Department from<br />
fisheries in Abrolhos Island, Exmouth and Shark<br />
Bay. This debt will be completely recovered in 2019.<br />
See also notes with respect to Figure 14.<br />
Figure 15. Asset categories<br />
As at 30 June 2011 and 30 June 2010<br />
Asset categories<br />
Cash<br />
Other Assets<br />
Receivables<br />
Property, Plant and<br />
Equipment<br />
$ '000<br />
0<br />
table 14.<br />
10,000<br />
20,000<br />
30,000<br />
40,000<br />
50,000<br />
2010/11<br />
2009/10<br />
60,000<br />
ASSet cAtegorIeS<br />
2009/10<br />
$’000<br />
2010/11<br />
$’000<br />
2010/11<br />
%<br />
Property, Plant and Equipment 59,384 59,452 52%<br />
Receivables 4,895 39,990 35%<br />
Other Assets 7,518 8,737 8%<br />
Cash 5,480 5,825 5%<br />
totAl ASSetS 77,277 114,004 100%<br />
70,000<br />
34
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