Appendix 3 - Independent Audit Report and Financial Statements

STATEMENT BY THE CHIEF EXECUTIVE AND CHIEF FINANCE OFFICER

In our opinion, the attached nancial statements for the year ended 30 June 2015 comply with subsection 42(2) of the Public Governance, Performance and Accountability Act 2013 (PGPA Act), and are based on properly maintained nancial records as per subsection 41(2) of the PGPA Act.

In our opinion, at the date of this statement, there are reasonable grounds to believe that the National Capital Authority will be able to pay its debts as and when they fall due.

Malcom Snow
Accountable Authority
1 September 2015

Savita Cooke
Cheif Finance Officer
1 September 2015

Statement of Comprehensive Income

for the period ended 30 June 2015 STATEMENT OF COMPREHENSIVE INCOME

Statement of Financial Position

as at 30 June 2015 STATEMENT OF FINANCIAL POSITION

Statement of Changes in Equity

for the period ended 30 June 2015 STATEMENT OF CHANGES IN EQUITY

Cash Flow Statement

for the period ended 30 June 2015 CASH FLOW STATEMENT

Schedule of Commitments

as at 30 June 2015 Schedule of Commitments

Schedule of Commitments (Con't)

as at 30 June 2015

Notes:

  1. Commitments are GST inclusive where relevant.
  2. Operating lease commitments are effectively non-cancellable.

    Lease for office accommodation:

    Initial leases are still current. Payments are subject to rent review every 2 years from the lease start date. Under the terms of the lease, rent reviews will be based on current market levels. While subject to rent review, the maximum rent payable for floor space has been capped.

    Provision of motor vehicles to senior executive officers and staff:

    No contingent rentals exist. Leases can be renewed for a further period at lease end and vehicles may be purchased at lease end.

  1. Project commitments comprise, amongst others, contracts for Lake Burley Griffin maintenance and Scrivener Dam projects.
  2. Other commitments comprise, amongst others, contracts for outsourced IT, security and cleaning services.

    The above schedule should be read in conjunction with the accompanying notes.

ADMINISTERED SCHEDULE OF COMPREHENSIVE INCOME

for the period ended 30 June 2015 ADMINISTERED SCHEDULE OF COMPREHENSIVE INCOME

ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES

as at 30 June 2015 ADMINISTERED SCHEDULE OF ASSETS AND LIABILITIES

ADMINISTERED RECONCILIATION SCHEDULE

ADMINISTERED RECONCILIATION SCHEDULE

ADMINISTERED CASH FLOW STATEMENT

for the period ended 30 June 2015 ADMINISTERED CASH FLOW STATEMENT

ADMINISTERED SCHEDULE OF COMMITMENTS

as at 30 June 2015 ADMINISTERED SCHEDULE OF COMMITMENTS

ADMINISTERED SCHEDULE OF COMMITMENTS (Con’t)

as at 30 June 2015

Notes:

    1. Commitments are GST inclusive where relevant.
    2. Commitments receivable include leases on diplomatic land plus rents and licence fees receivable on buildings and assets administered on behalf of government. All commitments, except diplomatic leases, are GST inclusive. On 12 December 2013, the Australian Government approved a New Diplomatic Land Policy modifying arrangements for Annual Land Rent payment. The New Policy removed the requirement for 20 year appraisals on a 99 year Crown Lease. As a consequence of the change in policy, embassies are now committed to annual land rent payments at the current rates to the end of the 99 year period.
    3. Capital commitments payable are for construction works on a number of property assets in and around the Parliamentary zone. All commitments are GST inclusive.

The above schedule should be read in conjunction with the accompanying notes.

Notes to and forming part of the Financial Statements

Note 1: Summary of Significant Accounting Policies (Con’t)

1.1 Objectives of the National Capital Authority

The National Capital Authority (NCA) is an Australian Government controlled entity. It is a not-for-profit entity. The objectives of the NCA are to:

  • Shape the National Capital in the future;
  • Develop and care for the nationally significant parts of Canberra;
  • Inform and educate all Australians and visitors about the National Capital.

The entity is structured to meet the following outcome:

Outcome 1: Manage the strategic planning, promotion and enhancement of Canberra as the National Capital for all Australians through the development and administration of the National Capital Plan, operation of the National Capital Exhibition, delivery of education and awareness programs and works to enhance the character of the National Capital.

The continued existence of the NCA in its present form and with its present programs is dependent on Government policy and on continuing funding by Parliament for the entity’s administration and programs.

NCA activities contributing toward its outcome are classified as either departmental or administered. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the entity in its own right. Administered activities involve the management or oversight by the entity, on behalf of the Government, of items controlled or incurred by the Government.

The NCA carries out administered activities on behalf of the Government involving construction and upgrade of assets predominantly within the Parliamentary region of Canberra.

1.2 Basis of Preparation of the Financial Statements

The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013. The financial statements have been prepared in
accordance with:

  1. Financial Reporting Rule (FRR) for reporting periods ending on or after 1 July 2014; and
  2. Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.

The financial statements are presented in Australian dollars and values are rounded to the nearest dollar unless otherwise specified.

Unless an alternative treatment is specifically required by an accounting standard or the FRR, assets and liabilities are recognised in the statement of financial position when and only when it is probable that future economic benefits will flow to the entity or a future sacrifice of economic benefits will be required and the amounts of the assets or liabilities can be reliably measured. However, assets and liabilities arising under executory contracts are not recognised unless required by an accounting standard. Liabilities and assets that are unrecognised are reported in the schedule of commitments or the contingency note.

Unless alternative treatment is specifically required by an accounting standard, income and expenses are recognised in the Statement of Comprehensive Income when and only when the flow, consumption or loss of economic benefits has occurred and can be reliably measured.

1.3 Significant Accounting Judgements and Estimates

In the process of applying the accounting policies listed in this note, the entity has made the following judgements that have the most significant impact on the amounts recorded in the financial statements:

  • The fair value of land and building assets has been taken to be the market value of similar properties as determined by a qualified independent valuer. In some instances, NCA buildings are purpose built and may in fact realise more or less in the market.

No accounting assumptions and estimates have been identified that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

1.4 New Australian Accounting Standards

Adoption of New Australian Accounting Standard Requirements

The following new standards and amendments were issued prior to the signing of the statement by the accountable authority and chief financial officer, were applicable to the current reporting period and had a material effect on the NCA’s financial statements:

Standard/Amendment Nature of change in accounting policy, transitional provisions and adjustments to financial statements
AASB 1055 – Budgetary Reporting The new Standard requires reporting of budgetary information and explanation of significant variances between actual and budgeted amounts by not-for-profit entities within the General Government Sector.

The following standards have been adopted earlier than the application date as stated in the standard.

Standard/Amendment Nature of change in accounting policy, transitional provisions and adjustments to financial statements
AASB 2015-7 Amendments to Australian Accounting Standards – Fair Value Disclosures of Not-for-profit Public Sector Entities The amendment provides relief from certain disclosures required by AASB 13 – Fair Value Measurement for fair value measurements categorised within level 3 of the fair value hierarchy. These disclosures include qualitative information about significant unobservable inputs, total gains and losses attributable to unrealised gains or losses relating to the asset at the end of the reporting period and narrative descriptions of the sensitivity to changes in unobservable inputs. These disclosures are not included in Notes 6 and 18 accordingly.

Future Australian Accounting Standard Requirements

No new standards, amended standards or interpretations issued by the AASB prior to the signing of the statement by the accountable authority and chief financial officer are expected to have a material effect on the NCA’s financial statements for future reporting periods.

1.5 Revenue

Revenue from the sale of goods is recognised when:

  1. the risks and rewards of ownership have been transferred to the buyer;
  2. the entity retains no managerial involvement or effective control over the goods;
  3. the revenue and transaction costs incurred can be reliably measured; and
  4. it is probable that the economic benefits associated with the transaction will flow to the entity.

Revenue from rendering of services is recognised by reference to the stage of completion of contracts at the reporting date. The revenue is recognised when:

  1. the amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
  2. the probable economic benefits associated with the transaction will flow to the NCA.

The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.

Revenue from rental and fee income is initially recognised at the time of invoice. Revenue relevant to a future reporting period is treated as an unearned revenue liability at the end of the reporting period. Revenue from works approval fees is treated as unearned revenue until the application has been formally approved.

Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

Interest revenue is recognised using the effective interest method as set out in AASB 139 Financial Instruments: Recognition and Measurement.

Revenue from Government

Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the entity gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.

1.6 Gains

Resources Received Free of Charge

Resources received free of charge are recognised as gains when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.

Resources received free of charge are recorded as either revenue or gains depending on their nature.

Contributions of assets at no cost of acquisition or for nominal consideration are recognised as gains at their fair value when the asset qualifies for recognition.

1.7 Transactions with the Government as Owner

Equity Injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Other Distributions to Owners

The FRR requires that distributions to owners be debited to contributed equity unless it is in the nature of a dividend.

1.8 Employee Benefits

Liabilities for ‘short-term employee benefits’ (as defined in AASB 119 Employee Benefits) and termination benefits expected within twelve months of the end of reporting period are measured at their nominal amounts. The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability.

Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.

Leave

The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the NCA is estimated to be less than the annual entitlement for sick leave.

The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the NCA’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The liability for long service leave is based on the NCA’s estimated liability at balance date of the long service leave entitlements of its employees, which have been calculated in accordance with the FRR and guidelines. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.

Superannuation

The NCA’s staff are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS) or the PSS accumulation plan (PSSap). The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance’s administered schedules and notes.

The entity makes employer contributions to the employees’ superannuation scheme at rates determined by an actuary to be sufficient to meet the current cost to the Government. The NCA accounts for the contributions as if they were contributions to defined contribution plans.

The liability for superannuation recognised as at 30 June represents outstanding contributions for the final fortnight of the year.

1.9 Leases

A distinction is made between finance leases and operating leases. Finance leases effectively transfer from the lessor to the lessee substantially all the risks and rewards incidental to ownership of leased assets. An operating lease is a lease that is not a finance lease. In operating leases, the lessor effectively retains substantially all such risks and benefits.

The NCA only has operating leases. Operating lease payments are expensed on a straight-line basis which is representative of the pattern of benefits derived from the leased assets.

1.10 Borrowing Costs

All borrowing costs are expensed as incurred.

1.11 Fair Value Measurement

The entity deems transfers between levels of the fair value hierarchy to have occurred at the end of the reporting period.

1.12 Cash

Cash is recognised at its nominal amount. The NCA’s cash and cash equivalents are held in the form of cash on hand only.

1.13 Financial Assets

The NCA classifies its financial assets according to the following categories:

  1. financial assets at fair value through profit or loss;
  2. held-to-maturity investments;
  3. available-for-sale financial assets; and
  4. loans and receivables.

The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. The NCA does not hold financial assets in classes a), b) or c). All financial assets are classified as ‘loans and receivables’. Financial assets are recognised and derecognised upon trade date.

Effective Interest Method

The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset, or, where appropriate, a shorter period.

Income is recognised on an effective interest rate basis except for financial assets that are recognised at fair value through profit or loss.

Loans and Receivables

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method less impairment. Interest is recognised by applying the effective interest rate.

Impairment of Financial Assets

Financial assets are assessed for impairment at the end of each reporting period.

Financial assets held at amortised cost - if there is objective evidence that an impairment loss has been incurred for loans and receivables or held to maturity investments held at amortised cost, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective interest rate. The carrying amount is reduced by way of an allowance account. The loss is recognised in the Statement of Comprehensive Income.

1.14 Financial Liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities. All financial liabilities held by the NCA are classified as ‘other financial liabilities’. Financial liabilities are recognised and derecognised upon ‘trade date’.

Financial Liabilities at Fair Value Through Profit or Loss

Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.

Other Financial Liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. These liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method calculates the amortised cost of a financial liability and allocates interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).

1.15 Contingent Liabilities and Contingent Assets

Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in the notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.

1.16 Acquisition of Assets

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor’s accounts immediately prior to the restructuring.

1.17 Property, Plant and Equipment

Asset Recognition Threshold

Purchases of property, plant and equipment are recognised initially at cost in the statement of financial position, except for purchases costing less than $500, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).

The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. For the NCA, this is only relevant to ‘make good’ provisions in property leases taken up by the entity where there exists an obligation to restore the property to its original condition. These costs are included in the value of the NCA’s leasehold improvements with a corresponding provision for the ‘make good’ recognised.

Revaluations

Following initial recognition at cost, property, plant and equipment is carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations were conducted with sufficient
frequency to ensure that the carrying amounts of assets did not differ materially from the assets’ fair values
as at the reporting date.

The NCA’s policy is to carry out a full asset revaluation every three years and a desktop update on other years. On 30 April 2015, an independent valuer, PRP National Property Consultants, conducted a comprehensive revaluation of all land, buildings, property, plant, equipment, heritage and cultural assets. On 30 June 2015, PRP provided confirmation that there was no indication that there would be any material difference between the current carrying amounts of the asset classes and any revalued amount at fair value.

Revaluation adjustments were made on a class basis. Any revaluation increment was credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of assets were recognised directly in the surplus/deficit except to the extent that they reversed a previous revaluation increment for that class. Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Depreciation

Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the entity using, in all cases, the straight-line method of depreciation. Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate

Depreciation rates applying to each class of depreciable asset are based on the following useful lives:

Asset Class 2015 2014
Buildings 10-100 years 10-100 years
Plant & equipment 3-20 years 3-20 years
Property 3-100 years 3-100 years
Heritage & cultural assets 10-100 years 10-100 years

Impairment

All assets were assessed for impairment at 30 June 2015. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.

The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the entity were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Heritage and Cultural Assets

The NCA’s heritage and cultural assets comprise a heritage listed building and a number of individually valued artworks.

1.18 Intangibles

The NCA’s intangibles comprise purchased software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

Software is amortised on a straight-line basis over its anticipated useful life. The useful lives of the NCA’s software are 7 to 10 years (2013-14: 7 to 10 years).

All software assets were assessed for indications of impairment as at 30 June 2015.

1.19 Taxation

The entity is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST). Revenues, expenses, assets and liabilities are recognised net of GST except:

  1. where the amount of GST incurred is not recoverable from the Australian Taxation Office; and
  2. for receivables and payables.

1.20 Revenues and Expenses Relating to Assets Under Construction for Third Parties

Reciprocal Funding

Where funding for construction of an asset is provided by a related Commonwealth entity or an external third party who takes control of the finished asset, the transaction is reciprocal in nature. The NCA recognises departmental revenue and expense in accordance with AASB 111 Construction Contracts using the percentage of completion method. Contract revenue is matched to contract costs incurred in reaching the stage of completion. Unexpended funding remains as a payable on the departmental statement of financial position at the end of the reporting period in accordance with AASB 1004 Contributions. Where funding is received from a related Commonwealth entity and the NCA takes control of the finished asset at completion of the project, an administered work in progress (WIP) asset and contributions revenue is recognised as the asset is constructed.

Non-reciprocal Funding

Where the NCA retains control of the asset at completion and funding is received from a party other than a Commonwealth entity, the transaction is non-reciprocal. The NCA recognises the full contribution as departmental revenue in the year of receipt in accordance with AASB 1004 Contributions and recognises departmental expenses as the asset is constructed in accordance with AASB 111 Construction Contracts. Administered WIP asset and contribution revenue is recognised as the asset is constructed.

1.21 Compliance with Statutory Conditions for Payments made from the Consolidated Revenue Fund

The Australian Government continues to have regard to developments in case law, including the High Court’s most recent decision on Commonwealth expenditure in Williams v Commonwealth [2014] HCA 23, as they contribute to the larger body of law relevant to the development of Commonwealth programs. In accordance with its general practice, the Government will continue to monitor and assess risk and decide on any appropriate actions to respond to risks of expenditure not being consistent with constitutional or other legal requirements.

1.22 Reporting of Administered Activities

Administered revenues, expenses, assets, liabilities and cash flows are disclosed in the administered schedules and related notes.

Except where otherwise stated below, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.

Administered Cash Transfers to and from the Official Public Account

Revenue collected by the entity for use by the Government rather than the entity is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the entity on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.

Revenue

All administered revenues are revenues relating to ordinary activities performed by the entity on behalf of the Australian Government. As such, administered appropriations are not revenues of the individual entity that oversees distribution or expenditure of the funds as directed.

Revenue generated from Diplomatic Leases is brought to account over the term of the lease. Other revenue is generated from building rent, use of assets administered on behalf of Government and operation of a pay parking scheme within the Parliamentary zone. Administered revenue is recognised when:

  • The amount of revenue, stage of completion and transaction costs incurred can be reliably measured; and
  • The probable economic benefits associated with the transaction will flow to the NCA.

Contributions for Construction of Externally Sponsored Works

As externally sponsored works are constructed through the departmental program, the value of work complete is recognised as an administered asset and brought to account in other revenue as contributions for externally sponsored works.

Loans and Receivables

Where loans and receivables are not subject to concessional treatment, they are carried at amortised cost using the effective interest method. Gains and losses due to impairment, derecognition and amortisation are recognised through profit or loss.

Pay Parking

Pay parking revenue includes ticketing fees and parking infringements. Infringements become a debt upon issuing the Parking Infringement Notice (PIN) and are accounted for as an administered receivable. The risk of non-payment of infringement debt is provided for by way of an impairment allowance accounted for under AASB 137 Provisions, Contingent Liabilities and Contingent Assets.

AASB 137 requires that the amount recognised as a provision is a best estimate of the amount required to settle the obligation at the end of the reporting period. Where the provision being measured involves a large population of items, the obligation is estimated by weighting all possible outcomes by their associated probabilities. The NCA has developed a methodology that considers the amount of debt owing within a number of categories and applies a weighted probability of collection for each category.

Note 2: Events After the Reporting Period

Departmental

No events have occurred after reporting date that should be brought to account or noted in the 2014-15 Financial Statements.

Administered

No events have occurred after reporting date that should be brought to account or noted in the
2014-15 Financial Statements.

Note 3: Net Cash Appropriation Arrangements

Notes to and forming part of the Financial Statements-Note3

Note 4: Expenses

Notes to and forming part of the Financial Statements -Note4-1

Note 4: Expenses (Con't)

Notes to and forming part of the Financial Statements -Note4-2

Note 5: Income" role="region">

Note 5: Income

Notes to and forming part of the Financial Statements -Note5

Note 6: Fair Value Measurements

The following tables provide an analysis of assets and liabilities that are measured at fair value. The different levels of the fair value hierarchy are defined below.

  • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date.
  • Level 2: Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly.
  • Level 3: Unobservable inputs for the asset or liability.

Note 6A: Fair Value Measurements,Valuation Techniques and Inputs Used

 Fair Value Measurements,Valuation Techniques and Inputs Used

  1. No change in valuation technique occurred during the period.
  2. The highest and best use of all non-financial assets are the same as their current use.
  3. Recurring and non-recurring Level 3 fair value measurements - valuation processes
    The NCA procured valuation services from Preston Rowe Patterson (PRP) valuers and relied on valuation models provided by PRP. The NCA tests the procedures of the valuation model at least once every 12 months. PRP provided written assurance to the NCA that the model developed is in compliance with AASB 13.
  4. Recurring Level 3 fair value measurements - sensitivity of inputs
    Because the NCA uses a cost based approach to valuing its heritage and cultural assets, the fair value of these assets are not subject to market fluctuations that may be present should the valuations be based on private sales or professional appraisals of similar artwork.
  5. The NCA does not hold liabilities at fair value.

Note 6B: Level 1 and Level 2 Transfers for Recurring Fair Value Measurements

The NCA’s policy for determining when transfers between levels are deemed to have occurred can be found in
Note 1. No departmental assets were transferred between level 1 and level 2 during 2015 (2014: Nil)

Note 6C: Reconciliation for Recurring Level 3 Fair Value Measurements

 Reconciliation for Recurring Level 3 Fair Value Measurements

The NCA's policy for determining when transfers between levels are deemed to have occurred can be found in
Note 1. No transfers in or out of Level 3 occurred during 2015 (2014: Nil).

Note 7: Financial Assets

Financial Assets

Note 7: Financial Assets (Con’t)

Financial Assets

Note 8: Non-Financial Assets

Financial Assets - Note 8A

Buildings were revalued by an independent valuer as at 30 April 2015. At 30 June 2015, the independent valuer provided confirmation that gross carrying amounts were not materially different to fair value. A revaluation increment of $208,482 (2014: increment $268,954) was credited to the asset revaluation reserve and included in the equity section of the statement of financial position. All revaluations were conducted in accordance with the revaluation policy stated at Note 1.

Building assets were tested for impairment at 30 June 2015. Assets valued at $63,537 were found to be impaired (2014: $127,705) and were written down in accordance with the policy stated at Note 1.

No buildings are expected to be sold or disposed of within the next 12 months.

Financial Assets - Note 8B

Property, plant and equipment were revalued by an independent valuer as at 30 April 2015. At 30 June 2015, the independent valuer provided confirmation that gross carrying amounts were not materially different to fair value. A revaluation increment of $18,422 (2014: increment $38,667) was credited to the asset revaluation reserve and included in the equity section of the statement of financial position. All revaluations were conducted in accordance with the revaluation policy stated at Note 1.

Property, plant and equipment assets were tested for impairment at 30 June 2015. Assets valued at $36,517 (2014: $37,448) were found to be impaired and were written down in accordance with the policy stated at Note 1. 

No property, plant and equipment is expected to be sold or disposed of within the next 12 months.

Financial Assets - Note 8C

Heritage and cultural assets were revalued by an independent valuer as at 30 April 2015. At 30 June 2015, the independent valuer provided confirmation that gross carrying amounts were not materially different to fair value. A revaluation increment of $7,994 (2014: increment $8,028) was credited to the asset revaluation reserve for heritage assets and an increment of $13,545 (2014: increment $45,067) was credited to the asset revaluation reserve for cultural assets and included in the equity section of the statement of financial position. All revaluations were conducted in accordance with the revaluation policy stated at Note 1.

Heritage and cultural assets were tested for impairment at 30 June 2015. No indicators of impairment were found
(2014: Nil).

No heritage and cultural assets are expected to be sold or disposed of within the next 12 months.

Note 8: Non-Financial Assets (Con’t)

 Non-Financial Assets (Con’t)

Note 8E
Note 8F

Note 8G

Note 9: Payables

 Payables

Note 10: Provisions

 Provisions

The NCA has one agreement for the leasing of premises which has provisions requiring the NCA to restore the premises to their original condition at the conclusion of the lease. The NCA has made a provision to reflect the present value of this obligation.

Note 11: Cash Flow Reconciliation

 Cash Flow Reconciliation

Note 12: Contingent Assets and Liabilities

Quantifiable Contingencies

The NCA had no quantifiable contingencies at 30 June 2015 (2014: Nil).

Unquantifiable Contingencies

At 30 June 2014 and 30 June 2015, the NCA was pursuing a contractor seeking rectification of defects in a construction project. It was not possible to estimate the amounts of any eventual payments that may be recovered in relation to the claim.

Significant Remote Contingencies

The NCA had no significant remote contingencies at 30 June 2015 (2014: Nil).

Note 13: Senior Management Personnel Remuneration

 Senior Management Personnel Remuneration

The total number of senior management personnel that are included in the above table are 4 (2014: 4).

Note 14: Financial Instruments

Note 14 A-B

Note 14C: Net Gains or Losses on Financial Liabilities

The net interest income/expense from financial liabilities not at fair value through profit or loss is nil (2013-14: Nil).

Note 14D: Fee Income and Expense

The net fee income/expense from financial instruments not at fair value through profit or loss is nil (2013-14: Nil).

Note 13E: Fair Value of Financial Instruments

The carrying amount of all financial assets and liabilities as at 30 June 2015 and 30 June 2014 approximate the fair value.

Note 14: Financial Instruments (con't)

Note 14F: Credit Risk

The NCA's maximum exposure to credit risk at reporting date in relation to each class of recognised nancial asset is the carrying amount of those assets. The exposure is minimal as loans and receivables are predominantly cash and trade receivables.

The maximum exposure to credit risk is the risk that arises from potential default as a debtor. This amount is equal to the total amount of trade receivables and other nancial assets. The NCA has assessed the risk of the default on payment as low and has made a Nil allocation in 2014-15 (2014: Nil) to an allowance for impairment account.

The NCA manages its credit risk for major creditors by undertaking background and credit checks prior to allowing a debtor relationship. In addition, the NCA has policies and procedures in place that guide employees debt recovery techniques that are to be applied.

 Credit Risk  Credit Risk

Note 14G: Liquidity Risk

The NCA's financial liabilities are payables and other payables including credit cards with facility limit $200,000 (2014:
$200,000), retentions and loans from related entities. The exposure to liquidity risk is based on the notion that the
NCA will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely due to
appropriation funding and internal policies and procedures in place to ensure there are appropriate resources to meet
its financial obligations.

 Liquidity Risk

The NCA had no derivative financial liabilities in 2014-15 (2014: Nil).

Note 14H: Market Risk

The NCA holds basic financial instruments that do not expose the agency to certain market risks. The NCA is not
exposed to currency or other price risks.

Note 15: Financial Assets Reconciliation

 Financial Assets Reconciliation

Note 16: Administered - Expenses

 Administered - Expenses

Note 17: Administered - Income

 Administered - Income

Note 18: Fair Value Measurements

The following tables provide an analysis of assets and liabilities that are measured at fair value. The different levels of
the fair value hierarchy are defined below.

  • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at
    measurement date.
  • Level 2: Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either
    directly or indirectly.
  • Level 3: Unobservable inputs for the asset or liability.

Note 18A: Fair Value Measurements,Valuation Techniques and Inputs Used

 Fair Value Measurements,Valuation Techniques and Inputs Used

Note 18: Fair Value Measurements (Con’t)

  1. No change in valuation technique occurred during the period.
  2. The highest and best use of all non-financial assets are the same as their current use.
  3. Recurring and non-recurring Level 3 fair value measurements - valuation processes
    The NCA procured valuation services from Preston Rowe Patterson (PRP) valuers and relied on valuation models provided by PRP. The NCA tests the procedures of the valuation model at least once every 12 months. PRP provided written assurance to the NCA that the model developed is in compliance with AASB 13.
  4. Recurring Level 3 fair value measurements - sensitivity of inputs
    Because the NCA uses a cost based approach to valuing its heritage and cultural assets, the fair value of these assets are not subject to market fluctuations that may be present should the valuations be based on private sales or professional appraisals of similar artwork.
  5. The NCA does not hold liabilities at fair value.

    Note 18B: Level 1 and Level 2 Tranfers for Recurring Fair Value Measurements

Note 18B: Level 1 and Level 2 Tranfers for Recurring Fair Value Measurements

 The NCA's policy for determining when transfers between levels are deemed to have occurred can be found in Note
1. No administered assets were transferred between level 1 and level 2 during 2015 (2014: Nil)

Note 18C: Reconciliation for Recurring Level 3 Fair Value Measurements

 Reconciliation for Recurring Level 3 Fair Value Measurements

Note 19: Administered - Financial Assets

Note 19 A-B

Goods and services receivables are with entities external to the Australian Government. Credit terms were within
30 days (2014: 30 days).

Note 19 A-B

Note 20: Administered - Non-Financial Assets

 Administered - Non-Financial Assets

Land and buildings were revalued by an independent valuer as at 30 April 2015. At 30 June 2015, the independent valuer provided confirmation that gross carrying amounts were not materially different to fair value. A revaluation adjustment of Nil for land (2014: decrement $543,831) and an increment of $320,288 (2014: increment $320,616) for buildings were debited/credited to the asset revaluation reserve and included in the equity section of the statement of financial position. All revaluations were conducted in accordance with the revaluation policy stated at Note 1.

Land and building assets were tested for impairment at 30 June 2015. Land assets valued at $927,759 (2014: $78,450) and building assets valued at $45,180 (2014: Nil) were found to be impaired and were written down in accordance with the policy stated at Note 1.

No land or buildings are expected to be sold or disposed of within the next 12 months.

Note 20: Administered - Non-Financial Assets (Con’t)

Note 20B

Property, plant and equipment were revalued by an independent valuer as at 30 April 2015. At 30 June 2015, the independent valuer provided confirmation that gross carrying amounts were not materially different to fair value. A revaluation increment of $6,664,328 (2014: $5,348,420) was credited to the asset revaluation reserve and included in the equity section of the statement of financial position. All revaluations were conducted in accordance with the revaluation policy stated at Note 1.

Property, plant and equipment assets were tested for impairment at 30 June 2015. Assets valued at $650,868
(2014: $3,493,942) were found to be impaired and were written down in accordance with the policy stated at Note 1.

No property, plant and equipment is expected to be sold or disposed of within the next 12 months.

Note 20C

Note 20C

Heritage assets were revalued by an independent valuer as at 30 April 2015. At 30 June 2014, the independent valuer provided confirmation that gross carrying amounts were not materially different to fair value. A revaluation increment of $1,064,906 (2014: $1,714,445) was credited to the asset revaluation reserve and included in the equity section of the statement of financial position. All revaluations were conducted in accordance with the revaluation policy stated at Note 1.

Heritage assets were tested for impairment at 30 June 2014. Assets valued at $14,811 (2014: $3,459) were found to be impaired and were written down in accordance with the policy stated at Note 1.

No heritage assets are expected to be sold or disposed of within the next 12 months.

Note 20D
Note 20E

Intangible assets were tested for impairment at 30 Apirl 2015. No indicators of impairment were found (2014: Nil).

No intangibles are expected to be sold or disposed of within the next 12 months.

Note 20F

Note 21: Administered - Payables

Note 21AB

Note 22: Administered - Cash Flow Reconciliation

 Administered - Cash Flow Reconciliation

Note 23: Administered - Contingent Assets and Liabilities

Quantifiable Administered Contingencies

The NCA has no quantifiable contingencies at 30 June 2015 (2014: Nil).

Unquantifiable Administered Contingencies

The NCA had no unquantifiable contingencies at 30 June 2015 (2014: Nil).

Significant Remote Administered Contingencies

The NCA had no significant remote contingencies at 30 June 2015 (2014: Nil).

Note 24: Administered - Financial Instruments

Note 24A

Note 24B: Net Gains or Losses on Financial Assets

The net interest income/expense from financial assets not at fair value through profit or loss is nil (2013-14: Nil).

Note 24C: Net Gains or Losses on Financial Liabilities

The net interest income/expense from financial liabilities not at fair value through profit or loss is nil (2013-14: Nil).

Note 24D: Fee Income and Expense

The net fee income/expense from financial instruments not at fair value through profit or loss is nil (2013-14: Nil).

Note 24E: Fair Value of Financial Instruments

The carrying amount of all financial assets and liabilities as at 30 June 2015 and 30 June 2014 approximates
the fair value.

Note 24: Administered - Financial Instruments (Con't)

Note 24F: Credit Risk

 Credit Risk

The NCA has no significant exposures to any concentrations of credit risk and holds no collateral to mitigate against
credit risk.

Credit quality of financial instruments not past due or individually determined as impaired

Credit quality of financial instruments not past due or individually determined as impaired

Note 24G: Liquidity Risk

The NCA's financial liabilities are trade and other payables. The exposure to liquidity risk is based on the notion that
the NCA will encounter difficulty in meeting its obligations associated with financial liabilities. This is highly unlikely
due to appropriation funding and internal policies and procedures in place to ensure there are appropriate resources
to meet its financial obligations.

 Liquidity Risk

The NCA had no derivative financial liabilities in 2014-15 (2014: Nil).

Note 24H: Market Risk

The NCA holds basic financial instruments that do not expose the agency to certain market risks. The NCA is not
exposed to currency or other price risks.

Note 25: Administered - Financial Assets Reconciliation

 Administered - Financial Assets Reconciliation

Note 26: Appropriations

Note 26A: Annual Appropriations (‘Recoverable GST exclusive’)

Annual Appropriation for 2015

Annual Appropriation for 2015

Notes:
  1. The departmental appropriation for ordinary annual services was quarantined by $7,000 as part of whole of government Communications Functions Savings Measure (Cabinet Minute TA14/0181/CAB/02)
    The administered appropriation for ordinary annual services - Administered items was quarantined by $302,000 as part of whole of government Administered Program Indexation Pause (Estimates Memorandum 2014/25).
  2. All formal additions and reductions in appropriation revenue that meet recognition criteria were amended at law before the end of the reporting period.
  3. Departmental ordinary annual services: This variance was caused by the draw down of prior year appropriations and various timing differences.
    Administered items: This variance was caused by the draw down of retained appropriations to fund projects in accordance with the approved capital management plan.
    Administered assets and liabilities: This variance was caused by the draw down of retained appropriations to fund projects in accordance with the approved capital management plan.
  4. The amounts disclosed as Section 51 determinations represent a permanent loss of control to the NCA under whole of government savings measures as described in Note 1 above.

Note 26: Appropriations (Con’t)

Note 26A (Con’t): Annual Appropriations (‘Recoverable GST exclusive’)

Annual Appropriation for 2014

Annual Appropriation for 2014

Notes:
  1. The departmental appropriation for ordinary annual services was quarantined by $2,000 as part of whole of government More Efficient Management Structures measure (EM 2013/29). The administered appropriation for ordinary annual services - Administered items was quarantined by $459,115 as a Reduction in Administered Items in accordance with section 11 of the Appropriation Act.
  2. All formal additions and reductions in appropriation revenue that meet recognition criteria were amended at law before the end of the reporting period.
  3. Departmental ordinary annual services: This variance was caused by the draw down of prior year appropriations and various timing differences.
    Departmental equity: This variance was caused current year appropriations not being drawn down in full.
    Administered items: This variance was caused by the draw down of retained appropriations to fund projects in accordance with the approved capital management plan.
    Administered assets and liabilities: This variance was caused by the draw down of retained appropriations to fund projects in accordance with the approved capital management plan.
  4. The departmental amount disclosed as a Section 51 determination represents a permanent loss of control to the NCA
    under a whole of government savings measure as described in Note 1 above.
    The administered amount disclosed as a Section 51 determination represents a permanent loss of control to the NCA under
    section 11 of the Appropriation Act as described in Note 1 above.

Note 26B: Departmental and Administered Capital Budgets (‘Recoverable GST exclusive’)

Departmental and Administered Capital Budgets (‘Recoverable GST exclusive’)

Notes:
  1. Departmental and Administered Capital Budgets are appropriated through Appropriation Acts (No.1,3,5). They form part of ordinary annual services and are not separately identified in the Appropriation Acts. For more information on ordinary annual services appropriations, please see Table A: Annual appropriations.
  2. Payments made on non-financial assets include purchases of assets and expenditure on assets which have been capitalised.
  3. This variance was caused by retained funding being used to pay for expenses incurred during the financial year including
    trade creditors, accrued expenses and contract retentions.

Note 26C: Unspent Annual Appropriations (‘Recoverable GST exclusive’)

 Unspent Annual Appropriations (‘Recoverable GST exclusive’)

Note 27: Reporting of Outcomes

Note 27A: Net Cost of Outcome Delivery

 Net Cost of Outcome Delivery

The sole objective of the NCA is to contribute to Outcome 1 of the Infrastructure and Regional Development portfolio
as described in Note 1.1.

Note 27: Reporting of Outcomes (Con’t)

Note 27B: Major Classes of Departmental Expense, Income, Assets and Liabilities by Outcome

 Major Classes of Departmental Expense, Income, Assets and Liabilities by Outcome

Outcomes 1 is described in Note 1.1. Net costs shown included intra-government costs that were eliminated in calculating the actual Budget Outcome. Refer to Outcome 1 Resourcing Table of this Annual Report.

Note 27C: Major Classes of Administered Expenses, Income, Assets and Liabilities by Outcome

 Major Classes of Administered Expenses, Income, Assets and Liabilities by Outcome

Outcomes 1 is described in Note 1.1. Net costs shown included intra-government costs that were eliminated in calculating the actual Budget Outcome. Refer to Outcome 1 Resourcing Table of this Annual Report.

Note 28: Budgetary Reports and Explanations of Major Variances

The following tables provide a comparison of the original budget as presented in the 2014-15 Portfolio Budget Statements (PBS) and the revised budget as presented in the 2014-15 Portfolio Additional Estimates statements (PAES) to the 2014-15 final outcome as presented in accordance with Australian Accounting Standards for the National Capital Authority. The Budget is not audited.

Variances are considered to be 'major' based on the following criteria:

  • The variance between budget and actual is greater than +/- 10%;
  • The variance between budget and actual is greater than +/- 2% of the relevant category (Income, Expense, Asset and Liability); or
  • An item is below this threshold but is considered important for the reader's understanding or is relevant to an assessment of the discharge of accountability and to an analysis of performance of an entity.

Note 28: Budgetary Reports and Explanations of Major Variances (Con’t)

Note 28A: Departmental Budgetary Reports

Statement of Comprehensive Income

for the period ended 30 June 2015 Statement of Comprehensive Income

Notes:
  1. The NCA's original budget financial statement that was first presented to parliament in respect of the reporting period (i.e. from the NCA's 2014-15 Portfolio Budget Statements (PBS)).
  2. Between the actual and original budgeted amounts for 2014-15. Explanations of major variances are provided at Note 28B.

Statement of Financial Position

as at 30 June 2015 Statement of Financial Position

Notes:
  1. The NCA's original budget financial statement that was first presented to parliament in respect of the reporting period
    (i.e. from the NCA's 2014-15 Portfolio Budget Statements (PBS)).
  2. Between the actual and original budgeted amounts for 2014-15. Explanations of major variances are provided at Note 28B.

Statement of Changes in Equity

for the period ended 30 June 2015 Statement of Changes in Equity

 
Notes:
  1. The NCA's original budget financial statement that was first presented to parliament in respect of the reporting period (i.e. from the NCA's 2014-15 Portfolio Budget Statements (PBS)).
  2. Between the actual and original budgeted amounts for 2014-15. Explanations of major variances are provided at Note 28B.

Cash Flow Statement

for the period ended 30 June 2015 Cash Flow Statement

Notes:
  1. The NCA's original budget financial statement that was first presented to parliament in respect of the reporting period
    (i.e. from the NCA's 2014-15 Portfolio Budget Statements (PBS)).
  2. Between the actual and original budgeted amounts for 2014-15. Explanations of major variances are provided at Note 28B.

Note 28B: Departmental Major Budget Variances for 2015

for the period ended 30 June 2015

Explanation of major variances Affected line item and statement
The NCA received funding of $0.762m with the Portfolio Additional Estimates Statements 2014-15 (PAES). The funding was provided for increased car park maintenance associated with the new pay parking program. Revenues from Government and Suppliers in the Statement of Comprehensive Income.
Operating Cash Received - Appropriations and Operating Cash Used - Suppliers in the Statement of Cash Flows.
During 2014-15, cultural assets held by the NCA were transferred to the control of another Commonwealth entity. Assets valued at $0.46m were written down from the non-financial asset valuation as a result. Write-down and impariment of assets in the Statement of Comprehensive Income and heritage and cultural assets in the Statement of financial position.
Fees relating to approval of works on National Land vary depending on the number and size of approvals requested. Fees in the Statement of Comprehensive Income.
Income on NCA controlled rental properties reduced below budget due to periods of vacancy during the year. Rental income in the Statement of Comprehensive Income.
Other receivables include retained appropriations. In 2014-15, a large component of the appropriation receivable has been retained to pay out liabilities accrued during the year. Trade and other receivables in the Statement of Financial Position.
Funding originally intended for plant and equipment additions were diverted to more urgent software upgrades. Property, plant and equipment and Intangibles in the Statement of Financial Position.
Supplier payables vary each year depending on size and amount of liability at balance date. In 2014-15, a number of large payments relating to operational contracts were outstanding. Supplier payables in the Statement of Financial Position.
Unearned revenue balances reduced during 2014-15 due to retained funding being applied to the purposes for which it was received. Other payables in the Statement of Financial Position.
Employee provision balances reduced during 2014-15 due to the cessation of employees with long periods of service to the Commonwealth. Employee provisions in the Statement of Financial Position.
Since the Government introduced net cash appropriation arrangements in 2010-11, the NCA has operated in a net deficit position approximately equivalent to the unfunded depreciation. Retained surplus in the Statement of Financial Position.
s74 cash receipts returned to the OPA to increase available appropriations are not included in the budgeted statements. Operating Cash Received - Appropriations and Section 74 receipts transferred to OPA in the Cash Flow Statement.
In 2014-15, s74 receipts included the GST component of pay parking ticket receipts. The GST was retained to make payments to the ATO with unrequired amounts being returned to the Commonwealth. Operating Cash Used - Section 74 receipts transferred to OPA in the Cash Flow Statement.

Note 28C: Administered Budgetary Reports

Administered Schedule of Comprehensive Income

for the period ended 30 June 2015 Administered Schedule of Comprehensive Income

  1. The NCA's original budget financial statement that was first presented to parliament in respect of the reporting period (i.e. from the NCA's 2014-15 Portfolio Budget Statements (PBS)).
  2. Between the actual and original budgeted amounts for 2014-15. Explanations of major variances are provided at Note 28D.

Administered Schedule of Assets and Liabilities

as at 30 June 2015 Administered Schedule of Assets and Liabilities

  1. The NCA's original budget financial statement that was first presented to parliament in respect of the reporting period
    (i.e. from the NCA's 2014-15 Portfolio Budget Statements (PBS)).
  2. Between the actual and original budgeted amounts for 2014-15. Explanations of major variances are provided at Note 28D.

Note 28D: Administered Major Budget Variances for 2015

for the period ended 30 June 2015

Explanation of major variances Affected line item and statement
The commencement date for a new pay parking scheme in the central national area of Canberra was 1 July 2014. Revenues were budgeted at $22m in the 2014-15 Portfolio Budget Statement (PBS). Commencement of the scheme was deferred to 1 October 2014 with a resulting reduction in revenue received. Sale of goods and rendering of services in the Administered Schedule of Comprehensive Income.
The pay parking scheme introduced fine revenue from payment infringement notices issued for a range of breaches in NCA controlled car parks for the first time in 2014-15. Fees and fines in the Administered Schedule of Comprehensive Income.
The NCA receives funding from third parties to construct assets on behalf of the Commonwealth. On completion of the projects, assets are introduced as administered Non-financial Assets and a contributions revenue recognised. In 2014-15, the Boundless Playground in Kings Park was completed.

Other revenue in the Administered Schedule of Comprehensive Income.

Heritage assets in the Administered Schedule of Assets and Liabilities.

The NCA received new funding of $2.519m with the Portfolio Additional Estimates Statements 2014-15 (PAES). The funding was provided for operating expenses associated with the new pay parking program. Suppliers in the Administered Schedule of Comprehensive Income.
Infringements issued under the pay parking scheme result in a trade receivable being recognised for the first time in 2014-15. Trade and other receivables in the Administered Schedule of Assets and Liabilities.
Differences in asset classification for values in the Land and building and Property, plant and equipment categories result in an offsetting variance of around 2%. Property, plant and equipment in the Administered Schedule of Assets and Liabilities.
The NCA received new funding of $0.75m with the Portfolio Additional Estimates Statements 2014-15 (PAES). The funding was provided to upgrade car parks associated with the new pay parking program. Property, plant and equipment in the Administered Schedule of Assets and Liabilities.
Supplier payables vary each year depending on size and amount of liability at balance date. In 2014-15, a number of large payments relating to construction contracts were outstanding.