03 Financial Statements NOTE 18: CONTRIBUTED EQUITY

CEFC ANNUAL REPORT / 2014–15

Note 18: Contributed Equity

Equity from CEFC Special Account

The Department of the Treasury maintains the CEFC Special Account established in accordance with section 45 of the CEFC Act.

 

2015

$'000

2014

$'000

Appropriations credited to the CEFC Special Account maintained by the Department of the Treasury

2,000,000

2,000,000

Funds drawn / (returned) during the year as an equity contribution / (return) from / (to) the CEFC Special Account maintained by the Department of the Treasury

(50,600)

1,131,600

Restructuring of Administrative Arrangements

In accordance with an instruction received from the Australian Government, as part of a restructuring of administrative arrangements, another Australian Government controlled entity - LCAL - relinquished the following net assets to the CEFC for $Nil consideration (refer also Note 12).

LCAL de-registered by the Australian Government as advised in the 2014-15 Environment Portfolio Budget Statement. This accorded with the recommendation abolition of LCAL in the report of the National Commission of Audit – Towards Responsible Government. On 1 August 2014, the Hon. Greg Hunt MP as representative of the sole Member of the Company and the Responsible Minister of LCAL wrote to the LCAL Board directing it to expeditiously complete winding-up. LCAL was accordingly de-registered as of 17 December 2014.

A summary of the assets acquired and liabilities assumed follows:

 

2015

$'000

2014

$’000

Financial Assets

   

Cash and cash equivalents

18,398

42,107

Loans and advances

-

28,344

AFS financial assets

-

300

Non-Financial Assets

   

Deposits

-

23

Property, plant and equipment, net

-

520

Intangibles, net

-

38

Payables and unearned income

   

Unearned income

-

(334)

Suppliers

-

(161)

Provisions

   

Provision for concessional loans

-

(2,085)

Make good provision

-

(125)

Net assets received

18,398

68,627

Summary of Contributed Equity

   

Opening balance – 1 July

1,200,565

338

Return of equity to CEFC Special Account

(50,600)

-

Equity from CEFC Special Account

-

1,131,600

Net Assets received from restructuring of administrative arrangements

18,398

68,627

Closing contributed equity balance – 30 June

1,168,363

1,200,565