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Note 2. Financial Position

Defence Service Homes Insurance Scheme
Notes to and forming part of the Financial Statements

for the year ended 30 June 2017

This section analyses the DSHIS's assets used to generate financial performance and the operating liabilities incurred as a result. Employee related information is disclosed in the People and Relationships section.

Note 2.1. Financial Assets

Note 2.1A: Cash and cash equivalents
  2017 2016
  $'000 $'000
Cash at bank 2,642 2,171
Total cash and cash equivalents 2,642 2,171

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Note 2.1B: Trade and other receivables
  2017 2016
  $'000 $'000
Goods and services receivables    
    Premiums receivable 13,440 12,662
Other receivables    
    GST receivable 201 -
    Recoveries receivable 2,050 571
    Interest receivable 603 362
    Other receivable - 219
Total trade and other receivables 16,294 13,814

Receivables past 90 days are not considered impaired as policies are cancelled after this period if not paid.

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Note 2.1C: Investments
  2017 2016
  $'000 $'000
Deposits 62,169 58,655
Total investments 62,169 58,655

Monies invested in term deposits and negotiable certificates of deposit with various approved institutions under Section 58 of the Public Governance, Performance and Accountability Act 2013.

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Note 2.2. Non-Financial Assets

Note 2.2A: Reconciliation of the opening and closing balances of intangibles
  Intangibles
  $'000
Reconciliation of the opening and closing balances of intangibles for 2017  
As at 1 July 2016  
Gross book value 4,088
Accumulated amortisation and impairment (3,708)
Total as at 1 July 2016 380
   
Amortisation expense (75)
Total as at 30 June 2017 305
   
Total as at 30 June 2017 represented by  
Gross book value 4,088
Accumulated amortisation and impairment (3,783)
Total as at 30 June 2017 305

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

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Note 2.2B: Other non-financial assets
  2017 2016
  $'000 $'000
Prepaid fire brigade and emergency services contributions 344 965
Other prepayments 48 124
Total other non-financial assets 392 1,089

No indicators of impairment were found for other non-financial assets.

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Note 2.3. Payables

Note 2.3A: Suppliers
  2017 2016
  $'000 $'000
Trade creditors 4,202 4,014
Accrued expenses 2,254 1,652
Total suppliers 6,456 5,666

Settlement is usually made net 30 days.

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Note 2.3B: Other payables
  2017 2016
  $'000 $'000
Reinsurance premiums 366 476
GST payable - 34
Total other payables 366 510

Settlement is usually made net 30 days.

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