Territory Stories

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Details:

Title

Annual Report 2015 Motor Accidents (Compensation) Commission (MACC)

Other title

Tabled paper 1556

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2015-11-19

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C01622

Parent handle

https://hdl.handle.net/10070/273151

Citation address

https://hdl.handle.net/10070/799706

Page content

Northern Territory Motor Accidents (Compensation) Commission Annual Report 2015 Page 20 Motor Accidents (Compensation) Commission Financial Statements Motor Accidents (Compensation) Commission Annual Report 2014/2015 7 Statement of Cash Flows for the year ended 30 June 2015 Notes 2015 2014 MACC TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund TIO TIO Insurance & Banking Discontinued Operations (see Note 36) MAC Fund $000 $000 $000 $000 $000 $000 Cash flows from operating activities Premiums received 162,189 74,283 87,905 223,560 140,827 82,733 Outwards reinsurance premiums paid (37,187) (25,818) (11,370) (53,563) (48,052) (5,511) Claims paid (74,399) (32,409) (41,990) (102,338) (59,688) (42,650) Reinsurance recoveries received 11,707 8,549 3,158 13,141 11,266 1,874 Trust distributions received 21,687 1,403 20,284 18,301 5,611 12,690 Interest received 18,845 7,841 11,004 17,172 9,013 8,158 Operating lease income received 3,955 147 3,808 3,048 1,130 1,918 Other income received 3,736 3,370 366 7,485 6,908 577 Acquisition costs paid (8,219) (8,590) 371 (8,894) (8,529) (365) General and administration expenses paid (44,865) (28,819) (16,046) (50,325) (38,355) (11,970) Funding for road safety programs paid (3,888) - (3,888) (3,816) - (3,816) Goods and services tax paid (8,179) (4,005) (4,174) (10,980) (6,348) (4,632) Monies held on trust received / (paid) (2,112) (2,112) - 1,074 1,074 - Interest expense paid on deposits (14,208) (14,208) - (20,516) (20,516) - Unrealised investment income (1,781) (61) (1,720) 1,126 - 1,126 Interest income received from loans 15,482 15,482 - 29,584 29,584 - Income tax paid (6,442) (6,442) - (7,557) (7,557) - Net cash flow from/ (used in) operating activities 31 36,321 (11,389) 47,708 56,502 16,368 40,132 Cash flows from investing activities Net loans extended to customers (21,990) (21,990) - (53,202) (53,202) - Net (payments) / receipts for investments 167,415 82,998 84,417 (38,441) (23,202) (15,236) Payments for property, plant and equipment and intangibles (784) (784) - (1,328) - (10,875) Proceeds from property, plant and equipment 354 354 - 132 9,679 - Net cash flow from/ (used in) investing activities 144,995 60,578 84,417 (92,839) (66,725) (26,111) Cash flows from financing activities Net increase/(decrease) in savings and other deposit accounts 15,975 15,975 - 79,785 79,785 - Dividend Paid (140,000) - (140,000) (10,500) (10,500) - Borrowings (50,000) (50,000) - - - - Repayments of securitisation funding (5,645) (5,645) - (12,763) (12,763) - Net cash flow from/ (used in) financing activities 179,670 (39,670) (140,000) 56,522 56,522 - Net increase/ (decrease) in cash held 1,646 9,519 (7,875) 20,185 6,165 14,021 Cash at the beginning of the period 49,850 28,508 21,344 29,665 22,343 7,323 Cash transferred to owner (38,027) (38,027) - - - - Cash at the end of the period 11 13,469 - 13,469 49,850 28,508 21,344 The above Statement of Cash Flows should be read in conjunction with the accompanying notes. Financial Statements Motor Accidents (Compensation) Commission Financial Statements Motor Accidents (Compensation) Commission Annual Report 2014/2015 6 Statement of Changes in Equity for the year ended 30 June 2015 continued MAC Fund Notes Retained Earnings Asset Revaluation Reserve MAC Road Safety Reserve Catastrophe Reserve Contributed Equity Hedging Reserve Total $000 $000 $000 $000 $000 $000 $000 Balance as at 1 July 2013 238,912 4,272 5,000 - - - 248,184 Profit for the period 21,990 - - - - - 21,990 Other comprehensive income - (368) - - - - (368) Total comprehensive income for the period 21,990 (368) - - - - 21,622 Transactions with owners in their capacity as owner MAC road safety reserve - - - - - - - Catastrophe reserve - - - - - - - Dividend paid - - - - - - - - - - - - - - Balance as at 30 June 2014 260,902 3,904 5,000 - - - 269,806 Profit for the period Other comprehensive income 18,669 - - - - - 18,669 Total comprehensive income for the period 18,669 18,669 Transactions with owners in their capacity as owners MAC road safety reserve 5,000 - (5,000) - - - - Asset revaluation reserve 34 3,904 (3,904) - - - - - Dividend paid (140,000) - - (140,000) (131,096) (3,904) (5,000) - - - (140,000) Balance as at 30 June 2015 148,475 - - - - - 148,475 The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.


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