REPORT 2013

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22 FRCA SIX MONTHS REPORT 2013 The Finance Section is responsible for managing the financial affairs of the Authority. OPERATING RESULTS The Authority experienced a net surplus of $2.75million for the six-month period ending 30 June 2013 compared to a net surplus of $2.84million for the same period last year. The slight decrease in the surplus amount is due to the following: 1. Increased employee cost by 14.52 %; 2. Increased property expense by 10.67%; 3. Decrease in other operating costs by 48.56%; and 4. Increase on operating grant income by 6.77%. Due to all the above factors the net surplus decrease by 3.17% compared to the same period in 2012. CAPITAL EXPENDITURE Additions to Property, plant and equipment has decreased by $403,203 excluding the Work In Progress (WIP) or by 65.97% compared to the same period in 2012. A number of capital projects are reflected as Work In Progress ($9.3m). These projects will be closed off as and when each project is completed. There was a increase in WIP by $220,672. NET ASSETS Net assets as at 30 June 2013 amounted to $40.28million, an increase of 16.32% compared to the same period last year. STATEMENT OF FINANCIAL PERFORMANCE FOR THE SIX-MONTH PERIOD ENDING 30 JUNE 2013 June 30, 2013 ($ 000’s) June 30, 2012 ($ 000’s) REVENUE Grants from government 17,173,913 16,086,957 Fees and charges 3,580,460 3,601,253 Rental Income 196,590 161,621 Other income 672,282 734,826 TOTAL REVENUE 21,623,245 20,584,657 EXPENSES Employee costs 14,263,464 12,183,801 Administrative 931,356 1,202,941 Other operating 768,401 1,493,708 Property 2,076,395 1,876,174 Depreciation 832,830 986,782 TOTAL EXPENSES 18,872,446 17,743,406 NET SURPLUS 2,750,799 2,841,251
23 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2013 June 30, 2013 ($ 000’s) June 30, 2012 ($ 000’s) ACCUMULATED FUNDS Opening balance 32,424 26,677 Correction of Fundamental Errors Net Surplus/(Deficit) 2,750 2,841 Asset Revaluation Reserve 5,108 5,108 TOTAL ACCUMULATED FUNDS 40,282 34,626 CURRENT ASSETS Cash at Bank 13,366 12,519 Short term investments 29,311 23,725 Receivables 2,014 3,772 Prepayments 482 405 TOTAL CURRENT ASSETS 45,173 40,421 NON-CURRENT ASSETS Asset held as Investment 3,815 3,874 Property, plant and equipment-net 15,470 13,960 TOTAL ASSETS 64,458 58,255 CURRENT LIABILITIES Creditors and accruals 2,411 2,552 Provision 998 1,734 TOTAL CURRENT LIABILITIES 3,409 4,286 NON-CURRENT LIABILIITIES Grant received in advance 19,531 17,798 Deferred grant income 1,236 1,545 TOTAL NON-CURRENT LIABILITIES 20,767 19,343 TOTAL LIABILITIES 24,176 23,629
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REPORT 2013

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