APPENDIX F

DISCONTINUED AGENCIES

RHODIUM ASSET SOLUTIONS
Objectives 
Rhodium Asset Solutions Limited (Rhodium) provided fleet management and leasing services to the ACT Government, a number of Commonwealth Government agencies and various private sector organisations.
Reflecting Government decisions, Rhodium has been winding down its operations during 2009‑10 and expects to dispose of virtually all remaining leases by 30 June 2010.
Subject to resolving any residual issues, it is expected to complete the wind up of the company in 2010‑11.
2010-11 Priorities 
Rhodium has four business priorities in 2010‑11:
•	completing the disposal of all remaining leases;
•	managing residual matters to a successful conclusion;
•	minimising costs to Government; and
•	winding up the company as soon as practical in compliance with all relevant legislation and standards.
Estimated Employment Level
2008‑09 
Actual Outcome		2009-10
Budget1
	2009-10
Est. Outcome2	2010-11
Budget
	
29  	Staffing (FTE)	0	18	0	
Notes:
1.	The 2009‑10 Budget reflected the expectation that Rhodium would have been wound up by 30 June 2009.
2.	The 2009-10 estimated outcome of 18 FTE’s is the actual number employed as at 31 March 2010.  All staff contracts terminate on 30 June 2010.

Rhodium Asset Solutions
Operating Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
2,396		User Charges - Non ACT Government	4,666	0	-100	0	0	0		
950		User Charges - ACT Government	2,921	0	-100	0	0	0		
60		Interest	99	0	-100	0	0	0		
492		Other Revenue	572	0	-100	0	0	0		
3,898		Total Revenue	8,258	0	-100	0	0	0		
		Gains								
0		Total Gains	0	0	-	0	0	0		
3,898		Total Income	8,258	0	-100	0	0	0		
		Expenses								
781		Employee Expenses	1,140	0	-100	0	0	0		
142		Superannuation Expenses	78	0	-100	0	0	0		
2,172		Supplies and Services	4,496	0	-100	0	0	0		
564		Depreciation and Amortisation	2,184	0	-100	0	0	0		
1,051		Borrowing Costs	2,217	0	-100	0	0	0		
860		Cost of Goods Sold	3,061	0	-100	0	0	0		
104		Other Expenses	427	0	-100	0	0	0		
5,674		Total Ordinary Expenses	13,603	0	-100	0	0	0		
-1,776		Operating Result	-5,345	0	-100	0	0	0		
-1,776		Total Comprehensive Income	-5,345	0	-100	0	0	0		

Rhodium Asset Solutions
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
0		Cash and Cash Equivalents	815	0	-100	0	0	0		
0		Receivables	306	0	-100	0	0	0		
0		Total Current Assets	1,121	0	-100	0	0	0		
0		TOTAL ASSETS	1,121	0	-100	0	0	0		
		Current Liabilities								
0		Other Provisions	664	0	-100	0	0	0		
0		Total Current Liabilities	664	0	-100	0	0	0		
0		TOTAL LIABILITIES	664	0	-100	0	0	0		
0		NET ASSETS	457	0	-100	0	0	0		
		REPRESENTED BY FUNDS EMPLOYED								
0		Accumulated Funds	457	0	-100	0	0	0		
0		TOTAL FUNDS EMPLOYED	457	0	-100	0	0	0		

Rhodium Asset Solutions
Cash Flow Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
13,470		User Charges	47,325	306	-99	0	0	0		
60		Interest Received	90	0	-100	0	0	0		
13,530		Operating Receipts	47,415	306	-99	0	0	0		
		Payments								
789		Related to Employees	1,166	0	-100	0	0	0		
142		Related to Superannuation	108	0	-100	0	0	0		
2,449		Related to Supplies and Services	3,804	664	-83	0	0	0		
1,051		Borrowing Costs	2,227	0	-100	0	0	0		
18,075		Other	56,062	0	-100	0	0	0		
22,506		Operating Payments	63,367	664	-99	0	0	0		
-8,976		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	-15,952	-358	-98	0	0	0		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Receipts								
8,254		Proceeds from Sale of Property, Plant & Equipment	9,900	0	-100	0	0	0		
8,254		Investing Receipts	9,900	0	-100	0	0	0		
		Payments								
0		Purchase of Property, Plant and Equipment and Capital Works	112	0	-100	0	0	0		
0		Investing Payments	112	0	-100	0	0	0		
8,254		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	9,788	0	-100	0	0	0		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
0		Capital Injection from Government	2,400	0	-100	0	0	0		
0		Financing Receipts	2,400	0	-100	0	0	0		
		Payments								
1,942		Distributions to Government	0	457	#	0	0	0		
1,942		Financing Payments	0	457	#	0	0	0		
-1,942		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	2,400	-457	-119	0	0	0		
-2,664		NET INCREASE/ (DECREASE) IN CASH HELD	-3,764	-815	-78	0	0	0		
2,664		CASH AT BEGINNING OF REPORTING PERIOD	4,579	815	-82	0	0	0		
0		CASH AT THE END OF THE REPORTING PERIOD	815	0	-100	0	0	0		

Rhodium Asset Solutions
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned	
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14	
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000	
		Opening Equity							
3,718		Opening Accumulated Funds	3,402	457	-87	0	0	0	
3,718		Balance at the Start of the Reporting Period	3,402	457	-87	0	0	0	
		Comprehensive Income							
-1,776		Operating Result for the Period	-5,345	0	-100	0	0	0	
-1,776		Total Comprehensive Income	-5,345	0	-100	0	0	0	
0		Total Movement In Reserves	0	0	-	0	0	0	
		Transactions Involving Owners Affecting Accumulated Funds							
0		Capital Injections	2,400	0	-100	0	0	0	
-1,942		Capital Distributions	0	-457	#	0	0	0	
-1,942		Total Transactions Involving Owners Affecting Accumulated Funds	2,400	-457	-119	0	0	0	
		Closing Equity							
0		Closing Accumulated Funds	457	0	-100	0	0	0	
0		Balance at the End of the Reporting Period	457	0	-100	0	0	0	
Notes to the Budget Statements
The 2009‑10 Budget was based on the disposal of all leases by 31 October 2009 and the winding up of the company by 31 March 2010.  This process has taken longer than originally anticipated and the disposal of all remaining leases is now expected by 30 June 2010 with the wind up of the company to be completed in 2010‑11. 
The majority of variances between the 2009‑10 estimated outcome and the original budget are due to this extended period of trading and the expected transaction costs to complete the wind up.  A capital injection from Government of $2.4 million is expected to be received in June 2010 with a budgeted distribution to Government of $0.457 million on completion of the wind up of the company in 2010‑11.

TOTALCARE INDUSTRIES LIMITED
Objectives
Totalcare Industries Limited (Totalcare) previously provided a range of services to the Government and non-government sectors.  In 2003, the Government decided to wind up the business and transferred Totalcare’s separate business units to other areas of Government.  Whilst Totalcare is no longer active as a business unit, its existence will continue until all residual liabilities are assessed and acquitted.
It was originally planned to complete the discharge of residual liabilities in 2009‑10, however this process is required to be continued for a portion of 2010‑11.  Once these liabilities are fully and properly acquitted the company will be wound up in accordance with the Corporations Act 2001.
2010‑11 Priorities
Strategic and operational issues to be pursued in 2010‑11 include: 
•	continuing to settle all outstanding superannuation liabilities; and
•	winding down the company.
Estimated Employment Level
2008‑09
Actual Outcome		2009-10
Budget
	2009-10
Est. Outcome	2010-11
Budget
	
-	Staffing (FTE)	-	-	-	

Totalcare
Operating Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
13		Interest	20	21	5	0	0	0		
71		Other Revenue	311	70	-77	0	0	0		
84		Total Revenue	331	91	-73	0	0	0		
		Gains								
0		Total Gains	0	0	-	0	0	0		
84		Total Income	331	91	-73	0	0	0		
		Expenses								
465		Supplies and Services	371	109	-71	0	0	0		
465		Total Ordinary Expenses	371	109	-71	0	0	0		
-381		Operating Result	-40	-18	55	0	0	0		
-381		Total Comprehensive Income	-40	-18	55	0	0	0		

Totalcare
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
0		Cash and Cash Equivalents	399	0	-100	0	0	0		
0		Receivables	111	0	-100	0	0	0		
0		Other	42	0	-100	0	0	0		
0		Total Current Assets	552	0	-100	0	0	0		
		Non Current Assets								
0		Receivables	8,500	0	-100	0	0	0		
0		Total Non Current Assets	8,500	0	-100	0	0	0		
0		TOTAL ASSETS	9,052	0	-100	0	0	0		
		Current Liabilities								
0		Other	197	0	-100	0	0	0		
0		Total Current Liabilities	197	0	-100	0	0	0		
		Non Current Liabilities								
0		Employee Benefits	8,500	0	-100	0	0	0		
0		Total Non Current Liabilities	8,500	0	-100	0	0	0		
0		TOTAL LIABILITIES	8,697	0	-100	0	0	0		
0		NET ASSETS	355	0	-100	0	0	0		
		REPRESENTED BY FUNDS EMPLOYED								
0		Accumulated Funds	355	0	-100	0	0	0		
0		TOTAL FUNDS EMPLOYED	355	0	-100	0	0	0		

Totalcare
Cash Flow Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
18		Interest Received	20	21	5	0	0	0		
5,377		Other Revenue	2,780	5,829	110	0	0	0		
5,395		Operating Receipts	2,800	5,850	109	0	0	0		
		Payments								
5,221		Related to Superannuation	1,671	5,272	215	0	0	0		
555		Related to Supplies and Services	386	83	-78	0	0	0		
0		Other	1,000	557	-44	0	0	0		
5,776		Operating Payments	3,057	5,912	93	0	0	0		
-381		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	-257	-62	76	0	0	0		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
0		Distributions to Government	0	337	#	0	0	0		
0		Financing Payments	0	337	#	0	0	0		
0		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	0	-337	#	0	0	0		
-381		NET INCREASE/ (DECREASE) IN CASH HELD	-257	-399	-55	0	0	0		
381		CASH AT BEGINNING OF REPORTING PERIOD	656	399	-39	0	0	0		
0		CASH AT THE END OF THE REPORTING PERIOD	399	0	-100	0	0	0		

Totalcare
Statement of Changes in Equity
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
385		Opening Accumulated Funds	395	355	-10	0	0	0		
385		Balance at the Start of the Reporting Period	395	355	-10	0	0	0		
		Comprehensive Income								
-381		Operating Result for the Period	-40	-18	55	0	0	0		
-381		Total Comprehensive Income	-40	-18	55	0	0	0		
0		Total Movement in Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
0		Capital Distributions	0	-337	#	0	0	0		
-4		Increase/(Decrease) in Net Assets due to Admin Restructure	0	0	-	0	0	0		
-4		Total Transactions Involving Owners Affecting Accumulated Funds	0	-337	#	0	0	0		
		Closing Equity								
0		Closing Accumulated Funds	355	0	-100	0	0	0		
0		Balance at the End of the Reporting Period	355	0	-100	0	0	0		
Notes to the Budget Statements
Totalcare will continue to exist while its residual liabilities are being assessed and discharged.
The ongoing work that surrounds the acquittal of Totalcare’s liabilities requires the Budget estimates to be aligned with the settlement schedule of Totalcare’s superannuation liabilities.  These settlements are largely dependent upon the results of analysis undertaken during the course of the year as well as the refunding processes of external superannuation funds.  Totalcare’s liabilities are expected to be fully acquitted to allow it to be wound up in 2010‑11.
Significant variations are as follows:
Operating Statement
•	total revenue:  the increase of $0.247 million in the 2009‑10 estimated outcome from the original budget is due to the external delays with respect to finalising superannuation settlement payments.  The decrease of $0.240 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the anticipated completion of the wind up; and
•	total expenses:  the decrease of $0.094 million in the 2009‑10 estimated outcome from the original budget and the further decrease of $0.262 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the anticipated completion of the wind up.
Balance Sheet
Due to the expectation that Totalcare would be wound up by 30 June 2010 no budget was reflected for the Balance Sheet in the 2009‑10 Budget.
Significant variations are as follows:
•	total assets:  the increase in the 2009‑10 estimated outcome from the original budget and the decrease in the 2010‑11 Budget from the 2009‑10 estimated outcome of $9.052 million reflects the anticipated completion of the wind up; and
•	total liabilities:  the increase in the 2009‑10 estimated outcome from the original budget and the decrease in the 2010‑11 Budget from the 2009‑10 estimated outcome of $8.697 million reflects the anticipated completion of the wind up.
Cash Flow Statement
•	distributions to government:  the increase of $0.337 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the transfer of residual cash to Government as part of the wind up.