Primary financial statement
Statement of comprehensive income
|
Notes |
2020 $’000 |
2019 $’000 |
2020 Budget $’000 |
|
|
NET COST OF SERVICES |
||||
|
Expenses |
||||
|
Employee benefits |
1.1a |
29,418 |
26,297 |
27,155 |
|
Suppliers1 |
1.1b |
13,513 |
17,338 |
15,191 |
|
Depreciation and amortisation1 |
3.2a |
3,154 |
1,583 |
1,803 |
|
Finance costs1 |
1.1c |
103 |
5 |
5 |
|
Impairment loss on financial instruments |
1.1d |
2 |
4 |
- |
|
Write-down and impairment of other assets |
1.1e |
- |
860 |
- |
|
Losses from asset sales |
55 |
26 |
- |
|
|
Total expenses |
46,245 |
46,113 |
44,154 |
|
|
Own-source Income |
||||
|
Own-source revenue |
||||
|
Revenue from contracts with customers |
1.2a |
23,571 |
22,416 |
22,095 |
|
Resources received free of charge |
1.2b |
43 |
41 |
41 |
|
Total own-source revenue |
23,614 |
22,457 |
22,136 |
|
|
Gains |
||||
|
Reversal of write-downs and impairment |
1.2c, 3.2a |
253 |
- |
- |
|
Total gains |
253 |
- |
- |
|
|
Total own-source income |
23,867 |
22,457 |
22,136 |
|
|
Net cost of services |
(22,378) |
(23,656) |
(22,018) |
|
|
Revenue from Government |
1.2d |
23,070 |
21,299 |
20,353 |
|
Surplus/(Deficit) on continuing operations |
692 |
(2,357) |
(1,665) |
|
|
OTHER COMPREHENSIVE INCOME |
||||
|
Items not subject to subsequent reclassification to net cost of services |
||||
|
Changes in asset revaluation surplus |
3.2a, 3.5a |
107 |
(203) |
- |
|
Total other comprehensive income |
107 |
(203) |
- |
|
|
Total comprehensive income/(loss) |
799 |
(2,560) |
(1,665) |
The above statement should be read in conjunction with the accompanying notes.
1. The initial application of AASB 16 Leases is detailed in the Overview. The APSC adopted the modified retrospective approach and 2019 comparatives were not restated.
|
Budget variances commentary Statement of Comprehensive Income The following commentary provides high level narrative of major variances for the APSC between 2020 actuals and budget information published in the 2019-20 Portfolio Budget Statements. Expenses Employee benefits are $2,263,000 higher than budget due to higher employee levels and a reduction in the long-term bond rate leading to an increase in the value of employee leave provisions. Depreciation and amortisation is $1,351,000 higher than budget and Suppliers are $1,678,000 lower than budget as the 2019-20 budget did not include the estimated impact due to the adoption of AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds. Income Revenue from Government is $2,717,000 higher than budget as the APSC received funding for Australian Public Service Reform Implementation. Revenue from contracts with customers is $1,476,000 higher than budget due to a one-off contribution by another government entity. Gains Reversal of write-downs and impairment is $253,000 higher than budget due to a revaluation increment to Buildings in 2020 which reversed a previous impairment of Buildings in 2017. The remainder of the revaluation increment was recognised in other comprehensive income. |
Statement of financial position
|
Notes |
2020 $’000 |
2019 $’000 |
2020 Budget $’000 |
|
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and cash equivalents |
3.1a |
1,097 |
933 |
750 |
|
Trade and other receivables |
3.1b |
17,890 |
16,960 |
16,752 |
|
Total financial assets |
18,987 |
17,893 |
17,502 |
|
|
Non-financial assets |
||||
|
Buildings1 |
3.2a |
13,663 |
5,119 |
4,740 |
|
Plant and equipment1 |
3.2a |
1,760 |
2,155 |
1,029 |
|
Intangibles |
3.2a |
518 |
635 |
1,606 |
|
Prepayments paid |
3.2b |
362 |
477 |
561 |
|
Total non-financial assets |
16,303 |
8,386 |
7,936 |
|
|
Total assets |
35,290 |
26,279 |
25,438 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Suppliers |
3.3a |
3,295 |
4,140 |
4,304 |
|
Unearned income |
3.3b |
4,051 |
5,899 |
5,795 |
|
Other payables |
3.3c |
857 |
312 |
- |
|
Total payables |
8,203 |
10,351 |
10,099 |
|
|
Interest bearing liabilities |
||||
|
Leases1 |
3.4a |
8,599 |
- |
- |
|
Total interest bearing liabilities |
8,599 |
- |
- |
|
|
Provisions |
||||
|
Employee provisions |
5.1a |
8,607 |
7,622 |
7,164 |
|
Provision for restoration |
3.5a |
244 |
250 |
255 |
|
Total provisions |
8,851 |
7,872 |
7,419 |
|
|
Total liabilities |
25,653 |
18,223 |
17,518 |
|
|
Net assets |
9,637 |
8,056 |
7,920 |
|
|
EQUITY |
||||
|
Contributed equity |
2,973 |
2,562 |
2,975 |
|
|
Asset revaluation reserve |
667 |
560 |
763 |
|
|
Retained surplus |
5,997 |
4,934 |
4,182 |
|
|
Total equity |
9,637 |
8,056 |
7,920 |
|
|
Aggregate assets and liabilities |
||||
|
Assets expected to be recovered in: |
||||
|
No more than 12 months |
19,318 |
18,422 |
||
|
More than 12 months |
15,972 |
7,857 |
||
|
Total assets |
35,290 |
26,279 |
||
|
Liabilities expected to be settled in: |
||||
|
No more than 12 months |
13,233 |
12,950 |
||
|
More than 12 months |
12,420 |
5,273 |
||
|
Total liabilities |
25,653 |
18,223 |
The above statement should be read in conjunction with the accompanying notes.
1. Right-of-use assets are included in both Buildings and Plant and equipment. The initial application of AASB 16 Leases is detailed in the Overview. The APSC adopted the modified retrospective approach and 2019 comparatives were not restated.
|
Budget Variances Commentary Statement of Financial Position Non-Financial Assets Buildings are $8,923,000 higher than budgetand Lease are 8,599,000 higher than budget as the 2019-20 budget did not include the estimated balances due to the adoption of AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds. Intangible are $1,088,000 lower than budget due to an impairment of software in 2019 that reduced the opening balance of intangibles, that was not reflected in the budget. Liabilities Unearned income is $1,744,000 lower than budget due to a reduction in forward bookings for training due to the impact of COVID-19. Suppliers are $1,009,000 lower than budget as the budget included operating lease rental payable which was derecognised due to adopting AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds. |
Statement of changes in equity
|
2020 $’000 |
2019 $’000 |
2020 Budget $’000 |
|
|
CONTRIBUTED EQUITY |
|||
|
Opening balance |
2,562 |
2,151 |
2,562 |
|
Transactions with owners |
|||
|
Contributions by owners |
|||
|
Departmental capital budget |
411 |
411 |
413 |
|
Closing balance as at 30 June |
2,973 |
2,562 |
2,975 |
|
RETAINED EARNINGS |
|||
|
Opening balance |
4,934 |
7,291 |
5,847 |
|
Adjustment on initial application of AASB 16 |
371 |
- |
- |
|
Adjusted opening balance |
5,305 |
7,291 |
5,847 |
|
Comprehensive income |
|||
|
Surplus/(deficit) for the period |
692 |
(2,357) |
(1,665) |
|
Closing balance as at 30 June |
5,997 |
4,934 |
4,182 |
|
ASSET REVALUATION RESERVE |
|||
|
Opening balance |
560 |
763 |
763 |
|
Comprehensive income |
|||
|
Other comprehensive income1 |
107 |
(203) |
- |
|
Closing balance as at 30 June |
667 |
560 |
763 |
|
TOTAL EQUITY |
|||
|
Opening balance |
8,056 |
10,205 |
9,172 |
|
Adjustment on initial application of AASB 16 |
371 |
- |
- |
|
Adjusted opening balance |
8,427 |
10,205 |
9,172 |
|
Comprehensive income |
|||
|
Surplus/(deficit) for the period |
692 |
(2,357) |
(1,665) |
|
Other comprehensive income |
107 |
(203) |
- |
|
Total comprehensive income |
799 |
(2,560) |
(1,665) |
|
Transactions with owners |
|||
|
Contributions by owners |
|||
|
Departmental capital budget |
411 |
411 |
413 |
|
Total transactions with owners |
411 |
411 |
413 |
|
Closing balance as at 30 June |
9,637 |
8,056 |
7,920 |
The above statement should be read in conjunction with the accompanying notes.
1. The asset revaluation reserve increment of $107,000 in 2020 (2019: a decrement of $203,000) comprises of a net asset revaluation increment of $97,000 (2019: a decrement of $203,000) and a decrease to the provision for restoration of $10,000 (2019: nil).
|
Accounting policy Equity injections Amounts appropriated which are designated as Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year. |
Cash flow statement
|
Notes |
2020 $’000 |
2019 $’000 |
2020 Budget $’000 |
|
|
OPERATING ACTIVITIES |
||||
|
Cash received |
||||
|
Appropriations |
27,089 |
24,700 |
20,353 |
|
|
Sale of goods and rendering of services |
22,709 |
22,588 |
22,095 |
|
|
GST received |
1,445 |
1,465 |
1,604 |
|
|
Other cash received |
1,111 |
1,864 |
290 |
|
|
Total cash received |
52,354 |
50,617 |
44,342 |
|
|
Cash used |
||||
|
Employees |
29,245 |
27,928 |
27,155 |
|
|
Suppliers |
14,123 |
19,149 |
16,709 |
|
|
Interest payments on lease liabilities |
99 |
- |
- |
|
|
Section 74 receipts transferred to OPA |
5,000 |
2,500 |
- |
|
|
Other cash used |
817 |
445 |
- |
|
|
Total cash used |
49,284 |
50,022 |
43,864 |
|
|
Net cash from operating activities |
3,070 |
595 |
478 |
|
|
INVESTING ACTIVITIES |
||||
|
Cash received |
||||
|
Proceeds from sales of property, plant and equipment |
- |
25 |
- |
|
|
Total cash received |
- |
25 |
- |
|
|
Cash used |
||||
|
Purchase of property, plant and equipment |
1,700 |
169 |
266 |
|
|
Purchase of intangibles |
153 |
500 |
625 |
|
|
Total cash used |
1,853 |
669 |
891 |
|
|
Net cash used by investing activities |
(1,853) |
(644) |
(891) |
|
|
FINANCING ACTIVITIES |
||||
|
Cash received |
||||
|
Contributed equity |
411 |
411 |
413 |
|
|
Total cash received |
411 |
411 |
413 |
|
|
Cash used |
||||
|
Principal payments of lease liabilities |
1,464 |
- |
- |
|
|
Total cash used |
1,464 |
- |
- |
|
|
Net cash from/(used by) financing activities |
(1,053) |
411 |
413 |
|
|
Net increase/(decrease) in cash held |
164 |
362 |
- |
|
|
Cash and cash equivalents at the beginning of the reporting period |
933 |
571 |
750 |
|
|
Cash and cash equivalents at the end of the reporting period |
3.1a |
1,097 |
933 |
750 |
The above statement should be read in conjunction with the accompanying notes.
|
Budget Variances Commentary Cash Flow Statement Operating cash received Appropriations are $6,736,000 higher than budget mainly as a result of Section 74 receipts transferred to OPA which are $5,000,000 higher than budget. Section 74 receipts that are above agreed working cash balance limits are deposited to the Official Public Account (OPA) and then redrawn as required. Additional appropriation funding was received for Australian Public Service Reform Implementation. Operating cash used Employees are$2,090,000 higher than budget due to higher employee levels than budget. Suppliers are $2,586,000 lower than budget and Principal payments of lease liabilities are $1,464,000 higher than budget as the adoption of AASB 16 Leases was not included in the budget. Lease payments are now disclosed as either Interest payments on lease liabilities in the operating activities or as Principal payments of lease liabilities in financing activities. The budget estimates were updated to reflect this change in the subsequent budget rounds. Investing cash used Purchase of property, plant and equipment is $1,434,000 higher than budget due to the payment for equipment that was accrued as at 30 June 2019 and an office refit that occurred during 2020. |
Administered schedule of comprehensive income
|
Notes |
2020 $’000 |
2019 $’000 |
2020 Budget $’000 |
|
|
NET COST OF SERVICES |
||||
|
Expenses |
||||
|
Employee benefits |
2.1a |
4,203 |
4,140 |
4,230 |
|
Total expenses |
4,203 |
4,140 |
4,230 |
|
|
Net cost of services |
(4,203) |
(4,140) |
(4,230) |
|
|
Total comprehensive loss |
(4,203) |
(4,140) |
(4,230) |
The above schedule should be read in conjunction with the accompanying notes.
|
Budget Variances Commentary Administered Schedule of Comprehensive Income There are no major budget variances. |
Administered reconciliation schedule
|
Notes |
2020 $’000 |
2019 $’000 |
|
|
Opening assets less liabilities as at 1 July |
- |
- |
|
|
Net cost of services |
|||
|
Expenses |
|||
|
Payments to entities other than corporate Commonwealth entities |
(4,203) |
(4,140) |
|
|
Transfers from the Australian Government |
|||
|
Appropriation transfers from Official Public Account |
|||
|
Special appropriations (unlimited) |
|||
|
Payments to entities other than corporate Commonwealth entities |
4.1c |
4,203 |
4,140 |
|
Closing assets less liabilities as at 30 June |
- |
- |
The above schedule should be read in conjunction with the accompanying notes.
|
Accounting policy Administered cash transfers to and from the Official Public Account Revenue collected by the APSC for use by the Government rather than the APSC is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the APSC on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule. |
Administered cash flow statement
|
2020 $’000 |
2019 $’000 |
2020 Budget $’000 |
|
|
Operating Activities |
|||
|
Cash used |
|||
|
Employees |
4,203 |
4,140 |
4,230 |
|
Total cash used |
4,203 |
4,140 |
4,230 |
|
Net cash used by operating activities |
(4,203) |
(4,140) |
(4,230) |
|
Cash from Official Public Account Appropriations |
4,203 |
4,140 |
4,230 |
|
Total cash from Official Public Account |
4,203 |
4,140 |
4,230 |
|
Cash and cash equivalents at the end of the reporting period |
- |
- |
- |
The above statement should be read in conjunction with the accompanying notes.
|
Budget Variances Commentary Administered Cash Flow Statement There are no major budget variances. |