Statement of financial position as at 30 June 2018
|
Notes |
2018 $’000 |
2017 $’000 |
2018 Budget $’000 |
|
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and cash equivalents |
571 |
894 |
750 |
|
|
Trade and other receivables |
17,460 |
21,975 |
23,361 |
|
|
Total financial assets |
18,031 |
22,869 |
24,111 |
|
|
Non-financial assets |
||||
|
Building leasehold Improvements |
5,758 |
823 |
1,292 |
|
|
Plant and equipment |
1,526 |
465 |
631 |
|
|
Intangibles |
1,696 |
1,218 |
1,996 |
|
|
Inventories |
- |
46 |
48 |
|
|
Prepayments paid |
561 |
560 |
565 |
|
|
Total non-financial assets |
9,541 |
3,112 |
4,532 |
|
|
Total assets |
27,572 |
25,981 |
28,643 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Suppliers |
3,376 |
2,631 |
6,089 |
|
|
Prepayments received |
5,795 |
4,586 |
4,924 |
|
|
Other payables |
787 |
396 |
339 |
|
|
Total payables |
9,958 |
7,613 |
11,352 |
|
|
Provisions |
||||
|
Employee provisions |
7,164 |
7,095 |
7,380 |
|
|
Provision for restoration obligations |
245 |
285 |
149 |
|
|
Total provisions |
7,409 |
7,380 |
7,529 |
|
|
Total liabilities |
17,367 |
14,993 |
18,881 |
|
|
Net assets |
10,205 |
10,988 |
9,762 |
|
|
EQUITY |
||||
|
Contributed equity |
2,151 |
1,775 |
2,189 |
|
|
Asset revaluation reserve |
763 |
763 |
1,899 |
|
|
Retained surplus |
7,291 |
8,450 |
5,674 |
|
|
Total equity |
10,205 |
10,988 |
9,762 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
| Explanations of major variances | Affected line items |
|---|---|
| The balance for Trade and other receivables are lower than budget due to funding major office fit-out works from retained appropriation reserves. |
Trade and other receivables $5,901,000 lower than budget |
| Building leasehold improvements and Plant and equipment are higher than budget due to major fit-out works that were approved after the budget was tabled. |
Building leasehold improvements $4,466,000 higher than budget and Plant and equipment $895,000 higher than budget |
| Suppliers payable are lower than budget due to a reduction in operating lease rental payable arising from transferring a lease for office accommodation to the Department of Social Services and earlier invoicing than planned from some suppliers. |
Suppliers payable $2,713,000 lower than budget |
| The balance of prepayments received varies in line with the timing of when invoices are issued to customers and when services are performed. |
Prepayments received $871,000 higher than budget |