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 | 3.1a | 17,460 | 21,975 | 23,361 |
| Total financial assets | 18,031 | 22,869 | 24,111 | |
| Non-financial assets | ||||
| Building leasehold Improvements | 3.2a | 5,758 | 823 | 1,292 |
| Plant and equipment | 3.2a | 1,526 | 465 | 631 |
| Intangibles | 3.2a | 1,696 | 1,218 | 1,996 |
| Inventories | - | 46 | 48 | |
| Prepayments paid | 3.2b | 561 | 560 | 565 |
| Total non-financial assets | 9,541 | 3,112 | 4,532 | |
| Total assets | 27,572 | 25,981 | 28,643 | |
| LIABILITIES | ||||
| Payables | ||||
| Suppliers | 3.3a | 3,376 | 2,631 | 6,089 |
| Prepayments received | 3.3b | 5,795 | 4,586 | 4,924 |
| Other payables | 3.3c | 787 | 396 | 339 |
| Total payables | 9,958 | 7,613 | 11,352 | |
| Provisions | ||||
| Employee provisions | 5.1a | 7,164 | 7,095 | 7,380 |
| Provision for restoration obligations | 3.4a | 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 |