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Statement of financial position as at 30 June 2017

  Notes 2017
$’000
2016
$’000
2017 Budget
$’000
ASSETS
Financial assets
Cash and cash equivalents   894 1,075 450
Trade and other receivables 3.1a 21,975 24,831 26,772
Total financial assets   22,869 25,906 27,222
Non-financial assets
Building leasehold Improvements 3.2a 823 1,949 1,506
Plant and equipment 3.2a 465 934 751
Intangibles 3.2a 1,218 1,069 1,316
Inventories   46 48 39
Prepayments paid 3.2b 560 565 463
Total non-financial assets   3,112 4,565 4,075
Total assets   25,981 30,471 31,297
LIABILITIES
Payables
Suppliers 3.3a 2,631 5,504 6,673
Prepayments received 3.3b 4,586 4,924 7,377
Lease incentives 3.3c 28 600 437
Other payables 3.3d 368 758 -
Total payables   7,613 11,786 14,487
Provisions
Employee provisions 5.1a 7,095 7,380 6,876
Provision for restoration obligations 3.4a 285 280 412
Total provisions   7,380 7,660 7,288
Total liabilities   14,993 19,446 21,775
Net assets   10,988 11,025 9,522
EQUITY
Contributed equity   1,775 1,208 1,775
Asset revaluation surplus   763 1,899 1,204
Retained surplus   8,450 7,918 6,543
Total equity   10,988 11,025 9,522

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 holding a lower level of appropriation receivable arising from earlier than planned payment of suppliers and lower levels of revenue received in advance from customers. Trade and other receivables
$4,797,000 lower than budget
Suppliers payable are lower than budget due to a reduction in operating lease rental payable and earlier invoicing than planned from some suppliers. Suppliers payable
$4,042,000 lower than budget
Prepayments received are lower than budget due to less revenue received in advance from other government entities. Prepayment received
$2,791,000 lower than budget