Statement of Financial Position
Statement of Financial Position as at 30 June 2020 | |||||
2020 | 2019 | Original Budget | |||
|---|---|---|---|---|---|
Notes | $’000 | $’000 | $’000 | ||
ASSETS | |||||
Financial assets | |||||
Cash and Cash Equivalents | 195 | 85 | 64 | ||
Trade and Other Receivables | 3,746 | 3,923 | 4,192 | ||
Total financial assets | 3,941 | 4,008 | 4,256 | ||
Non-financial assets | |||||
Buildings | 137 | - | - | ||
Leasehold improvements | 8 | 24 | 40 | ||
Plant and equipment | 84 | 70 | 88 | ||
Computer software | 106 | - | - | ||
Prepayments | 11 | 52 | 64 | ||
Total non-financial assets | 346 | 146 | 192 | ||
Total assets | 4,287 | 4,154 | 4,448 | ||
LIABILITIES | |||||
Payables | |||||
Suppliers | 67 | 126 | 519 | ||
Other Payables | 29 | 131 | 122 | ||
Total payables | 96 | 257 | 641 | ||
Interest bearing liabilities | |||||
Leases | 141 | - | - | ||
Total interest bearing liabilities | 141 | - | - | ||
Provisions | |||||
Employee Provisions | 385 | 257 | 230 | ||
Total provisions | 385 | 257 | 230 | ||
Total liabilities | 622 | 514 | 871 | ||
Net assets | 3,665 | 3,640 | 3,577 | ||
EQUITY | |||||
Contributed equity | 396 | 337 | 396 | ||
Retained surplus/(Accumulated deficit) | 3,269 | 3,303 | 3,181 | ||
Total equity | 3,665 | 3,640 | 3,577 | ||
The above statement should be read in conjunction with the accompanying notes. The Right of Use asset relating to the property lease is included in Buildings. | |||||
Budget Variances Commentary Statement of Financial Position for not-for-profit Reporting Entities Variances are considered to be 'major' when the difference is greater than 10% or more than $50,000 or a lesser amount if pertinent to the understanding of the financial statements. 1. Financial assets - Cash variance relates to anticipated liquidity needs at year end that did not evenuate. The variance in Trade receivables reflects the utilisation of the departmental capital budget to purchase non financial assets. 2. Non-financial assets - The variance is a result of the adoption of the new AASB16 accounting standard and the purchase of intangibles which were not reflected in the budget figures. 3. Payables - Supplier payables is lower than budget due to the payment to suppliers before year end. Other payables variance is due to the implementation of AASB16 and the fact that the agency will not be hosting a conference in the first half of 2020-21. 4. Provisions - The over achievement of budget is a result of ASEA bringing to account the employee leave liabilities which reflect ASEA's current staffing profile of long term public servants. | |||||
Visit
https://www.transparency.gov.au/annual-reports/asbestos-safety-and-eradication-agency/reporting-year/2019-20-22