Financial Performance
1.1 Expenses | |||
2020 | 2019 | ||
$’000 | $’000 | ||
1.1A: Employee Benefits | |||
Wages and salaries | 1,442 | 1,156 | |
Superannuation | |||
Defined contribution plans | 151 | 100 | |
Defined benefit plans | 93 | 88 | |
Leave and other entitlements | 205 | 74 | |
Separation and redundancies | - | 29 | |
Total employee benefits | 1,892 | 1,447 | |
Accounting Policy | |||
Accounting policies for employee related expenses is contained in the People and relationships section. | |||
1.1B: Suppliers | |||
Goods and services supplied or rendered | |||
Accommodation hosting | 104 | - | |
Contractors | 201 | 434 | |
Consultants | 172 | 427 | |
Conferences | 309 | 308 | |
Travel | 115 | 141 | |
Marketing | 77 | 104 | |
Services Provided Free of Charge | 60 | 80 | |
Shared Services Centre charges | 201 | 159 | |
Printing/recruitment/training and Other administrative costs | 141 | 188 | |
Total goods and services supplied or rendered | 1,380 | 1,841 | |
Goods supplied | 81 | 161 | |
Services rendered | 1,299 | 1,680 | |
Total goods and services supplied or rendered | 1,380 | 1,841 | |
Other suppliers | |||
Operating lease rentals1 | - | 272 | |
Workers compensation expenses | 7 | 6 | |
Total other suppliers | 7 | 278 | |
Total suppliers | 1,387 | 2,119 | |
Leasing commitments | |||
1. ASEA has applied AASB 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under AASB 117. | |||
Asbestos Safety and Eradication Agency in its capacity as lessee of part Level 10, 255 Elizabeth Street, Sydney has entered into a 5 year Sub-lease arrangement ending 31 December 2020 with no option to extend. Lease payments are subject to an increase of 3.75% per annum as per the Memorandum of Understanding (MOU) sub-lease agreement. | |||
Accounting Policy | |||
Where an asset is acquired by means of a finance lease, the asset is capitalised at either the fair value of the lease property or, if lower, the present value of minimum lease payments at the inception of the contract and a liability is recognised at the same time and for the same amount. | |||
The discount rate used is the interest rate implicit in the lease. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense. | |||
Operating lease payments are expensed on a straight-line basis which is representative of the pattern of benefits derived from the leased assets. | |||
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https://www.transparency.gov.au/annual-reports/asbestos-safety-and-eradication-agency/reporting-year/2019-20-26