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Financial Statements

Primary financial statement

Statement of comprehensive income

Statement of Comprehensive Income

for the period ended 30 June 2020

Original

2020

2019

Budget

Notes

$’000

$’000

$’000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

19,012

18,957

19,981

Suppliers

1.1B

10,359

12,334

13,586

Depreciation and amortisation

3.2A

3,564

1,438

1,305

Finance costs

1.1C

103

-

-

Loss on disposal of assets

5

13

-

Impairment of assets

-

112

-

Total expenses

33,043

32,854

34,872

Own-Source Income

Own-Source Revenue

Rental income

101

-

-

Other revenue

1.2A

102

218

405

Total own-source revenue

203

218

405

Net (cost of) / contribution by services

(32,840)

(32,636)

(34,467)

Revenue from Government

1.2B

33,162

32,280

33,162

Surplus / (Deficit) on continuing operations

322

(356)

(1,305)

OTHER COMPREHENSIVE INCOME

Changes in Asset Revaluation Reserve

-

66

-

Total other comprehensive income

-

66

-

Total comprehensive income/(Loss)

322

(290)

(1,305)

The above statement should be read in conjunction with the accompanying notes.

Original Budget reflects the figures presented in the 2019-20 PBS.

Budget Variance Commentary

Statement of Comprehensive Income for ABCC

Suppliers

Suppliers expense was lower than budget. This was due to legal expenses being lower than anticipated. The extent of legal expenditure for a financial year is difficult to predict due to the nature and complexity of matters, timing of court hearings and appeals.

Other Revenue

The ABCC received lower than expected revenue from costs awarded in favour of the ABCC by the courts. The ABCC has limitations on its ability to recover litigation costs and therefore it is difficult to reliably estimate the extent of cost recovery for the financial year. New arrangement for property rental income.

Statement of financial position

Statement of Financial Position

as at 30 June 2020

Original

2020

2019

Budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash and cash equivalents

320

314

301

Trade and other receivables

3.1A

48,164

45,303

42,642

Total financial assets

48,484

45,617

42,943

Non-financial assets1

Right-of-use assets2

3.2

9,462

-

-

Leasehold improvements

3.2

3,645

4,867

3,402

Plant and equipment

3.2

317

472

482

Intangibles

3.2

379

501

1,500

Other non-financial assets

234

445

288

Total non-financial assets

14,037

6,285

5,672

Total assets

62,521

51,902

48,615

LIABILITIES

Payables

Suppliers

3.3A

1,042

1,556

803

Other payables

3.3B

426

1,086

849

Total payables

1,468

2,642

1,652

Interest Bearing Liabilities

Leases

3.4

9,502

-

-

Total interest bearing liabilities

9,502

-

-

Provisions

Employee provisions

6.1

4,782

3,907

3,831

Other provisions

3.5

410

410

69

Total provisions

5,192

4,317

3,900

Total liabilities

16,162

6,959

5,552

Net assets

46,359

44,943

43,063

EQUITY

Contributed equity

6,404

5,964

6,404

Reserves

66

66

-

Retained earnings

39,889

38,913

36,659

Total equity

46,359

44,943

43,063

The above statement should be read in conjunction with the accompanying notes.

1. Original Budget reflects the figures presented in the 2019-20 PBS.

2. Right-of-use assets are included in "Right-of-use assets" line item.

Budget Variance Commentary

Statement of Financial Position for ABCC

Financial Assets

Appropriation receivable increased due to expenses for the year being under budget.

Non-Financial Assets

New asset class for Right of Use Assets in 2019-20. No acquisitions in 2019-20 for other asset classes.

Payables

Suppliers payable below budget due to external legal expenses and travel expenses for the year being lower than originally planned.

Statement of changes in equity

Statement of Changes in Equity

for the period ended 30 June 2020

Original

2020

2019

Budget

Notes

$’000

$’000

$’000

CONTRIBUTED EQUITY

Opening Balance

Balance carried forward from previous period

5,964

5,523

5,964

Opening balance

5,964

5,523

5,964

Comprehensive Income

Contributions by owners

Departmental capital budget

440

441

440

Total transactions with owners

440

441

440

Closing balance as at 30 June

6,404

5,964

6,404

RETAINED EARNINGS

Opening Balance

Balance carried forward from previous period

38,913

39,269

37,964

Adjustment on initial application of AASB 16

654

-

-

Adjusted opening balance

39,567

39,269

37,964

Comprehensive Income

Surplus/(Deficit) for the period

322

(356)

(1,305)

Total comprehensive income

322

(356)

(1,305)

Closing balance as at 30 June

39,889

38,913

36,659

ASSET REVALUATION RESERVE

Opening Balance

Balance carried forward from previous period

66

-

-

Opening balance

66

-

-

Comprehensive Income

Revaluation

-

66

-

Total comprehensive income

-

66

-

Transfers between equity components

-

-

-

Closing balance as at 30 June

66

66

-

TOTAL EQUITY

Opening Balance

Balance carried forward from previous period

44,943

44,792

43,928

Adjustment on initial application of AASB 16

654

-

-

Adjusted opening balance

45,597

44,792

43,928

Comprehensive Income

Surplus/(Deficit) for the period

322

(356)

(1,305)

Total comprehensive income

322

(356)

(1,305)

Transactions with owners

Contributions by owners

Departmental capital budget

440

441

440

Total transactions with owners

440

441

440

Closing balance as at 30 June

46,359

44,943

43,063

The above statement should be read in conjunction with the accompanying notes.

Original Budget reflects the figures presented in the 2019-20 PBS.

Accounting Policy

Equity Injections

Amounts appropriated which are designated as 'equity injections' for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Budget Variance Commentary

Statement of Changes in Equity for ABCC

Retained Earnings

The budget estimate of the opening position was undertaken prior to the actual outcome for 2018-19 being known.

Asset Revaluation Reserve

No revaluation adjustments made during 2019-20.

Cash flow statement

Cash Flow Statement

for the period ended 30 June 2020

Original

2020

2019

Budget

Notes

$’000

$’000

$’000

OPERATING ACTIVITIES

Cash received

Appropriations

30,786

29,868

33,472

Sales of goods and rendering of services

112

84

1,355

Net GST received

964

933

370

Total cash received

31,862

30,885

35,197

Cash used

Employees

17,978

18,927

19,981

Suppliers

11,497

11,404

13,551

Interest payments on lease liabilities

103

-

-

Section 74 receipts transferred to the Official Public Account

394

269

-

Total cash used

29,972

30,600

34,887

Net cash from operating activities

1,890

285

310

INVESTING ACTIVITIES

Cash used

Purchase of non-financial assets

-

713

750

Total cash used

-

713

750

Net cash used by investing activities

-

(713)

(750)

FINANCING ACTIVITIES

Cash received

Contributed equity

-

441

440

Total cash received

-

441

440

Cash used

Principal payments of lease liabilities

1,884

-

-

Total cash used

1,884

-

-

Net cash from / (used by) financing activities

(1,884)

441

440

Net increase in cash held

6

13

-

Cash and cash equivalents at the beginning of the reporting period

314

301

301

Cash and cash equivalents at the end of the reporting period

320

314

301

The above statement should be read in conjunction with the accompanying notes.

Original Budget reflects the figures presented in the 2019-20 PBS.

Budget Variance Commentary

Cash Flow Statement for ABCC

The amounts reported in the departmental Cash Flow Statement are interrelated with figures disclosed in the Statement of Comprehensive Income and Statement of Financial Position.

Sales of goods and rendering of services

Revenue from other sources received by the ABCC including costs received from court actions was lower than estimated.

Appropriations

The ABCC drawdown of appropriations was below budget arising from lower than expected supplier expenses incurred.

Suppliers

Suppliers expense was below budget due to lower than expected external legal and travel expenses.

Administered schedule of comprehensive income

Administered Schedule of Comprehensive Income

for the period ended 30 June 2020

2020

2019

Notes

$’000

$’000

NET COST OF SERVICES

Expenses

Write-down and impairment of assets

2.1

90

-

Total Expenses

90

-

Income

Non-taxation revenue

Court-awarded penalties

2.2A

2,035

504

Total income

2,035

504

Net (cost of)/ contribution by services

1,945

504

Surplus/(Deficit)

1,945

504

Total Comprehensive Income

1,945

504

The above statement should be read in conjunction with the accompanying notes.

Budget Variance Commentary

Administered Schedule of Comprehensive Income for ABCC

Administered activities relate to court awarded penalties and due to their nature are not included in the Portfolio Budget Statements.

Administered schedule of assets and liabilities

Administered Schedule of Assets and Liabilities

as at 30 June 2020

2020

2019

Notes

$’000

$’000

ASSETS

Financial assets

Receivables

4.1

-

1,888

Other financial assets

4.1

203

194

Total financial assets

203

2,082

Total Assets Administered on Behalf of Government

203

2,082

LIABILITIES

Total Liabilities Administered on Behalf of Government

-

-

Net Assets/(Liabilities)

203

2,082

The above schedule should be read in conjunction with the accompanying notes.

Administered reconciliation schedule

Administered Reconciliation Schedule

as at 30 June 2020

2020

2019

$’000

$’000

Opening assets less liabilities as at 1 July

2,082

3,494

Net contribution by services:

Administered income

2,035

504

Administered expenses

(90)

-

Transfers (to) / from Australian Government:

Transfers to Official Public Account

(100)

(814)

Transfers to Official Public Account by other agencies

(3,724)

(1,102)

Closing assets less liabilities as at 30 June

203

2,082

The above schedule should be read in conjunction with the accompanying notes.

Accounting Policy

Administered Cash Transfers to and from the Official Public Account

Revenue collected by the ABCC for use by the Government rather than the ABCC is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the ABCC on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.

Administered cash flow statement

Administered Cash Flow Statement

for the period ended 30 June 2020

2020

2019

Notes

$’000

$’000

OPERATING ACTIVITIES

Cash received

Court-awarded penalties

100

814

Total cash received

100

814

Net cash from operating activities

100

814

Net increase in cash held

100

814

Cash to the Official Public Account

Administered receipts

(100)

(814)

Cash and cash equivalents at the end of the reporting period

-

-

The above statement should be read in conjunction with the accompanying notes.

Notes to the financial statements

Overview

Objectives of the Australian Building and Construction Commission

The Australian Building and Construction Commission (ABCC) is an independent Australian Government controlled not-for-profit entity established under the Building and Construction Industry (Improving Productivity) Act 2016.

ABCC is structured to meet a single outcome:

Outcome 1: Enforce workplace relations laws in the building and construction industry and ensure compliance with those laws by all participants in the building and construction industry through the provision of education, assistance and advice.

ABCC activities contributing toward the outcome are classified as either departmental or administered. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the ABCC in its own right. Administered activities involve the management or oversight by the ABCC, on behalf of the Government, of items controlled or incurred by the Government.

The continued existence of the ABCC in its present form is dependent on Government policy and on continuing funding by Parliament for the ABCC's administration.

The Basis of Preparation

The financial statements are general purpose financial statements and are required by section 42 of the Public Governance Performance and Accountability Act 2013 (PGPA Act).

The financial statements have been prepared in accordance with:

· Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR)

· Australian Accounting Standards and Interpretations - Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets which are reported at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.

The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars.

New Australian Accounting Standards

Adoption of new Australian Accounting Standard Requirements

All new, revised, amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect, and are not expected to have a future material effect, on the agency's financial statements.

Standard/ Interpretation

Nature of change in accounting policy, transitional provision, and adjustment to financial statements

AASB 15, AASB 2016-8 and AASB 1058 became effective 1 July 2019.

AASB 15 Revenue from Contracts with Customers / AASB 2016-8 Amendments to Australian Accounting Standards – Australian Implementation Guidance for Not-for-Profit Entities and AASB 1058 Income of Not-For-Profit Entities

AASB 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised. It replaces existing revenue recognition guidance, including AASB 118 Revenue, AASB 111 Construction Contracts and Interpretation 13 Customer Loyalty Programmes. The core principle of AASB 15 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

AASB 1058 is relevant in circumstances where AASB 15 does not apply. AASB 1058 replaces most of the not-for-profit (NFP) provisions of AASB 1004 Contributions and applies to transactions where the consideration to acquire an asset is significantly less than fair value principally to enable the entity to further its objectives, and where volunteer services are received.

The details of the changes in accounting policies, transitional provisions and adjustments are disclosed below and in the relevant notes to the financial statements.

AASB 16 Leases

This new standard has replaced AASB 117 Leases, Interpretation 4 Determining whether an Arrangement contains a Lease, Interpretation 115 Operating Leases—Incentives and Interpretation 127 Evaluating the Substance of Transactions Involving the Legal Form of a Lease.

AASB 16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, together with options to exclude leases where the lease term is 12 months or less, or where the underlying asset is of low value. AASB 16 substantially carries forward the lessor accounting in AASB 117, with the distinction between operating leases and finance leases being retained. The details of the changes in accounting policies, transitional provisions and adjustments are disclosed below and in the relevant notes to the financial statements.

Application of AASB 16 Leases

ABCC adopted AASB 16 using the modified retrospective approach, under which the cumulative effect of initial application is recognised in retained earnings at 1 July 2019. Accordingly, the comparative information presented for 2019 is not restated, that is, it is presented as previously reported under AASB 117 and related interpretations. ABCC elected to apply the practical expedient to not reassess whether a contract is, or contains a lease at the date of initial application. Contracts entered into before the transition date that were not identified as leases under AASB 117 were not reassessed. The definition of a lease under AASB 16 was applied only to contracts entered into or changed on or after 1 July 2019.

AASB 16 provides for certain optional practical expedients, including those related to the initial adoption of the standard. ABCC applied the following practical expedients when applying AASB 16 to leases previously classified as operating leases under AASB 117:

  Apply a single discount rate to a portfolio of leases with reasonably similar characteristics;

  Exclude initial direct costs from the measurement of right-of-use assets at the date of initial application for leases where the right-of-use asset was determined as if AASB 16 had been applied since the commencement date;

  Reliance on previous assessments on whether leases are onerous as opposed to preparing an impairment review under AASB 136 Impairment of assets as at the date of initial application; and

  Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term remaining as of the date of initial application.

As a lessee, ABCC previously classified leases as operating or finance leases based on its assessment of whether the lease transferred substantially all of the risks and rewards of ownership. Under AASB 16, ABCC recognises right-of-use assets and lease liabilities for most leases. However, ABCC has elected not to recognise right-of-use assets and lease liabilities for some leases of low value assets based on the value of the underlying asset when new or for short-term leases with a lease term of 12 months or less.

On adoption of AASB 16, ABCC recognised right-of-use assets and lease liabilities in relation to leases of office space, heavy equipment and automobiles, which had previously been classified as operating leases.

The lease liabilities were measured at the present value of the remaining lease payments, discounted using ABCC’s incremental borrowing rate as at 1 July 2019. ABCC’s incremental borrowing rate is the rate at which a similar borrowing could be obtained from an independent creditor under comparable terms and conditions.

The right-of-use assets were measured as follows:

a) Office space: measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments.

b) All other leases: the carrying value that would have resulted from AASB 16 being applied from the commencement date of the leases, subject to the practical expedients noted above.

Impact on transition

On transition to AASB 16, ABCC recognised additional right-of-use assets and additional lease liabilities, recognising the difference in retained earnings. The impact on transition is summarised below:

Departmental

1 July 2019

Right-of-use assets - property, plant and equipment

8,932

Lease liabilities

8,786

Retained earnings

654

The following table reconciles the ABCC's minimum lease commitments disclosed in the ABCC's 30 June 2019 annual financial statements to the amount of lease liabilities recognised on 1 July 2019:

1 July 2019

Minimum operating lease commitment at 30 June 2019

10,129

Less inclusion of GST at 30 June 2019 disclosures

921

Less: short-term leases not recognised under AASB 16

132

Undiscounted lease payments

9,076

Less: effect of discounting using the incremental borrowing rate as at the date of initial application

290

Lease liabilities recognised at 1 July 2019

8,786

Taxation

The ABCC is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).

Reporting of Administered Activities

Administered revenues, expenses, assets, liabilities and cash flows are disclosed in the administered schedules and related notes.

All administered revenues are revenues relating to ordinary activities performed by the ABCC on behalf of the Australian Government. As such, administered appropriations are not revenues of the ABCC.

The ABCC can receive monies for court-awarded penalties under the Building and Construction Industry (Improving Productivity) Act 2016, Fair Work (Building Industry) Act 2012, the Independent Contractors Act 2006 and the Fair Work Act 2009. Court awarded penalties are recognised when the court rules in favour of any claims initiated by the ABCC. Collectability of debts is reviewed at the reporting date. Impairment allowances are made when the collectability of the debt is judged to be less, rather than more, likely.

Except where otherwise stated in these financial statements, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.

Impact of COVID-19

On 30 January 2020, COVID 19 was declared as a global health emergency of international concern by the World Health Organization. In response, the ABCC implemented its pandemic plan and established a pandemic committee to oversee the ABCC’s response.

The ABCC moved to limit its face-to-face interactions with external parties, including by restricting site visits to reactive only visits and introducing alternative methods for education and communications activities. In addition, the ABCC implemented work from home arrangements for staff, where appropriate, and replaced face-to-face staff training with on-line training.

The ABCC also participated in a number of whole-of-government surge requests, with a number of ABCC staff seconded to other agencies to support the Government’s response to COVID-19.

The restriction of interstate travel and postponnment of staff recruitment from March 2020 onwards has resulted in lower than budgeted outcomes.

Events After the Reporting Date

Departmental

No significant events have occurred after the reporting date that are likely to affect either the ongoing structure or financial activities of the agency.

Administered

No significant events have occurred after the reporting date that are likely to affect either the ongoing structure or financial activities of the agency.

1. Financial performance

This section analyses the financial performance of the Australian Building and Construction Commission for the period ended 2020

1.1 Expenses

1.1 Expenses

2020

2019

$’000

$’000

1.1A: Employee Benefits

Wages and salaries

13,391

13,806

Superannuation:

Defined contribution plans

1,950

1,873

Defined benefit plans

562

563

Leave and other entitlements

3,073

2,313

Separation and redundancies

36

402

Total employee benefits

19,012

18,957

Accounting Policy

Accounting policies for employee related expenses are contained in the People and relationships section.

1.1B: Suppliers

Goods and services supplied or rendered

Information and communications technology

1,959

1,743

Legal

4,625

4,659

Travel

640

952

Outsourced corporate services

658

682

Other

1,659

1,606

Total goods and services supplied or rendered

9,541

9,642

Goods supplied

494

283

Services rendered

9,047

9,360

Total goods and services supplied or rendered

9,541

9,643

Other suppliers

Workers compensation expenses

249

149

Operating lease rentals1

499

2,543

Short-term and low value leases

70

-

Total other suppliers

818

2,692

Total suppliers

10,359

12,334

The ABCC has short-term motor vehicle lease commitments of $253,956.30 as at 30 June 2020.

The above lease disclosures should be read in conjunction with the accompanying notes 3.2 and 3.4.

Accounting Policy

Short-term leases and leases of low-value assets

The ABCC has elected not to recognise right-of-use assets and lease liabilities for short-term leases of assets that have a lease term of 12 months or less and leases of low-value assets (less than $10,000). The entity recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Note 1.1C: Finance Costs

Interest on lease liabilities

103

-

Total finance costs

103

-

The above lease disclosures should be read in conjunction with the accompanying notes 3.2 and 3.4.

Accounting Policy

All borrowing costs are expensed as incurred

1. The ABCC 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.

1.2 Own-source revenue and gains

1.2 Own-Source Revenue and Gains

2020

2019

$’000

$’000

1.2A: Other Revenue

Court-awarded costs

65

125

Resources received free of charge - remuneration of auditors

35

34

Other

2

59

Total other revenue

102

218

Accounting Policy

Resources Received Free of Charge

Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of these resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.

Court-awarded costs

Costs awarded in favour of the ABCC by the courts are treated as own source income under section 74 of the PGPA Act.

1.2B: Revenue from Government

Appropriations

Departmental appropriations

33,162

32,280

Total revenue from Government

33,162

32,280

Accounting Policy

Revenue from Government

Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the ABCC gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.

2. Income and expenses administered on behalf of government

This section analyses the activities that the Australian Building and Construction Commission does not control but administers on behalf of Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

2.1 Administered - expenses

2.1 Administered - Expenses

2020

2019

$’000

$’000

Write-Down and Impairment of Assets

Impairment of financial instruments

90

-

Total write-down and impairment of assets

90

-

2.2 Administered - income

2.2 Administered - Income

2020

2019

$’000

$’000

Revenue

Non-Taxation Revenue

Accounting Policy

All administered revenues are revenues relating to ordinary activities performed by the ABCC on behalf of the Australian Government. As such, administered appropriations are not revenues of the ABCC.

2.2A: Fees and Fines

Court-awarded penalties

2,035

504

Total fees and fines

2,035

504

Accounting Policy

The ABCC can receive monies for court-awarded penalties under the Building and Construction Industry (Improving Productivity) Act 2016, Fair Work (Building Industry) Act 2012, the Independent Contractors Act 2006 and the Fair Work Act 2009. Court awarded penalties are recognised when the court rules in favour of any claims initiated by the ABCC. Collectability of debts is reviewed at the reporting date. Impairment allowances are made when the collectability of the debt is judged to be less, rather than more, likely.

3. Financial position

This section analyses the Australian Building and Construction Commission's assets used to conduct its operations and the operating liabilities incurred as a result.

Employee related information is disclosed in the People and Relationships section.

3.1 Financial assets

3.1 Financial Assets

2020

2019

$’000

$’000

3.1A: Trade and Other Receivables

Goods and services receivable

Goods and services

181

141

Total goods and services receivables

181

141

Appropriations receivable

Appropriation receivable

47,865

45,049

Total appropriations receivable

47,865

45,049

Other receivables

GST receivable from the Australian Taxation Office

86

97

Other

32

16

Total other receivables

118

113

Total trade and other receivables (gross)

48,164

45,303

Total trade and other receivables (net)

48,164

45,303

All trade and other receivables were assessed for impairment at reporting date. No indicators of impairment were identified for trade and other receivables.

Credit terms for goods and services were within 30 days (2019: 30 days).

Accounting Policy

Financial assets

Trade receivables, loans and other receivables that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest, that are not provided at below-market interest rates, are subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance.

Impairment of financial assets

Financial assets are assessed for credit risk on initial recognition and subsequently assessed for impairment at the end of each reporting period.

3.2 Non-financial assets

3.2 Non-Financial Assets

3.2A: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment and Intangibles

Reconciliation of the opening and closing balances of property, plant and equipment and intangibles for 2020

Property,

Intangibles

Right of Use

Leasehold

plant and

(Computer

Assets

Improvements

equipment

software)1

Total

$’000

$’000

$’000

$’000

$’000

As at 1 July 2019

Gross book value

-

4,867

859

715

6,441

Accumulated depreciation and amortisation

-

-

(387)

(214)

(601)

Total as at 1 July 2019

-

4,867

472

501

5,840

Recognition of right of use asset on initial application of AASB 16

8,932

-

-

-

8,932

Adjusted total as at 1 July 2019

8,932

4,867

472

501

14,772

Additions

Purchase

-

-

-

-

-

Right-of-use assets

2,600

-

-

-

2,600

Depreciation and amortisation

-

(1,222)

(150)

(122)

(1,494)

Depreciation on right-of-use assets

(2,070)

-

-

-

(2,070)

Other movements of right-of-use assets

-

-

-

-

-

Disposal of assets

-

-

(5)

-

(5)

Total as at 30 June 2020

9,462

3,645

317

379

13,803

Total as at 30 June 2020 represented by

Gross book value

11,532

4,867

788

715

17,902

Accumulated depreciation and amortisation

(2,070)

(1,222)

(471)

(336)

(4,099)

Total as at 30 June 2020 represented by

9,462

3,645

317

379

13,803

Carrying amount of right-of-use assets

9,462

-

-

-

9,462

No indicators of impairment were found for leasehold improvements, property, plant and equipment and intangibles.

The Australian Building and Construction Commission did not have any commitments for the acquisition of assets at 30 June 2020

No other property, plant and equipment and intangibles are expected to be sold or disposed of within the next 12 months.

Revaluations of non-financial assets

All revaluations were conducted in accordance with the revaluation policy stated at Note 3.2. Leasehold assets were independently revalued during the year by Todd Svanberg Certified Practising Valuer of Jones Lang LaSalle Advisory Services Pty Ltd as at 30 June 2019.

Accounting Policy

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Non-financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of the restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor's accounts immediately prior to the restructuring.

Asset Recognition Threshold

Purchases of leasehold improvements, plant and equipment are recognised initially at cost in the statement of financial position, except for purchases costing less than $20,000 for leasehold improvements (2019: $20,000) and $2,000 for all other classes (2019: $2,000), which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).

The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to 'make good' provisions in property leases taken up by the ABCC where there exists an obligation to restore the property to its original condition at the end of the lease term. These costs are included in the value of the ABCC's leasehold improvements assets with a corresponding provision for the 'make good' recognised.

Lease Right of Use (ROU) Assets

Leased ROU assets are capitalised at the commencement date of the lease and comprise of the initial lease liability amount, initial direct costs incurred when entering into the lease less any lease incentives received. These assets are accounted for by Commonwealth lessees as separate asset classes to corresponding assets owned outright, but included in the same column as where the corresponding underlying assets would be presented if they were owned.

On initial adoption of AASB 16 the ABCC has adjusted the ROU assets at the date of initial application by the amount of any provision for onerous leases recognised immediately before the date of initial application. Following initial application, an impairment review is undertaken for any right of use lease asset that shows indicators of impairment and an impairment loss is recognised against any right of use lease asset that is impaired. Lease ROU assets continue to be measured at cost after initial recognition in Commonwealth agency, GGS and Whole of Government financial statements.

Revaluations

Following initial recognition at cost, leasehold improvements, plant and equipment were carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets did not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.

Revaluation adjustments are made on an asset class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus / deficit. Revaluation decrements for a class of assets are recognised directly through the surplus / deficit except to the extent that they reversed a previous revaluation increment for that class.

Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset is restated to the revalued amount.

Depreciation

Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the ABCC using, in all cases, the straight-line method of depreciation. Leasehold improvements are depreciated on a straight-line basis over the lesser of the estimated useful life of the improvements and the unexpired period of the lease.

Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.

Depreciation rates applying to each class of depreciable assets are based on the following useful lives:

2020

2019

Leasehold improvements

Lesser of term and useful life

Lesser of term and useful life

Plant and equipment

1-10 years

1-10 years

Impairment

All assets were assessed for impairment at 30 June 2020. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.

The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the ABCC were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

Derecognition

An item of leasehold improvements, property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Intangibles

The ABCC’s intangible assets comprise internally developed software for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

Software is amortised on a straight-line basis over its anticipated useful life. The useful lives of the ABCC’s software are three to six years (2018-19: three to six years).

All software assets were assessed for indications of impairment as at 30 June 2020.

1. The carrying amount of computer software comprised internally generated software.

3.3 Payables

3.3 Payables

2020

2019

$’000

$’000

3.3A: Suppliers

Trade creditors and accruals

1,042

1,556

Total suppliers

1,042

1,556

Settlement is usually made net 30 days.

3.3B: Other Payables

Salaries and wages

236

112

Superannuation

38

18

Lease incentive1

-

15

Operating lease rentals

-

648

Other

152

293

Total other payables

426

1,086

Accounting policy

Suppliers and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods and services have been received and irrespective of having been invoiced.

1. The Entity 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.

3.4 Interest bearing liabilities

3.4 Interest Bearing Liabilities

2020

2019

$’000

$’000

3.4: Leases

Lease liabilities

9,502

-

Total leases

9,502

-

Total cash outflow for leases for the year ended 30 June 2020 was $1.812 million

Accounting policy

Refer Overview section for accounting policy on leases.

3.5 Other provisions

3.5: Other Provisions

Provision for

Restoration

Total

$'000

$'000

As at 1 July 2019

410

410

Additional provisions made

-

-

Amounts used

-

-

Total as at 30 June 2020

410

410

The ABCC currently has three (2019: three) agreements for the leasing of premises which has a provision requiring the Agency to restore the premises to its original condition at the expiry of the lease.

4. Assets and liabilities administered on behalf of government

This section analyses assets used to conduct operations and the operating liabilities incurred as a result. The Australian Building and Construction Commission does not control the assets and liabilities but administers them on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

4.1 Administered - financial assets

4.1 Administered - Financial Assets

2020

2019

$'000

$'000

4.1A: Trade and Other Receivables

Other receivables

Court-awarded penalties

77

1,888

Total trade and other receivables (gross)

77

1,888

Less Impairment allowance

Other receivables - Court-awarded penalties

(77)

-

Total trade and other receivables (net)

-

1,888

All receivables are expected to be settled within 12 months

Accounting Policy

Receivables

Receivables are carried at amortised cost. Gains and losses due to impairment, derecognition and amortisation are recognised through profit or loss.

Accounting Judgements and Estimates

All receivables at 30 June 2020 have been reviewed for collectability by the ABCC Legal Branch and assessed as recoverable, resulting in no requirement for a provision for impairment.

4.1B: Other Financial Assets

Accrued revenue

203

194

Total other financial assets

203

194

All other financial assets are expected to be settled within 12 months.

5. Funding

This section identifies the Australian Building and Construction Commission's funding structure.

5.1 Appropriations

5.1 Appropriations

5.1A: Annual Appropriations ('Recoverable GST exclusive')

Annual Appropriation for 2020

Annual Appropriation1

Adjustments to Appropriation2

Total appropriation

Appropriation Applied in 2019 (current and prior Years)

Variance3

$'000

$'000

$'000

$'000

$'000

Departmental

Ordinary annual services

33,162

394

33,556

31,180

2,376

Capital Budget4

440

-

440

-

440

Total departmental

33,602

394

33,996

31,180

2,816

Notes:

1. Departmental appropriations do not lapse at financial year-end. However, the responsible Minister may decide that part or all of a departmental appropriation is not required and request the Finance Minister to reduce that appropriation. The reduction in the appropriation is effected by the Finance Minister's determination and is disallowable by Parliament.

2. Adjustments to Appropriation in 2019-20 comprised PGPA Act Section 74 receipts of $0.394 million.

3. The variance between total appropriation and appropriation applied in 2019 relates to less than expected payments for suppliers and employee expenses.

4. Departmental Capital Budgets are appropriated through Appropriation Acts (No. 1, 3, 5). They form part of ordinary annual services, and are not separately identified in the appropriation acts.

Annual Appropriation for 2019

Annual Appropriation1

Adjustments to Appropriation2

Variance3

$'000

$'000

$'000

$'000

$'000

Departmental

Ordinary annual services

32,280

269

32,549

30,802

1,747

Capital Budget4

441

-

441

441

-

Total departmental

32,721

269

32,990

31,243

1,747

Notes:

1. Departmental appropriations do not lapse at financial year-end. However, the responsible Minister may decide that part or all of a departmental appropriation is not required and request the Finance Minister to reduce that appropriation. The reduction in the appropriation is effected by the Finance Minister's determination and is disallowable by Parliament.

2. Adjustments to Appropriation in 2018-19 comprised PGPA Act Section 74 receipts of $0.269 million.

3. The variance between total appropriation and appropriation applied in 2019 relates to less than expected payments for suppliers and employee expenses.

4. Departmental Capital Budgets are appropriated through Appropriation Acts (No. 1, 3, 5). They form part of ordinary annual services, and are not separately identified in the appropriation acts.

5.1B: Unspent Annual Appropriations ('Recoverable GST exclusive')

2,020

2,019

$'000

$'000

Appropriation Act (No. 1) 2017-18

-

12,560

Appropriation Act (No. 1) 2018-19

14,202

32,803

Appropriation Supply Act (No. 1) - Capital Budget (DCB) 2019-20

184

-

Appropriation Act (No. 1) - Capital Budget (DCB) 2019-20

256

-

Appropriation Supply Act (No. 1) 2019-2020

13,731

Appropriation Act (No. 1) 2019-2020

19,812

-

Total

48,185

45,363

Unspent appropriation includes cash and cash equivalents on hand at 30 June.

5.2 Net cash appropriation arrangements

5.2 Net Cash Appropriation Arrangements

2020

2019

$'000

$'000

Total comprehensive income less depreciation / amortisation

expenses previously funded through revenue appropriations1

3,886

1,148

Plus: depreciation / amortisation expenses previously funded through revenue appropriation

(3,564)

(1,438)

Plus: depreciation right-of-use assets

(2,070)

-

Less: principal repayments - leased assets

1,884

-

Total comprehensive income - as per the Statement of Comprehensive Income

136

(290)

The inclusion of depreciation/amortisation expenses related to ROU leased assets and the lease liability principle repayment amount reflects the cash impact on implementation of AASB 16 Leases, it does not directly reflect a change in appropriation arrangements.

1. From 2010-11, the Australian Government introduced net cash appropriation arrangements, where revenue appropriations for depreciation / amortisation expenses ceased. Entities now receive a separate capital budget provided through equity appropriations. Capital budgets are to be appropriated in the period when cash payments for capital expenditure is required.

6. People and relationships

This section describes a range of employment and post employment benefits provided to our people and our relationships with other key people.

6.1 Employee provisions

6.1 Employee Provisions

2020

2019

$’000

$’000

6.1: Employee Provisions

Leave

4,782

3,906

Separations and redundancies

-

-

Other

-

1

Total Employee Provisions

4,782

3,907

Accounting Policy

Liabilities for short-term employee benefits and termination benefits expected to be settled within twelve months of the end of reporting period are measured at their nominal amounts.

Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.

Leave

The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for personal leave as all personal leave is non-vesting and the average personal leave taken in future years by employees of the ABCC is estimated to be less than the annual entitlement for personal leave.

The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the ABCC’s employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The estimate of the present value of the long service leave liability takes into account attrition rates and pay increases through promotion and inflation using the shorthand method prescribed in the FRR.

Separation and redundancy

Provision is made for separation and redundancy benefit payments. The ABCC recognises a provision for termination benefits when it has developed a detailed formal plan for the terminations and has informed those employees affected that it will carry out the terminations.

Superannuation

The ABCC's staff are members of either the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), the PSS Accumulation Plan (PSSap) or other superannuation funds held outside the Australian Government.

The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance's administered schedules and notes.

The ABCC makes employer contributions to the employee's defined benefit superannuation schemes at rates determined by an actuary to be sufficient to meet the current cost to the Government. The ABCC accounts for the contributions as if they were contributions to defined contribution plans.

The liability for superannuation recognised as at 30 June represents outstanding contributions.

Accounting Judgements and Estimates

In the process of applying the accounting policies listed in this note, the agency has made the following judgements that have significant impact on the amounts recorded in the financial statements:- the Australian Government shorthand method has been used to estimate the present value of long service leave liabilities. This involves the estimation of salary growth rates, discount rates, the probability of leave vesting and the amount of leave expected to be settled in service.

6.2 Key management personnel remuneration

6.2 Key Management Personnel Remuneration

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The ABCC has determined the key management personnel to be the Attorney-General and Minister for Industrial Relations, the Commissioner, Deputy Commissioners and Senior Executive officers. Key management personnel remuneration is reported in the table below:

2020

2019

$'000

$'000

Short-term employee benefits

1,718

986

Post-employment benefits

229

132

Other long-term employee benefits

60

116

Termination benefits

-

-

Total key management personnel remuneration expenses1

2,007

1,234

Notes:

The total number of key management personnel that are included in the above table are 6 (2019: 5).

The composition of key management personnel has altered in line with intent of the Department of Finances RMG 138 Commonwealth Entities Executive Remuneration Reporting Guide for Annual Reports and ASAB124 Related Parties where key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly. The ABCC’s public office holders the Commissioner, Deputy Commissioners and Senior Executive officers are responsible for strategic decisions relating to the planning and determination of agency priorities.

1. The above key management personnel remuneration excludes the remuneration and other benefits of the Portfolio Minister. The Portfolio Minister's remuneration and other benefits are set by the Remuneration Tribunal and are not paid by the ABCC.

6.3 Related party disclosures

6.3 Related Party Disclosures

Related party relationships:

The ABCC is an Australian Government controlled entity. Related parties to the ABCC are Key Management Personnel including the Portfolio Minister, Commissioner, Deputy Commissioners and Senior Executive officers.

Transactions with related parties:

Given the breadth of Government activities, related parties may transact with the government sector in the same capacity as ordinary citizens. These transactions have not been separately disclosed in this note.

Giving consideration to relationships with related entities, and transactions entered into during the reporting period by the ABCC, it has been determined that there are no related party transactions to be separately disclosed.

7. Managing uncertainties

This section analyses how the Australian Building and Construction Commission manages financial risks within its operating environment.

7.1 Contingent assets and liabilities

7.1 Contingent Assets and Liabilities

7.1A Contingent Assets and Liabilities

Quantifiable Contingencies

At 30 June 2020, the ABCC had 1 quantifiable contingent assets with a value of $0.133m (2019: nil).

At 30 June 2020, the ABCC had no quantifiable contingent liability (2019: 1 with a value of $0.050 million).

Unquantifiable Contingencies

At 30 June 2020, the ABCC had 1 unquantifiable contingent asset (2019: 1).

At 30 June 2020, the ABCC had 2 unquantifiable contingent liabilities relating to matters before the court that are considered more likely than not to lead to costs against the ABCC (2019: 1).

7.1B: Administered - Contingent Assets and Liabilities

The following information relates to potential court-awarded penalties in respect to matters to which the ABCC is / will be a party.

Quantifiable Administered Contingencies

At 30 June 2020, the ABCC had no quantifiable administered contingent assets (2019: 4 with a value of $0.369 million)

At 30 June 2020, the ABCC had no quantifiable administered contingent liabilities. (2019: nil)

Unquantifiable Administered Contingencies

At 30 June 2020, the ABCC had 32 unquantifiable administered contingent assets relating to matters before the courts that are considered more likely than not to lead to a penalty order. (2019: 37)

At 30 June 2020, the ABCC had no unquantifiable administered contingent liabilities. (2019: nil)

Accounting Policy

Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in the notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when the likelihood of settlement is greater than remote.

7.2 Financial instruments

7.2 Financial Instruments

2020

2019

$'000

$'000

7.2: Categories of Financial Instruments

Loans and receivables

Cash and cash equivalents

320

314

Goods and services receivables

181

141

Other receivables

32

16

Total loans and receivables

533

471

Total financial assets

533

471

Financial Liabilities

Financial liabilities measured at amortised cost

Suppliers

1,042

1,556

Total financial liabilities measured at amortised cost

1,042

1,556

Total financial liabilities

1,042

1,556

The ABCC has no net income or expenses from financial instruments.

Accounting policy

Financial assets

With the implementation of AASB 9 Financial Instruments for the first time in 2019, the entity classifies its financial assets in the following categories:

a) financial assets at fair value through profit or loss;

b) financial assets at fair value through other comprehensive income; and

c) financial assets measured at amortised cost.

The classification depends on both the entity's business model for managing the financial assets and contractual cash flow characteristics at the time of initial recognition. Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date.

Comparatives have not been restated on initial application.

Financial Assets at Amortised Cost

Financial assets included in this category need to meet two criteria:

1. the financial asset is held in order to collect the contractual cash flows; and

2. the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.

Amortised cost is determined using the effective interest method.

Effective Interest Method

Income is recognised on an effective interest rate basis for financial assets that are recognised at amortised cost.

Financial Assets at Fair Value Through Other Comprehensive Income (FVOCI)

Financial assets measured at fair value through other comprehensive income are held with the objective of both collecting contractual cash flows and selling the financial assets and the cash flows meet the SPPI test.

Any gains or losses as a result of fair value measurement or the recognition of an impairment loss allowance is recognised in other comprehensive income.

Financial Assets at Fair Value Through Profit or Loss (FVTPL)

Financial assets are classified as financial assets at fair value through profit or loss where the financial assets either doesn't meet the criteria of financial assets held at amortised cost or at FVOCI (i.e. mandatorily held at FVTPL) or may be designated.

Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest earned on the financial asset.

Impairment of Financial Assets

Financial assets are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12-month expected credit losses if risk has not increased.

The simplified approach for trade, contract and lease receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses.

A write-off constitutes a derecognition event where the write-off directly reduces the gross carrying amount of the financial asset.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities. Financial liabilities are recognised and derecognised upon ‘trade date’.

Financial Liabilities at Fair Value Through Profit or Loss

Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability.

Financial Liabilities at Amortised Cost

Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. These liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis.

Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).

7.3 Fair value measurement

7.3 Fair Value Measurement

Accounting Policy

Physical non-current assets are valued in accordance with AASB 13 Fair Value Measurement.

The assets include office equipment, computers and office fit-out of leased premises. The assets are deemed to be “Non-specialised”. The ABCC does not consider that it has any unique assets. Non-specialised assets with short useful lives are measured at current replacement cost, as a surrogate for fair value. An annual assessment is undertaken to determine whether the carrying amount of the assets is materially different from the fair value. For all Leasehold Improvement assets, the consumed economic benefit / asset obsolescence deduction is determined based on the term of the associated lease.
ABCC's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Fair value measurements – highest and best use differs from current use for non-financial assets

The ABCC's assets are held for operational purposes and not held for the purposes of deriving a profit. The current use of all controlled assets is considered their highest and best use.

Unobservable inputs

The significant unobservable inputs used in the fair value measurement of the ABCC's leasehold improvements and property, plant and equipment asset classes relate to the consumed economic benefit / asset obsolescence. A significant increase (decrease) in this input would result in a significantly lower (higher) fair value measurement.

7.3: Fair Value Measurement

Fair value measurements at the end of the reporting period

2020

2019

$’000

$'000

Non-financial assets

Land and buildings (leasehold improvements)

3,645

4,867

Property, plant and equipment

317

472

Total fair value measurements of assets in the Statement of Financial Position

3,962

5,339

There is no significant change in the valuation technique since the prior year.

8. Other information

8.1 Aggregate assets and liabilities

8.1 Aggregate Assets and Liabilities

2020

2019

8.1A: Aggregate Assets and Liabilities

$'000

$'000

Assets expected to be recovered in:

No more than 12 months

48,718

46,062

More than 12 months

13,803

5,840

Total assets

62,521

51,902

Liabilities expected to be settled in:

No more than 12 months

4,272

4,343

More than 12 months

11,890

2,617

Total liabilities

16,162

6,960

2020

2019

8.1B: Administered Aggregate Assets and Liabilities

$'000

$'000

Assets expected to be recovered in:

No more than 12 months

203

2,082

More than 12 months

-

-

Total assets

203

2,082

Liabilities expected to be settled in:

No more than 12 months

-

-

More than 12 months

-

-

Total liabilities

-

-