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Primary financial statements

Statement of comprehensive income

for the period ended 30 June 2019

2019

2018

Original budget

Notes

$’000

$’000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

7,329

5,871

6,744

Suppliers

1.1B

4,491

4,118

4,849

Depreciation and amortisation

3.2A

482

366

344

Total expenses

12,302

10,355

11,937

Own-source income

Own-source revenue

Sale of goods and rendering of services

1.2A

2,636

1,195

2,259

Other revenue

1.2B

32

30

32

Total own-source revenue

2,668

1,225

2,291

Gains

Gains from sale of assets

8

27

-

Total gains

8

27

-

Total own-source income

2,676

1,252

2,291

Net cost of services

9,626

9,103

9,646

Revenue from Government

1.2C

9,302

9,364

9,302

Surplus/(deficit) before income tax on continuing operations

(324)

261

(344)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

(49)

(57)

-

Total other comprehensive income/(loss)

(49)

(57)

-

Surplus/(deficit) after income tax on continuing operations

(373)

204

(344)

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

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

Depreciation and amortisation

The increase in Depreciation largely reflects the purchase of laptops as part of a refresh program, as well as the full year effect of the agency's project management system which went live part-way through 2017-18.

Sale of goods and rendering of services

Revenue from rendering services is primarily associated with management fees from agreements with the Department of Foreign Affairs and Trade for the management of Research Programs. The agreements provide for ACIAR to draw on the management fee (up to a capped limit) with the variance to budget consistent with the increase in overall costs.

Gains from sale of asset & changes in asset revaluation surplus

A motor vehicle was sold during the year which was not anticipated during budget development.

Statement of financial position

as at 30 June 2019

2019

2018

Original budget

Notes

$’000

$’000

$'000

ASSETS

Financial assets

Cash and cash equivalents

3.1A

12

11

125

Trade and other receivables

3.1B

3,280

3,731

3,879

Total financial assets

3,292

3,742

4,004

Non-financial assets

Leasehold improvements

3.2A

859

936

803

Plant and equipment

3.2

596

180

184

Intangibles

3.2A

1,752

1,954

2,000

Other non-financial assets

3.2B

261

96

247

Total non-financial assets

3,468

3,166

3,234

Total assets

6,760

6,908

7,238

LIABILITIES

Payables

Suppliers

3.3A

327

335

638

Other payables

3.3B

667

662

350

Total payables

994

997

988

Provisions

Employee provisions

6.1A

2,059

1,994

2,487

Total provisions

2,059

1,994

2,487

Total liabilities

3,053

2,991

3,475

Net assets

3,707

3,917

3,763

EQUITY

Contributed equity

2,593

2,479

2,724

Reserves

98

147

204

Retained surplus

1,016

1,291

835

Total equity

3,707

3,917

3,763

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

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

Cash and cash equivalents

This reflects the cash balance of day to day operations with funds being drawn to meet payments as required, and changes from time to time in the normal course of business.

Trade and other receivables

This reflects the impact of laptop and Storage Area Network purchases as part of the IT refresh program, as well as an amount of $0.131 million for an equity injection in 2015-16 for fit-out works at the Bangkok and Indonesian offices which expired on 1 July 2018.

Plant and equipment

This reflects the impact of depreciation, offset by IT related expenditure on the laptop and end-of-life Storage Area Network refresh program.

Intangibles

This reflects the full year amortisation effect of the agency's project management system which went live part-way through 2017-18.

Suppliers and other payables

ACIAR recognises payables and accrued expenditure at the end of the year for work performed but not yet paid (including salaries), this amount changes from time to time in the normal course of business.

Employee provision

A number of long serving staff retired during the year which reduced provision balances for leave below those anticipated during budget development.

Statement of changes in equity

for the period ended 30 June 2019

Retained earnings

Asset revaluation reserve

Contributed
equity/capital

Total equity

Original budget

Original budget

Original budget

Original budget

2019

2018

2019

2018

2019

2018

2019

2018

$’000

$’000

$’000

$’000

$’000

$’000

$’000

$’000

$’000

$’000

$’000

$’000

Opening balance

Balance carried forward from previous period

1,291

1,030

1,179

147

204

204

2,479

2,234

2,479

3,917

3,468

3,862

Adjusted opening balance

1,291

1,030

1,179

147

204

204

2,479

2,234

2,479

3,917

3,468

3,862

Comprehensive income

Surplus/(deficit) for the period

(324)

261

(344)

n/a

n/a

n/a

n/a

n/a

n/a

(324)

261

(344)

Other comprehensive income/(loss)

49

-

-

(49)

(57)

-

-

-

-

-

(57)

-

Total comprehensive income/(loss)

(275)

261

(344)

(49)

(57)

-

-

-

-

(324)

204

(344)

Transactions with owners

Distributions to owners

Returns of capital:

Equity injection - appropriations

-

-

-

-

-

-

(131)

-

-

(131)

-

-

Contributions by owners

Departmental capital budget

-

-

-

-

-

-

245

245

245

245

245

245

Equity injection - appropriations

-

-

-

-

-

-

-

-

-

-

-

-

Total transactions with owners

-

-

-

-

-

-

114

245

245

114

245

245

Closing balance as at 30 June

1,016

1,291

835

98

147

204

2,593

2,479

2,724

3,707

3,917

3,763

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

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 variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

In addition to the flow-on impact of items referred to in the Statement of Comprehensive Income and the Statement of Financial Position a revaluation write-back of $48,764 was recognised for the disposal of assets not contemplated during budget development, and an unspent 2015-16 equity injection for fit-out works at the Bangkok and Indonesian offices expired on 1 July 2018.

Cash flow statement

for the period ended 30 June 2019

2019

2018

Original budget

Notes

$’000

$’000

$’000

OPERATING ACTIVITIES

Cash received

Appropriations

9,754

9,440

9,259

Sales of goods and rendering of services

2,636

1,225

2,259

Net GST received

376

340

-

Total cash received

12,766

11,005

11,518

Cash used

Employees

7,223

6,159

6,671

Suppliers

5,044

4,432

4,847

Total cash used

12,267

10,591

11,518

Net cash from operating activities

499

414

-

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

14

21

-

Total cash received

14

21

-

Cash used

Purchase of property, plant and equipment

626

794

245

Total cash used

626

794

245

Net cash (used by) investing activities

(612)

(773)

(245)

FINANCING ACTIVITIES

Cash received

Contributed equity

245

245

245

Total cash received

245

245

245

Cash used

Returns of capital

131

-

-

Total cash used

131

-

-

Net cash from financing activities

114

245

245

Net increase/(decrease) in cash held

1

(114)

-

Cash and cash equivalents at the beginning of the reporting period

11

125

125

Cash and cash equivalents at the end of the reporting period

3.1A

12

11

125

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

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

Sales of goods and rendering of services

Revenue from rendering services is primarily associated with management fees from agreements with the Department of Foreign Affairs and Trade for the management of Research Programs. The agreements provide for ACIAR to draw on the management fee (up to a capped limit) with the variance to budget consistent with the increase in overall costs.

Net GST received

This reflects GST payments expected to be received from the Australian Taxation Office based on estimates of expenditure made during budget development. It is not unusual for this amount to change from time to time in the normal course of business.

Proceeds from sales of property, plant and equipment

A motor vehicle was sold during the year.

Purchase of property, plant and equipment (PP&E)

ACIAR budgeted for purchases of PP&E consistent with its known Departmental Capital Budget. However, during the year ACIAR made planned use of current year revenue which it had not included in its budget to upgrade aged IT hardware.

Returns of capital

An unspent 2015-16 equity injection for fit-out works at the Bangkok and Indonesian offices which expired on 1 July 2018.

Administered schedule of comprehensive income

for the period ended 30 June 2019

2019

2018

Original budget

Notes

$’000

$’000

$’000

NET COST OF SERVICES

Expenses

International development assistance

2.1A

113,217

112,491

117,631

Total expenses

113,217

112,491

117,631

Income

Revenue

Non-taxation revenue

External funds

2.2A

11,951

13,687

15,391

Total non-taxation revenue

11,951

13,687

15,391

Total revenue

11,951

13,687

15,391

Net cost of services

101,266

98,804

102,240

(Deficit) after income tax

(101,266)

(98,804)

(102,240)

Total comprehensive (loss)

(101,266)

(98,804)

(102,240)

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

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

External funds

The majority of ACIAR’s external funds currently come from DFAT. Due to a slowing of the growth in Australia’s aid program external funding was less than originally budgeted.

Administered schedule of assets and liabilities

as at 30 June 2019

2019

2018

Original budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash and cash equivalents

4.1A

8,861

13,181

8,904

Taxation receivables

4.1B

825

1,468

1,407

Trade and other receivables

4.1C

1,626

647

561

Total financial assets

11,312

15,296

10,872

Non-financial assets

Other non-financial assets

4.2

54

34

-

Total non-financial assets

54

34

-

Total assets administered on behalf of Government

11,366

15,330

10,872

LIABILITIES

Payables

Suppliers

4.3A

2,645

2,396

2,305

Other payables

4.3B

900

1,462

1,352

Total payables

3,545

3,858

3,657

Provisions

Employee provisions

6.1B

153

150

152

Total provisions

153

150

152

Total liabilities administered on behalf of Government

3,698

4,008

3,809

Net assets

7,668

11,322

7,063

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

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

Taxation receivables

This reflects GST receivable from the Australian Taxation Office based on estimates of expenditure made during budget development. It is not unusual for this amount to change from time to time in the normal course of business.

Trade and other receivables

The budget assumes that revenues will be received before year end. In this instance the closing balance reflects cash receivable from Department of Foreign Affairs and Trade.

Other non-financial assets

ACIAR recognises prepayments at the end of the year for goods and services paid for but not yet consumed, this amount changes from time to time in the normal course of business.

Suppliers and other payables

ACIAR recognises payables and accrued expenditure at the end of the year for work performed but not yet paid (including salaries), this amount changes from time to time in the normal course of business.

Administered reconciliation schedule

for the period ended 30 June 2019

2019

2018

$’000

$’000

Opening assets less liabilities as at 1 July

11,322

15,042

Net (cost of)/contribution by services

Income

11,951

13,687

Expenses

(113,217)

(112,491)

Transfers (to)/from the Australian Government

Appropriation transfers from Official Public Account (OPA)

Annual appropriations

Payments to entities other than corporate Commonwealth entities

97,946

95,519

Appropriation transfers to OPA

Transfers to OPA

(334)

(435)

Closing assets less liabilities as at 30 June

7,668

11,322

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

Accounting Policy

Administered cash transfers to and from the Official Public Account (OPA)

Revenue collected by ACIAR for use by the Government, rather than ACIAR, 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 entity 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

for the period ended 30 June 2019

2019

2018

Original budget

Notes

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

External funds

10,972

13,600

15,391

Net GST received

6,624

5,500

5,000

Total cash received

17,596

19,100

20,391

Cash used

International development assistance

119,529

117,937

122,631

Total cash used

119,529

117,937

122,631

Net cash (used by) operating activities

(101,933)

(98,837)

(102,240)

Cash and cash equivalents at the beginning of the reporting period

13,181

16,883

13,179

Cash from Official Public Account

Appropriations

104,573

101,166

97,965

104,573

101,166

97,965

Cash to Official Public Account

Appropriations

6,960

6,031

-

6,960

6,031

-

Cash and cash equivalents at the end of the reporting period

4.1A

8,861

13,181

8,904

This schedule should be read in conjunction with the accompanying notes.

Budget variances commentary

All variances above 10% of the relevant category are considered significant and explained below.

External funds

Less than budgeted due to a combination of delays in contracting overseas research activity, delays in external funders confirming availability of funds and the securing of less external funding than originally budgeted.

Net GST received

This reflects GST payments expected to be received from the Australian Taxation Office based on estimates of expenditure made during budget development. It is not unusual for this amount to change from time to time in the normal course of business.