Statement of Financial Position as at 30 June 2020
2020 | 2019 | Original Budget | ||
Assets | Notes | $'000 | $'000 | $'000 |
Financial Assets | ||||
Cash and cash equivalent deposits | 11,454 | 7,953 | 7,065 | |
Trade and other receivables | 3.1(a)3.1(a) | 401 | 15,449 | 9,019 |
Accrued revenue | 53 | 18 | 36 | |
Other assets | 3.1(b)3.1(b) | 423 | 130 | 280 |
Total financial assets | 12,331 | 23,550 | 16,400 | |
Non-financial assets | ||||
Fixtures and fittings | 3.2(a)3.2(a) | 76 | 538 | 543 |
Plant and equipment | 3.2(a)3.2(a) | 114 | 100 | 120 |
Right-of-use assets | 3.2(a)3.2(a) | 5,505 | 0 | 0 |
Total non-financial assets | 5,695 | 638 | 663 | |
Total Assets | 18,026 | 24,188 | 17,063 | |
Liabilities | ||||
Payables | ||||
Suppliers | 3.3(a)3.3(a) | 3,480 | 2,377 | 1,907 |
Grants in advance (deferred revenue) | 3.3(b)3.3(b) | 1,003 | 17,884 | 10,468 |
Other payables | 3.3(c)3.3(c) | 284 | 103 | 0 |
Total payables | 4,767 | 20,364 | 12,375 | |
Interest bearing liabilities | ||||
Leases | 3.43.4 | 5,866 | 0 | 0 |
Total interest bearing liabilities | 5,866 | 0 | 0 | |
Provisions | ||||
Make-good provision | 3.53.5 | 386 | 375 | 364 |
Employee provisions | 4.14.1 | 2,723 | 2,120 | 2,389 |
Total provisions | 3,109 | 2,495 | 2,753 | |
Total Liabilities | 13,742 | 22,859 | 15,128 | |
Net Assets | 4,284 | 1,329 | 1,935 | |
Equity | ||||
Retained surplus | 4,284 | 1,329 | 1,935 | |
Total Equity | 4,284 | 1,329 | 1,935 |
Budget Variances Commentary
1. Cash and cash equivalent deposits – The increased cash represents the surplus for the year, as well the result of high June expenses, that are not paid until July.
2. Trade and other receivables – FY21 revenue invoices were raised in July 2020. This is a change in process from the previous year where invoices for FY20 invoices were raised in June 2019, and the reason receivables was substantially lower than budget in FY20.
3. Other assets – The increase reflects changes in prepayments.
4. Suppliers – Increase reflects end of year creditors accrual for business as usual activities, as well as ($800k) relating to FY20 underspend, that was reimbursed to the jurisdictions in July. The underspend was the result of NAPLAN 2020 not going ahead, and the amount was agreed to with the jurisdictions.
5. Grants in advance – FY21 revenue invoices were raised in July 2020. This is a change in process from the previous year where invoices for FY20 invoices were raised in June 2019, and the reason receivables was substantially lower than budget in FY20.
6. Right-of-use assets and Leases -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.
7. Employee provisions – Portability of employee entitlements from qualifying institutions has increased entitlements, as well as reduced leave over the past 3 months due to restricted travel options for employees.
8. Retained surplus – Increase reflects the surplus as shown in 2019-20 Statement of Comprehensive Income.
Variances are considered to be “major” based on the following:
- The variance between budget and actual is greater than 10%; and
- An item below this threshold but which is considered important for the readers understanding or is relevant to an assessment of the discharge of accountability and to an analysis of performance of ACARA.
The above statement should be read in conjunction with the accompanying notes
Visit
https://www.transparency.gov.au/annual-reports/australian-curriculum-assessment-and-reporting-authority/reporting-year/2019-20-18