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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