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Primary financial statements

Statement of comprehensive income for the period ended 30 June 2021

Notes

2021

2020

Original Budget1

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

3.1

75,724

83,070

86,365

Suppliers

4.1A

83,496

70,892

85,484

Depreciation and amortisation

2.3

25,405

25,238

24,993

Impairment loss allowance on financial instruments

4.1B

97

12

85

Finance costs

4.1C

1,200

740

752

Losses from asset disposals

2.3

1,726

1,339

0

Total expenses

187,648

181,291

197,679

Own-Source Income

Own-source revenue

Revenue from contracts with customers

1.2A

13,691

12,027

11,038

Other revenue

1.2B

331

281

0

Total own-source revenue

14,022

12,308

11,038

Gains

Other gains

1.2C

1,999

40

85

Total gains

1,999

40

85

Total own-source income

16,021

12,348

11,123

Net (cost of) services

-171,627

-168,943

-186,556

Revenue from Government

Revenue from Government

1.1A

219,481

144,468

173,950

Surplus / (Deficit) on continuing operations

47,854

-24,475

-12,606

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation reserve

1,850

3,144

0

Total other comprehensive income

1,850

3,144

0

Total comprehensive profit / (loss)

1.4

49,704

-21,331

-12,606

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

1. The Original Budget references the published 2020-21 Portfolio Budget Statements.

Budget Variances Commentary

The AEC's total departmental expense of $187.6 million is lower when compared to the original budget. This is primarily due to lower than anticipated employee benefits and supplier expenses, as a result of delays in recruitment, procurement, and supplier activities.

Revenue from Government was higher due to additional funding appropriated to the AEC as part of the 2020-21 Portfolio Additional Estimates which was not fully spent within the financial year. This included funding for government measures to deploy polling place technology, Northern Territory electoral office operations, and to conduct by-elections and electoral redistributions. Additionally, $23.6 million of funding was brought forward from the forward estimates into the 2020-21 financial year to support election preparation activities.

Overall, lower than anticipated total expenses and an increase in Revenue from Government have resulted in the AEC incurring a higher than expected operating surplus.

Statement of Financial Position as at 30 June 2021

Notes

2021

2020

Original Budget2

$'000

$'000

$'000

ASSETS

Financial assets

Cash and cash equivalents

2.1

1,348

1,490

1,490

Trade and other receivables

2.2

144,850

107,033

107,033

Total financial assets

146,198

108,523

108,523

Non-financial assets

Leasehold Improvements1

2.3

74,986

71,577

76,015

Plant and equipment

2.3

7,771

7,020

6,535

Computer software

2.3

21,900

14,832

17,653

Inventories

1,432

2,007

2,007

Prepayments

1,347

2,314

2,314

Total non-financial assets

107,436

97,750

104,524

Total assets

253,634

206,273

213,047

LIABILITIES

Payables

Suppliers

5

9,878

6,371

6,768

Other payables

2.4A

3,311

5,278

4,881

Total payables

13,189

11,649

11,649

Interest bearing liabilities

Leases

2.5

71,214

67,259

68,539

Total interest bearing liabilities

71,214

67,259

68,539

Provisions

Employee leave

21,527

22,505

22,505

Provision for restoration

2.4B

3,770

3,474

3,474

Total provisions

25,297

25,979

25,979

Total liabilities

109,700

104,887

106,167

Net assets

143,934

101,386

106,880

EQUITY

Contributed equity

100,023

107,179

125,277

Asset revaluation surplus

28,935

27,085

27,086

Retained earnings

14,976

-32,878

-45,483

Total equity

143,934

101,386

106,880

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

1. Right-of-use assets are included in the Leasehold Improvements Assets.

2. The Original Budget references the published 2020-21 Portfolio Budget Statements.

Budget Variances Commentary

The AEC's total assets of $253.6 million is higher when compared to the original budget. This is mainly due to an increase in appropriations receivable and non-financial assets.

Financial assets - Appropriations receivable is significantly higher due to additional funding appropriated for new measures and the bringing forward of $23.6 million forward years in funding to support preparation for the next federal election, which was not fully spent during the financial year.

Non-Financial assets - Non-financial assets are higher than anticipated mainly due to an unanticipated increase in the development of Computer Software.

The AEC’s total liabilities of $109.7 million is slightly higher when compared to the original budget. This is mainly due to the addition of new leases and the timing of payment of suppliers invoices.

Statement of Changes in Equity for the period 30 June 2021

Notes

2021

2020

Original Budget1

$'000

$'000

$'000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

107,179

96,315

107,177

Adjusted opening balance

107,179

96,315

107,177

Transactions with owners

Contributions by owners

Departmental Capital Budget

18,100

10,864

18,100

Repealed Appropriation

-25,256

0

0

Total transactions with owners

-7,156

10,864

18,100

Closing balance as at 30 June

100,023

107,179

125,277

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

-32,878

-10,818

-32,877

Adjustment on initial application of AASB 16

0

2,415

0

Adjusted opening balance

-32,878

-8,403

-32,877

Comprehensive income

(Deficit) / surplus for the period

47,854

-24,475

-12,606

Total comprehensive income

47,854

-24,475

-12,606

Closing balance as at 30 June

14,976

-32,878

-45,483

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

27,085

23,941

27,086

Adjusted opening balance

27,085

23,941

27,086

Comprehensive income

Other comprehensive income

1,850

3,144

0

Total comprehensive income

1,850

3,144

0

Closing balance as at 30 June

28,935

27,085

27,086

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

101,386

109,438

101,386

Adjustment to opening balance

0

2,415

0

Adjusted opening balance

101,386

111,853

101,386

Comprehensive income

(Deficit) / surplus for the period

47,854

-24,475

-12,606

Other comprehensive income

1,850

3,144

0

Total comprehensive income

49,704

-21,331

-12,606

Transactions with owners

Contributions by owners

Departmental Capital Budget

18,100

10,864

18,100

Repealed Appropriation

-25,256

0

0

Total transactions with owners

-7,156

10,864

18,100

Closing balance as at 30 June

143,934

101,386

106,880

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

1. The Original Budget references the published 2020-21 Portfolio Budget Statements.

Accounting Policy

Contributions by owners

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

Statement of Changes in Equity

The AEC's equity position of $143.9 million is higher when compared to the original budget. This improved position is mainly due to a higher than expected operating surplus of $47.9 million against a budgeted deficit of $12.6 million in 2020-21, in addition to funding received as part of the 2020-21 Portfolio Additional Estimates to deliver government measures and to support the preparation for the next federal election.

Cash Flow Statement for the period ended 30 June 2021

Notes

2021

2020

Original Budget1

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Appropriations

186,046

203,063

173,950

Rendering of services

12,928

19,287

11,038

Net GST received

7,284

19,463

0

Total cash received

206,258

241,813

184,988

Cash used

Employees

76,526

81,466

86,365

Suppliers

86,868

109,035

85,484

Interest payments on lease liabilities

1,026

787

752

Section 74 receipts transferred to the OPA

22,151

39,356

0

Total cash used

186,571

230,644

172,601

Net cash from operating activities

19,687

11,169

12,387

INVESTING ACTIVITIES

Cash used

Purchase of property, plant and equipment

17,554

6,678

18,100

Total cash used

17,554

6,678

18,100

Net cash (used by) investing activities

-17,554

-6,678

-18,100

FINANCING ACTIVITIES

Cash received

Departmental Capital Budget

12,202

6,550

18,100

Total cash received

12,202

6,550

18,100

Cash used

Principal payments of lease liabilities

14,477

11,953

12,387

Total cash used

14,477

11,953

12,387

Net cash (used by) financing activities

-2,275

-5,403

5,713

Net (decrease) in cash held

-142

-912

0

Cash and cash equivalents at the beginning of the reporting period

1,490

2,402

1,490

Cash and cash equivalents at the end of the reporting period

2.1

1,348

1,490

1,490

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

1. The Original Budget references the published 2020-21 Portfolio Budget Statements.

Budget Variances Commentary

Cash Flow Statement

The AEC's operating cash used was lower than anticipated when compared to the original budget. This is primarily due to lower than anticipated employee benefits and supplier expenses, as a result of delays in recruitment, procurement, and supplier activities.

The AEC’s investing cash used to purchase property, plant and equipment and financing cash received from the departmental capital budget are both lower when compared to the original budget. This is mainly due to unanticipated delays in capital works associated with the COVID-19 environment.