STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2020
2020 | 2019 | Original Budget | ||
Notes | $000 | $000 | $000 | |
NET COST OF SERVICES | ||||
Expenses | ||||
Employee benefits | 17,233 | 16,687 | 16,651 | |
Suppliers | 6,474 | 12,456 | 12,613 | |
Depreciation and amortisation | 6,370 | 1,832 | 1,935 | |
Finance costs | 742 | - | - | |
Write-down and impairment of other assets | 152 | 23 | - | |
Total expenses | 30,971 | 30,998 | 31,199 | |
Own-Source Income | ||||
Own-source revenue | ||||
Revenue from contracts with customers | 7,739 | 8,001 | 8,206 | |
Interest | 180 | 389 | 388 | |
Other revenue | 82 | 7 | - | |
Total own-source revenue | 8,001 | 8,397 | 8,594 | |
Gains | ||||
Reversal of write-downs and impairment | 60 | - | - | |
Total gains | 60 | - | - | |
Total own-source income | 8,061 | 8,397 | 8,594 | |
Net cost of services | 22,910 | 22,601 | 22,605 | |
Revenue from Government | 22,605 | 22,584 | 22,605 | |
Deficit on continuing operations | (305) | (17) | - | |
OTHER COMPREHENSIVE INCOME | ||||
Items not subject to subsequent reclassification to net cost of services | ||||
Changes in asset revaluation surplus | 910 | - | - | |
Total other comprehensive income | 910 | - | - | |
Total Comprehensive income/(loss) | 605 | (17) | - | |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
All variances above $150k and 2% of the relevant category are considered significant and explained below:
Suppliers: expenses were lower than budget by $6,139k (19.7% of Total expenses) primarily due to the implementation of AASB 16 Leases which replaces rent expense with depreciation and finance costs. Additionally, with costs relating to practical coursework needing to be postponed to next financial year due to the impact of COVID-19 on AFTRS operations in semester 1. Staff members took less annual leave than expected due to COVID-19 restrictions, and were therefore able to undertake work that would normally be expected to be performed by suppliers.
Depreciation and amortisation: expenses was higher than budget by $4,435k (14.2% of Total expenses) primarily due to the implementation of AASB 16 Leases which replaces rent expense with depreciation and finance costs.
Finance costs: expenses were higher than budget by $742k (2.4% of Total expenses) due to the implementation of AASB 16 Leases which replaces rent expense with depreciation and finance costs.
Revenue from contracts with customers: was lower than budget by $467k (5.4% of Total own-source revenue) due to the cancellation of face-to-face courses as a result of the impact of COVID-19.
Interest: was lower than budget by $208k (2.4% of Total own-source revenue) due to the reduction in interest rates during the financial year.
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https://www.transparency.gov.au/annual-reports/australian-film-television-and-radio-school/reporting-year/2019-20-27