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STATEMENT OF FINANCIAL POSITION

As at 30 JUNE 2020

2020

2019

Original Budget

Notes

$000

$000

$000

ASSETS

Financial assets

Cash and cash equivalents

3A

7,589

6,560

5,622

Trade and other receivables

3B

143

2,833

2,968

Total financial assets

7,732

9,393

8,590

Non-financial assets

Buildings

4A

56,955

-

-

Plant and equipment

4A

7,749

7,100

6,965

Intangibles

4A

1,209

1,367

1,450

Other non-financial assets

4B

508

567

521

Total non-financial assets

66,421

9,034

8,936

Total assets

74,153

18,427

17,526

LIABILITIES

Payables

Suppliers

5A

1,180

682

972

Other payables

5B

674

4,143

3,585

Total payables

1,854

4,825

4,557

Interest bearing liabilities

Leases

57,136

-

-

Total interest bearing liabilities

57,136

-

-

Provisions

Employee provisions

7A

2,790

2,497

1,847

Total provisions

2,790

2,497

1,847

Total liabilities

61,780

7,322

6,404

Net assets

12,373

11,105

11,122

EQUITY

Reserves

1,069

175

175

Retained surplus

11,304

10,930

10,947

Total equity

12,373

11,105

11,122

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

1. Right-of-use assets are included in the following line items: Buildings, Plant and equipment

Budget Variances Commentary

All variances above $150k and 2% of the relevant category are considered significant and explained below:

Cash and cash equivalents: were higher than budget by $1,967k (11.2% of Total assets) as a result of reduced supplier costs. Costs relating to practical coursework needed to be postponed to next financial year due to the impact of COVID-19 on AFTRS operations in semester 1. Additionally 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.

Trade and other receivables: were below budget by $2,825k (16.1% of Total assets) due to the timing of student enrolments for semester 2 occurring in July 2020 rather than June 2020, with a corresponding offset in Other payables (deferred income).

Buildings: were higher than budget by $56,955k (325% of Total assets) due to the implementation of AASB 16 Leases which records a right of use asset and a lease liability.

Plant and equipment: was higher than budget by $784k (4.5% of Total assets) due to the revaluation of fixed assets.

Suppliers: were higher than budget by $208k (3.2% of Total liabilities) related to the timing of supplier payments.

Other payables: were less than budget by $2,911k (45.5% of Total liabilities) due to the timing of student enrolments for semester 2 occurring in July 2020 rather than June 2020, with a corresponding offset in Trade and other receivables.

Interest bearing liabilities: were higher than budget by $57,136k (892% of Total liabilities) due to the implementation of AASB 16 Leases which records a right of use asset and a lease liability.

Employee Provisions: were higher than budget by $943k (14.7% of Total liabilities) as staff members took less annual leave than expected due to COVID-19 restrictions.

Reserves: were higher than budget by $894k (8.0% of Total equity) due to the revaluation of fixed assets.

Retained surplus: was higher than budget by $357k (3.2% of Total equity) due to the implementation of AASB 16 Leases which transferred the lease incentive liability of $663k to retained earnings, partially reduced by the deficit on continuing operations of $305k.