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CASH FLOW STATEMENT

For the year ended 30 June 2020

2020

2019

Original Budget

Notes

$000

$000

$000

OPERATING ACTIVITIES

Cash received

Appropriations

2D

22,605

22,584

22,605

Sale of goods and rendering of services

7,601

8,437

8,327

Interest

210

284

388

Net GST received

1,101

1,240

1,200

Other

-

3

-

Total cash received

31,517

32,548

32,520

Cash used

Employees

16,929

16,762

16,769

Suppliers

6,820

13,914

14,125

Interest payments on lease liabilities

742

-

-

Total cash used

24,491

30,676

30,894

Net cash from operating activities

7,026

1,872

1,626

INVESTING ACTIVITIES

Cash received

Proceeds from sale of property, plant and equipment

3

-

-

Total cash received

3

-

-

Cash used

Purchase of property, plant & equipment

1,565

1,747

1,780

Total cash used

1,565

1,747

1,780

Net cash used by investing activities

(1,562)

(1,747)

(1,780)

FINANCING ACTIVITIES

Cash used

Principal payments of lease liabilities

4,435

-

-

Total cash used

4,435

-

-

Net cash used by financing activities

(4,435)

-

-

Net increase in cash held

1,029

125

(154)

Cash and cash equivalents at the beginning of the reporting period

6,560

6,435

5,776

Cash and cash equivalents at the end of the reporting period

3A

7,589

6,560

5,622

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:

Sale of goods and rendering of services: was less than budget by $726k (2.2% of Total cash received from operating activities) due to the cancellation of face-to-face courses as a result of the impact of COVID-19.

Suppliers: Cash used was $7,305k lower than budget (23.6% of Total cash used by operating activities) primarily due to the implementation of AASB 16 Leases which replaces supplier payments with interest payments on lease liabilities and principal payments of lease liabilities. Additionally, with costs relating to practical coursework 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.

Interest payments on lease liabilities: Cash used was $742k higher than budget (2.4% of Total cash used by operating activities) due to the implementation of AASB 16 Leases which replaces supplier payments with interest payments on lease liabilities and principal payments of lease liabilities.

Purchase of property, plant & equipment: Cash used was $215k lower than budget (12.1% of Total cash used by investing activities) due to a reduction in capital expenditure following reduced revenue.

Principal payments of lease liabilities: Cash used was $4,435k higher than budget (14.4% of Total cash used by financing activities) due to the implementation of AASB 16 Leases which replaces supplier payments with interest payments on lease liabilities and principal payments of lease liabilities.