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Statement of Financial Position

Statement of Financial Position

for the period ended 30 June 2020

Notes

2020

$'000

2019

$'000

Original Budget

$'000

ASSETS

Financial Assets

Cash and Cash Equivalents

3.1A

4,693

3,025

3,913

Trade and Other Receivables

3.1B

62,902

59,411

57,622

Total financial assets

67,595

62,436

61,535

Non-Financial Assets1

Land and Buildings

3.2A

37,925

3,334

4,620

Property, Plant and Equipment

3.2A

15,414

18,401

12,482

Intangibles

3.2A

9,363

11,093

17,747

Prepayments

3.2B

4,149

4,598

2,979

Total non-financial assets

66,851

37,426

37,828

Total assets

134,446

99,862

99,363

LIABILITIES

Payables

Suppliers

3.3A

2,987

6,173

6,330

Other Payables

3.3B

1,658

5,055

4,525

Total payables

4,645

11,228

10,855

Interest bearing liabilities

Leases

3.4

35,983

-

-

Total interest bearing liabilities

35,983

-

-

Provisions

Employee Provisions

6.1

13,619

12,583

12,681

Other Provisions

3.5

1,010

989

876

Total provisions

14,629

13,572

13,557

Total liabilities

55,257

24,800

24,412

Net assets

79,189

75,062

74,951

EQUITY

Contributed Equity

(44,644)

(48,392)

(28,423)

Reserves

3,920

3,920

3,087

Retained Surplus

119,913

119,534

100,287

Total equity

79,189

75,062

74,951

1. Right-of-use assets are included in Land and Buildings.

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

Budget Variances Commentary

The policy for explanation of major budget variances is included in the Overview section. An increase of $4.2 million in appropriation receivable has contributed to the variance from original budget for trade and other receivables. The higher than forecast balance for land and buildings, suppliers, other payables and leases is attributable to changes in the treatment of property lease arrangements under AASB 16 Leases. The variances against original budget for property, plant and equipment, and intangibles is largely attributable to investment in infrastructure and systems during the year. The intangibles balance was also impacted by disposals and changes to estimated useful life following an impairment review of the asset register. The variance for prepayments carries on from the prior year in that there were changes to support and maintenance arrangements for non-financial assets. The budget variances for contributed equity relates to greater than forecast PPSR surplus funds transferred to government during the previous financial year.