Statement of Financial Position
as at 30 June 2020
2020 | ||||
Original | ||||
2020 | 2019 | Budget | ||
Notes | $’000 | $’000 | $'000 | |
ASSETS | ||||
Financial Assets | ||||
Cash and cash equivalents | 10,606 | 8,959 | 7,879 | |
Trade and other receivables | 1,269 | 1,324 | 1,418 | |
Total financial assets | 11,875 | 10,283 | 9,297 | |
Non-Financial Assets | ||||
Land | 1,775 | 975 | 975 | |
Buildings | 14,320 | 5,417 | 2,700 | |
Plant and equipment | 1,295 | 1,802 | 1,890 | |
Computer software | 499 | 435 | 222 | |
Other non-financial assets | 539 | 412 | 234 | |
Total non-financial assets | 18,428 | 9,041 | 6,021 | |
Total assets | 30,303 | 19,324 | 15,318 | |
LIABILITIES | ||||
Payables | ||||
Suppliers | 2,102 | 2,551 | 2,744 | |
Other payables | 934 | 3,386 | 670 | |
Total payables | 3,036 | 5,937 | 3,414 | |
Interest bearing liabilities | ||||
Leases | 8,836 | - | - | |
Total interest bearing liabilities | 8,836 | - | - | |
Provisions | ||||
Employee provisions | 5,163 | 5,442 | 5,261 | |
Other provisions | 181 | 127 | - | |
Total provisions | 5,344 | 5,569 | 5,261 | |
Total liabilities | 17,216 | 11,506 | 8,675 | |
Net assets | 13,087 | 7,818 | 6,643 | |
EQUITY | ||||
Contributed equity | 13,263 | 12,808 | 13,424 | |
Reserves | 3,581 | 3,773 | 4,199 | |
(Accumulated deficit) | -3,757 | -8,763 | -10,980 | |
Total equity | 13,087 | 7,818 | 6,643 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Cash at end of the reporting period was $2.7 million higher primarily due to lower than anticipated employee expenditure in 2019-20. Lease related buildings and liabilities were significantly higher than the 2019-20 budget due to the transition to AASB 16 Leases. The budget estimates were updated to reflect this standard in subsequent budget rounds. Land and buildings were higher than budget by $0.8 million and $0.65 million respectively due to Department of Finance transferring land and buildings on Thursday Island to AFMA in 2019-20 for no consideration. Payables were $0.4 million lower than the Original Budget primarily due to the transition to AASB 16 Leases.
Visit
https://www.transparency.gov.au/annual-reports/australian-fisheries-management-authority/reporting-year/2019-20-32