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Statement of Financial Position

For the period ended 30 June 2020

2020

2019

Original Budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash

2.1A

2,575

6,942

3,779

Trade and Other Receivables

2.1B

3,317

1,541

822

Total financial assets

5,892

8,482

4,601

Non-financial assets 1

Property Lease

2.2A

2,975

0

0

Infrastructure, Plant and Equipment

2.2A

1,006

1,508

1,398

Intangibles

2.2A

812

931

655

Other Non-Financial Assets

2.2B

346

174

245

Total non-financial assets

5,140

2,613

2,298

Total assets

11,032

11,095

6,899

LIABILITIES

Payables

Suppliers

2.3A

963

1,410

1,444

Other Payables

2.3B

5,475

4,965

2,244

Total payables

6,438

6,375

3,688

Interest bearing liabilities

Leases

2.4A

3,051

0

0

Total interest bearing liabilities

3,051

0

0

Provisions

Employee provisions

4.1A

4,069

3,677

3,288

Other provisions

2.5A

0

0

48

Total provisions

4,069

3,677

3,336

Total liabilities

13,558

10,053

7,024

Net assets

(2,525)

1,042

(125)

EQUITY

Contributed equity

2,511

2,511

2,511

Reserves

637

465

466

Accumulated results

(5,672)

(1,934)

(3,102)

Total equity

(2,525)

1,042

(125)

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

1. Right-of-use assets are included in the property lease line item.

Budget Variances Commentary - Statement of Financial Position

Major variances reflect the impacts from implementation of new accounting standards, AASB 15 Revenue from Contracts with Customers and AASB 16 Leases during the reporting period. Recognition of revenue received in advance (note2.3B) applies the single AASB 15 model to contracts with customers and two approaches to recognising revenue: at a point in time or over time. Commentary for accumulated results is included on the Statement of Changes in Equity. Property Lease, Leases and Lease Incentives show the removal of lease classifications as either operating or finance leases – for the lessee – effectively treating all leases as finance leases. Cash and Trade and Other Receivables variance is the timing difference for a significant $2.0m receivable payable under partnership agreement with a Commonwealth government entity.