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Cash Flow Statement

Australian Institute of Aboriginal and Torres Strait Islander Studies

CASH FLOW STATEMENT

for the period ended 30 June 2019

Original

Notes

2019

2018

Budget

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Receipts from Government

20,388

19,493

20,388

Sales of goods and rendering of services

1,839

9,442

797

Interest

619

478

450

Grants

4,415

2,073

4,713

Other

642

1,630

0

Net GST received

1,067

643

0

Total cash received

28,970

33,759

26,348

Cash used

Employees

11,181

11,279

10,746

Suppliers

12,470

13,954

14,406

Total cash used

23,651

25,233

25,152

Net cash from operating activities

5,319

8,526

1,196

INVESTING ACTIVITIES

Cash received

Net proceeds from matured deposits

0

0

304

Total cash received

0

0

304

Cash used

Purchase of property, plant and equipment

2,355

840

1,574

Net reinvestment in deposits

6,901

2,609

0

Total cash used

9,256

3,449

1,574

Net cash from /(used by ) investing activities

(9,256)

(3,449)

(1,270)

FINANCING ACTIVITIES

Cash received

Contributed equity

74

74

74

Total cash received

74

74

74

Net cash from /(used by ) financing activities

74

74

74

Net increase in cash held

(3,863)

5,151

0

Cash and cash equivalents at the beginning of the reporting period

10,179

5,028

5,028

Cash and cash equivalents at the end of the reporting period

2.1A

6,316

10,179

5,028

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

Budget Variances Commentary

Cash at the end of the period is $1.288m higher than the original budget mainly due to cash received in advance of commencement of new projects, impacting both Sales and Grants received . This is offset by an increase in purchase of Property, Plant & Equipment (PP&E).

Purchase of PP&E is higher than budget due to an early completion of capital upgrades as well as works not initially planned being completed during 2018-19.

Investments increased due to cash received in advance for multi-year projects commencing in 2018-19. The proceeds from matured investments are offset by reinvestments.

Australian Institute of Aboriginal and Torres Strait Islander Studies

OVERVIEW

for the period ended 30 June 2019

The Basis of Preparation

The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act).

The financial statements have been prepared in accordance with:

  1. Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
  2. Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars.

New Accounting Standards

All new or revised standards that were issued prior to the sign-off date and are applicable to the current reporting period did not have a material effect on the financial statements.

Future accounting standard requirements

The Australian Institute of Aboriginal and Torres Strait Islander Studies (Institute) will apply AASB 16 Leases, AASB 15 Revenue from Contracts with Customers and AASB 1058 Income for Not-for-Profit Entities from 2019-20. These standards are not expected to have a material impact on the transactions and balances recognised in the financial statements.

Taxation

The Institute is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).

Events after balance date

There are no known events occurring after the reporting period that could impact on the financial statements.

Contingencies

There are no known contingent assets or liabilities.