Statement of comprehensive income
for the period ended 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget 2019 |
|
|
NET COST OF SERVICES |
||||
|
Expenses |
||||
|
Employee benefits |
3A |
9,823,638 |
8,383,158 |
10,402,000 |
|
Suppliers |
3B |
4,218,110 |
4,280,213 |
4,338,000 |
|
Depreciation and amortisation |
6A |
448,535 |
623,453 |
347,000 |
|
Losses from asset sales |
11,777 |
26,221 |
– |
|
|
Total expenses |
14,502,058 |
13,313,045 |
15,087,000 |
|
|
Own-source income |
||||
|
Own-source revenue |
||||
|
Sale of goods and rendering of services |
4A |
9,601,719 |
8,202,350 |
10,195,000 |
|
Royalties |
30,092 |
33,030 |
44,000 |
|
|
Other revenue |
4B |
44,113 |
51,203 |
57,000 |
|
Total own-source revenue |
9,675,925 |
8,286,583 |
10,296,000 |
|
|
Gains |
||||
|
Gains from sale of assets |
8,747 |
– |
32,000 |
|
|
Total gains |
8,747 |
– |
32,000 |
|
|
Total own-source income |
9,684,672 |
8,286,583 |
10,326,000 |
|
|
Net cost of services |
(4,817,387) |
(5,026,462) |
(4,759,000) |
|
|
Revenue from Government |
4C |
4,412,000 |
4,683,000 |
4,412,000 |
|
Deficit before income |
(405,387) |
(343,462) |
(347,000) |
|
|
OTHER COMPREHENSIVE INCOME |
||||
|
Items not subject to subsequent reclassification |
||||
|
Changes in asset revaluation surplus |
82,210 |
– |
– |
|
|
Total other comprehensive income |
82,210 |
– |
– |
|
|
Total comprehensive loss |
(323,176) |
(343,462) |
(347,000) |
The above statement should be read in conjunction with the accompanying notes.
Budget variances commentary
Australian Institute of Family Studies ‘the Institute’ original budgeted financial statement was first presented to Parliament in respect of the reporting period in the 2018/19 Portfolio Budget Statements (PBS).
Explanations of major variance between actual and original budgeted amounts for 2018/19 are provided where the variance is greater than 10% for a line item or greater than $251,000 unless the variance is a trivial amount.
|
Explanations of major variances |
Affected line items |
|
Employee benefits are lower than budget as Average Service Level (ASL) was lower than anticipated due to delays in commencement of project research in 2018/19. There were also several unfilled budget positions during the year. |
Employee benefits |
|
The Institute incurred additional costs in data collection and travel. |
Suppliers |
|
Depreciation was higher due to amortisation of lease incentive for a full year. |
Depreciation and amortisation |
|
The majority of the Institute’s revenue is earned from commissioned research and/or evaluation projects. The Institute’s estimated revenue as published in the 2018/19 PBS was based on an assumption of revenue to be earned from long-term continuing projects along with an assumption of the value of work the Institute would be contracted to deliver in the financial year, based on anticipated new contracts. During 2018/19 the total value of research the Institute was commissioned to deliver was less than anticipated new contracts. |
Sale of goods and rendering of services |
|
Lower revenue was earned from cost recovery activities and support of administrative activities |
Other revenue |
|
Valuation of non-financial assets was undertaken at the end of the year and resulted in an asset revaluation surplus of $82,210. |
Changes in asset revaluation surplus |
Visit
https://www.transparency.gov.au/annual-reports/australian-institute-family-studies/reporting-year/2018-2019-44