Statement of financial position
as at 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget 2019 |
|
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and cash equivalents |
5A |
1,660,720 |
1,017,446 |
474,000 |
|
Trade and other receivables |
5B |
8,534,735 |
7,279,317 |
6,607,000 |
|
Total financial assets |
10,195,455 |
8,296,763 |
7,081,000 |
|
|
Non-financial assets |
||||
|
Leasehold improvements |
6A |
1,834,567 |
1,782,741 |
984,300 |
|
Plant and equipment |
6A |
880,080 |
813,996 |
345,700 |
|
Intangibles |
6A |
42,000 |
4,392 |
132,000 |
|
Prepayments |
6B |
299,493 |
233,565 |
309,000 |
|
Total non-financial assets |
3,056,140 |
2,834,694 |
1,771,000 |
|
|
Total assets |
13,251,596 |
11,131,457 |
8,852,000 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Unearned income |
7A |
7,327,257 |
5,215,200 |
4,078,000 |
|
Supplier payables |
7B |
207,069 |
170,742 |
313,000 |
|
Other payables |
7C |
877,304 |
977,313 |
85,000 |
|
Total payables |
8,411,630 |
6,363,255 |
4,476,000 |
|
|
Provisions |
||||
|
Employee provisions |
8A |
2,234,732 |
2,139,087 |
2,211,000 |
|
Other provisions |
8B |
350,296 |
240,000 |
– |
|
Total provisions |
2,585,028 |
2,379,087 |
2,211,000 |
|
|
Total liabilities |
10,996,658 |
8,742,342 |
6,687,000 |
|
|
Net assets |
2,254,938 |
2,389,115 |
2,165,000 |
|
|
EQUITY |
||||
|
Contributed equity |
4,362,511 |
4,173,511 |
4,435,000 |
|
|
Reserves |
296,630 |
214,420 |
393,000 |
|
|
Accumulated deficit |
(2,404,203) |
(1,998,816) |
(2,663,000) |
|
|
Total equity |
2,254,938 |
2,389,115 |
2,165,000 |
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 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 |
|
The Institute received $1,224,341.41 of section 74 receipts at the end of June 2019 which were unable to be returned to the Official Public Account (OPA) during the 2018/19 financial year and was not factored into the PBS estimate of Cash at Bank Account. |
Cash and cash equivalents |
|
Several major projects have been funded in advance with cash transferred to the OPA. |
Trade and other receivables |
|
Value of leasehold improvements and plant and equipment increased due to revaluation of fitouts, capitalised leasehold incentive and additional replacement of ICT equipment. |
Plant and equipment |
|
There were some deferments for software (intangibles) purchase due to operational reasons. |
Intangibles |
|
Unearned revenue represents cash receipts received in advance for work yet to be performed. 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 historical trends. The balance of unearned income at 30 June is difficult to estimate and can vary from year to year as it is impacted by the timing of payments received for contracted research projects and the timing of deliverables of those projects as these may not necessarily fall in the same financial year. Timing of payments and project deliverables are also subject to change after the publication of the PBS. |
Unearned income |
|
Other payables is largely lease incentive and GST payable on increased revenue received in June 2019. |
Other payables |
Visit
https://www.transparency.gov.au/annual-reports/australian-institute-family-studies/reporting-year/2018-2019-45