Go to top of page

Statement of comprehensive income

for the period ended 30 June 2020

Notes

2020 $

2019 $

Original Budget 2020 $

NET COST OF SERVICES

Expenses

Employee benefits

3A

10,240,264

9,823,638

10,816,000

Suppliers

3B

4,734,857

4,214,481

4,612,000

Depreciation and amortisation

6A

920,930

448,535

532,000

Finance costs

3C

108,405

3,628

Losses from asset sales

4,399

11,777

Total expenses

16,008,855

14,502,059

15,960,000

Own-source income

Own-source revenue

Revenue from contracts with customers

4A

9,984,711

9,601,719

10,862,000

Royalties

34,516

30,092

44,000

Other revenue

4B

33,916

44,113

38,000

Total own-source revenue

10,053,143

9,675,924

10,944,000

Gains

Gains from sale of assets

15,383

8,747

32,000

Total gains

15,383

8,747

32,000

Total own-source income

10,068,526

9,684,671

10,976,000

Net cost of services

(5,940,329)

(4,817,387)

(4,984,000)

Revenue from Government

4C

4,452,000

4,412,000

4,452,000

Deficit before income tax on continuing operation

(1,488,329)

(405,387)

(532,000)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

82,210

Total other comprehensive income

82,210

Total comprehensive loss

(1,488,329)

(323,176)

(532,000)

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 2019/20 Portfolio Budget Statements (PBS).

Explanations of major variance between actual and original budgeted amounts for 2019/20 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 (and statement)

Employee benefits are lower than budget as the Average Service Level (ASL) was lower than anticipated due to delays in commencement of project research in 2019/20, this is partly impacted by COVID-19. There were also several unfilled budget positions during the year.

Employee benefits

The Institute completed additional field work in 2019/20, mainly data collection and travel.

Suppliers

Depreciation is higher due to the introduction of the Australian Accounting Standards Board Standard - Leases (AASB 16) from 1 July 2019. Initial application of AASB 16 resulted in recognition of $4.8 million right-of-use leasehold improvement asset.

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.

The total value of research contracts the Institute was able to deliver milestones on during 2019/20, was impacted by COVID-19.

Revenue from contracts with customers

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 2018-19 and resulted in an asset revaluation surplus of $82,210 for prior year. No valuation was undertaken in 2019-20.

Changes in asset revaluation surplus