Statement of financial position
as at 30 June 2020
Notes | 2020 $ | 2019 $ | Original Budget 2020 $ | |
ASSETS | ||||
Financial assets | ||||
Cash and cash equivalents | 1,359,941 | 1,660,720 | 258,000 | |
Trade and other receivables | 7,133,395 | 8,534,735 | 7,004,000 | |
Total financial assets | 8,493,336 | 10,195,455 | 7,262,000 | |
Non-financial assets1 | ||||
Leasehold improvements | 5,937,035 | 1,834,567 | 1,516,000 | |
Plant and equipment | 841,899 | 880,080 | 685,000 | |
Intangibles | 28,000 | 42,000 | 35,000 | |
Other non-financial assets | 351,619 | 299,493 | 359,000 | |
Total non-financial assets | 7,158,553 | 3,056,140 | 2,595,000 | |
Total assets | 15,651,889 | 13,251,596 | 9,857,000 | |
LIABILITIES | ||||
Payables | ||||
Unearned income | 6,080,933 | 7,327,257 | 4,078,000 | |
Supplier payables | 573,746 | 207,069 | 363,000 | |
Other payables | 347,427 | 877,304 | 1,183,000 | |
Total payables | 7,002,106 | 8,411,630 | 5,624,000 | |
Interest bearing liabilities | ||||
Leases | 4,427,000 | – | – | |
Total interest bearing liabilities | 4,427,000 | – | – | |
Provisions | ||||
Employee provisions | 2,367,474 | 2,234,732 | 2,472,000 | |
Other provisions | 369,700 | 350,296 | – | |
Total provisions | 2,737,174 | 2,585,028 | 2,472,000 | |
Total liabilities | 14,166,280 | 10,996,658 | 8,096,000 | |
Net assets | 1,485,609 | 2,254,938 | 1,761,000 | |
EQUITY | ||||
Contributed equity | 4,551,511 | 4,362,511 | 4,624,000 | |
Reserves | 296,630 | 296,630 | 214,000 | |
Accumulated deficit | (3,362,532) | (2,404,203) | (3,077,000) | |
Total equity | 1,485,609 | 2,254,938 | 1,761,000 |
Note:
- Right-of-use assets are included in the following line item: Leasehold improvements
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 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) |
|---|---|
The Institute received $1,217,873.31 of section 74 receipts at the end of June 2020 which were unable to be returned to the Official Public Account (OPA) during the 2019/20 financial year and were not factored into the PBS estimate of Cash at Bank Account. | Cash and cash equivalents |
Value of leasehold improvements and plant and equipment increased due to the initial recognition $4.8 million right-of-use leasehold improvement asset, upon introduction of AASB 16. | Plant and equipment |
Unearned revenue represents cash receipts received in advance for work yet to be performed. The Institute's estimated revenue as published in the 2019-20 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 |
Supplier payable increased at year end with the large field work accrual in 2019/20. | Supplier payables |
Other payable reduced as a result of the introduction of AASB 16 with the write back of the lease incentive liability. | Other payables |
Interest bearing liabilities increased with the introduction of AASB 16. | Interest bearing liabilities |
Visit
https://www.transparency.gov.au/annual-reports/australian-institute-family-studies/reporting-year/2019-20-30