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Statement of financial position

as at 30 June 2020

Notes

2020 $

2019 $

Original Budget 2020 $

ASSETS

Financial assets

Cash and cash equivalents

5A

1,359,941

1,660,720

258,000

Trade and other receivables

5B

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

6A

5,937,035

1,834,567

1,516,000

Plant and equipment

6A

841,899

880,080

685,000

Intangibles

6A

28,000

42,000

35,000

Other non-financial assets

6B

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

7A

6,080,933

7,327,257

4,078,000

Supplier payables

7B

573,746

207,069

363,000

Other payables

7C

347,427

877,304

1,183,000

Total payables

7,002,106

8,411,630

5,624,000

Interest bearing liabilities

Leases

7D

4,427,000

Total interest bearing liabilities

4,427,000

Provisions

Employee provisions

8A

2,367,474

2,234,732

2,472,000

Other provisions

8B

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:

  1. 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