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Cash flow statement

for the period ended 30 June 2020

Notes

2020 $

2019 $

Original Budget 2020 $

OPERATING ACTIVITIES

Cash received

Appropriations

16,152,322

15,125,709

4,102,000

Sale of goods and rendering of services

11,071,290

13,192,860

10,914,000

GST received

407,205

426,722

73,000

Other

33,000

33,000

Total cash received

27,663,817

28,778,291

15,089,000

Cash used

Employee benefits

(10,207,347)

(9,926,172)

(10,454,000)

Suppliers

(4,727,562)

(4,555,009)

(4,580,000)

Interest payments on lease liabilities

(89,000)

GST paid

(967,829)

(1,068,491)

(12,000)

Section 74 receipts transferred to OPA

(11,456,220)

(12,566,560)

Total cash used

(27,447,958)

(28,116,232)

(15,046,000)

Net cash from/(used by) operating activities

215,859

662,059

43,000

INVESTING ACTIVITIES

Cash used

Purchase of leasehold improvements, plant and equipment

(131,616)

(444,577)

(189,000)

Total cash used

(131,616)

(444,577)

(189,000)

Net cash used by investing activities

(131,616)

(444,577)

(189,000)

FINANCING ACTIVITIES

Cash received

Contributed equity

31,978

425,792

189,000

Total cash received

31,978

425,792

189,000

Cash used

Principal payments of lease liability

(417,000)

Total cash used

(417,000)

Net cash from financing activities

(385,022)

425,792

189,000

Net increase/(decrease) in cash held

(300,779)

643,274

43,000

Cash and cash equivalents at the beginning of the reporting period

1,660,720

1,017,446

215,000

Cash and cash equivalents at the end of the reporting period

1,359,941

1,660,720

258,000

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 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 presentation of the Cash Flow Statement in the PBS does not require entities to account for the return of Section 74 receipts to the OPA and the redrawing of these funds from the relevant Appropriation Item. Subsequently, the Cash Flow Statement presented in the 2019/20 Financial Statements identifies significantly higher amounts of 'Cash received' and 'Cash used' than in the PBS.

Appropriation, Section 74 receipts transferred to OPA

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 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.

During 2019/20 the total value of revenue received for research and evaluation the Institute was commissioned to deliver was more than historical averages, resulting in a higher value of unearned income carried forward to future periods.

Sale of goods and rendering of services

Employee numbers were below budgeted as new projects took time to engage new employees, resulting in reduced employee benefits.

Employee benefits

The Institute has deferred all capital expenditure except for $131,616 which was drawn down from the Departmental Capital Budget of $189,000.

Purchase of leasehold improvements, plant and equipment