Financial statements
Statement of comprehensive income
|
Statement of Comprehensive Income |
||||
|
for the period ended 30 June 2019 |
||||
|
2019 |
2018 |
Original Budget |
||
|
Notes |
$'000 |
$'000 |
$'000 |
|
|
NET COST OF SERVICES |
||||
|
Expenses |
||||
|
Employee Benefits |
42,186 |
38,253 |
38,843 |
|
|
Suppliers |
34,882 |
25,176 |
28,691 |
|
|
Depreciation and amortisation |
1,123 |
1,225 |
1,400 |
|
|
Revaluation decrement |
- |
288 |
- |
|
|
Total expenses |
78,191 |
64,942 |
68,934 |
|
|
Own-source Income |
||||
|
Own-source revenue |
||||
|
Sale of Goods and Rendering of Services |
42,669 |
35,096 |
34,000 |
|
|
Interest |
1,961 |
1,759 |
1,300 |
|
|
Other Revenue |
- |
142 |
30 |
|
|
Total own-source revenue |
44,630 |
36,997 |
35,330 |
|
|
Net cost of services |
33,561 |
27,945 |
33,604 |
|
|
Revenue from Government |
33,322 |
28,078 |
33,322 |
|
|
Surplus/(deficit) |
(239) |
133 |
(282) |
|
|
OTHER COMPREHENSIVE INCOME |
||||
|
Change in asset revaluation reserve |
- |
(433) |
- |
|
|
Total other comprehensive income |
- |
(433) |
- |
|
|
Total comprehensive surplus /(deficit) |
(239) |
(300) |
(282) |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Supplier and employee costs have increased to service the higher than budgeted fee-for-service work. The majority of the increase in fee-for-service work is for Australian Government Departments.
Statement of financial position
|
Statement of Financial Position |
||||
|
as at 30 June 2019 |
||||
|
2019 |
2018 |
Original Budget |
||
|
Notes |
$’000 |
$’000 |
$’000 |
|
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and Cash Equivalents |
80,072 |
74,655 |
60,606 |
|
|
Trade and Other Receivables |
16,143 |
10,456 |
4,449 |
|
|
Total financial assets |
96,215 |
85,111 |
65,055 |
|
|
Non-financial assets |
||||
|
Buildings |
3,991 |
3,907 |
4,147 |
|
|
Plant and equipment |
3,816 |
3,063 |
3,392 |
|
|
Intangibles |
75 |
164 |
253 |
|
|
Prepayments |
2,000 |
1,430 |
1,042 |
|
|
Total non-financial assets |
9,882 |
8,564 |
8,834 |
|
|
Total assets |
106,097 |
93,675 |
73,889 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Suppliers |
3,862 |
2,622 |
3,530 |
|
|
Contract income in advance |
51,755 |
42,770 |
26,978 |
|
|
Other payables |
5,154 |
5,008 |
- |
|
|
Total payables |
60,771 |
50,400 |
30,508 |
|
|
Provisions |
||||
|
Employee Provisions |
14,190 |
12,525 |
11,969 |
|
|
Make good Provision |
120 |
120 |
505 |
|
|
Total provisions |
14,310 |
12,645 |
12,474 |
|
|
Total liabilities |
75,081 |
63,045 |
42,982 |
|
|
Net assets |
31,016 |
30,630 |
30,907 |
|
|
EQUITY |
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|
Contributed equity |
28,549 |
27,924 |
28,549 |
|
|
Reserves |
1,977 |
1,977 |
2,410 |
|
|
Retained surplus/(Accumulated deficit) |
490 |
729 |
(52) |
|
|
Total equity |
31,016 |
30,630 |
30,907 |
|
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Cash and cash equivalents and receivables have increased as the contract income received in advance was higher than budgeted. The higher than budgeted cash balances during the year also reflected an increase in interest income.
Employee provisions are higher due to a salary increase under the AIHW Enterprise Agreement and a present value adjustment of the long-service leave balances arising from a fall in the 10-year bond rate.
Statement of changes in equity
|
Statement of changes in equity |
||||
|
for the period ended 30 June 2019 |
||||
|
2019 |
2018 |
Original Budget |
||
|
$’000 |
$’000 |
$’000 |
||
|
CONTRIBUTED EQUITY |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
27,924 |
27,924 |
27,924 |
|
|
Transactions with owners |
||||
|
Contributions by owners |
||||
|
Equity injection - Appropriations |
625 |
- |
625 |
|
|
Total transactions with owners |
625 |
- |
625 |
|
|
Closing balance as at 30 June |
28,549 |
27,924 |
28,549 |
|
|
RETAINED EARNINGS |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
729 |
596 |
230 |
|
|
Comprehensive income |
||||
|
Surplus/(Deficit) for the period |
(239) |
133 |
(282) |
|
|
Total comprehensive income |
(239) |
133 |
(282) |
|
|
Closing balance as at 30 June |
490 |
729 |
(52) |
|
|
ASSET REVALUATION RESERVE |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
1,977 |
2,410 |
2,410 |
|
|
Other comprehensive income |
- |
(433) |
- |
|
|
Total comprehensive income |
- |
(433) |
- |
|
|
Closing balance as at 30 June |
1,977 |
1,977 |
2,410 |
|
|
TOTAL EQUITY |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
30,630 |
30,930 |
30,564 |
|
|
Comprehensive income |
||||
|
Surplus/(Deficit) for the period |
(239) |
133 |
(282) |
|
|
Other comprehensive income/(loss) |
- |
(433) |
- |
|
|
Total comprehensive income |
(239) |
(300) |
(282) |
|
|
Transactions with owners |
||||
|
Contributions by owners |
||||
|
Equity injection - Appropriations |
625 |
- |
625 |
|
|
Total transactions with owners |
625 |
- |
625 |
|
|
Closing balance as at 30 June |
31,016 |
30,630 |
30,907 |
|
The above statement should be read in conjunction with the accompanying notes.
Cash flow statement
|
Cash Flow Statement |
||||
|
for the period ended 30 June 2019 |
||||
|
2019 |
2018 |
Original Budget |
||
|
$’000 |
$’000 |
$’000 |
||
|
OPERATING ACTIVITIES |
||||
|
Cash received |
||||
|
Appropriations |
33,322 |
28,078 |
33,322 |
|
|
Sale of goods and rendering of services |
46,525 |
49,397 |
34,000 |
|
|
Interest |
2,304 |
1,344 |
1,300 |
|
|
GST received |
2,773 |
1,503 |
- |
|
|
Other |
5 |
142 |
30 |
|
|
Total cash received |
84,929 |
80,464 |
68,652 |
|
|
Cash used |
||||
|
Employees |
40,495 |
37,701 |
38,843 |
|
|
Suppliers |
37,770 |
26,748 |
28,409 |
|
|
Total cash used |
78,265 |
64,449 |
67,252 |
|
|
Net cash from operating activities |
6,664 |
16,015 |
1,400 |
|
|
INVESTING ACTIVITIES |
||||
|
Cash used |
||||
|
Purchase of property, plant and equipment |
(1,872) |
(1,056) |
(1,597) |
|
|
Total cash used |
(1,872) |
(1,056) |
(1,597) |
|
|
Net cash from investing activities |
(1,872) |
(1,056) |
(1,597) |
|
|
FINANCING ACTIVITIES |
||||
|
Cash received |
||||
|
Contributed Equity |
625 |
- |
625 |
|
|
Total cash received |
625 |
- |
625 |
|
|
Net cash from financing activities |
625 |
- |
625 |
|
|
Net increase in cash held |
5,417 |
14,959 |
428 |
|
|
Cash and cash equivalents at the beginning of the reporting period |
74,655 |
59,696 |
60,178 |
|
|
Cash and cash equivalents at the end of the reporting period |
80,072 |
74,655 |
60,606 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Supplier and employee costs have increased to service the higher than budgeted fee-for-service work.
Sale of goods and rendering services are higher than budget as the contract income received in advance was higher than budgeted. The higher than budgeted cash balances during the year also reflected higher interest income.
Visit
https://www.transparency.gov.au/annual-reports/australian-institute-health-and-welfare/reporting-year/2018-2019-80