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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

1.1A

42,186

38,253

38,843

Suppliers

1.1B

34,882

25,176

28,691

Depreciation and amortisation

2.2A

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

1.2A

42,669

35,096

34,000

Interest

1.2B

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

1.2C

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

2.1A

80,072

74,655

60,606

Trade and Other Receivables

2.1B

16,143

10,456

4,449

Total financial assets

96,215

85,111

65,055

Non-financial assets

Buildings

2.2A

3,991

3,907

4,147

Plant and equipment

2.2A

3,816

3,063

3,392

Intangibles

2.2A

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

2.3A

5,154

5,008

-

Total payables

60,771

50,400

30,508

Provisions

Employee Provisions

2.3B

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

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

Notes

$’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

Notes

$’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.