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Statement of Financial Position as at 30 June 2019

2019

2018

Original Budget

Notes

$'000

$'000

$'000

ASSETS

Financial assets

Cash and cash equivalents

5A

25,357

21,428

13,362

Trade and other receivables

5B

1,877

1,491

1,196

Total financial assets

27,234

22,919

14,558

Non-financial assets

Land and buildings

6A

155,727

153,744

152,786

Infrastructure, plant and equipment

6A

9,412

10,875

22,800

Heritage and cultural assets

6A

73,756

71,242

71,659

Intangibles

6A

5,101

5,012

5,601

Inventories

6B

300

350

253

Other non-financial assets

6C

380

248

593

Total non-financial assets

244,676

241,471

253,692

Total Assets

271,910

264,390

268,250

LIABILITIES

Payables

Suppliers

7A

3,314

2,425

2,500

Other payables

7B

1,974

2,396

2,200

Total payables

5,288

4,821

4,700

Interest bearing liabilities

Leases

8

22

60

-

Total interest bearing liabilities

22

60

-

Provisions

Employee provisions

9A

3,459

2,841

2,800

Provision for makegood obligations

9B

78

-

-

Total provisions

3,537

2,841

2,800

Total Liabilities

8,847

7,722

7,500

Net Assets

263,063

256,668

260,750

EQUITY

Contributed equity

31,438

23,617

31,438

Reserves

180,016

180,016

180,016

Retained surplus

51,609

53,035

49,296

Total Equity

263,063

256,668

260,750

The above statement should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Statement of Financial Position

Commentary is provided where the variance between the budget and actual line item is +/- $500 and 10% and +/- 2% of the budget category (e.g. Expenses, Own-source revenue, Financial asset etc.).

Explanation of variance

Line item

Amount

Includes a higher opening cash balance at 1 July 2018 and delays in capital works program expenditure (discussed below)

Cash and cash equivalents

11,995

Includes a small number of high value, one-off transactions, including with other Commonwealth and State government entities, that were unpaid at 30 June 2019 and subsequently received in full in the 2019-20 financial year

Trade and other receivables

681

Includes delays in the museum’s capital works expenditure program, relating to upgrades and improvements to the museum’s buildings and infrastructure, reallocations in asset classifications between budget and actual, and a lower than anticipated opening balance at 1 July 2018

Infrastructure, plant & equipment

(13,388)

Includes a number of high value projects in progress or completing for which expenditure was incurred prior to year end but payment not required until the next financial year

Suppliers

(814)

Includes the impact of changes in the bond rate used to calculate long service leave provisions for employees

Employee provisions

(659)