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Statement of Financial Position

Statement of financial position aka balance sheet for the Australian Public Service Commission. Total assets are compared to total liabilities to calculate net equity.

ASSETS

Financial assets

Cash and cash equivalents

933

571

750

Trade and other receivables

3.1a

16,960

17,460

14,602

Total financial assets

17,893

18,031

15,352

Non-financial assets

Building leasehold improvements

3.2a

5,119

5,758

5,791

Plant and equipment

3.2a

2,155

1,526

513

Intangibles

3.2a

635

1,696

1,428

Inventories

-

-

46

Prepayments paid

3.2b

477

561

560

Total non-financial assets

8,386

9,541

8,338

Total assets

26,279

27,572

23,690

LIABILITIES

Payables

Suppliers

3.3a

4,140

3,376

3,182

Prepayments received

3.3b

5,899

5,795

4,586

Other payables

3.3c

312

787

-

Total payables

10,351

9,958

7,768

Provisions

Employee provisions

5.1a

7,622

7,164

7,095

Provision for restoration

3.4a

250

245

250

Total provisions

7,872

7,409

7,345

Total liabilities

18,223

17,367

15,113

Net assets

8,056

10,205

8,577

EQUITY

Contributed equity

2,562

2,151

2,600

Asset revaluation reserve

560

763

763

Retained surplus

4,934

7,291

5,214

Total equity

8,056

10,205

8,577

Statement of financial position aka balance sheet for the Australian Public Service Commission. Total assets are compared to total liabilities to calculate net equity.

2019

$’000

2018

$’000

Aggregate assets and liabilities

Assets expected to be recovered in:

No more than 12 months

18,422

18,571

More than 12 months

7,857

9,001

Total assets

26,279

27,572

Liabilities expected to be recovered in:

No more than 12 months

12,950

12,578

More than 12 months

5,273

4,789

Total liabilities

18,223

17,367

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

Budget Variances Commentary

This table explains the major variances from budget for the Departmental Statement of Finanicla Position

Explanations of major variances

Affected line items

The balance for trade and other receivables is higher than budget due to holding higher than expected level of receivable from government and higher level of trade receivables at year end. The higher level of trade receivables is due to the timing of payments by customers.

Buildings are lower than budget as major office fit-out works in 2018 were budgeted against buildings whilst some of the procurement was for plant and equipment.

Plant and equipment is also higher than budget due to the transition to a new ICT service provider in 2019 which required the purchase of new equipment. This purchase of equipment resulted in a higher level of Suppliers payable at the end of 2019.

Intangibles are lower than budget due to an impairment loss recognised as a result of the cessation of software development.

The balance of prepayments received varies in line with the timing of when invoices are issued to customers and when services are performed.

Trade and other receivables $2,358,000 higher than budget.

Buildings $672,000 lower than budget and Plant and equipment $1,642,000 higher than budget.

Suppliers payable

$958,000 higher than budget.

Intangibles $793,000 lower than budget.

Prepayments received

$1,313,000 higher than budget.