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.
$958,000 higher than budget.
Intangibles $793,000 lower than budget.
$1,313,000 higher than budget.