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Primary financial statement

Statement of comprehensive income

Statement of Comprehensive Income for the period ended 30 June 2020

Notes

2020

$’000

2019

$’000

2020 Budget

$’000

NET COST OF SERVICES

Expenses

Employee benefits

1.1a

29,418

26,297

27,155

Suppliers1

1.1b

13,513

17,338

15,191

Depreciation and amortisation1

3.2a

3,154

1,583

1,803

Finance costs1

1.1c

103

5

5

Impairment loss on financial instruments

1.1d

2

4

-

Write-down and impairment of other assets

1.1e

-

860

-

Losses from asset sales

55

26

-

Total expenses

46,245

46,113

44,154

Own-source Income

Own-source revenue

Revenue from contracts with customers

1.2a

23,571

22,416

22,095

Resources received free of charge

1.2b

43

41

41

Total own-source revenue

23,614

22,457

22,136

Gains

Reversal of write-downs and impairment

1.2c, 3.2a

253

-

-

Total gains

253

-

-

Total own-source income

23,867

22,457

22,136

Net cost of services

(22,378)

(23,656)

(22,018)

Revenue from Government

1.2d

23,070

21,299

20,353

Surplus/(Deficit) on continuing operations

692

(2,357)

(1,665)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

3.2a, 3.5a

107

(203)

-

Total other comprehensive income

107

(203)

-

Total comprehensive income/(loss)

799

(2,560)

(1,665)

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

1. The initial application of AASB 16 Leases is detailed in the Overview. The APSC adopted the modified retrospective approach and 2019 comparatives were not restated.

Budget variances commentary

Statement of Comprehensive Income

The following commentary provides high level narrative of major variances for the APSC between 2020 actuals and budget information published in the 2019-20 Portfolio Budget Statements.

Expenses

Employee benefits are $2,263,000 higher than budget due to higher employee levels and a reduction in the long-term bond rate leading to an increase in the value of employee leave provisions.

Depreciation and amortisation is $1,351,000 higher than budget and Suppliers are $1,678,000 lower than budget as the 2019-20 budget did not include the estimated impact due to the adoption of AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds.

Income

Revenue from Government is $2,717,000 higher than budget as the APSC received funding for Australian Public Service Reform Implementation.

Revenue from contracts with customers is $1,476,000 higher than budget due to a one-off contribution by another government entity.

Gains

Reversal of write-downs and impairment is $253,000 higher than budget due to a revaluation increment to Buildings in 2020 which reversed a previous impairment of Buildings in 2017. The remainder of the revaluation increment was recognised in other comprehensive income.

Statement of financial position

Statement of Financial Position as at 30 June 2020

Notes

2020

$’000

2019

$’000

2020

Budget

$’000

ASSETS

Financial assets

Cash and cash equivalents

3.1a

1,097

933

750

Trade and other receivables

3.1b

17,890

16,960

16,752

Total financial assets

18,987

17,893

17,502

Non-financial assets

Buildings1

3.2a

13,663

5,119

4,740

Plant and equipment1

3.2a

1,760

2,155

1,029

Intangibles

3.2a

518

635

1,606

Prepayments paid

3.2b

362

477

561

Total non-financial assets

16,303

8,386

7,936

Total assets

35,290

26,279

25,438

LIABILITIES

Payables

Suppliers

3.3a

3,295

4,140

4,304

Unearned income

3.3b

4,051

5,899

5,795

Other payables

3.3c

857

312

-

Total payables

8,203

10,351

10,099

Interest bearing liabilities

Leases1

3.4a

8,599

-

-

Total interest bearing liabilities

8,599

-

-

Provisions

Employee provisions

5.1a

8,607

7,622

7,164

Provision for restoration

3.5a

244

250

255

Total provisions

8,851

7,872

7,419

Total liabilities

25,653

18,223

17,518

Net assets

9,637

8,056

7,920

EQUITY

Contributed equity

2,973

2,562

2,975

Asset revaluation reserve

667

560

763

Retained surplus

5,997

4,934

4,182

Total equity

9,637

8,056

7,920

Aggregate assets and liabilities

Assets expected to be recovered in:

No more than 12 months

19,318

18,422

More than 12 months

15,972

7,857

Total assets

35,290

26,279

Liabilities expected to be settled in:

No more than 12 months

13,233

12,950

More than 12 months

12,420

5,273

Total liabilities

25,653

18,223

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

1. Right-of-use assets are included in both Buildings and Plant and equipment. The initial application of AASB 16 Leases is detailed in the Overview. The APSC adopted the modified retrospective approach and 2019 comparatives were not restated.

Budget Variances Commentary

Statement of Financial Position

Non-Financial Assets

Buildings are $8,923,000 higher than budgetand Lease are 8,599,000 higher than budget as the 2019-20 budget did not include the estimated balances due to the adoption of AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds.

Intangible are $1,088,000 lower than budget due to an impairment of software in 2019 that reduced the opening balance of intangibles, that was not reflected in the budget.

Liabilities

Unearned income is $1,744,000 lower than budget due to a reduction in forward bookings for training due to the impact of COVID-19.

Suppliers are $1,009,000 lower than budget as the budget included operating lease rental payable which was derecognised due to adopting AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds.

Statement of changes in equity

Statement of Changes in Equity for the period ended 30 June 2020

2020

$’000

2019

$’000

2020

Budget

$’000

CONTRIBUTED EQUITY

Opening balance

2,562

2,151

2,562

Transactions with owners

Contributions by owners

Departmental capital budget

411

411

413

Closing balance as at 30 June

2,973

2,562

2,975

RETAINED EARNINGS

Opening balance

4,934

7,291

5,847

Adjustment on initial application of AASB 16

371

-

-

Adjusted opening balance

5,305

7,291

5,847

Comprehensive income

Surplus/(deficit) for the period

692

(2,357)

(1,665)

Closing balance as at 30 June

5,997

4,934

4,182

ASSET REVALUATION RESERVE

Opening balance

560

763

763

Comprehensive income

Other comprehensive income1

107

(203)

-

Closing balance as at 30 June

667

560

763

TOTAL EQUITY

Opening balance

8,056

10,205

9,172

Adjustment on initial application of AASB 16

371

-

-

Adjusted opening balance

8,427

10,205

9,172

Comprehensive income

Surplus/(deficit) for the period

692

(2,357)

(1,665)

Other comprehensive income

107

(203)

-

Total comprehensive income

799

(2,560)

(1,665)

Transactions with owners

Contributions by owners

Departmental capital budget

411

411

413

Total transactions with owners

411

411

413

Closing balance as at 30 June

9,637

8,056

7,920

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

1. The asset revaluation reserve increment of $107,000 in 2020 (2019: a decrement of $203,000) comprises of a net asset revaluation increment of $97,000 (2019: a decrement of $203,000) and a decrease to the provision for restoration of $10,000 (2019: nil).

Accounting policy

Equity injections

Amounts appropriated which are designated as Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Cash flow statement

Cash Flow Statement for the period ended 30 June 2020

Notes

2020

$’000

2019

$’000

2020

Budget

$’000

OPERATING ACTIVITIES

Cash received

Appropriations

27,089

24,700

20,353

Sale of goods and rendering of services

22,709

22,588

22,095

GST received

1,445

1,465

1,604

Other cash received

1,111

1,864

290

Total cash received

52,354

50,617

44,342

Cash used

Employees

29,245

27,928

27,155

Suppliers

14,123

19,149

16,709

Interest payments on lease liabilities

99

-

-

Section 74 receipts transferred to OPA

5,000

2,500

-

Other cash used

817

445

-

Total cash used

49,284

50,022

43,864

Net cash from operating activities

3,070

595

478

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

-

25

-

Total cash received

-

25

-

Cash used

Purchase of property, plant and equipment

1,700

169

266

Purchase of intangibles

153

500

625

Total cash used

1,853

669

891

Net cash used by investing activities

(1,853)

(644)

(891)

FINANCING ACTIVITIES

Cash received

Contributed equity

411

411

413

Total cash received

411

411

413

Cash used

Principal payments of lease liabilities

1,464

-

-

Total cash used

1,464

-

-

Net cash from/(used by) financing activities

(1,053)

411

413

Net increase/(decrease) in cash held

164

362

-

Cash and cash equivalents at the beginning of the reporting period

933

571

750

Cash and cash equivalents at the end of the reporting period

3.1a

1,097

933

750

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

Budget Variances Commentary

Cash Flow Statement

Operating cash received

Appropriations are $6,736,000 higher than budget mainly as a result of Section 74 receipts transferred to OPA which are $5,000,000 higher than budget. Section 74 receipts that are above agreed working cash balance limits are deposited to the Official Public Account (OPA) and then redrawn as required. Additional appropriation funding was received for Australian Public Service Reform Implementation.

Operating cash used

Employees are$2,090,000 higher than budget due to higher employee levels than budget.

Suppliers are $2,586,000 lower than budget and Principal payments of lease liabilities are $1,464,000 higher than budget as the adoption of AASB 16 Leases was not included in the budget. Lease payments are now disclosed as either Interest payments on lease liabilities in the operating activities or as Principal payments of lease liabilities in financing activities. The budget estimates were updated to reflect this change in the subsequent budget rounds.

Investing cash used

Purchase of property, plant and equipment is $1,434,000 higher than budget due to the payment for equipment that was accrued as at 30 June 2019 and an office refit that occurred during 2020.

Administered schedule of comprehensive income

Administered Schedule of Comprehensive Income for the period ended 30 June 2020

Notes

2020

$’000

2019

$’000

2020

Budget

$’000

NET COST OF SERVICES

Expenses

Employee benefits

2.1a

4,203

4,140

4,230

Total expenses

4,203

4,140

4,230

Net cost of services

(4,203)

(4,140)

(4,230)

Total comprehensive loss

(4,203)

(4,140)

(4,230)

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

Budget Variances Commentary

Administered Schedule of Comprehensive Income

There are no major budget variances.

Administered reconciliation schedule

Administered Reconciliation Schedule

Notes

2020

$’000

2019

$’000

Opening assets less liabilities as at 1 July

-

-

Net cost of services

Expenses

Payments to entities other than corporate Commonwealth entities

(4,203)

(4,140)

Transfers from the Australian Government

Appropriation transfers from Official Public Account

Special appropriations (unlimited)

Payments to entities other than corporate Commonwealth entities

4.1c

4,203

4,140

Closing assets less liabilities as at 30 June

-

-

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

Accounting policy

Administered cash transfers to and from the Official Public Account

Revenue collected by the APSC for use by the Government rather than the APSC is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the APSC on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.

Administered cash flow statement

Administered Cash Flow Statement for the period ended 30 June 2020

2020

$’000

2019

$’000

2020

Budget $’000

Operating Activities

Cash used

Employees

4,203

4,140

4,230

Total cash used

4,203

4,140

4,230

Net cash used by operating activities

(4,203)

(4,140)

(4,230)

Cash from Official Public Account

Appropriations

4,203

4,140

4,230

Total cash from Official Public Account

4,203

4,140

4,230

Cash and cash equivalents at the end of the reporting period

-

-

-

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

Budget Variances Commentary

Administered Cash Flow Statement

There are no major budget variances.