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Fisheries Research and Development Corporation Annual Report 2019-20

Primary financial statement

For the period that ended 30 June 2020

		2019–20	2018–19	Original budget
	Notes	$	$	$
Net cost of services
Expenses
Employee benefits	1.1A	3,036,925	3,605,110	4,021,000
Suppliers	1.1b	1,512,070	1,542,554	2,097,000
Projects	1.1C	28,937,131	29,803,871	34,000,000
Depreciation and amortisation	2.2A	364,297	183,464	200,000
Finance costs	1.1D	10,018	–	–
Write-down and impairment of assets	1.1E	5,001	12,073	–
Other expenses	1.1F	575,246	70,130	1,120,000
Total expenses		34,440,688	35,217,202	41,438,000
Own-source income
Own-source revenue
Revenue from contracts with customers	1.2A	817,717	–	–
Interest	1.2b	302,329	544,651	410,000
Grants	1.2C	–	3,418,716	–
Contributions	1.2D	8,424,865	10,181,347	8,584,000
Other revenue	1.2E	1,403,353	1,931,438	2,600,000
Total own-source revenue		10,948,264	16,076,152	11,594,000
Total own-source income		10,948,264	16,076,152	11,594,000
Net cost of services		23,492,424	19,141,050	29,844,000
Revenue from the Australian Government	1.2F	22,083,577	23,478,957	23,407,000
(Deficit)/surplus on continuing operations		(1,408,847)	4,337,907	(6,437,000)
Other comprehensive income
Items not subject to subsequent reclassification to net cost of services
Changes in asset revaluation reserves	2.2A	115,315	(1,664)	–
Total other comprehensive income/(loss)		115,315	(1,664)	–
Total comprehensive income (loss)/income		(1,293,532)	4,336,243	(6,437,000)

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

As at 30 June 2020

		2019–20	2018–19	Original budget
	Notes	$	$	$
ASSETS
Financial assets
Cash and cash equivalents	2.1A	26,411,348	24,553,443	15,657,000
Trade and other receivables	2.1b	2,306,370	4,826,305	3,493,000
Other investments	2.1C	–	5,001	5,001
Total financial assets		28,717,718	29,384,749	19,155,001
Non-financial assets¹
Buildings	2.2A	834,433	–	–
Plant and equipment	2.2A	129,400	74,450	122,000
Computer software	2.2A	601,095	686,425	1,100,000
Other non-financial assets	2.2b	14,070	11,258	10,000
Total non-financial assets¹		1,578,998	772,133	1,232,000
Total assets		30,296,716	30,156,882	20,387,001
Liabilities
Payables
Suppliers	2.3A	193,836	255,499	190,000
Projects	2.3b	1,414,377	210,786	250,000
Total payables		1,608,213	466,285	440,000
Interest bearing liabilities
Leases	2.4A	847,595	–	–
Total interest bearing liabilities		847,595	–	–
Provisions
Employee provisions	3.1A	695,438	1,019,845	797,000
Total provisions		695,438	1,019,845	797,000
Total liabilities		3,151,246	1,486,130	1,237,000
Net assets		27,145,470	28,670,752	19,150,001
Equity
Asset revaluation reserves		526,551	411,236	413,000
Retained earnings		26,618,919	28,259,516	18,737,001
Total equity		27,145,470	28,670,752	19,150,001

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

For the period ended 30 June 2020

	2019–20	2018–19	Original budget
	$	$	$
Retained earnings
Opening balance
Balance carried forward from previous period	28,259,516	23,921,609	25,174,001
Adjustment on initial application of AASb 15 / AASb 1058 / AASb 16	(231,750)	–	–
Opening balance	28,027,766	23,921,609	25,174,001
Comprehensive income
(Deficit)/surplus for the period	(1,408,847)	4,337,907	(6,437,000)
Total comprehensive (loss)/income	(1,408,847)	4,337,907	(6,437,000)
Closing balance as at 30 June 2020	26,618,919	28,259,516	18,737,001
Asset revaluation reserve
Opening balance
Balance carried forward from previous period	411,236	412,900	413,000
Opening balance	411,236	412,900	413,000
Comprehensive income
Other comprehensive income/(loss)	115,315	(1,664)	–
Total comprehensive income/(loss)	115,315	(1,664)	–
Closing balance as at 30 June 2020	526,551	411,236	413,000
Total equity
Opening balance
Balance carried forward from previous period	28,670,752	24,334,509	25,587,001
Adjustment on initial application of AASB 15 / AASB 1058 / AASB 16	(231,750)	–	–
Opening balance	28,439,002	24,334,509	25,587,001
Comprehensive income
(Deficit)/surplus for the period	(1,408,847)	4,337,907	(6,437,000)
Other comprehensive income/(loss)	115,315	(1,664)	–
Total comprehensive (loss)/income	(1,293,532)	4,336,243	(6,437,000)
Closing balance as at 30 June 2020	27,145,470	28,670,752	19,150,001

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

For the period ended 30 June 2020

		2019–20	2018–19	Original budget
	Notes	$	$	$
Operating activities
Cash received
Receipts from the Australian Government		24,215,784	22,248,062	24,607,000
Contributions		10,563,053	10,604,532	9,959,000
Grants		59,798	3,418,716	–
Interest		322,680	519,160	410,000
Net GST received		2,524,007	1,646,468	–
Other		1,543,688	2,124,582	–
Total cash received		39,229,010	40,561,520	34,976,000
Cash used
Employees		(3,361,332)	(3,597,929)	(4,181,000)
Suppliers		(2,534,291)	(1,760,515)	(3,199,000)
Projects expenditure		(30,627,253)	(32,881,918)	(34,000,000)
Interest payments on lease liabilities		(10,018)	–	–
Other		(632,771)	–	–
Total cash used		(37,165,665)	(38,240,362)	(41,380,000)
Net cash from operating activities		2,063,345	2,321,158	(6,404,000)
Investing activities
Cash used
Purchase of property, plant and equipment		–	(16,799)	(50,000)
Purchase of intangibles		(43,556)	(44,738)	(300,000)
Total cash used		(43,556)	(61,537)	(350,000)
Net cash used by investing activities		(43,556)	(61,537)	(350,000)
Financing activities
Cash used
Principal payments of lease liabilities		(161,884)	–	–
Total cash used		(161,884)	–	–
Net cash used by financing activities		(161,884)	–	–
Net increase in cash held		1,857,905	2,259,621	(6,754,000)
Cash and cash equivalents at the beginning of the reporting period		24,553,443	22,293,822	22,411,000
Cash and cash equivalents at the end of the reporting period	2.1A	26,411,348	24,553,443	15,657,000

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

https://www.transparency.gov.au/annual-reports/fisheries-research-and-development-corporation/reporting-year/2019-20-18