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Statement of Financial Position

As at 30 June 2020

Notes

2020

$'000

2019

$'000

Original Budget

2020

$'000

ASSETS

Financial Assets

Cash and Cash Equivalents

2.1A

2,669

5,150

2,684

Trade and Other Receivables

2.1B

1,207

651

1,080

Investments - Term Deposits

2.1C

11,000

8,000

8,000

Total Financial Assets

14,876

13,801

11,764

Non-Financial Assets

Buildings - Leasehold Improvements1

2.2A

11,164

2,773

2,884

Plant and Equipment

2.2A

476

633

946

Intangibles

2.2A

1,483

1,641

1,642

Prepayments

344

262

165

Total Non-Financial Assets

13,467

5,309

5,637

Total Assets

28,343

19,110

17,401

LIABILITIES

Payables

Suppliers

2.3A

200

671

720

Other Payables

2.3B

4,029

2,489

2,255

Total Payables

4,229

3,160

2,975

Interest Bearing Liabilities

Leases

2.4A

8,584

-

1,929

Total Interest Bearing Liabilities

8,584

-

1,929

Provisions

Employee Provisions

3.1A

4,730

4,447

4,174

Provision for Restoration

2.5A

213

206

201

Total Provisions

4,943

4,653

4,375

Total Liabilities

17,756

7,813

9,279

Net Assets

10,587

11,297

8,122

EQUITY

Contributed Equity

1,823

1,823

1,823

Reserves

2,513

2,254

2,254

Retained Surplus

6,251

7,220

4,045

Total equity

10,587

11,297

8,122

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

1. Right-of-use assets are included in Buildings - Leasehold Improvements.

AASB 1055 Explanations of major variances

Affected line items (and schedule)

1. Trade and Other Receivables

Trade and Other Receivables

The variance is a result of project revenues invoiced in June but received in July.

(Statement of Financial position)

2. Investments –Term Deposits

Investments – Term Deposits

The variance is due to the transfer of $3 million from Cash and Cash Equivalents to Term Deposits

(Statement of Financial position)

3. Buildings – Leasehold Improvements

Buildings – Leasehold Improvements

The variance is due to the capitalisation of lease as ROU assets under AASB 16

(Statement of Financial position)

4. Plant and Equipment

Plant and Equipment

The variance is due to less than anticipated additions to computer equipment.

(Statement of Financial Position)

5. Intangibles

Intangibles

The variance is due to less than anticipated project development work on software for food databases.

(Statement of Financial Position)

6. Prepayments

Prepayments

The variance is due to a large number of software licences relating to 2020-21 but paid in 2019-20.

(Statement of Financial Position)

7. Suppliers

Suppliers

The variance is because the majority of invoices received in June 2020 were paid by 30 June 2020.

(Statement of Financial Position)

8. Other Payables

Other Payables

The variance is a result of an increase in unearned revenue. There was an increase in the number of applications than anticipated at budget. There was also an increase in unearned project revenue as a result of the application of AASB 15.

(Statement of Financial Position)

9. Leases

Leases

The variance is due to the implementation of AASB 16, which capitalised leases as ROU assets. The impact of AASB 16 was not included in the budget.

(Statement of Financial Position)

10. Employee Provisions

Employee Provisions

The variance is due to less leave taken during the year as a result of work-from-home arrangements during Covid–19 restrictions.

(Statement of Financial Position)

11. Reserves

Reserves

This relates to the revaluation of fixed asset which was unknown at budget time.

(Statement of Financial Position)

12. Retained surplus

Retained surplus

The decrease in Retained surplus is due to an adjustment to Opening balance of Retained surplus. The adjustments arose from the implementation of AASB15 and AASB 16.

The deficit for the year also contributed to the decrease.

(Statement of Financial Position)