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Statement of financial position

Statement of financial position as at 30 June 2019

Notes

2019

$'000

2018

$'000

Original budget

$'000

Revised budget

$'000

ASSETS

Financial Assets

Cash and cash equivalents

3.1A

34,603

36,104

35,389

36,104

Trade and other receivables

3.1B

23,433

23,603

19,686

23,603

Total financial assets

58,036

59,707

55,075

59,707

Non-Financial Assets

Buildings

3.2A

6,508

16,656

18,358

17,877

Leasehold improvements

3.2A

76

50

0

0

Plant and equipment

3.2A

3,479

3,252

2,605

3,010

Computer software

3.2A

2,843

2,101

2,182

1,951

Reef HQ shop inventory

18

58

114

58

Prepayments

332

487

529

488

Total non-financial assets

13,256

22,604

23,788

23,384

Total assets

71,292

82,311

78,863

83,091

LIABILITIES

Payables

Suppliers

2,897

4,808

3,519

4,808

Other payables

3.3A

267

244

38

66

Permit bonds

3.3B

1,047

330

306

330

Total payables

4,211

5,382

3,863

5,204

Provisions

Employee provisions

6.1A

7,485

8,529

6,535

8,707

Provision for Douglas Shoal remediation

3.4A

29,117

30,720

33,590

30,720

Total provisions

36,602

39,249

40,125

39,427

Total liabilities

40,813

44,631

43,988

44,631

Net assets

30,479

37,680

34,875

38,460

EQUITY

Contributed equity

28,244

26,163

28,241

28,242

Reserves

2,497

13,218

13,168

13,219

Accumulated deficit

(262)

(1,701)

(6,534)

(3,001)

Total equity

30,479

37,680

34,875

38,460

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

Budget variances commentary

Statement of financial position

Affected line items and statement

Assets

Trade and other receivables $3.747m (19%) more than budget, primarily due to the increase in unspent annual appropriations as per note 5.1.

Financial Assets - Trade and other receivables

Departmental Non-Financial Assets were subject to a comprehensive independent valuation which contributed to a $11.850m reduction to the carrying value of buildings. See note 3.2A for further details.

Non-Financial Assets - Buildings

Liabilities

Douglas Shoal provision $4.473m (13%) less than budget, due to recalculation of the provision and the expenditure to date, as per note 3.4.

Provisions - Douglas Shoal remediation

Equity

Departmental Non-Financial Assets were subject to a comprehensive independent valuation which resulted in a reduction to the total fair value of $10.721m. Combined with the increase of $0.050m in 2017-18, reserves have now decreased $10.671m

Equity - reserves

Recorded $6.271m (96%) more than budget in accumulated deficit, primarily due to supplier underspends in 2018-19, as per the Statement of Comprehensive Income, and suppliers underspends in 2017-18 that contributed to the additional $5.669m surplus in the prior year, post the 2018-19 budget finalisation.

Equity - Accumulated deficit