Primary financial statements
Independent Hospital Pricing Authority Financial Statements 2018–19
Statement of comprehensive income
for the preriod ended 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget $’000 |
|
|---|---|---|---|---|
|
NET COST OF SERVICES |
||||
|
EXPENSES |
||||
|
Employee benefits |
6,763 |
6,250 |
7,126 |
|
|
Suppliers |
17,034 |
11,353 |
15,522 |
|
|
Depreciation and amortisation |
365 |
348 |
475 |
|
|
Total expenses |
24,162 |
17,951 |
23,123 |
|
|
OWN-SOURCE INCOME |
||||
|
Own-source revenue |
||||
|
Sale of goods and rendering of services |
2,079 |
1,268 |
1,120 |
|
|
Interest |
177 |
208 |
120 |
|
|
Resources received free of charge |
6,423 |
5,861 |
7,086 |
|
|
Total own-source revenue |
8,679 |
7,337 |
8,326 |
|
|
Gains |
||||
|
Other gains |
27 |
186 |
- |
|
|
Total gains |
27 |
186 |
- |
|
|
Total own-source income |
8,706 |
7,253 |
8,326 |
|
|
Net cost of services |
15,456 |
10,428 |
14,797 |
|
|
Revenue from Government |
15,487 |
14,476 |
14,797 |
|
|
Surplus |
31 |
4,048 |
- |
|
|
Total comprehensive surplus |
31 |
4,048 |
- |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Statement of Comprehensive Income
Total expenses of $24.162m were higher than the budgeted amount of $23.123m. The main driver of the overspend was supplier expenses, which were higher than budget due to increased program activity with projects running ahead of schedule and increased spending on secure data management systems. Total own source income of $8.706m was higher than the budgeted amount of $8.326m, primarily due to higher sales of goods and services. Resources received free of charge were lower than budget due to lower than expected staff levels.
Statement of financial position
as of 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget |
|
|---|---|---|---|---|
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and cash equivalents |
13,896 |
13,712 |
9,698 |
|
|
Trade and other receivables |
1,132 |
80 |
707 |
|
|
Total financial assets |
15,028 |
13,792 |
10,405 |
|
|
Non-financial assets |
||||
|
Leasehold improvement |
234 |
292 |
305 |
|
|
Plant and equipment |
201 |
276 |
320 |
|
|
Computer software |
368 |
555 |
502 |
|
|
Other intangibles |
38 |
77 |
41 |
|
|
Other — prepayments |
155 |
153 |
254 |
|
|
Total non-financial assets |
996 |
1,353 |
1,422 |
|
|
Total assets |
16,024 |
15,145 |
11,827 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Suppliers |
3,099 |
2,174 |
2,700 |
|
|
Other payables |
72 |
7 |
109 |
|
|
Total payables |
3,171 |
2,181 |
2,809 |
|
|
Provisions |
||||
|
Employee provisions |
85 |
76 |
143 |
|
|
Other provisions |
- |
151 |
186 |
|
|
Total provisions |
85 |
227 |
329 |
|
|
Total liabilities |
3,256 |
2,408 |
3,138 |
|
|
Net assets |
12,768 |
12,737 |
8,689 |
|
|
EQUITY |
||||
|
Contributed equity |
400 |
400 |
400 |
|
|
Asset revaluation reserve |
74 |
88 |
88 |
|
|
Retained surplus |
12,294 |
12,249 |
8,201 |
|
|
Total equity |
12,768 |
12,737 |
8,689 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Statement of Financial Position
Total assets of $16.024m were higher than the budget of $11.827m, principally due to higher cash balance as a result of the prior year surplus.
Total liabilities of $3.256m were marginally higher than the budget of $3.138m as higher payables were partially offset by lower provisions.
Total equity of $12.768m was higher than the budget of $8.689m due to the prior period surplus noting that the budget is derived on a break‑even assumption.
Statement of changes in equity
for the period ended 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget |
|
|---|---|---|---|---|
|
CONTRIBUTED EQUITY |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
400 |
400 |
400 |
|
|
Closing balance as at 30 June |
400 |
400 |
400 |
|
|
ASSET REVALUATION RESERVE |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
88 |
88 |
88 |
|
|
Transfer to retained earnings |
||||
|
From disposal of revalued assets |
(14) |
- |
||
|
Closing balance as at 30 June |
74 |
88 |
88 |
|
|
RETAINED EARNINGS |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
12,249 |
8,201 |
8,201 |
|
|
Transfer from asset revaluation reserve |
||||
|
From disposal of revalued assets |
14 |
- |
- |
|
|
Comprehensive income |
||||
|
Surplus for the period |
31 |
4,048 |
- |
|
|
Closing balance as at 30 June |
12,294 |
12,249 |
8,201 |
|
|
TOTAL EQUITY |
||||
|
Opening balance |
||||
|
Balance carried forward from previous period |
12,737 |
8,689 |
8,689 |
|
|
Comprehensive income |
||||
|
Surplus for the period |
31 |
4,048 |
- |
|
|
Closing balance as at 30 June |
12,768 |
12,737 |
8,689 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Statement of Changes in Equity
Total equity of $12.768m was higher than the budget of $8.689m due to the prior period surplus noting the budget is derived on a break‑even assumption.
Cash flow statement
for the period ended 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget |
|
|---|---|---|---|---|
|
OPERATING ACTIVITIES |
||||
|
Cash received |
||||
|
Receipts from Government |
14,797 |
14,476 |
14,797 |
|
|
Sale of goods and rendering of services |
1,994 |
1,459 |
1,198 |
|
|
Interest |
179 |
208 |
120 |
|
|
Net GST received |
1,237 |
1,044 |
1,380 |
|
|
Total cash received |
18,207 |
17,187 |
17,495 |
|
|
Cash used |
||||
|
Employees |
(768) |
(774) |
(850) |
|
|
Suppliers |
(17,223) |
(12,489) |
(16,037) |
|
|
Total cash used |
(17,991) |
(13,263) |
(16,887) |
|
|
Net cash from operating activities |
216 |
3,924 |
608 |
|
|
INVESTING ACTIVITIES |
||||
|
Cash used |
||||
|
Purchase of property, plant and equipment |
- |
(5) |
(600) |
|
|
Purchase of computer software |
(10) |
- |
- |
|
|
Purchase of leasehold improvement |
(22) |
- |
- |
|
|
Total cash used |
(32) |
(5) |
(600) |
|
|
Net cash used by investing activities |
(32) |
(5) |
(600) |
|
|
Net increase in cash held |
184 |
3,919 |
8 |
|
|
Cash and cash equivalents at the beginning of the reporting period |
13,712 |
9,793 |
9,690 |
|
|
Cash and cash equivalents at the end of the reporting period |
13,896 |
13,712 |
9,698 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Statement of Changes in Cash Flow
The closing cash balance of $13.896m was higher than the budgeted amount of $9.698m primarily due to the prior period surplus, noting the budget is derived on a break‑even assumption.
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https://www.transparency.gov.au/annual-reports/independent-hospital-pricing-authority/reporting-year/2018-2019-34