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Primary financial statements

Independent Hospital Pricing Authority Financial Statements 2018–19

Statement of comprehensive income

for the preriod ended 30 June 2019

Statement of comprehensive income

Notes

2019
$’000

2018
$’000

Original Budget

$’000

NET COST OF SERVICES

EXPENSES

Employee benefits

1.1A

6,763

6,250

7,126

Suppliers

1.1B

17,034

11,353

15,522

Depreciation and amortisation

2.2A

365

348

475

Total expenses

24,162

17,951

23,123

OWN-SOURCE INCOME

Own-source revenue

Sale of goods and rendering of services

1.2A

2,079

1,268

1,120

Interest

177

208

120

Resources received free of charge

1.2B

6,423

5,861

7,086

Total own-source revenue

8,679

7,337

8,326

Gains

Other gains

1.2C

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

1.2D

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

Statement of financial position

Notes

2019
$’000

2018
$’000

Original Budget
$’000

ASSETS

Financial assets

Cash and cash equivalents

2.1A

13,896

13,712

9,698

Trade and other receivables

2.1B

1,132

80

707

Total financial assets

15,028

13,792

10,405

Non-financial assets

Leasehold improvement

2.2A

234

292

305

Plant and equipment

2.2A

201

276

320

Computer software

2.2A

368

555

502

Other intangibles

2.2A

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

2.3A

3,099

2,174

2,700

Other payables

2.3B

72

7

109

Total payables

3,171

2,181

2,809

Provisions

Employee provisions

3.1A

85

76

143

Other provisions

2.4

-

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

Statement of changes in equity

Notes

2019
$’000

2018
$’000

Original Budget
$’000

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

Cash flow statement

Notes

2019
$’000

2018
$’000

Original Budget
$’000

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

2.1A

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.