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Statement of financial position

as at 30 June 2020

2020

2019

Original Budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash and cash equivalents

50

50

50

Appropriation receivable

1

5,000

4,171

4,073

Trade and other receivables

193

217

-

Total financial assets

5,243

4,438

4,123

Non-financial assets

Prepayments

2

8

28

Total non-financial assets

2

8

28

Total assets

5.1A

5,245

4,446

4,151

LIABILITIES

Payables

Trade creditors and accruals

251

215

198

Other payables

2

3.1A

349

62

60

Total payables

600

277

258

Provisions

Employee provisions

3

4.1A

2,214

2,252

2,009

Total provisions

2,214

2,252

2,009

Total liabilities

5.1A

2,814

2,529

2,267

Net assets

2,431

1,917

1,884

EQUITY

Contributed equity

557

557

557

Retained surplus

1,874

1,360

1,327

Total equity

2,431

1,917

1,884

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

Budget Variances Commentary

The following commentary provides a comparison of the original budget as presented in the 2019-20 Portfolio Budget Statements (PBS) to the 2019-20 actuals.

Statement of Financial Position

1. Appropriation receivables are higher than budget due to lower levels of expenditure in 2019-20 resulting in carryover of unspent appropriation.

2. Other payables are higher than budget due to higher accrued salaries and wages and unearned revenue.

3. Employee provisions are higher than budget due to leave balances being transferred to IPEA on the commencement of staff from other government agencies.