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Statement of Financial Position

Statement of Financial Position

as at 30 June 2020

2020

2019

Original Budget 2020

Notes

$'000

$'000

$'000

ASSETS

Financial assets

Cash and cash equivalents

2.1A

264

861

277

Trade and other receivables

2.1B

22 591

21 891

18 787

Total financial assets

22 855

22 752

19 064

Non-financial assets1

Buildings

2.2

486 332

-

-

Property, plant and equipment

2.2

22 569

21 637

11 208

Heritage and cultural

2.2

1 483 024

1 481 836

1 479 535

Intangibles

2.2

18 205

16 611

17 848

Inventories

145

165

140

Other non-financial assets - Prepayments

761

2 146

1 418

Total non-financial assets

2 011 036

1 522 395

1 510 149

Total assets

2 033 891

1 545 147

1 529 213

LIABILITIES

Payables

Suppliers

2.3A

2 264

15 044

19 219

Other payables

2.3B

1 407

1 095

1 003

Total payables

3 671

16 139

20 222

Interest bearing liabilities

Leases

2.4

495 114

-

-

Total interest bearing liabilities

495 114

-

-

Provisions

Employee provisions

4.1

13 016

11 746

10 648

Other provisions

2.5

937

925

2 087

Total provisions

13 953

12 671

12 735

Total liabilities

512 738

28 810

32 957

Net assets

1 521 153

1 516 337

1 496 256

EQUITY

Contributed equity

60 732

52 539

58 382

Reserves

382 396

382 396

370 909

Retained surplus

1 078 025

1 081 402

1 066 965

Total equity

1 521 153

1 516 337

1 496 256

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

This statement also represents the results for Outcome 1 as the Archives has only one outcome. Outcome 1 is described at the Overview note.

1. Right-of-use assets are included in the following line items: Buildings $486.3m; Property, Plant and Equipment $0.058m.

Budget Variances Commentary (continued)

Refer to the Statement of Comprehensive Income for budget variances thresholds.

Statement of Financial Position

Trade and other receivables
The value of trade and other receivables was greater than budget primarily due to lower Appropriation drawdown during the year as a result of delays in activities due to COVID-19.

Buildings
The variance is due to the implementation of the new accounting standard AASB 16 Leases, which was not included in the original budget. Refer to the Overview note.

Property, plant and equipment
The value of property, plant and equipment was greater than budget due to an increased value of the Infrastructure, Plant and Equipment (IPE) assets as a result of a revaluation undertaken in June 2019, which was not included in the original budget, but was updated in the revised budget.

Heritage and cultural
Heritage and cultural was greater than budget due to an increased value as a result of a revaluation undertaken, which was not included in the original budget.

Other non-financial assets - Prepayments
The value of prepayments was less than budget due to the implementation of the new accounting standard AASB 16 Leases.

Suppliers
The variance is primarily due to the implementation of the new accounting standard AASB 16 Leases, which was not included in the original budget. Straight-lining of lease expenses have been eliminated. Refer to the Overview note.

Other payables
The value of other payables was higher than budget due to external funding received for the Royal Australian Air Force History Digitisation Project, which was not anticipated in the original budget.

Leases
The variance is due to the implementation of the new accounting standard AASB 16 Leases, which was not included in the original budget.

Employee provisions
The value of employee provision was greater than budget due to the decrease of the 10 year bond rate.

Other provisions
The provision for restoration was less than the original budget as a result of a revaluation undertaken in June 2019, which determined that make good was not required for a number of the leased buildings.

Contributed equity
The value of contributed equity was greater than budget as a result of additional funding received for the Digitisation of World War II records, which was not anticipated when developing the original budget.

Retained surplus
The variance is mainly due to the implementation of the new accounting standard AASB 16 Leases, which was not included in the original budget.