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 | 264 | 861 | 277 | |||
Trade and other receivables | 22 591 | 21 891 | 18 787 | |||
Total financial assets | 22 855 | 22 752 | 19 064 | |||
Non-financial assets1 | ||||||
Buildings | 486 332 | - | - | |||
Property, plant and equipment | 22 569 | 21 637 | 11 208 | |||
Heritage and cultural | 1 483 024 | 1 481 836 | 1 479 535 | |||
Intangibles | 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 | 2 264 | 15 044 | 19 219 | |||
Other payables | 1 407 | 1 095 | 1 003 | |||
Total payables | 3 671 | 16 139 | 20 222 | |||
Interest bearing liabilities | ||||||
Leases | 495 114 | - | - | |||
Total interest bearing liabilities | 495 114 | - | - | |||
Provisions | ||||||
Employee provisions | 13 016 | 11 746 | 10 648 | |||
Other provisions | 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.
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https://www.transparency.gov.au/annual-reports/national-archives-australia/reporting-year/2019-20-15