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Consolidated Cash Flow Statement

Original

Budget

2020

2019

2020

Notes

$’000

$’000

$’000

OPERATING ACTIVITIES

Cash received

Receipts from Government

55,016

55,557

55,566

Sales of goods and rendering of services

8,599

10,717

7,781

Interest

880

1,460

805

Net GST received

1,507

1,707

-

Other

2,679

3,038

742

Cash received on behalf of others

-

2

-

Total cash received

68,681

72,481

64,894

Cash used

Employees

(34,766)

(36,209)

(34,044)

Suppliers

(23,175)

(22,805)

(19,927)

Interest payments on lease liabilities

(6)

-

-

Other

(757)

(466)

(731)

Total cash used

(58,704)

(59,480)

(54,702)

Net cash from operating activities

9,977

13,000

10,192

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

10

45

-

Investments

175,468

107,581

4,000

Total cash received

175,478

107,626

4,000

Cash used

Purchase of property, plant and equipment

(5,848)

(7,591)

(16,421)

Purchase of intangibles

(8,524)

(8,095)

(7,140)

Investments

(185,833)

(110,195)

-

Total cash used

(200,205)

(125,881)

(23,561)

Net cash from investing activities

(24,727)

(18,254)

(19,561)

FINANCING ACTIVITIES

Cash received

Contributed Equity

9,512

9,514

9,512

Total cash received

9,512

9,514

9,512

Cash used

Principal payments of lease liabilities

(128)

-

-

Total cash used

(128)

-

-

Net cash from financing activities

9,384

9,514

9,512

Net increase in cash held

( 5,366)

4,260

143

Cash and cash equivalents at the beginning of the reporting period

18,653

14,393

16,283

Cash and cash equivalents at the end of the reporting period

2.1A

13,287

18,653

16,426

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

Budget Variance Commentary

A variance is considered major when the variance between budget and actual is greater than 10% and greater than 2% of the relevant category (expenses, revenue, assets, liabilities, receipts or payments). An item below this threshold will be included if considered important for the reader's understanding.

Consolidated Statement of Comprehensive income

Explanation of major variances

Affected line items

An increase in other revenue by $1.684m is primarily due to the Library obtaining higher than forecast grants and donations in the 2019-20 financial year from its Treasured Voices campaign and one off transition impacts of AASB 15 / AASB 1058. Receipt of donations are not known when setting the budget.

Other Revenue

A net decrease in other comprehensive income of $7.532m is primarily due to a valuation increase on property, plant and equipment of $6.719m and a valuation decrease on the Library's collection assets of $14.251m.

Other Comprehensive Income

Consolidated Statement of Financial Position

Explanation of major variances

Affected line items

In June 2019 a term deposit of $10.214m at 30 June had a less than 90 day maturity and was considered cash and cash equivalents. The decrease of cash and cash equivalents of $3.139m is primarily due to all term deposits being 90 days or more as at 30 June 2020 and therefore classified as investments.

Cash and cash equivalents

An increase of investment balance of $17.979m is primarily due to lower than expected cash outflows throughout 2019-20, particularly for asset purchases, and classification of a short term deposit of $10.214m as cash and cash equivalents as at 30 June 2019 (now classified as investments).

Other Investments

An increase in finance liabilities of $1.251m is due to the application of AASB 16 Leases from 1 July 2020 not budgeted for.

Interest Bearing Liabilities

An increase in provisions of $0.981m is primarily due to a significant reduction in Government bond rates since the budget, which increases employee provisions.

Provisions

A decrease of suppliers, grants and other payables of $0.381m is due to a high number of invoices paid prior to the end of June 2020 compared to that budgeted.

Payables

Consolidated Cash Flow Statement

Explanation of major variances

Affected line items

An increase of sales of goods and services revenue of $0.818m is primarily due to timing differences for receipts and net GST received of $1.507m not budgeted for in the 2019-20 PBS.

Sale of goods and rendering of services and Net GST received

An increase in other revenue by $1.937m is primarily due to the Library obtaining higher than forecast grants and donations in the 2019-20 financial year from its Treasured Voices campaign. Receipt of donations is not known when setting the budget.

Other Revenues

An increase in cash used for suppliers of $3.248m is due to an increase in digitisation contracts, expenditure on donations and grants throughout the year.

Cash used - Suppliers Expense

An increase in the cash received and cash used for investments is primarily due to the original budget reflecting the net cash received from investments rather than gross inflows and outflows. The gross inflows and outflows reflects the short term investments made by NLA to maximise returns for its investment.

Cash received – Investments

Cash used - Investments

A decrease in the cash used for the purchase of property plant and equipment of $10.573m is primarily due to delayed expenditure on major capital works and a lower than forecast expenditure on collection acquisitions in 2019-20. This increase was partially offset by a $1.384m increase in intangible assets from higher than forecast expenditure on digitisation of collection items and major IT projects.

Cash used – Purchase of property, plant and equipment

Cash used - Purchases of intangibles