Statement of Financial Position
for the period ended 30 June 2020 | |||||
Original | |||||
2020 | 2019 | Budget | |||
Note | $'000 | $'000 | $'000 | ||
ASSETS | |||||
Financial assets | |||||
Cash | 2.1A | 3,635 | 5,275 | 4,064 | |
Other receivables | 2.1B | 155 | 33 | 40 | |
Total financial assets | 3,790 | 5,308 | 4,104 | ||
Non-financial assets | |||||
Right Of Use Assets | 2.2A | 88 | - | - | |
Other non-financial assets | 2.2B | 12 | 23 | - | |
Total non-financial assets | 100 | 23 | - | ||
Total assets | 3,890 | 5,331 | 4,104 | ||
LIABILITIES | |||||
Payables | |||||
Suppliers | 2.3A | 1,410 | 2,668 | 2,528 | |
Other payables | 2.3B | 81 | 47 | - | |
Total payables | 1,491 | 2,715 | 2,528 | ||
Interest bearing liabilities | |||||
Lease liabilities | 92 | - | - | ||
Total interest bearing liabilities | 92 | - | - | ||
Provisions | |||||
Employee leave & other entitlements | 1,115 | 984 | 1,576 | ||
Total provisions | 1,115 | 984 | 1,576 | ||
Total liabilities | 2,698 | 3,699 | 4,104 | ||
Net assets | 1,192 | 1,632 | - | ||
Equity | |||||
Retained surplus | 1,192 | 1,632 | - | ||
Total equity | 1,192 | 1,632 | - |
The retained surplus is partly explained by timing differences associated with recruitment and related activities being delayed. During 2019-20, NAIF underwent significant change with the appointment of a new CEO. The board deferred a number of initiatives and staff hires until the new CEO commenced on the 20th January 2020.
The above statement should be read in conjunction with the accompanying notes.
Visit
https://www.transparency.gov.au/annual-reports/northern-australia-infrastructure-facility/reporting-year/2019-20-58