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Statement of financial position

as at 30 June 2019

2019

2018

Original Budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash

2.1A

601

589

661

Trade and other receivables

2.1B

4,527

5,072

1,656

Total financial assets

5,128

5,661

2,317

Non-financial assets

Infrastructure, plant and equipment

2.2A

643

977

1,967

Intangibles

2.2A

684

610

554

Other non-financial assets

2.2B

483

79

80

Total non-financial assets

1,810

1,666

2,601

Total assets

6,937

7,327

4,918

LIABILITIES

Payables

Suppliers

2.3A

1,131

1,174

899

Other payables

2.3B

1,371

1,698

Total payables

2,503

2,872

899

Non-interest bearing liabilities

Lease incentives

2.4A

488

729

253

Total interest bearing liabilities

488

729

253

Provisions

Employee provisions

4.1A

2,303

1,745

1,771

Total provisions

2,303

1,745

1,771

Total liabilities

5,293

5,346

2,923

Net assets

1,644

1,981

1,995

EQUITY

Contributed equity

2,873

2,013

2,873

Reserves

172

172

154

Accumulated results

(1,400)

(205)

(1,032)

Total equity

1,645

1,981

1,995

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

Budget variances commentary

The major variances on the Statement of Financial Position are financial assets, non-financial assets, payables, non-interest bearing liabilities and equity. As noted on the Statement of Comprehensive Income, a contributing factor to these variations were a number of activities that could not be readily budgeted for.

The cash balance and other receivables reflects a timing difference between funds held in the OAIC’s operating bank account and appropriations receivable in the Official Public Account (OPA). The OAIC generally maintains a working bank account balance by transferring funds from the OPA when required. Note 2.1B provides details of the receivables.

Prepayments are the only other non-financial asset held by the OAIC and includes insurance premium, annual subscription costs and lease security deposits. The variation largley relates to security deposits for new short-term office leases and an Memorandum of Understanding prepayment to the Australian Human Rights Commission.

The payables variance arose due to the timing difference for supplier payables at year-end.

The variance in liabilities arising from lease commitments results from increased lease space due to the increase in staffing numbers.

The variation in Infrasturucture, Plant and Equipment relates to the decision to defer capital works activities.

The employee provision variance represents the increase in staffing numbers not known at the time of budget preparation.

Commentary on equity variance is included on the Statement of Changes in Equity.