Statement of Comprehensive Income
Statement of Comprehensive Income for the period ended 30 June 2020
Notes | 2020 $'000 | 2019 Restated $'000 | Original budget $'000 | |
NET COST OF SERVICES | ||||
Expenses | ||||
Employee Benefits | 3,209 | 2,966 | 3,409 | |
Research Projects | 25,529 | 21,048 | 27,416 | |
Suppliers | 8,737 | 6,923 | 7,363 | |
Depreciation and Amortisation | 2.2A2.2A | 202 | 105 | 185 |
Finance Costs | 15 | 0 | 0 | |
Write-Down and Impairment of Assets | 14 | 6 | 0 | |
Total expenses | 37, 706 | 31,048 | 38,373 | |
Own-Source Income | ||||
Own-source revenue | ||||
Industry Levies | 3,522 | 5,265 | 0 | |
Revenue from Contracts with Customers | 11,079 | 10,441 | 4,733 | |
Interest | 448 | 625 | 600 | |
Royalties | 880 | 239 | 338 | |
Other Revenue | 119 | 176 | 2,266 | |
Total own-source revenue | 16,048 | 16,746 | 7,937 | |
Net cost of services | 21,658 | 14,302 | 30,436 | |
Revenue from Government | 30,933 | 23,289 | 29,737 | |
Surplus (Deficit) | 9,275 | 8,987 | -699 | |
Total comprehensive income | 9,275 | 8,987 | -699 |
The above statement should be read in conjunction with the accompanying noes.
Budget Variances Commentary
Statement of Comprehensive Income
The 2019 comparative for Revenue from Government and Total Comprehensive Income has been restated. Refer to the Prior Period Error note in the Overview for further information.
The original budget is the 2019-20 Budget Statement (PBS). The surplus of $9.2m is $10m over budget due primarily to additional Revenue from Government of $1.2m and own-source revenue of $8.1m. Total expenses were $0.7m less than budget.
The additional Revenue from Government of $1.2m is comprised of:
1. Additional Commonwealth matching payments of $4.6m were received relating to a revised funding calculation methodology under the PIRD Act, for the current year.
2. Industry levies were reclassified from Revenue from Government to Industry Levies. This resulted in a reduction in Revenue from Government of $3.5m.
The additional own-source revenue of $8.1m is comprised of:
1. Industry levies were reclassified from Revenue from Government in the PBS Budget resulting in an increase of $3.5m.
2. Revenue from Contracts with Customers was $6.3m above budget consisting of:
a. $2.3m for new Rural Research and Development for Profit (RnD4P) and other Grant programs.
b. $2.3m in additional industry contributions across a number of programs.
c. The reclassification of ticket sales and sponsorship income relating to the evokeAG and RWA programs. Income of $1.7m was reclassified from Other Revenue in the PBS Budget.
3. Other Revenue was $2.1m under budget primarily due to a reclassification of ticket sales and sponsorship income for evokeAG and RWA programs of $1.7m.
Total expenses were under budget by $0.7m.
1. Research expense was below the budget estimate by $1.9m due to deferral of expenditure into 2020-21 in some programs which was partially offset by expenditure on new programs not included in the PBS budget.
2. Suppliers expense was above budget by $1.4m due to new capacity building and stakeholder engagement programs developed after the PBS budget was published, the engaging of additional contractors when necessary and a reclassification of expenditure from research expenditure in the PBS.
Visit
https://www.transparency.gov.au/annual-reports/rural-industries-research-and-development-corporation/reporting-year/2019-20-39