Statement of Financial Position as at 30 June 2020

Budget Variances Commentary

Statement of Financial Position
The 2019 comparative for Trade and Other Receivables, Total financial assets, Total Assets, Net Assets and Total Equity has been restated. Refer to the Prior Period Error note in the Overview for further information.

Total equity of $53.8m was above budget by $33.9m due to:

1. A positive operating variance of $10m in 2019-20
2. The receipt of $21.4m to rectify the prior period error and
3. The opening equity balance in the PBS Budget not being updated to reflect the 2018-19 audited financial statements.

Total Assets of $61.4m were $40.1m over budget due to:

1. Cash and cash equivalents were $2.5m over budget due to higher cash levels being maintained to meet research project milestone payments that were not paid.
2. Trade and Other Receivables were $7.3m over budget due to the June Commonwealth Matching claim of $6.1m being higher then expected.
3. Investments were over budget by $29.9m due to the positive operating variance as reported in the Statement of Comprehensive Income and cash from collection of receivables.

Total liabilities of $7.6m were over budget by $6.2m, primarily due to:

1. An increase in research project accruals of $1.1m with all planned work activities not realised in part due to the impact of COVID-19.
2. An increase in other payables of $4.2m due to timing of income recognition for grants and industry contributions under AASB 15.
3. An increase in lease liabilities of $0.7m with the implementation of AASB 16.