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Tertiary Education Quality and Standards Agency Annual Report 2018–19

Statement of Comprehensive Income

for the period ended 30 June 2019

	Notes	2019	2018	Original Budget¹
	Notes	$'000	$'000	$'000
NET COST OF SERVICES
Expenses
Employee Benefits Expense	1.1A	8,231	6,894	11,656
Suppliers Expense	1.1B	7,971	7,266	6,512
Depreciation and Amortisation Expense	3.2A	1,075	873	896
Finance Costs		80	12	86
Write-down and Impairment of Other Assets		6	-	-
Losses from asset disposals		236	1	-
Total Expenses		17,599	15,046	19,150
Own-Source Income
Own-source revenue
Rendering of Services		87	123	5
Rental Income	1.2A	266	255	258
Resources received free of charge		46	54	53
Total own-source revenue		399	432	316
Gains
Reversal of write-downs and impairment		-	11	-
Total gains		-	11	-
Total Own-Source Income		399	443	316

Net cost of services		(17,200)	(14,603)	(18,834)
Revenue from Government	1.2B	17,938	14,072	17,938
Surplus/(Deficit) after Tax		738	(531)	(896)
OTHER COMPREHENSIVE INCOME
Changes in asset revaluation surplus		16	-	-
Total other comprehensive income		16	-	-
Total comprehensive income/(loss)		754	(531)	(896)

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

¹Original Budget reflects the figures in the 2018-19 Portfolio Budget Statements (PBS).

Budget Variances Commentary

Statement of Comprehensive Income

Affected line items	Explanations of major variances
Expenses Employee Benefits	Employee benefits expense is lower than budget due to the timing of recruitment activities during the year.
Expenses Suppliers	Supplier expenses is greater than budget due to expenses associated with contractors, experts and IT expenditure. TEQSA engages contractors and experts in application-based activities and to temporarily fill positions due to staff movements and timing of recruitment activities. IT related expenditure has increased due to the CRM re-development project.
Expenses Depreciation and amortisation	The increase can be attributable to the timing of intangible asset rollouts from the prior year, which has resulted in a full year of amortisation being recognised in 2018-19. Additional unplanned purchases of computer and IT equipment during the year has also contributed to depreciation being higher than budget.
Expenses Losses from asset disposals	Losses from asset disposals is greater than budget due to unplanned disposals. A number of items were identified as obsolete as part of the stocktake and impairment review of TEQSA's tangible and intangible assets.

https://www.transparency.gov.au/annual-reports/tertiary-education-quality-and-standards-agency/reporting-year/2018-2019-28