Statement of Financial Position
as at 30 June 2019
|
Notes |
2019 |
2018 |
Original Budget1 |
|
|---|---|---|---|---|
|
$'000 |
$'000 |
$'000 |
||
|
ASSETS |
||||
|
Financial assets |
||||
|
Cash and Cash Equivalents |
289 |
160 |
112 |
|
|
Trade and Other Receivables |
9,913 |
6,248 |
7,152 |
|
|
Total Financial Assets |
10,202 |
6,408 |
7,264 |
|
|
Non-financial assets |
||||
|
Buildings - Leasehold Improvements |
618 |
816 |
837 |
|
|
Plant and Equipment |
425 |
461 |
332 |
|
|
Intangibles - Computer Software |
998 |
1,684 |
2,178 |
|
|
Other Non-Financial Assets |
302 |
174 |
174 |
|
|
Total Non-Financial Assets |
2,343 |
3,135 |
3,521 |
|
|
Total Assets |
12,545 |
9,543 |
10,785 |
|
|
LIABILITIES |
||||
|
Payables |
||||
|
Suppliers |
628 |
494 |
327 |
|
|
Other Payables |
1,164 |
1,265 |
1,104 |
|
|
Total Payables |
1,792 |
1,759 |
1,431 |
|
|
Provisions |
||||
|
Employee Provisions |
2,060 |
1,490 |
2,799 |
|
|
Other Provisions |
825 |
826 |
722 |
|
|
Total Provisions |
2,885 |
2,316 |
3,521 |
|
|
Total Liabilities |
4,677 |
4,075 |
4,952 |
|
|
Net Assets |
7,868 |
5,468 |
5,833 |
|
|
EQUITY |
||||
|
Contributed equity |
13,060 |
11,414 |
13,060 |
|
|
Reserves |
16 |
- |
- |
|
|
Retained surplus/(Accumulated deficit) |
(5,208) |
(5,946) |
(7,227) |
|
|
Total Equity |
7,868 |
5,468 |
5,833 |
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 Financial Position
|
Affected line items |
Explanations of major variances |
|---|---|
|
Cash and Cash Equivalents |
The increase in cash holdings can be attributable to ticket sales for the TEQSA 2019 conference which was not captured in the original budget. |
|
Trade and Other Receivables |
Trade and other receivables is higher than budget due to the increase in appropriation receivables balance. The appropriation receivables amount reflects the unspent operating and capital funding that is available to TEQSA. |
|
Buildings - Leasehold Improvements |
The net book value of leasehold improvements is below budget as it was anticipated that TEQSA would take on additional office space. Additional accommodation was found during the year, however leasehold improvements were not required to the site. The original budget amount reflects the costs associated with the new lease only. |
|
Plant and Equipment |
The net book value of plant and equipment is greater than budget due to additional purchases and increases to the net book value of assets following the revaluation. |
|
Intangibles - Computer Software |
The net book value of intangible assets is below budget due to the nature, timing and progress of the CRM re-development project. In addition, the impairment review identified a number of intangible assets as obsolete which was disposed during the year. |
|
Other Non-Financial Assets |
Other non-financial assets reflects the prepayments held by TEQSA. Other non-financial assets is above budget due to the timing of payments. |
|
Suppliers |
Supplier payables is greater than budget due to higher than expected IT, legal and system development expenditure. |
|
Employee Provisions |
Employee provisions is below budget due to a revision of the assumptions used in calculating the provision; in particular timing, salary growth rate and unwinding discount applied. |
Visit
https://www.transparency.gov.au/annual-reports/tertiary-education-quality-and-standards-agency/reporting-year/2018-2019-29