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Statement of Financial Position

as at 30 June 2019

Notes

2019

2018

Original Budget1

$'000

$'000

$'000

ASSETS

Financial assets

Cash and Cash Equivalents

3.1A

289

160

112

Trade and Other Receivables

3.1B

9,913

6,248

7,152

Total Financial Assets

10,202

6,408

7,264

Non-financial assets

Buildings - Leasehold Improvements

3.2A

618

816

837

Plant and Equipment

3.2A

425

461

332

Intangibles - Computer Software

3.2A

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

3.3A

628

494

327

Other Payables

3.3B

1,164

1,265

1,104

Total Payables

1,792

1,759

1,431

Provisions

Employee Provisions

6.1

2,060

1,490

2,799

Other Provisions

3.4A

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.