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Cash Flow Statement

for the period ended 30 June 2019

Notes

2019

2018

Original Budget1

$'000

$'000

$'000

OPERATING ACTIVITIES

Cash received

Appropriations

16,855

14,976

16,795

Rendering of services

317

358

263

GST received

687

708

313

Other

204

-

51

Total Cash Received

18,063

16,042

17,422

Cash used

Employees

7,639

6,689

10,239

Suppliers

8,967

8,186

6,599

GST paid

1

-

283

Other - section 74 receipts transferred to OPA

1,360

1,174

396

Total cash Used

17,967

16,049

17,517

Net cash from/(used by) operating activities

96

(7)

(95)

INVESTING ACTIVITIES

Cash used

Purchase of plant and equipment and intangibles

378

863

1,551

Total cash Used

378

863

1,551

Net cash (used by) investing activities

(378)

(863)

(1,551)

FINANCING ACTIVITIES

Cash received

Other - contributed equity

411

918

1,646

Total cash Received

411

918

1,646

Net cash from financing activities

411

918

1,646

Net increase in cash held

129

48

-

Cash and cash equivalents at the beginning of the reporting period

160

112

112

Cash and cash equivalents at the end of the reporting period

3.1A

289

160

112

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

Cash Flow Statement

Affected line items

Explanations of major variances

Operating activities

GST received

GST received is higher than budget due to increase in supplier expenses, which has resulted in TEQSA paying more GST during the financial year.

Operating activities

Other (cash received)

Cash received is higher than budget due to ticket sales for the TEQSA 2019 conference which was not captured in the original budget. Other miscellaneous cash receipts received during the year include: 2018 TEQSA conference recoveries and per diem fees received for TEQSA staff speaking at external conferences.

Operating activities

Employees

Cash used for employees is lower than budget due to the timing of recruitment. This is reflected in the lower than expected employee benefits expense for the financial year.

Operating activities

Suppliers

Cash paid to suppliers has exceed budget due to the higher than anticipated utilisation of contractors, experts and IT related expenditure. This is reflected in the increase in supplier expenses for the financial year.

Operating activities

GST paid

GST paid is lower than budget as TEQSA does not charge GST on rental income as the leasee is a related entity. Majority of TEQSA's miscellaneous receipts do not attract GST.

Operating activities

Other - section 74 receipts transferred to

OPA

Section 74 receipts is higher than budget due to increase in miscellaneous receipts during the year.

Investing activities

Purchase of property, plant and equipment and intangibles

Cash used for asset purchases was lower than budget due to the timing of acquisitions and project phases for intangible assets. Capital expenditure associated with the additional accommodation was not required.

Financing activities

Other - contributed equity

Cash received is lower than budget due to the timing of acquisitions, project phases and payments for intangible assets.