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Primary financial statements

Statement of Comprehensive Income

for the period ended 30 June 2020

2020

2019

Notes

$

$

NET COST OF SERVICES

Expenses

Employee benefits

1.1A

1,945,421

1,659,285

Suppliers

1.1B

5,637,300

3,465,932

Depreciation and amortisation

2.2A

338,857

265,864

Finance costs

1.1C

8,147

-

Write-down and impairment of assets

1.1D

134,693

40,310

Total expenses

8,064,418

5,431,391

Own-source income

Own-source revenue

Revenue from contracts with customers

1.2A

-

17,116

Fees

1.2B

13,645

364

Interest

1.2C

4,479

8,433

Other revenue

1.2D

6,238

-

Total own-source revenue

24,362

25,913

Gains

Gains from sale of assets

1.2E

11,011

5,819

Total gains

11,011

5,819

Total own-source income

35,373

31,732

Net cost of services

(8,029,045)

(5,399,659)

Revenue from government

1.2F

10,515,029

7,212,747

Surplus on continuing operations

2,485,984

1,813,088

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

(45,368)

94,354

Total other comprehensive (loss)/income

(45,368)

94,354

Total Comprehensive income

2,440,616

1,907,442

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

Statement of Financial Position

as at 30 June 2020

2020

2019

Notes

$

$

ASSETS

Financial assets

Cash and cash equivalents

2.1A

4,163,535

2,388,976

Trade and other receivables

2.1B

9,227

-

Total financial assets

4,172,762

2,388,976

Non-financial assets1

Land

2.2A

64,711

-

Marine Ranger Boats

2.2A

328,594

148,000

Buildings

2.2A

1,620,100

1,693,000

Motor Vehicles

2.2A

389,927

387,000

Plant and equipment

2.2A

256,597

220,000

Leasehold Improvements

2.2A

769,427

650,000

Other non-financial assets

2.2B

-

6,091

Total non-financial assets

3,429,356

3,104,091

Total assets

7,602,118

5,493,067

LIABILITIES

Payables

Suppliers

2.3A

78,046

56,092

Other payables

2.3B

145,851

577,631

Total payables

223,897

633,723

Interest bearing liabilities

Leases

2.4A

89,070

-

Total interest bearing liabilities

89,070

-

Provisions

Employee provisions

3.1A

145,226

156,035

Total provisions

145,226

156,035

Total liabilities

458,193

789,758

Net assets

7,143,925

4,703,309

EQUITY

Asset Revaluation Reserve

204,115

250,180

Retained surplus

6,939,810

4,453,129

Total equity

7,143,925

4,703,309

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

1. Right-of-use assets are included in the following line items Land and Plant and Equipment

Statement of Changes in Equity

for the period ended 30 June 2020

2020

2019

Notes

$

$

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

4,453,129

2,640,041

Comprehensive income

Surplus for the period

2,485,984

1,813,088

Total comprehensive income

2,485,984

1,813,088

Transfers between equity components

697

-

Closing balance as at 30 June

6,939,810

4,453,129

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

250,180

155,826

Comprehensive income

Revaluation adjustment for the period

(45,368)

94,354

Transfers between equity components

(697)

-

Closing balance as at 30 June

204,115

250,180

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

4,703,309

2,795,867

Comprehensive income

Surplus for the period

2,485,984

1,813,088

Other comprehensive (loss)/income

(45,368)

94,354

Total comprehensive income

2,440,616

1,907,442

Closing balance as at 30 June

7,143,925

4,703,309

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

Cash Flow Statement

for the period ended 30 June 2020

2020

2019

Notes

$

$

OPERATING ACTIVITIES

Cash received

Receipts from Government

10,454,419

7,058,096

Rendering of services

15,116

21,630

Interest

4,479

8,434

GST received

97,544

49,524

Other

-

3,845

Total cash received

10,571,558

7,141,529

Cash used

Employees

1,840,290

1,761,815

Suppliers

1,295,886

1,803,605

Borrowing costs

6,908

-

Interest payments on lease liabilities

1,239

-

Fringe benefits tax paid

17,168

8,959

Grants

4,885,315

2,270,757

Other

-

6,225

Total cash used

8,046,806

5,851,361

Net cash from operating activities

2,524,752

1,290,168

INVESTING ACTIVITIES

Cash received

Proceeds from sales of property, plant and equipment

1.2E

15,000

48,182

Total cash received

15,000

48,182

Cash used

Purchase of property, plant and equipment

2.2A

752,448

959,644

Total cash used

752,448

959,644

Net cash used by investing activities

(737,448)

(911,462)

FINANCING ACTIVITIES

-

-

Cash used

Principal payments of lease liabilities

12,745

-

Total cash used

12,745

-

Net cash used by financing activities

(12,745)

-

Net increase in cash held

1,774,559

378,706

Cash and cash equivalents at the beginning of the reporting period

2,388,976

2,010,270

Cash and cash equivalents at the end of the reporting period

2.1A

4,163,535

2,388,976

The 2019 comparative disclosures have been restated with GST received now stated as $49,524 (2019 financial statements: $561,577) and GST paid now stated as nil (2019 financial statements: $512,053). The restatement of comparative figures is due to incorrect grossing up of the GST in the prior year. This restatement does not have any impact on the reported loss or net equity in the prior year.

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