as at 30 June 2018
| Notes | 2018 $'000 |
2017 $.000 |
Original Budget $'000 |
|
|---|---|---|---|---|
| ASSETS | ||||
| Financial assets | ||||
| Cash and cash equivalents | 2.1A | 64 | 66 | 128 |
| Trade and other receivables | 2.1B | 4,193 | 4,362 | 4,353 |
| Total financial assets | 4,257 | 4,428 | 4,481 | |
|
Non-financial assets |
||||
| Leasehold improvements | 2.2A | 40 | 57 | - |
| Plant and equipment | 2.2A | 77 | 76 | 134 |
| Prepayments | 64 | 52 | 65 | |
| Total non-financial assets | 181 | 185 | 199 | |
| Total assets | 4,438 | 4,613 | 4,680 | |
| LIABILITIES | ||||
| Payables | ||||
| Suppliers | 2.3A | 503 | 593 | 573 |
| Other payables | 2.3B | 141 | 40 | - |
| Total payables | 644 | 633 | 573 | |
| Provisions | ||||
| Employee provisions | 4.1A | 229 | 355 | 387 |
| Total provisions | 229 | 355 | 387 | |
| Total liabilities | 873 | 988 | 960 | |
| Net assets | 3,565 | 3,625 | 3,720 | |
| EQUITY | ||||
| Contributed equity | 270 | 242 | 302 | |
| Retained surplus/(Accumulated deficit) | 3,287 | 3,383 | 3,418 | |
| Total equity | 3,565 | 3,625 | 3,720 | |
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
Statement of Financial Position for not-for-profit Reporting Entities
Variances are considered to be 'major' when the difference is greater than 10% or more than $50,000 or a lesser amount if pertinent to the understanding of the financial statements.
- Financial assets - The 2017-18 budget estimate was created prior to closing the 2016-17 financial year, at a time when ASEA's projects had not been fully determined. The actual completion of projects during 2017-18 resulted in the reduction in Cash and Trade receivables.
- Non-financial assets - The leasehold improvement and plant and equipment categories are not separated out in the PBS. The variance relates to these items - only minimal purchases of assets required during 2017-18 as most assets were relatively new.
- Payables - Suppliers and other payables were not separated out in the2017-18 PBS. This was changed in the MYEFO budget round. Suppliers in general was less resulting from prompt payment of services provided before year end. The main variance in total payables is "other payables" and relates to $95k in unexpected leave liability for staff leaving and transferring out from the Agency, for which have not been invoiced before the year end, and unexpected prepaid income of $3k. Also included in other payables are normal activities of accruing for 2 days wages and employees expenses, and the annual adjustment of straight lining the fixed lease increase.
Employee Provisions - reduction relates to then net balance of leave taken on termination when staff left the Agency, and corrections to employee leave entitlements for incorrect leave parameters and valuations against actual leave entitlements maintained in the HR leave reports and the end of year adjustment for the short hand method calculation of Leave provisions. Provisions are expected to increase when staff vacancies are filled in the next financial year.
