as at 30 June 2017
| Notes | 2017 $'000 |
2016 $.000 |
Original Budget $'000 |
|
|---|---|---|---|---|
| ASSETS | ||||
| Financial assets | ||||
| Cash and cash equivalents | 2.1A | 66 | 128 | 59 |
| Trade and other receivables | 2.1B | 4,362 | 4,355 | 5,739 |
| Total financial assets | 4,428 | 4,483 | 5,798 | |
|
Non-financial assets |
||||
| Leasehold improvements | 2.2A | 57 | - | 59 |
| Plant and equipment | 2.2A | 76 | 73 | - |
| Prepayments | 52 | 65 | - | |
| Total non-financial assets | 185 | 138 | 59 | |
| Total assets | 4,613 | 4,620 | 5,857 | |
| LIABILITIES | ||||
| Payables | ||||
| Suppliers | 2.3A | 593 | 588 | - |
| Other payables | 40 | 17 | 1,652 | |
| Total payables | 633 | 605 | 1,652 | |
| Provisions | ||||
| Employee provisions | 4.1A | 355 | 342 | 389 |
| Total provisions | 355 | 342 | 389 | |
| Total liabilities | 988 | 947 | 2,041 | |
| Net assets | 3,625 | 3,673 | 3,816 | |
| EQUITY | ||||
| Contributed equity | 242 | 183 | 242 | |
| Retained surplus/(Accumulated deficit) | 3,383 | 3,490 | 3,574 | |
| Total equity | 3,625 | 3,673 | 3,8 | |
The above statement should be read in conjunction with the accompanying notes.
Budget variances
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.
- Trade and Other Receivables - The 2016-17 budget estimate was created prior to closing the 2015-16 financial year, and did not take into account the implemented efficiencies and reduction in receivables required to complete ASEA's planned projects. The budget was adjusted down in the 2016-17 MYEFO budget round.
- Plant and equipment - No budget initially considered for upgrades to plant and equipment. IT upgrade was undertaken as part of the Department of Employment's initiative to move to a more agile environment.
- Prepayments - Prepayments made to suppliers were not considered in compiling the budget.
- Payables - Suppliers did not have a separate budget line in the 2016-17 PBS. This was changed in the MYEFO budget round. The amount in the budget above included Supplier and Other payables. The total payables variance was due to completion of projects ahead of schedule and the flow on effect from implementing efficiency strategy to bring some services in house, increasing employee costs and lowering shared services and supplier costs.
- Employee Provisions - Recognising employees prior year service from other government agencies for staff who have transferred into ASEA, and a net reduction to Employee Provisions due to the change in 10 year bond rates.
