Contents
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Annual Report 2018-19
- Goals and performance
- Overview
-
Financial statements
- Corporate governance
- Our finances
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Statements
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Notes to the financial statements
- Note 1. About this report
- Note 2. Funding delivery of our services
- Note 3. The cost of delivering services
- Note 4. Administered items
- Note 5. Key assets available to support delivery of services
- Note 6. Other assets and liabilities
- Note 7. Financing our operations
- Note 8. Risks, contingencies and valuation judgements
- Note 9. Other disclosures
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Notes to the financial statements
- Appendices
Annual Report 2018-19
Published 17 October 2019Note 7. Financing our operations
|
This section provides information on the sources of finance utilised by the commission during its operations, along with interest expenses (the cost of borrowings) and other information related to financing activities of the commission. This section includes disclosures of balances that are financial instruments (such as borrowings and cash balances). |
7.1. Reconciliation of net result to cash flow from operating activities 7.2. Commitments for expenditure |
7.1. Reconciliation of net result to cash flow from operating activities
|
|
2019 |
2018 |
|
|
$ |
$ |
|
Net result |
1,660,295 |
290,004 |
|
Non-cash movements |
|
|
|
Depreciation |
35,374 |
187,836 |
|
Loss on disposal of property, plant and equipment |
2,104 |
- |
|
Movements in assets and liabilities |
|
|
|
(Increase)/decrease in receivables |
(1,615,217) |
(943,956) |
|
(Increase)/decrease in prepayments |
77,529 |
(30,214) |
|
Increase/(decrease) in payables |
423,796 |
(189,488) |
|
Increase/(decrease) in provisions |
(403,552) |
719,383 |
|
Net cash flows from operating activities |
180,329 |
33,565 |
7.2. Commitments for expenditure
|
|
2019 |
2018 |
|
|
$ |
$ |
|
Outsourcing commitments |
|
|
|
Information technology services, payable: |
|
|
|
Within one year |
480,858 |
824,328 |
|
Later than one year but not later than five years |
- |
480,858 |
|
Total commitments (inclusive of GST) |
480,858 |
1,305,186 |
|
Less GST recoverable |
43,714 |
118,653 |
|
Total outsourcing commitments (exclusive of GST) |
437,144 |
1,186,533 |
|
Operating lease commitments |
|
|
|
Commitments for minimum lease payments in relation to non-cancellable operating leases, not recognised as liabilities, are payable as follows: |
|
|
|
Within one year |
921,338 |
876,767 |
|
Later than one year but not later than five years |
1,608,881 |
2,338,046 |
|
Total operating lease commitments |
2,530,219 |
3,214,813 |
Commitments for future expenditure include operating and outsourcing commitments arising from contracts. These commitments are disclosed at their nominal value and inclusive of GST payable except for operating lease commitments. In addition, where it is considered appropriate and provides additional relevant information to users, the net present values of significant individual projects are stated. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the balance sheet.