Financial statements

Declaration in the financial statements

The attached financial statements for the Adult, Community and Further Education Board have been prepared in accordance with Direction 5.2 of the Standing Directions of the Assistant Treasurer under the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards including Interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2022 and financial position of the Board at 30 June 2022.

At the time of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 29 September 2022.

Ms Jeanette Nagorcka
Chief Finance Officer
Adult, Community and Further Education Board
29 September 2022

Ms Tonella Costa
Accountable Officer
Adult, Community and Further Education Board
29 September 2022

Ms Maria Peters
Chairperson
Adult, Community and Further Education Board
29 September 2022

Comprehensive operating statement

For the financial year ended 30 June 2022

Notes

30 June
2022
$’000

30 June
2021
$’000

Income from transactions

Grants

2

32,089

31,228

Services received free of charge

2

5,963

5,641

Total income from transactions

38,052

36,869

Expenses from transactions

Grants and transfer payments

3

(29,431)

(25,753)

Operating expenses

4

(2,357)

(1,920)

Services provided free of charge

4

(5,963)

(5,641)

Total expenses from transactions

(37,751)

(33,314)

Net result from transactions (net operating balance)

301

3,555

Other economic flows included in net result

Net gain/(loss) on financial instruments

5

10

122

Total other economic flows included in net result

10

122

Net result

311

3,677

Other economic flows – other comprehensive income

Items that will not be reclassified to net result

Total other economic flows – other comprehensive income

Comprehensive result

311

3,677

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

Balance sheet

As at 30 June 2022

Notes

30 June
2022
$’000

30 June
2021
$’000

Assets

Financial assets

Receivables

6, 9

28,514

25,870

Total financial assets

28,514

25,870

Non-financial assets

Prepayment

319

309

Total non-financial assets

319

309

Total assets

28,833

26,179

Liabilities

Payables

7, 9

5,266

2,923

Total liabilities

5,266

2,923

Net assets

23,567

23,256

Equity

Accumulated surplus/(deficit)

23,567

23,256

Net worth

23,567

23,256

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

Statement of changes in equity

For the financial year ended 30 June 2022

Physical asset revaluation surplus

$’000

Accumulated surplus

$’000

Contributions by owner

$’000

Total

$’000

Balance at 30 June 2020

19,579

19,579

Net result for the year

3,677

3,677

Balance at 30 June 2021

23,256

23,256

Net result for the year

311

311

Balance at 30 June 2022

23,567

23,567

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

Cash flow statement

For the financial year ended 30 June 2022

Notes

30 June 2022
$’000

30 June
2021
$’000

Cash flows from operating activities

Receipts

Receipts from government

29,411

25,007

GST recovered from ATO

2,738

2,446

Total receipts

32,149

27,453

Payments

Payments of grants and other expenses

(32,149)

(27,453)

Total payments

(32,149)

(27,453)

Net cash flows from/(used in) operating activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the financial year

Cash and cash equivalents at the end of the financial year

Notes to and forming part of the financial statements

Updated