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The Carrick Institute for Learning and Teaching in Higher Education Ltd Section 3 - Budgeted financial statements

Analysis of budgeted financial statements

The Government has reduced funding to the Carrick Institute by $5.4m in 2007-08.

The proposed reductions in funding have resulted in corresponding proposed reductions in expenditure for each year.

Budgeted financial statements

Budgeted Income Statement

This statement provides a picture of the expected financial results for the agency by identifying full accrual expenses and revenues.  This statement highlights whether the agency is operating at a sustainable level.

Budgeted Balance Sheet

This statement shows the financial position of the agency.  It enables interested parties to track the management of the agency’s assets and liabilities.

Budgeted Statement of Cash Flows

This statement provides information on the extent and nature of cash flows by categorising them into cash flows from operating activities, investing activities and financing activities.

Budgeted Statement of Changes in Equity

This statement shows the expected changes to the components of equity for the 2007‑08 budget year.

Capital Budget Statement

This statement shows all planned capital expenditure on non-financial assets and the sources of funds utilised for this expenditure.

Non-financial Assets – Summary of Movement

This statement shows the expected changes in asset classes for the 2007-08 budget year.

Table 3.1:  Budgeted departmental income statement
(for the period ended 30 June)
  Actual Revised Forward Forward Forward
    budget estimate estimate estimate
  2006-07 2007-08 2008-09 2009-10 2010-11
  $'000 $'000 $'000 $'000 $'000
INCOME          
Revenue          
Revenues from Government   13,451   22,041   27,962   28,493   29,034
Interest    1,443   825   560   285   285
Other    50   -   -   -   -
Total revenue   14,944   22,866   28,522   28,778   29,319
           
Total income   14,944   22,866   28,522   28,778   29,319
           
EXPENSE          
Employees   2,020   2,490   1,114   1,182   1,208
Suppliers   2,375   2,627   1,416   1,402   1,437
Grants   11,821   17,469   25,659   25,887   26,367
Depreciation and amortisation   144   280   333   307   307
Total expenses   16,359   22,866   28,522   28,778   29,319
           
Operating result before Income Tax   (1,415)   -   -   -   -
Income Tax expense   -   -   -   -   -
Net operating result   (1,415)   -   -   -   -
           
Net surplus or (deficit) attributable           
to the Australian Government   (1,415)   -   -   -   -
Table 3.2:  Budgeted departmental balance sheet (as at 30 June)
  Actual Revised Forward Forward Forward
    budget estimate estimate estimate
  2006-07 2007-08 2008-09 2009-10 2010-11
  $'000 $'000 $'000 $'000 $'000
ASSETS          
Financial assets          
Cash and cash equivalents   23,732   24,367   24,740   25,085   25,390
Receivables   153   53   -   -   -
Tax assets   435   284   286   289   289
Other financial assets   20   20   -   -   -
Total financial assets   24,340   24,671   25,026   25,374   25,679
           
Non-financial assets          
Infrastructure, plant and equipment   777   679   721   489   257
Intangibles   70   206   207   134   61
Total non-financial assets   847   938   928   623   318
Total assets   25,187   25,609   25,954   25,997   25,997
           
LIABILITIES          
Payables          
Suppliers   111   116   229   231   231
Grants   1,165   1,573   1,912   1,953   1,953
Tax liabilities   59   72   -   -   -
Other payables   12   -   -   -   -
Total payables   1,347   1,761   2,141   2,184   2,184
           
Interest bearing liabilities          
Other interest bearing liabilities   20   20   -   -   -
Total interest bearing liabilities   20   20   -   -   -
           
Provisions          
Employees   39   47   32   32   32
Total provisions   39   47   32   32   32
           
Total liabilities   1,406   1,828   2,173   2,216   2,216
           
EQUITY*          
Parent entity interest          
Retained surpluses or           
accumulated deficits   23,781   23,781   23,781   23,781   23,781
Total parent entity interest   23,781   23,781   23,781   23,781   23,781
           
Total equity   23,781   23,781   23,781   23,781   23,781
           
Current assets   24,340   24,671   25,026   25,374   25,679
Non-current assets   847   938   928   623   318
Current liabilities   1,406   1,828   2,173   2,216   2,216
Non-current liabilities   -   -   -   -   -
*Note: 'equity' is the residual interest in assets after deduction of liabilities.
Table 3.3:  Budgeted departmental statement of cash flows
(for the period ended 30 June)
  Actual Revised Forward Forward Forward
    budget estimate estimate estimate
  2006-07 2007-08 2008-09 2009-10 2010-11
  $'000 $'000 $'000 $'000 $'000
OPERATING ACTIVITIES          
Cash received          
Interest   1,381   979   560   285   285
Other cash received   27,959   24,245   27,960   28,490   29,034
Total cash received   29,340   25,224   28,520   28,775   29,319
           
Cash used          
Employees   2,007   2,503   1,114   1,182   1,208
Suppliers   2,813   2,626   1,414   1,400   1,437
Grants   12,116   18,860   25,617   25,846   26,367
Financing Costs   -   -   2   2   2
Net GST paid   1,255   251   -   -   -
Total cash used   18,191   24,240   28,147   28,430   29,014
Net cash from or (used by)          
operating activities   11,149   984   373   345   305
           
INVESTING ACTIVITIES          
           
Cash used          
Purchase of property, plant           
and equipment   526   349   -   -   -
Total cash used   526   349   -   -   -
Net cash from or (used by)           
investing activities   (526)   (349)   -   -   -
           
Net increase or (decrease)          
in cash held   10,623   635   373   345   305
Cash at the beginning of           
the reporting period   13,109   23,732   24,367   24,740   25,085
Cash at the end of the           
reporting period   23,732   24,367   24,740   25,085   25,390
Table 3.4:  Departmental statement of changes in equity — summary of movement (Budget year 2007‑08)
  Accumulated Asset Other Contributed Total
  results revaluation reserves equity/ equity
    reserve   capital  
  $'000 $'000 $'000 $'000 $'000
Opening balance as at 1 July 2007          
Balance carried forward from          
previous period   23,781   -   -   -   23,781
Adjusted opening balance   23,781   -   -   -   23,781
           
Income and expense          
Income and expenses recognised          
directly in equity:   -   -   -   -   -
Sub-total income and expense          
recognised directly in equity   -   -   -   -   -
           
Net operating result   -   -   -   -   -
           
Total income and expenses   -   -   -   -   -
           
Transactions with owners          
Distributions to owners          
Returns on capital          
Returns of capital          
Contribution by owners          
Appropriation (equity injection)          
Sub-total transactions with owners   -   -   -   -   -
           
Transfers between equity          
components   -   -   -   -   -
Estimated closing balance          
as at 30 June 2008   23,781   -   -   -   23,781
Table 3.5:  Departmental capital budget statement
  Actual Revised Forward Forward Forward
    budget estimate estimate estimate
  2006-07 2007-08 2008-09 2009-10 2010-11
  $'000 $'000 $'000 $'000 $'000
CAPITAL APPROPRIATIONS          
Total equity injections   -   -   -   -   -
Total capital appropriations   -   -   -   -   -
           
Represented by:          
Other   -   -   -   -   -
Total represented by   -   -   -   -   -
           
PURCHASE OF NON-FINANCIAL          
 ASSETS          
Funded by capital appropriation   -   -   -   -   -
Funded internally by           
Departmental resources   478   318   -   -   -
Total   478   318   -   -   -
Table 3.6:  Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2007‑08)
  Land Buildings Other Computer Total
      infrastructure software  
      plant and    
      equipment    
  $'000 $'000 $'000 $'000 $'000
As at 1 July 2007          
Gross book value   -   -   937   70   1,007
Accumulated depreciation   -   -   (160)   -   (160)
Opening net book value   -   -   777   70   847
           
Additions:          
by purchase   -   -   135   183   318
by finance lease   -   -   -   -   -
internally developed   -   -   -   -   -
           
Depreciation/amortisation expense   -   -   (233)   (47)   (280)
           
Disposals:          
from disposal of entities or           
operations (including restructuring)   -   -   -   -   -
other disposals   -   -       -
           
As at 30 June 2008          
Gross book value   -   -   1,072   253   1,325
Accumulated depreciation   -   -   (393)   (47)   (440)
Closing net book value   -   -   679   206   885

Table 3.7:  Schedule of budgeted income and expenses administered on behalf of government (for the period ended 30 June)

The Carrick Institute has no budgeted administered income and expenses.

Table 3.8:  Schedule of budgeted assets and liabilities administered on behalf of government (as at 30 June)

The Carrick Institute has no budgeted administered assets and liabilities.

Table 3.9:  Schedule of budgeted administered cash flows
(for the period ended 30 June)

The Carrick Institute has no budgeted administered cash flows.

Table 3.10:  Schedule of administered capital budget

The Carrick Institute has no administered capital budget.

Table 3.11:  Schedule of administered property, plant, equipment and intangibles — summary of movement (Budget year 2007‑08)

The Carrick Institute has no administered property, plant, equipment or intangibles.

Notes to the financial statements

The budgeted financial statements for the  Institute are prepared for the current year, 2007-08, and three forward years. The 2006-07 actual figures are reproduced from the audited 2006-07 financial statements of the Institute.  The accounting policies used in preparing these financial statements are consistent with those used in the 2006‑07 Annual Report.