Financial statements

Financial performance for 2018–19
including audited financial statements

Financial statements

The AEC’s 2018–19 financial results were influenced by expenditure on six by-elections and the delivery of the 2019 federal election. The Australian National Audit Office has issued an unqualified audit opinion for the AEC’s 2018–19 financial statements.

The AEC’s financial reporting consists of a financial performance summary, together with the financial statements and supporting notes. The financial performance summary is a snapshot of the AEC’s deficit, surplus, balance sheet and net asset information.

The financial statements consist of the auditor’s report, the Electoral Commissioner and Chief Finance Officer statement, and various financial statements and administered schedules. Further information on the financial performance of the AEC is provided in the notes section.

Financial performance summary

The 2018–19 financial result was influenced by expenditure on six by-elections and the delivery of the 2019 federal election

The AEC’s 2018–19 financial results highlight the ongoing challenge of the AEC’s funding model as an operating loss has been incurred at year end. The AEC’s operating loss was $19.5 million ($7.1 million net of depreciation) compared to an operating surplus of $6.5 million in 2017–18. The 2018–19 result was influenced by expenditure on six by-elections and the delivery of the 2019 federal election. Importantly, funding for the six by-elections of $11.7 million has been appropriated in the 2019–20 financial year.

The statement of financial position at 30 June 2019 shows total assets of $211.0 million and total liabilities of $101.6 million for a net asset position of $109.4 million. Total assets have increased from the previous year mainly as a result of an increase in appropriation receivables and GST receivable. This is a result of the timing of the 2019 federal election and the payment of associated invoices. Total liabilities have also increased from the previous year mainly due to an increase in suppliers payable. This again, is the result of the timing of the 2019 federal election and the receipt/payment of associated invoices. Appropriations will be drawn-down in early 2019–20 to pay these suppliers reducing both appropriations receivable and suppliers payable.

The Australian National Audit Office has issued an unqualified audit opinion for the AEC’s 2018–19 financial statements.

No significant issues of non-compliance in relation to finance law were reported to the Minister for Finance in 2018–19. This included any failure to comply with the duties of accountable authorities (section 15–19 of the PGPA Act), significant fraudulent activity and other serious breaches (section 25–29 of the PGPA Act).

The AEC’s current funding model presents an ongoing challenge and poses significant risk in managing the increasing complexity of federal elections/by-elections and the ongoing growth in the size of the electoral roll. During 2018–19 the AEC successfully secured additional funding to conduct the six by-elections, however, supplementation will not be received until 2019–20, resulting in an operating loss. Funding received between elections for ongoing operations is also insufficient and restricts the AEC’s ability to provide long-term election system sustainability or ongoing innovation. The AEC has commenced work with the Department of Finance on an overarching funding review. This review is expected to be completed in 2019–20.

List of financial statements

Certification

Primary financial statements

Statement of comprehensive income for the period ended 30 June 2019
Notes 2019
$'000
2018
$'000
Original Budget
$'000

NET COST OF SERVICES

Expenses

Employee benefits

3.1

177,821

86,679

178,239

Suppliers

4.1A

245,267

75,987

233,391

Depreciation and amortisation

2.3A

12,367

9,500

8,736

Finance costs

2.4B

52

85

Impairment loss allowance on financial instruments

4.1B

17

(6)

Losses from asset disposals

2.3A

233

315

Total expenses

435,705

172,527

420,451

Own-Source Income

Own-source revenue

Sale of goods and rendering of services

1.2A

12,291

17,285

11,038

Other revenue

1.2B

249

273

Total own-source revenue

12,540

17,558

11,038

Gains

Other gains

1.2C

79

47

85

Total gains

79

47

85

Total own-source income

12,619

17,605

11,123

Net (cost of) services

(423,086)

(154,922)

(409,328)

Revenue from Government

Revenue from Government

1.1A

402,511

161,198

400,592

(Deficit) / Surplus on continuing operations

(20,575)

6,276

(8,736)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

1,089

178

Total other comprehensive income

1,089

178

Total comprehensive (loss) / income

1.4

(19,486)

6,454

(8,736)

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

BUDGET VARIANCES COMMENTARY
Statement of comprehensive income

The AEC’s expenses were higher than anticipated due to the conduct of six by-elections and additional depreciation for election related finance lease assets. These additional expenses have resulted in the AEC incurring a higher than expected operating loss.

The AEC’s ongoing annual funding model does not support the delivery of by-elections due to their unpredictable nature. As a result it is normal business for the AEC to seek departmental funding supplementation each time a by-election is delivered. The AEC has secured departmental funding supplementation of $11.7m through its 2019–20 appropriations to cover the costs of the six by-elections.

Depreciation and amortisation costs are higher than expected as additional assets were purchased under finance lease to deliver the 2019 federal election.

Revenue from government is slightly higher than anticipated as additional funding was provided to deliver improvements to the nominations process.

Statement of financial position as at 30 June 2019
Notes 2019
$’000
2018
$’000
Original Budget
$’000

ASSETS

Financial assets

Cash and cash equivalents

2.1A

2,402

1,715

4,220

Receivables for goods and services

2.1A

1,583

896

1,687

Appropriations receivable

2.2A

159,027

117,564

83,179

Other receivables

2.2B

8,446

963

675

Total financial assets

171,458

121,138

89,761

Non-financial assets

Leasehold improvements

2.3A

8,834

6,757

8,999

Plant and equipment

2.3A

5,675

7,273

11,505

Computer software

2.3A

17,865

8,477

24,505

Intellectual property

2.3A

1,600

1,663

Inventories

2.3B

1,699

5,104

3,909

Other non-financial assets

2.3C

3,898

2,773

3,135

Total non-financial assets

39,571

32,047

52,053

Total assets

211,029

153,185

141,814

LIABILITIES

Payables

Suppliers

2.1A

71,254

9,894

5,875

Other payables

2.4A

3,533

3,908

6,154

Total payables

74,787

13,802

12,029

Provisions

Employee provisions

3.2

21,029

22,251

25,563

Other provisions

2.4B

5,775

1,780

1,570

Total provisions

26,804

24,031

27,133

Total liabilities

101,591

37,833

39,162

Net assets

109,438

115,352

102,652

EQUITY

Contributed equity

96,315

82,743

96,315

Asset revaluation surplus

23,941

22,852

22,674

Retained earnings

(10,818)

9,757

(16,337)

Total equity

109,438

115,352

102,652

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

BUDGET VARIANCES COMMENTARY
Statement of financial position

Total assets are significantly higher than expected due mainly to a higher than anticipated balance in appropriations receivable and other receivables. This is partially offset by lower cash and non-financial assets. Appropriations receivable are significantly higher than anticipated due to the timing of the federal election and payment of associated invoices. Other receivables, represented by GST receivable, is higher than expected as the majority of the AEC’s expenditure has been incurred in May and June 2019 for the federal election and GST refunds have not yet been received. Cash is lower than expected as additional funds have been used to purchase assets, while non-financial assets are lower than expected due to the roll over of capital projects that were put on hold during the federal election.

Total liabilities are significantly higher than expected due to a significantly higher balance in suppliers payable. This is due to the timing of the federal election and receipt/payment of associated invoices.

Statement of changes in equity for the period ended 30 June 2019
2019
$’000
2018
$’000
Original Budget
$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

82,743

60,373

82,743

Adjusted opening balance

82,743

60,373

82,743

Transactions with owners

Contributions by owners

Departmental Capital Budget

13,572

22,370

13,572

Total transactions with owners

13,572

22,370

13,572

Closing balance as at 30 June

96,315

82,743

96,315

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

9,757

3,614

(7,601)

Adjustment to opening balance

(133)

Adjusted opening balance

9,757

3,481

(7,601)

Comprehensive income

(Deficit) / surplus for the period

(20,575)

6,276

(8,736)

Total comprehensive income

(20,575)

6,276

(8,736)

Closing balance as at 30 June

(10,818)

9,757

(16,337)

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

22,852

22,674

22,674

Adjusted opening balance

22,852

22,674

22,674

Comprehensive income

Other comprehensive income

1,089

178

Total comprehensive income

1,089

178

Closing balance as at 30 June

23,941

22,852

22,674

Total EQUITY

Opening balance

Balance carried forward from previous period

115,352

86,661

97,816

Adjustment to opening balance

(133)

Adjusted opening balance

115,352

86,528

97,816

Comprehensive income

(Deficit) / surplus for the period

(20,575)

6,276

(8,736)

Other comprehensive income

1,089

178

Total comprehensive income

(19,486)

6,454

(8,736)

Transactions with owners

Contributions by owners

Departmental Capital Budget

13,572

22,370

13,572

Total transactions with owners

13,572

22,370

13,572

Closing balance as at 30 June

109,438

115,352

102,652

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

ACCOUNTING POLICY
Contributions by owners

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

BUDGET VARIANCES COMMENTARY
Statement of changes in equity

The AEC incurred a higher than anticipated equity position as it is still carrying additional Departmental Capital Budget received in previous years for capital projects that were put on hold during the federal election.

Cash flow statement for the period ended 30 June 2019
Notes 2019
$’000
2018
$’000
Original Budget
$’000

OPERATING ACTIVITIES

Cash received

Appropriations

360,001

144,757

400,592

Sales of goods and rendering of services

13,256

19,316

11,038

Net GST received

10,956

5,849

Total cash received

384,213

169,922

411,630

Cash used

Employees

178,873

86,859

178,239

Suppliers

181,855

86,966

233,391

Section 74 receipts transferred to the OPA

20,553

Total cash used

381,281

173,825

411,630

Net cash from / (used by) operating activities

2,932

(3,903)

INVESTING ACTIVITIES

Cash used

Purchase of property, plant and equipment

16,864

3,028

13,572

Total cash used

16,864

3,028

13,572

Net cash (used by) investing activities

(16,864)

(3,028)

(13,572)

FINANCING ACTIVITIES

Cash received

Contributed equity

13,572

Departmental Capital Budget

14,619

4,426

Total cash received

14,619

4,426

13,572

Net cash from financing activities

14,619

4,426

13,572

Net increase / (decrease) in cash held

687

(2,505)

Cash and cash equivalents at the beginning
of the reporting period

1,715

4,220

4,220

Cash and cash equivalents at the end of the reporting period

2.1A

2,402

1,715

4,220

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

BUDGET VARIANCES COMMENTARY
Cash flow statement

Total cash received and used during the financial year was lower than anticipated as a result of the timing of the federal election and the associated receipt/payment of invoices. This is supported by the higher than expected Suppliers Payable balance on the Statement of Financial Position. This cash will be drawn-down from appropriations and used early in the 2019–20 financial year to pay suppliers.

Cash used to purchase property, plant and equipment and cash received from Departmental Capital Budget are both higher than expected as the purchase of additional assets required using previous years departmental capital funding held in reserves.

Administered schedules

Administered schedule of comprehensive income for the period ended 30 June 2019
Notes 2019
$’000
2018
$’000
Original Budget
$’000

NET COST OF SERVICES

EXPENSES

Other expenses

5.1A

79,502

618

76,000

Total expenses

79,502

618

76,000

INCOME

Revenue

Non-taxation revenue

Electoral fines/penalties

5.2A

1,026

269

2,000

Other

5.2A

27

6

Total non-taxation revenue

1,053

275

2,000

Total revenue

1,053

275

2,000

Net contribution by services

(78,449)

(343)

(74,000)

(Deficit) / Surplus

(78,449)

(343)

(74,000)

This schedule should be read in conjunction with the accompanying notes.

BUDGET VARIANCES COMMENTARY
Schedule of comprehensive income

Administered expenses are higher than expected as a result of increased enrolment and voter turnout.

Administered revenue is lower than anticipated due to the timing of the federal election. Electoral fines for non-voters will occur during the 2019–20 financial year.

Administered schedule of assets and liabilities as at 30 June 2019
Notes 2019
$’000
2018
$’000
Original Budget
$’000

ASSETS

Financial assets

Cash and cash equivalents

5.3A

2

3,560

Total financial assets

2

3,560

Total assets administered on behalf of Government

2

3,560

LIABILITIES

Payables

Suppliers

5.3B

24,706

Total payables

24,706

Total liabilities administered on behalf of Government

24,706

Net assets

(24,704)

3,560

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

BUDGET VARIANCES COMMENTARY
Schedule of assets and liabilities

Administered liabilities are higher than expected due to the timing of the federal election as well as changes to the Political Party funding claims process. The new process allows Political Parties to claim funding over of a period of six months post an electoral event.

Administered reconciliation schedule
2019
$’000
2018
$’000

Opening assets less liabilities as at 1 July

2,273

Net cost of/(contribution by) services:

Income

1,053

275

Expenses

(79,502)

(618)

Transfers (to)/from the Australian Government:

Appropriation transfers from Official Public Account

Special appropriations (limited)

55,077

631

Appropriation transfers to OPA

Transfers to OPA

(1,332)

(2,561)

Closing assets less liabilities as at 30 June

(24,704)

This schedule should be read in conjunction with the accompanying notes.

ACCOUNTING POLICY
Administered cash transfers to and from the Official Public Account

Revenue collected by the AEC for use by the government rather than the AEC is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of government. These transfers to and from the OPA are adjustments to the administered cash held by the entity on behalf of the government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.

Administered cash flow statement for the period ended 30 June 2019
Notes 2019
$’000
2018
$’000

OPERATING ACTIVITIES

Cash received

Electoral fines/penalties

1,026

269

Other

27

6

Total cash received

1,053

275

Cash used

Political parties/candidates

54,787

618

Refund of electoral fines/penalties

9

Total cash used

54,796

618

Net cash flows (used by) operating activities

(53,743)

(343)

Cash from Official Public Account

Appropriations

55,077

631

Total cash from official public account

55,077

631

Cash to Official Public Account

Appropriations

(1,332)

(2,561)

Total cash to official public account

(1,332)

(2,561)

Cash and cash equivalents at the beginning of the reporting period

2,273

Cash and cash equivalents at the end of the reporting period

5.3A

2

(0)

This schedule should be read in conjunction with the accompanying notes.

Overview

Basis of preparation

The financial statements are general purpose financial statements and are required by section 42 of the Public Governance, Performance and Accountability Act 2013.

The financial statements have been prepared in accordance with:

  1. Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR)
  2. Australian Accounting Standards and Interpretations—Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position. The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.

New accounting standards

All new/revised/amending standards and/or interpretations were issued by the Australian Accounting Standards Board prior to the signing of the statement by the accountable authority and chief finance officer and are applicable to the current reporting period did not have a material effect on the entity's financial statements.

Future Australian Accounting Standard Requirements

The following new/revised/amending standards and/or interpretations were issued by the Australian Accounting Standards Board prior to the signing of the statement by the accountable authority and chief finance officer, which are expected to have an impact on the entity’s financial statements for future reporting period(s):

Accounting Standards Effective date1 Nature of impending change/s in accounting policy and likely impact on initial application Possible impact

AASB 15 Revenue from Contracts with Customers

Reporting periods beginning on or after 1 Jan 2019

AASB 15 contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognised. AEC will first apply AASB 15 in the 2019–20 financial reporting period. The likely quantitative impact on initial application is nil.

Minimal – Moderate

AASB 16 Leases

Reporting periods beginning on or after 1 Jan 2019

AASB 16 removes the classification of leases as either operating leases or finance leases—for the lessee—and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligations to make lease payments.

AASB 16 requires enhanced disclosures for both lessees and lessors to improve information disclosed about an entity’s exposure to leases.

AEC will first apply AASB 16 in the 2019–20 financial reporting period. As outlined by the Department of Finance, AEC will transition to AASB 16 using the cumulative catch up approach which will not require a restatement of comparative figures.
A preliminary assessment of the transition to AASB 16 indicates that the AEC will have an increase to assets and liabilities in the Statement of Financial Position. Further assessment will be undertaken in 2019–20 to finalise this result.

Moderate – High

AASB 1058 Income of Not-for-Profit Entities

Reporting periods beginning on or after 1 Jan 2019

AASB 1058 replaces the income recognition requirements relating to private sector not-for-profit (NFP) entities, as well as the majority of income recognition requirements relating to public sector NFP entities previously reflected in AASB 1004 Contributions. AEC will first apply AASB 1058 in the 2019–20 financial reporting period. The likely quantitative impact on initial application is nil.

Minimal – Moderate

  1. The entity’s expected initial application date is when the accounting standard becomes operative at the beginning of the entity’s reporting period.

All other new/revised/amending standards and/or interpretations that were issued prior to the sign-off date and are applicable to future reporting period(s) are not expected to have a future material impact on the entity’s financial statements.

Accounting judgements and estimates

No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to the carrying amounts of any assets or liabilities within the next reporting period.

Taxation

The AEC is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).

REPORTING OF ADMINISTERED ACTIVITIES

Administered revenues, expenses, assets, liabilities and cash flows are disclosed in the administered schedules and related notes.

Except where otherwise stated, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.

In accordance with the FRR Special Account, balances that are held in trust are disclosed as a footnote to the special account notes, not included in AEC’s financial position, and not included in any statements or notes required by AASB 7 Financial Instruments: Disclosures or AASB 9 Financial Instruments.

Events after the reporting period

Departmental

There are no events after the reporting date that will materially affect the financial statements.

ADMINISTERED

There are no events after the reporting date that will materially affect the financial statements.

Notes to the Financial Statements

1. Funding

This section identifies the AEC’s funding structure and the funds available to the AEC.

1.1 Revenue from Government

ACCOUNTING POLICY
Revenue from Government

Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the AEC gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.

1.1A: Revenue from Government
Notes 2019
$’000
2018
$’000

Appropriations

Departmental appropriation – operating

1.1B

387,611

146,298

Departmental Special Appropriations

1.1D

14,900

14,900

Total Revenue from Government

402,511

161,198

1.1B: Annual Appropriations ("recoverable GST exclusive")
  Notes 2019
$’000
2018
$’000

Ordinary annual services

Annual appropriation

Operating

Operating

387,611

146,298

Section 74 receipts of PGPA Act

20,553

18,043

Total operating appropriation

408,164

164,341

Capital Budget

13,572

22,370

Total

421,736

186,711

Appropriation applied

Operating1

(365,654)

(147,900)

Capital

Departmental Capital Budget

(14,619)

(4,426)

Total capital appropriation applied

(14,619)

(4,426)

Total appropriation applied

(380,273)

(152,326)

Variance2

 

41,463

34,385

  1. Operating appropriation applied includes the utilisation of existing cash of $11.7m to support the six by-elections held in 2018-19. This is subject to departmental funding supplementation in the 2019-20 financial year.
  2. The variance relates to the timing of the federal election and associated receipt/payment of invoices. This will be drawn-down early in the 2019–20 financial year to pay supplier liabilities.
1.1C: Unspent annual appropriations recoverable GST exclusive
2019
$’000
2018
$’000

Departmental

Cash and cash equivalents

Appropriation Act 1 – 2018–19 – Cash

2,402

Appropriation Act 1 – 2017–18 – Cash

1,715

Total Cash and cash equivalents

2,402

1,715

Appropriations receivable

Appropriation Act 1 – 2018–19

133,180

Appropriation Act 3 – 2018–19

1,919

Appropriation Act 1 – 2018–19 – Departmental Capital Budget

13,572

Appropriation Act 1 – 2017–181

4,000

70,416

Appropriation Act 3 – 2017–18

23,142

Appropriation Act 1 – 2017–18 – Departmental Capital Budget

9,389

Appropriation Act 3 – 2017–18 – Departmental Capital Budget

6,356

11,586

Appropriation Act 1 – 2016–17

3,031

Total appropriations receivable

159,027

117,564

Total departmental

161,429

119,279

  1. Includes $4m of appropriations that are quarantined and unavailable for AEC use.
1.1D: Special appropriations recoverable GST exclusive
Authority Appropriation applied
2019
$’000
2018
$’000

Commonwealth Electoral Act 1918 (Departmental)

14,900

14,900

Commonwealth Electoral Act 1918 (Administered)

55,077

730

Total special appropriations applied

69,977

15,630

No entities spent money from the Consolidated Revenue Fund on behalf of the AEC.

1.2 Own-source revenue and gains

1.2A: Sale of goods and rendering of services
2019
$’000
2018
$’000

Sale of goods1

9,873

9,950

Rendering of services

2,418

7,335

Total sale of goods and rendering of services

12,291

17,285

  1. Sale of goods represents revenue received from state governments for the management of the electoral roll.
ACCOUNTING POLICY

Revenue from the sale of goods is recognised when:

  1. the risks and rewards of ownership have been transferred to the buyer; and
  2. the AEC retains no managerial involvement or effective control over the goods.

The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date compared with the estimated total costs of the transaction.

Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

1.2B: Other revenue
2019
$’000
2018
$’000

Other

98

90

Resources received free of charge

Remuneration of auditors

88

85

Other

63

98

Total other revenue

249

273

ACCOUNTING POLICY
Resources received free of charge

Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.

1.2C: Gains
2019
$’000
2018
$’000

Makegood gains

79

46

Gains from sale of assets

1

Total gains

79

47

1.3 Special accounts

  2019
$’000
2018
$’000

Services for other Entities and Trust Monies (SOETM)

Balance brought forward from previous period

1,328

1,285

Increases

3,483

55

Total increases

3,483

55

Available for payments

4,811

1,340

Decreases

Administered

538

12

Total Administered

538

12

Total decreases

538

12

Total balance carried to the next period

4,273

1,328

Balance represented by:

Cash held in AEC bank accounts

Cash held in the Official Public Account

4,273

1,328

  1. Appropriation: Public Governance, Performance and Accountability Act 2013 section 80. Establishing Instrument: Financial Management and Accountability Act 1997 section 20.
    Purpose: for the expenditure of monies temporarily held in trust or otherwise for the benefit of a person other than the Commonwealth. For example, candidate deposits.
  2. The entity has a services for other entities and trust monies special account. This account was established under section 78 of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) Determination 2012/04 dated 30 May 2012. For the year ended 30 June 2019 the account has a balance of $4,273k.
  3. The closing balance of special account services for other Entities and Trust Monies (SOETM) includes amounts held in trust: $4,273k in 2019, and $1,328k in 2018. See 5.6A Assets Held in Trust for more information

1.4 Net cash appropriation arrangements1

2019
$’000
2018
$’000

Total comprehensive income/(loss) less depreciation/amortisation expenses previously funded through revenue appropriations2

(7,119)

15,954

Plus: depreciation/amortisation expenses previously funded through revenue appropriation

(12,367)

(9,500)

Total comprehensive (loss) / income – as per the Statement of Comprehensive Income

(19,486)

6,454

  1. From 2010–11, the government introduced net cash appropriation arrangements where revenue appropriations for depreciation/amortisation expenses ceased. Entities now receive a separate capital budget provided through equity appropriations. Capital budgets are to be appropriated in the period when cash payment for capital expenditure is required.
  2. The AEC’s loss is a result of the conduct of six by-elections during the 2018–19 financial year. The AEC’s ongoing annual funding model does not support the delivery of by-elections due to their unpredictable nature. As a result it is normal business for the AEC to seek departmental funding supplementation each time a by-election is delivered. The AEC has secured departmental funding supplementation of $11.7m through its 2019–20 appropriations to cover the costs of the six by-elections.

2. Departmental financial position and managing uncertainties

This section analyses the AEC’s assets used to conduct its operations and the operating liabilities incurred as a result and how the AEC manages financial risks related to these and its operating environment. Employee related information is disclosed in the People and Relationships section.

2.1 Financial instruments

2.1A: Categories of financial instruments
2019
$’000
2018
$’000

Financial Assets under AASB 139

Loans and receivables

Cash and cash equivalents

1,715

Receivables

Receivables for goods and services

896

Total receivables

2,611

Total loans and receivables

2,611

Financial Assets under AASB 9

Cash and cash equivalents

2,402

Receivables

1,583

Total financial assets at amortised cost

3,985

Financial Liabilities

Financial liabilities measured at amortised cost

Supplier payables

71,254

7,252

Finance Lease rentals

2,642

Total financial liabilities measured at amortised cost

71,254

9,894

Total financial liabilities

71,254

9,894

Credit terms for goods and services were within 30 days (2018: 30 days). Settlement of suppliers payable is usually made within 30 days.

Nil movement in Impairment allowance for the period (2018: $10,000) has been recognised in relation to loans and receivables and included in the net cost of service. $16,892 (2018: $4,000) has been written off.

Classification of financial assets on the date of initial application of AASB 9
Financial assets class AASB 139 original classification AASB 9 new classification AASB 139 carrying amount at 1 July 2018 $’000 AASB 9 carrying amount at 1 July 2018 $’000

Cash and Cash Equivalents

Amortised Cost

Amortised Cost

1,715

1,715

Trade receivables

Loans and receivables

Amortised Cost

896

896

Total financial assets

2,611

2,611

Reconciliation of carrying amounts of financial assets on the date of initial application of AASB 9
Financial assets class AASB 139 carrying amount at 30 June 2018 $’000 Reclassification $’000 Remeasurement $’000 AASB 9 carrying amount at 1 July 2018 $’000

Financial assets at amortised cost

Cash and cash equivalents

1,715

1,715

Trade receivables

896

896

Total amortised cost

2,611

2,611

  1. There was NIL change in the carrying amount based on the measurement under AASB 139.
    The change in measurement on transition to AASB 9 is NIL.
  2. There are no changes in classification and measurement of financial liabilities.
ACCOUNTING POLICY
Financial assets

With the implementation of AASB 9 Financial Instruments in 2019, the AEC classifies its financial assets in the following categories:

  1. financial assets at fair value through profit or loss
  2. financial assets at fair value through other comprehensive income
  3. financial assets measured at amortised cost

The classification depends on both the entity’s business model for managing the financial assets and contractual cash flow characteristics at the time of initial recognition. Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date.

Comparatives have not been restated on initial application.

Financial assets at amortised cost

Financial assets included in this category need to meet two criteria:

  1. the financial asset is held in order to collect the contractual cash flows
  2. the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.

Amortised cost is determined using the effective interest method.

Effective interest method

Income is recognised on an effective interest rate basis for financial assets that are recognised at amortised cost.

Impairment of financial assets

Financial assets are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12-month expected credit losses if risk has not increased.

The simplified approach for trade, contract and lease receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses.

A write-off constitutes a derecognition event where the write-off directly reduces the gross carrying amount of the financial asset.

Financial liabilities

Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities. Financial liabilities are recognised and derecognised upon ‘trade date’.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss are initially measured at fair value. Subsequent fair value adjustments are recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liablility.

Financial liabilities at amortised cost

Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).

Accounting judgements and estimates

Financial assets have been assessed for impairment at the end of the reporting period based on Expected Credit Losses. No credit loss has been identified.

2.2 Other financial assets

2.2A: Appropriation receivable
2019
$’000
2018
$’000

Appropriation receivables

159,027

117,564

Total appropriation receivable

159,027

117,564

ACCOUNTING POLICY

Refer to Note 1.1.

2.2B: Other receivables
2019
$’000
2018
$’000

Statutory receivables

8,383

861

Comcare payments

63

102

Total other receivables

8,446

963

Other receivables are not past due or impaired.

ACCOUNTING POLICY

Statutory receivables are amounts owed to the AEC from the Australian Taxation Office in relation to the refund of GST collected.

2.3 Non-Financial Assets

Reconciliation of the opening and closing balances of property, plant and equipment and intangibles for 2019.

2.3A: Reconciliation of the opening and closing balances of property, plant and equipment and intangibles
Leasehold Improvements
$’000
Plant & Equipment2
$’000
Computer Software1
$’000
Intellectual Property
$’000
Total
$’000

As at 1 July 2018

Gross book value

7,023

7,485

58,180

2,304

74,992

Accumulated depreciation, amortisation and impairment

(266)

(212)

(49,703)

(641)

(50,822)

Total as at 1 July 2018

6,757

7,273

8,477

1,663

24,170

Additions

Purchase

1,942

1,536

11,864

126

15,468

Lease

2,007

2,007

Revaluations and impairments recognised in other comprehensive income

2,882

2,048

4,930

Depreciation and amortisation

(2,747)

(7,188)

(2,243)

(189)

(12,367)

Disposals

(233)

(233)

Total as at 30 June 2019

8,834

5,675

17,865

1,600

33,974

Total as at 30 June 2019 represented by

Gross book value

9,401

10,594

69,604

2,430

92,029

Accumulated depreciation, amortisation and impairment

(567)

(4,919)

(51,739)

(830)

(58,055)

Total as at 30 June 2019 represented by

8,834

5,675

17,865

1,600

33,974

  1. The carrying amount of computer software included $14,706,891 of purchased software and $3,156,382 of internally generated software.
  2. Leased plant and equipment is measured at cost less depreciation.

No indicators of impairment were found for property, plant and equipment and intangibles (2018: nil).

No property, plant and equipment and intangibles are expected to be sold or disposed of within the next 12 months.

Revaluations of non-financial assets

All revaluations were conducted in accordance with the revaluation policy stated in this note. On 30 June 2019, an independent valuer conducted the revaluations.

A revaluation increment of $2,882,000 for leasehold improvements (2018: $611,244 decrement) and $2,048,000 for property, plant and equipment (2018: $729,892 increment) was debited to the asset revaluation surplus by asset class and included in the equity section of the statement of financial position.

Contractual commitments for the acquisition of property, plant, equipment and intangible assets

At 30 June 2019 there were no significant contractual commitments for the acquisition of property, plant, equipment and intangible assets.

Fair Value Measurement1,2,3

The following tables provide an analysis of assets and liabilities that are measured at fair value. The remaining assets and liabilities disclosed in the statement of financial position do not apply the fair value hierarchy.

Fair value measurements at the end of the reporting period
2019
$’000
2018
$’000

Non-financial assets

Leasehold improvements

8,834

6,757

Plant and equipment

5,675

7,273

  1. Fair value measurements occur each financial year.
  2. There are no changes in valuation techniques.
  3. The remaining assets and liabilities reported by the AEC are not measured at fair value in the Statement of Financial Position.
ACCOUNTING POLICY

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Assets acquired at no cost, or for nominal consideration, are initially recognised as assets and income at their fair value at the date of acquisition, unless acquired as a consequence of restructuring of administrative arrangements. In the latter case, assets are initially recognised as contributions by owners at the amounts at which they were recognised in the transferor’s accounts immediately prior to the restructuring.

Asset recognition threshold

Purchases of plant and equipment are recognised initially at cost in the statement of financial position, except for purchases costing less than $2,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total).

The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to ‘makegood’ provisions in property leases taken up by the AEC where there exists an obligation to restore the property to its original condition. These costs are included in the value of the AEC’s leasehold improvements with a corresponding provision for ‘make good’ recognised.

Revaluations

Following initial recognition at cost, plant and equipment are carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets did not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depended upon the volatility of movements in market values for the relevant assets.

Revaluation adjustments are made on a class basis. Any revaluation increment is credited to equity under the heading of asset revaluation reserve except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluation decrements for a class of assets are recognised directly in the surplus/deficit except to the extent that they reversed a previous revaluation increment for that class.

Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Depreciation

Depreciable plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the AEC, in all cases, the straight-line method of depreciation. Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognised in the current, or current and future reporting periods, as appropriate.

Depreciation rates applying to each class of depreciable asset are based on the following useful lives:

  2019 2018

Leasehold improvements

Lesser of lease term/useful life

Lesser of lease term/useful life

Plant and equipment

5 to 10 years

5 to 10 years

IT equipment

3 to 5 years

3 to 5 years

Impairment

All assets were assessed for impairment at 30 June 2019. Where indications of impairment exist, the asset’s recoverable amount is estimated and an impairment adjustment made if the asset’s recoverable amount is less than its carrying amount.

The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset’s ability to generate future cash flows, and the asset would be replaced if the AEC were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

Derecognition

An item of plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Intangibles

The AEC’s intangibles comprise internally developed software, purchased software and intellectual property for internal use. These assets are carried at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets are amortised on a straight-line basis over its anticipated useful life. The useful lives of the AEC’s software are 1 to 10 years (2017: 1 to 10 years) and the useful lives of the AEC’s intellectual property are 0 to 4 years (2017: 0 to 4 years).

All intangible assets were assessed for indications of impairment as at 30 June 2019.

2.3B: Inventories
2019
$’000
2018
$’000

Inventories held for distribution

1,699

5,104

Total inventories

1,699

5,104

ACCOUNTING POLICY

Inventories held for distribution are valued at cost, adjusted for any loss of service potential. Costs incurred in bringing each item of inventory to its present location and condition are assigned as follows:

  1. raw materials and stores – purchase cost on a first-in-first-out basis
  2. finished goods and work-in-progress – cost of direct materials and labour plus attributable costs that can be allocated on a reasonable basis.

Inventories acquired at no cost or nominal consideration are initially measured at current replacement cost at the date of acquisition.

2.3C: Other non-financial assets
2019
$’000
2018
$’000

Prepayments

3,898

2,773

Total other non-financial assets

3,898

2,773

No indicators of impairment were found for other non-financial assets (2018: nil).

2.4 Other payables and provisions

2.4A: Other payables
2019
$’000
2018
$’000

Salaries and wages

999

708

Superannuation

119

88

Separations and redundancies

152

Lease incentives

1,724

2,378

Straight-line leases

691

582

Total other payables

3,533

3,908

ACCOUNTING POLICY
Parental leave payments scheme

Amounts received under the Parental Leave Payments Scheme by the AEC not yet paid to employees were presented as cash and a liability (payable). The total amount received under this scheme was $144,133 (2018: $56,407).

Employee benefits

Refer to Note 3.2.

Leases

Refer to Note 4.1A.

2.4B: Other provisions
Provision for restoration
$’000

As at 1 July 2018

1,780

Additional provisions made

233

Amounts used

Amounts reversed

(42)

Revaluation of provision

3,841

Unwinding of discount or change in discount rate

(37)

Total as at 30 June 2019

5,775

The AEC currently has 38 (2018: 32) agreements for the leasing of premises which have provisions requiring the AEC to restore the premises to their original condition at the conclusion of the lease. The AEC has made a provision to reflect the present value of this obligation.

2.5 Contingent assets and liabilities

Contingent assets

At 30 June 2019, the AEC had no contingent assets (2018: nil).

Contingent liabilities

At 30 June 2019, the AEC had no contingent liabilities (2018: nil).

Quantifiable contingencies

At 30 June 2019, the AEC had no quantifiable contingencies (2018: nil).

Unquantifiable contingencies

At 30 June 2019, the AEC had no unquantifiable contingencies (2018: nil).

Significant remote contingencies

The AEC has no significant remote contingencies (2018: nil).

ACCOUNTING POLICY

Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in the notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.

3. People and relationships

This section describes a range of employment and post employment benefits provided to our people and our relationships with other key people.

3.1 Employee benefits

2019
$’000
2018
$’000

Wages and salaries1

157,783

64,334

Superannuation:

Defined contribution plans

6,959

5,693

Defined benefit plans

7,359

6,022

Leave and other entitlements

4,998

6,502

Separation and redundancies

722

4,128

Total employee benefits

177,821

86,679

  1. The AEC engaged a significant number of additional staff on a temporary basis to deliver the 2019 federal election.

3.2 Employee provisions

2019
$’000
2018
$’000

Leave

21,029

22,251

Total employee provisions

21,029

22,251

ACCOUNTING POLICY

Liabilities for short-term employee benefits and termination benefits expected within twelve months of the end of reporting period are measured at their nominal amounts.

Other long-term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligations are to be settled directly.

Leave

The liability for employee benefits includes provision for annual leave and long service leave. The leave liabilities are calculated on the basis of employees’ remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the entity’s superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The liability for long service leave has been determined by reference to the shorthand method as at 30 June 2019. The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.

Superannuation

The AEC’s staff are members of the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS), or the PSS accumulation plan (PSSap), or other superannuation funds held outside the Australian Government.

The CSS and PSS are defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported in the Department of Finance’s administered schedules and notes.

The AEC makes employer contributions to the employees’ defined benefit superannuation scheme at rates determined by an actuary to be sufficient to meet the current cost to the Government. The AEC accounts for the contributions as if they were contributions to defined contribution plans.

The liability for superannuation recognised as at 30 June represents outstanding contributions.

3.3 Key management personnel remuneration

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the AEC, directly or indirectly, including any director (whether executive or otherwise) of the AEC. The AEC has determined the key management personnel to be the Electoral Commissioner, Deputy Electoral Commissioner and the two First Assistant Commissioners. Key management personnel remuneration is reported in the table below:

2019
$’000
2018
$’000

Short-term employee benefits

1,368

1,314

Post-employment benefits

216

209

Other long-term employee benefits

32

28

Total key management personnel remuneration expenses1

1,616

1,551

  1. The above key management personnel remuneration excludes the remuneration and other benefits of the Portfolio Minister. The Portfolio Minister’s remuneration and other benefits are set by the Remuneration Tribunal and are not paid by the AEC.

The total number of key management personnel that are included in the above table is 4 (2018:4).

During the year the number of positions included in key management personnel was 4 (2018:4).

3.4 Related party disclosures

Related party relationships:

The AEC is an Australian Government controlled entity. Related parties to the AEC are Key Management Personnel, the Portfolio Minister and Executive, and other Australian Government entities.

Transactions with related parties:

Given the breadth of Government activities, related parties may transact with the government sector in the same capacity as ordinary citizens. Such transactions include the payment or refund of taxes, receipt of a Medicare rebate or higher education loans. These transactions have not been separately disclosed in this note.

Significant transactions with related parties can include:

  • the payments of grants or loans;
  • purchases of goods or services;
  • receipts to provide services;
  • payments for superannuation; and
  • asset purchases, sales transfers or leases.

Giving consideration to relationships with related entities, and transactions entered into during the reporting period by the entity, it has been determined that there are no related party transactions to be separately disclosed.

4. Other information

This section includes additional financial information that is either required by AAS or the PGPA FRR or is relevant to assist users in understanding the financial statements.

4.1 Expenses

4.1A: Suppliers
2019
$’000
2018
$’000

Goods and services supplied or rendered

Consultants

3,367

914

Contractors

81,435

18,433

Travel

6,535

4,464

IT services

21,591

14,577

Employee related expenses

3,980

2,249

Inventory

17,949

3,349

Furniture and venue hire

14,329

726

Property

11,048

4,826

Mail and freight

31,005

6,049

Office Supplies

2,216

1,091

Advertising

22,212

1,520

Printing

167

511

Other

1,471

1,131

Total goods and services supplied or rendered

217,305

59,840

Goods supplied

71,704

17,149

Services rendered

145,601

42,691

Total goods and services supplied or rendered

217,305

59,840

Other suppliers

Operating lease rentals

26,199

13,288

Lease restoration

233

262

Workers compensation expenses

1,530

2,597

Total other suppliers

27,962

16,147

Total suppliers

245,267

75,987

Leasing commitments

The AEC in its capacity as a lessee, leases office accommodation and storage that are effectively non-cancellable. The lease payments can be varied periodically to take account of an annual Consumer Price Index increase, a fixed increase or a market increase. Commitments are GST inclusive where relevant.

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

2019
$’000
2018
$’000

Within 1 year

18,182

15,061

Between 1 to 5 years

18,304

30,569

More than 5 years

Total operating lease commitments

36,486

45,630

ACCOUNTING POLICY

Operating lease payments are expensed on a straight-line basis which is representative of the pattern of benefits derived from the leased assets.

4.1B: Impairment loss allowance on financial instruments
2019
$’000
2018
$’000

Impairment on trade and other receivables

17

(6)

Total impairment on financial instruments

17

(6)

5. Items administered on behalf of Government

This section analyses the activities that the AEC does not control but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

5.1 Administered – expenses

5.1A: Other Expenses
2019
$’000
2018
$’000

Refunds – electoral fines/penalties

9

Political party funding

79,493

618

Total other expenses

79,502

618

5.2 Administered – income

5.2A: Fees and fines
2019
$’000
2018
$’000

Revenue

Non–taxation revenue

Electoral fines/penalties

1,026

269

Party registration

27

6

Total fees and fines

1,053

275

ACCOUNTING POLICY

All administered revenues are revenues relating to ordinary activities performed by the AEC on behalf of the Australian Government. As such, administered appropriations are not revenues of the individual entity that oversees distribution or expenditure of the funds as directed.

Fines are charged for non-voters of federal elections, by-elections and referendums. Administered fee revenue is recognised when received.

Each nomination for the Senate and the House of Representatives must be accompanied by a deposit.

5.3 Administered – assets and liabilities

5.3A: Cash and cash equivalents
2019
$’000
2018
$’000

Cash and cash equivalents

2

Total cash and cash equivalents

2

The closing balance of Cash in special accounts does not include amounts held in trust: [$4,273k in 2019 and $1,328k in 2018].

See note 1.3 Special Accounts and 5.6A Assets Held in Trust for more information.

5.3B: Suppliers
2019
$’000
2018
$’000

Trade creditors and accruals

24,706

Total suppliers

24,706

Settlement of suppliers payable is usually made within 30 days.

5.4 Administered – financial instruments

2019
$’000
2018
$’000

Categories of financial instruments

Financial Assets under AASB 9

Financial assets at amortised cost

Cash and cash equivalents

2

Total financial assets at amortised cost

2

Total financial assets

2

Financial liabilities

Financial liabilities measured at amortised cost

Trade creditors and accruals

24,706

Total financial liabilities measured at amortised cost

24,706

Total financial liabilities

24,706

Classification of financial assets on the date of initial application of AASB 9

Financial assets class AASB 139 original classification AASB 9 new classification AASB 139 carrying amount at 1 July 2018 $’000 AASB 9 carrying amount at 1 July 2018 $’000

Cash and cash equivalents

Amortised cost

Amortised cost

2

2

Total financial assets

2

2

AEC did not have any administered Financial assets or liabilities as at 30 June 2018, and did not have any changes in carrying amounts based on the transition to AASB 9.

Receivables (net) are expected to be recovered within 30 days (2018: within 30 days).

Credit terms for goods and services were within 30 days (2018: 30 days).

Settlement of suppliers payable is usually made within 30 days.

5.5 Administered – Contingent assets and liabilities

There are no administered contingencies, remote or quantifiable, for the AEC (2018: nil).

5.6 Assets held in trust

The trust account holds the roll objections, and candidate deposits. When certain conditions are met the funds are returned.

5.6A: Assets held in trust
2019
$’000
2018
$’000

Candidate deposits

As at 1 July

1,328

1,285

Receipts

3,483

55

Payments

538

12

Total as at 30 June

4,273

1,328

Total monetary assets held in trust

4,273

1,328

Non-monetary assets

There are nil non-monetary assets held in trust

6. Aggregate information

6.1 Aggregate assets and liabilities

6.1A: Aggregate assets and liabilities
2019
$’000
2018
$’000

Assets expected to be recovered in:

No more than 12 months

175,173

123,330

More than 12 months

35,856

29,855

Total assets

211,029

153,185

Liabilities expected to be settled in:

No more than 12 months

92,991

30,296

More than 12 months

8,600

7,537

Total liabilities

101,591

37,833

6.1B: Administered – aggregate assets and liabilities

2019
$’000
2018
$’000

Assets expected to be recovered in:

No more than 12 months

2

Total assets

2

Liabilities expected to be settled in:

No more than 12 months

24,706

Total liabilities

24,706