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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 2024, and the financial position of the Board at 30 June 2024.

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 3 October 2024.

Ms Laura Lo Bianco-Smith
Accountable Officer
Adult Community and Further Education Board
3 October 2024

Mr Ron Mak
Acting Chief Finance Officer
Adult Community and Further Education Board
3 October 2024

Dr Teresa De Fazio
Chairperson
Adult Community and Further Education Board
3 October 2024

VAGO independent auditor's report

VAGO ACFEB Audit Report 2023-24
PDF 266.71 KB
(opens in a new window)

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Comprehensive operating statement

For the financial year ended 30 June 2024

Notes

30 June
2024
$’000

30 June
2023
$’000

Income from transactions

Grants

2

33,617

32,645

Services received free of charge

2

6,562

6,106

Total income from transactions

40,179

38,751

Expenses from transactions

Grants and transfer payments

3

(27,127)

(27,273)

Operating expenses

4

(3,104)

(1,820)

Services provided free of charge

4

(6,562)

(6,106)

Total expenses from transactions

(36,793)

(35,199)

Net result from transactions (net operating balance)

3,386

3,552

Other economic flows included in net result

Net loss on financial instruments

5

(9)

(4)

Total other economic flows included in net result

(9)

(4)

Net result

3,377

3,548

Other economic flows – other comprehensive income

Items that will not be reclassified to net result

Total other economic flows – other comprehensive income

Comprehensive result

3,377

3,548

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

Balance sheet

As at 30 June 2024

Notes

30 June 2024 $’000

30 June 2023 $’000

Assets

Financial assets

Receivables

6,9

31,773

30,254

Total financial assets

31,773

30,254

Non-financial assets

Prepayment

34

101

Total non-financial assets

34

101

Total assets

31,807

30,355

Liabilities

Payables

7,9

1,315

3,240

Total liabilities

1,315

3,240

Net assets

30,492

27,115

Equity

Accumulated surplus/(deficit)

30,492

27,115

Net worth

30,492

27,115

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

Cash flow statement

For the financial year ended 30 June 2024

Notes

30 June 2024
$’000

30 June 2023
$’000

Cash flows from operating activities

Receipts

Receipts from government

31,957

30,650

GST recovered from ATO

3,055

3,111

Total receipts

35,012

33,761

Payments

Payments of grants and other expenses

(35,012)

(33,761)

Total payments

(35,012)

(33,761)

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

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

Statement of changes in equity

For the financial year ended 30 June 2024

Accumulated surplus
$’000

Contributions
by owner
$’000

Total
$’000

Balance at 30 June 2022

23,567

23,567

Net result for the year

3,548

3,548

Balance at 30 June 2023

27,115

27,115

Net result for the year

3,377

3,377

Balance at 30 June 2024

30,492

30,492

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

Notes to and forming part of the financial statements

Updated