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2012
Creditors & other payables
– carrying amount (note 11)
Creditors & other payables
– contracted cashfl ows (note 11)
2011
Creditors & other payables
– carrying amount (note 11)
Creditors & other payables
– contracted cashfl ows
23. Capital management
The Health and Disability Commissioner’s
capital is its equity, which comprises
accumulated funds. Equity is represented
by net assets.
The Health and Disability Commissioner
is subject to the fi nancial management
and accountability provisions of the Crown
Entities Act 2004, which impose restrictions
in relation to borrowings, acquisition
of securities, issuing guarantees and
indemnities and the use of derivatives.
The Health and Disability Commissioner
manages its equity as a by-product of
prudently managing revenues, expenses,
assets, liabilities, investments, and general
fi nancial dealings to ensure the Health and
Disability Commissioner effectively achieves
its objectives and purpose, whilst remaining
a going concern.
68
Less than 6 months Between 6 months
and 1 year
24. Explanation of
signifi cant variances
Statement of comprehensive income
The HDC consumed 2.5% fewer costs than
budgeted. $253,000 was saved on budget.
This saving was spread over a number of
areas including staff (one fewer senior
management position for most of the
year), depreciation (due to less capital
expenditure) and operating costs
(including lower systems consultancy
and lower external legal advice).
Statement of fi nancial position
The lower than budgeted defi cit per the
Statement of Comprehensive Income gives
the HDC a better cash position. This is
also attributed to $294,000 one-off extra
funding provided to support the integration
of the Mental Health Commission.
Between 1 and 5 years
$ $ $
518,094 0 0
518,094 0 0
448,938 0 0
448,938 0 0
Prepayments include $295,000 GST
exclusive relating to the Advocacy Service
Contract, which is scheduled on the 1st
of each month. As 1 July 2012 falls on a
weekend, the payment was made
before 30 June 2012.
Statement of changes in equity
As a direct consequence of the lower defi cit,
The HDC’s reserves are higher than budget.
Statement of cash fl ows
The lower defi cit translated directly to “cash
from operating activities” being $45,000
in surplus vs. a $439,000 budgeted defi cit.
In addition, “cash from investing activities”
was lower than budgeted with fewer assets
purchased than budgeted.