17 Events after the balance sheet date There were no significant events after the balance date. 18 Categories of financial instruments The carrying amounts of financial assets and financial liabilities in each of the financial instrument categories are as follows: 2016 $000 2015 $000 679 860 2,400 2,000 75 31 3,154 2,891 Payables (excluding revenue in advance and taxes payable) 407 193 Total financial liabilities measured at amortised cost 407 193 Loans and receivables Cash and cash equivalents Term deposits Receivables Total loans and receivables Financial liabilities measured at amortised cost 19 Explanation of major variances from budget Statement of comprehensive revenue and expense Revenue was $145,000 or 1.5% more than budgeted as a result of the receipt of additional funding for the Tackling Casual Racism Campaign. Expenses were $629,000 or 6.3% less than budgeted: a Personnel costs were $193,000 or 2.8% less than budgeted due to vacancies. b Spending on projects and programmes was $173,000 or 22% less than budgeted due to savings and a deferral of some costs to next year. Our national plan of action project was reduced in scope and some legal cases in which we are intervening are either no longer proceeding or Court hearings have been moved to next financial year. c Travel costs were $64,000 or 17% less than budgeted due to ongoing cost management together with planned travel either not taking place or being arranged and funded by third parties. d Depreciation and amortisation was $38,000 or 49% more than budgeted. The replacement of computer workstations was brought forward in preparation for IT system improvements and to address residual IT risk. In addition, leasehold improvements at 21 Queen Street, Auckland were written-down because the assets would have a shorter useful life than previously expected as a result of surrendering the lease early. e Other expenses were $237,000 or 12% less than budgeted primarily due to phasing of costs for the selection, design and configuration of an Electronic Document Records Management System. Implementation costs will now be incurred in the 2016/17 financial year. 64 Human Rights Commission