19 Categories of financial instruments The carrying amounts of financial assets and financial liabilities in each of the financial instrument categories are as follows: 2015 $000 2014 $000 860 1,550 2,000 1,200 31 27 2,891 2,777 193 198 - 13 193 211 Loans and receivables Cash and cash equivalents Short-term deposits Receivables Total loans and receivables Financial liabilities measured at amortised cost Payables (excluding revenue in advance and taxes payable) Finance lease Total financial liabilities measured at amortised cost 20 Explanation of major variances from budget Statement of comprehensive revenue and expense Revenue was $200,000 or 2.1% more than budgeted as a result of additional interest revenue, rental income from subleasing a portion of the Auckland office, and recovery of costs from third parties that could not be anticipated at the time of budget setting. Excluding costs related to the organisational review, expenses were $543,000 or 5.4% less than budgeted. This was because: a Spending on projects and programmes was $151,000 less than budgeted due to a combination of savings and deferrals of costs to next year. Costs that have been deferred typically relate to situations beyond our control, such as our work in monitoring the United Nations Optional Protocol to the Convention against Torture and Convention on the Rights of Persons with Disabilities instruments which require input from partner organisations, or legal cases that had not progressed as far as expected. b Depreciation and amortisation was $130,000 less than budgeted on a lower asset base than expected during the year. IT systems improvements were deferred while workforce changes were finalised and an audit of all current systems and services was undertaken. Office fit-outs did not proceed following a decision to remain in the existing Auckland office after successfully subleasing surplus office space, and the Wellington office move was deferred pending the outcome of an all-of-government solution. c Personnel costs were $85,000 less than budgeted and travel was $19,000 less than budgeted. d Other expenses were $158,000 less than budgeted. Office relocation costs were not incurred because the Auckland and Wellington offices were not relocated for reasons noted above, and costs for information and communications technology services were lower because of the deferral of systems improvements. Costs related to organisational change were $128,000 more than budgeted because more roles were disestablished than had been estimated at the time of budget setting. Annual Report 2015 59