17. Financial instruments Financial instrument categories The carrying amounts of financial assets and financial liabilities in each of the financial instrument categories are as follows: 2023 $000 2022 $000 2,471 3,269 56 137 2,527 3,406 Payables (excluding revenue in advance and taxes payable) 553 585 Total financial liabilities measured at amortised cost 553 585 Financial assets measured at amortised cost Cash and cash equivalents Receivables Total financial assets measured at amortised cost Financial liabilities measured at amortised cost 18. Explanation of major variances from budget Statement of comprehensive revenue and expense of Covid-19 restrictions during the previous financial year. Revenue Statement of financial position Revenue was less than budget due to recognising revenue in advance in the 2021/22 year. This change was made after the 2022/23 budget was finalised. Cash and cash equivalents are slightly more than budgeted due to expenses for the year being less than budget, mainly because of personnel costs being less than budget. Expenses Fixed assets are higher than budgeted due to costs associated with the refurbishment of the Auckland office. Programme and project costs were less than budgeted. Primarily this was due to the cancellation of one project. Personnel costs were less than budgeted due to falling staff numbers and fewer contractors used than budgeted. Other expenses were higher than budget due to more consultants used because of lower staff numbers. There was also a write-off of assets disposed as a result of the Auckland office refurbishment. Travel costs exceeded budget due to the catch up of travel that had been delayed by the impact 74 Pūrongo ā-tau Annual Report 2023 Payables are only slightly higher than budget. Statement of cash flows Receipts from the Crown are the same as budget. Payments to personnel and suppliers are less than budget due to falling staff numbers and the cancellation of a project. The refurbishment of the Auckland office resulted in greater fixed asset spend than budget.