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