Cessation payments During the year ended 30 June 2018, payments totalling $230,000 were made to five employees in relation to their cessation of employment (2017: four employees, total $128,000). 15 Events after the balance date There were no significant events after the balance date. 16 Categories of financial instruments The carrying amounts of financial assets and financial liabilities in each of the financial instrument categories are as follows: 2018 $000 2017 $000 125 360 1,700 1,640 70 40 1,895 2,040 Payables (excluding revenue in advance and taxes payable) 337 386 Total financial liabilities measured at amortised cost 337 386 Loans and receivables Cash and cash equivalents Term deposits Receivables Total loans and receivables Financial liabilities measured at amortised cost 17 Explanation of major variances from budget Statement of comprehensive revenue and expense Spending on projects and programmes was $321,000 or 34 percent less than budgeted because some activities were deferred to the following year and others did not proceed because of the impact of the Ministerial Review. Travel costs were $73,000 or 15 percent more than budgeted due to increased domestic travel to better support community consultations and an attendance at an international event related to a project. Statement of financial position Total assets were $470,000 or 19 percent more than budgeted and total liabilities were $289,000 or 30 percent more than budgeted. This resulted in accumulated funds that were $181,000 or 12 percent more than budgeted. Significant variances were: • Term deposits were $700,000 or 70 percent more than budgeted due to the timing of expenditure and available cash. 76 Human Rights Commission