15 Events after the balance date There were no significant events after the balance date. 16 Financial instruments Financial instrument categories The carrying amounts of financial assets and financial liabilities in each of the financial instrument categories are as follows: 2020 $000 2019 $000 Cash and cash equivalents 4,716 550 Term deposits 1,000 1,000 62 4 5,778 1,554 Payables (excluding revenue in advance and taxes payable) 389 316 Total financial liabilities measured at amortised cost 389 316 Financial assets measured at amortised cost Receivables Total financial assets measured at amortised cost Financial liabilities measured at amortised cost 17 Explanation of major variances from budget Statement of comprehensive revenue and expense Revenue Revenue from the Crown was more than budgeted due to a contribution received late in the financial year to support a COVID-19 related anti-racism awareness campaign. Other revenue was less than budgeted due to expected secondee arrangements not eventuating. Expenses Events of the financial year saw a refresh of the management team, with the appointment of the Chief Executive, commencing in August 2019. The management team designed and 56 Human Rights Commission Annual Report 2019/20 implemented a programme management methodology to support the outcomes expressed in the Statement of Performance Expectations. With the onset of the COVID-19 pandemic, this methodology was embraced across the Commission to retain transparent collaboration while physically absent from each other. These factors necessitated a shift to resourcing Commission work programmes internally, while access to external resources were restricted. This reduced spend across the Commission compared to budget. Projects and programme costs were less than budgeted primarily due to timing caused by the COVID-19 pandemic. The Commission