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During 2015–16, income, including revenue from government, amounted to $66.054 million and expenses were $75.097 million, resulting in a deficit of $9.043 million. From an income-statement perspective, the Library does not receive appropriation funding for depreciation of the national collection (totalling $11.129 million), which forms part of operating expenses. The Library receives funding for additions to the national collection through a separate Collection Development Acquisition Budget provided through an equity appropriation. During 2015–16, the Library received an equity appropriation totalling $9.679 million.
The Library’s financial statements include budget variance commentary, which identifies material variances between the original budget and the
30 June 2016 results.
The total operating income of $66.054 million for 2015–16 was $0.473 million above budget and –$0.504 million less than the 2014–15 actuals. Figure 1.1 shows a comparison of income across items against budget for 2015–16 and actuals in 2014–15.
Figure 1.1: Operating Income, 2015–16 and 2014–15. Note: A logarithmic scale is used.
The major variations between financial years relate to increases in the sales of goods and services ($0.844 million), largely due to increases in revenue received from corporate sponsorship ($0.511 million) and the Library Bookshop ($0.204 million), which are related to the Celestial Empire exhibition held during 2015–16, and consultancies ($0.198 million), which are primarily related to the digitisation of collection material for other libraries.
The decline in interest revenue (–$0.409 million) is largely as the result of a general
decline in deposit rates and a decline in the funds available for investment. There was a decrease in government revenue (–$1.628 million) with the majority of the reduction related to the additional 3 per cent savings target (–$1.485 million) introduced as part of the 2015–16 Mid-Year Economic and Fiscal Outlook savings.
The total operating expenses of $75.097 million for 2015–16 were –$2.151 million below budget and –$0.546 million less than the 2014–15 actuals. Figure 1.2 shows a comparison of expenditure across items and against budget for 2015–16 and actuals in 2014–15.
Figure 1.2: Operating Expenses, 2015–16 and 2014–15. Note: A logarithmic scale is used.
There was a minor decrease in employee expenses (–$0.523 million) compared with 2014–15.
Supplier expenses were higher ($0.795 million) than 2014–15, with the major variations primarily relating to Celestial Empire, and included promotion of Library services ($0.508 million), contractors and consultants ($0.085 million) and cost of goods sold by the Library Bookshop ($0.154 million). Other increases across supplier expenses included increased expenditure on serials ($0.251 million), with the majority of the increase related to the purchase of online subscriptions ($0.174 million) and increased expenditure on software maintenance ($0.121 million). There were also decreases in supplier expenses including power and light (-$0.153 million) as a consequence of tariff reductions and energy efficiency initiatives, and purchase of non-asset furniture and equipment (–$0.076 million) reflecting reading room furniture purchases made in 2014–15.
The decrease in depreciation and amortisation expenses (–$0.983 million) primarily relates to the revaluation of the Library’s tangible collection, which was undertaken in June 2015. Following the revaluation, the value of the collection decreased (–$152.696 million) and consequently this reduced the depreciation expense for the 2015–16 financial year.
The Library’s total equity increased by $6.656 million to $1,680.711 million in 2015–16. The net increase was a result of a net revaluation increment ($6.020 million), following the revaluation of the Library’s collections ($2.183 million), land ($0.250 million) and buildings ($3.587 million); an equity injection for collection acquisitions ($9.679 million); and the net operating result (–$9.043 million) for 2015–16.
Figure 1.3 shows that the total value of the Library’s assets increased by $5.292 million to $1,697.076 million in 2015–16.
Figure 1.3: Total Assets, 2015–16 and 2014–15. Note: A logarithmic scale is used.
The increase in non-financial assets ($11.573 million) was largely the result of the revaluation of the Library’s tangible collections, land and buildings (a net increment of $6.020 million) and the net difference between current-year assets acquisitions, disposals and current-year depreciation expenses ($5.520 million). In addition, there were decreases in the value of inventories (–$0.109 million) and an increase in the value of prepaid supplier expenses ($0.142 million). The decrease in financial assets (–$6.281 million) relates primarily to a decrease in investments (–$5.884 million) and cash at bank (–$0.739 million), offset by increases against other financial assets ($0.241 million) and receivables ($0.101 million).
As Figure 1.4 shows, the Library’s total liabilities decreased by –$1.364 million from last financial year to $16.365 million.
Figure 1.4: Total Liabilities, 2015–16 and 2014–15
The decline in the value of liabilities is primarily due to a reduction in supplier payables (–$0.701 million) and other payables (–$1.281 million) of which the majority of the variation is due to a reduction in value of accrued salary expenses as at 30 June. These reductions were offset by an increase in the value of employee provisions ($0.552 million), largely due to a decline in the long-term government bond rate, which is used to calculate the present value of long service leave entitlements.
In 2015–16, there was a decrease in the Library’s cash balance, which decreased by $0.739 million to $4.230 million as at 30 June 2016. Figure 1.5 shows a comparison of cash flow items for 2015–16 and 2014–15.
Figure 1.5: Net Cash Flow, 2015–16 and 2014–15
The decrease in net cash from operating activities (–$3.640 million) reflects the previous comments under ‘Operating Income’ and ‘Operating Expenses’. The movement in net cash used by investing activities ($3.902 million) primarily reflects the net movement of funds from investments to cash at bank between years ($4.387 million) and a decrease in the purchase of property, plant, equipment and intangibles (–$0.486 million). There was a minor decrease in net cash from financing activities between financial years (–$0.113 million) as a result of a slight reduction in the Library’s equity injection provided by government to fund collection acquisitions.