Financial statements

Declaration in the financial statements

The attached financial statements for the Adult, Community, and Further Education Board have been prepared in accordance with Direction 5.2 of the Standing Directions of the Assistant Treasurer under the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards, including interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2023, and the financial position of the Board at 30 June 2023.

At the time of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 9 October 2023.

Ms Georgina Lyell
Accounting Accountable Officer
Adult Community and Further Education Board
9 October 2023

Mr Daniel Rodger
Acting Chief Finance Officer
Adult Community and Further Education Board
9 October 2023

Dr Teresa De Fazio
Chairperson
Adult Community and Further Education Board
9 October 2023

Comprehensive operating statement

For the financial year ended 30 June 2023

	Notes	30 June 2023 $’000	30 June 2022 $’000
Income from transactions
Grants	2	32,645	32,089
Services received free of charge⁽ⁱ⁾	2	6,106	5,886
Total income from transactions		38,751	37,975
Expenses from transactions
Grants and transfer payments	3	(27,273)	(29,431)
Operating expenses	4	(1,820)	(2,357)
Services provided free of charge⁽ⁱ⁾	4	(6,106)	(5,886)
Total expenses from transactions		(35,199)	(37,674)
Net result from transactions (net operating balance)		3,552	301
Other economic flows included in net result
Net gain/(loss) on financial instruments	5	(4)	10
Total other economic flows included in net result		(4)	10
Net result		3,548	311
Other economic flows – other comprehensive income
Items that will not be reclassified to net result
Total other economic flows – other comprehensive income		–	–
Comprehensive result		3,548	311

The above comprehensive operating statement should be read in conjunction with the accompanying notes.

Note:

(i) Services free of charge has been updated to reflect a change to the actual disbursement of overhead costs in 2021–22. There are no other impacts on the financial statements.

Balance sheet

As at 30 June 2023

	Notes	30 June 2023 $’000	30 June 2022 $’000
Assets
Financial assets
Receivables	6, 9	30,254	28,514
Total financial assets		30,254	28,514
Non-financial assets
Prepayment		101	319
Total non-financial assets		101	319
Total assets		30,355	28,833
Liabilities
Payables	7, 9	3,240	5,266
Total liabilities		3,240	5,266
Net assets		27,115	23,567
Equity
Accumulated surplus/(deficit)		27,115	23,567
Net worth		27,115	23,567

The above balance sheet should be read in conjunction with the accompanying notes.

Cash flow statement

For the financial year ended 30 June 2023

	30 June 2023 $’000	30 June 2022 $’000
Cash flows from operating activities
Receipts
Receipts from government	30,650	29,411
GST recovered from ATO	3,111	2,738
Total receipts	33,761	32,149
Payments
Payments of grants and other expenses	(33,761)	(32,149)
Total payments	(33,761)	(32,149)
Net cash flows from/(used in) operating activities	–	–
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the financial year	–	–
Cash and cash equivalents at the end of the financial year	–	–

The above cash flow statement should be read in conjunction with the accompanying notes.

Statement of changes in equity

For the financial year ended 30 June 2023

	Physical asset revaluation surplus $’000	Accumulated surplus $’000	Contributions by owner $’000	Total $’000
Balance at 30 June 2021	–	23,256	–	23,256
Net result for the year	–	311	–	311
Balance at 30 June 2022	–	23,567	–	23,567
Net result for the year	–	3,548	–	3,548
Balance at 30 June 2023	–	27,115	–	27,115

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Notes to and forming part of the financial statements

The financial statements cover the Adult, Community and Further Education Board as a statutory authority/individual reporting entity under the Education and Training Reform Act 2006. The Board reports separately to Parliament through the Minister for Skills and TAFE.
The Board’s principal address is:
Adult, Community and Further Education Board
Level 32
35 Collins Street
Melbourne VIC 3000
A description of the nature of the Board’s operations and its principal activities is included in the report of operations, which does not form part of these financial statements.
Objectives and funding
The Board’s overall objective is to support the expansion of adult community education across all learner groups, qualification levels and industry sectors, and to develop a strong Learn Local provider base that is responsive to industry and community needs. The Board is predominantly funded by accrual-based parliamentary appropriations.
Basis of preparation
These financial statements are in Australian dollars and the historical cost convention is used unless a different measurement basis is specifically disclosed in the note associated with the item measured on a different basis.
The accrual basis of accounting has been applied in the preparation of these financial statements whereby transactions are recognised in the reporting period to which they relate, regardless of when cash is received or paid.
Income, expenses and assets are recognised net of GST unless the GST is not recoverable. In this case, it is recognised as part of the cost of acquisition of the asset or as part of the expense.
Judgements, estimates and assumptions are required to be made about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on professional judgements derived from historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revisions to accounting estimates are recognised in the period in which the estimate is revised and also in future periods affected by the revision. Judgements and assumptions made by management in the application of Australian Accounting Standards (AASs) that have significant effects on the financial statements and estimates, are disclosed in the notes to the financial statements.
Amounts in the financial statements have been rounded to the nearest 1,000 dollars unless otherwise stated. Figures in the financial statements may not equate due to rounding.
Compliance information
These general-purpose financial statements have been prepared in accordance with the Financial Management Act 1994, applicable Financial Reporting Directions (FRDs) and applicable AASs, which include interpretations, issued by the Australian Accounting Standards Board (AASB). In particular, they are presented in a manner consistent with the requirements of AASB 1049 ‘Whole of Government and General Government Sector Financial Reporting’.
Where appropriate, those AAS paragraphs applicable to not-for-profit entities have been applied. Accounting policies selected and applied in these financial statements ensure that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.
COVID-19 environment
The Board has continued to consider the impacts of the COVID-19 environment on the Board’s operations, financial position and cash flows during the year. Returning to in-person training after COVID-19 has presented some challenges to the sector but training delivery and associated contractual support from the Board are returning to normal.
Management has considered the impacts of COVID-19 on the judgements and assumptions applied to accounting policies. The impacts and assessments have been considered on assets and liabilities.
Restructuring of administrative arrangements
In December 2022 the Victorian Government announced the restructure of some of its activities via machinery of government changes, taking effect from 1 January 2023. These changes included the transfer of responsibility for the Training and Skills and Higher Education portfolios to the newly created Department of Jobs, Skills, Industry and Regions. Although this restructuring did not alter the operation of the Board, it did alter the responsible portfolio Department from the Department of Education and Training to the Department of Jobs, Skills, Industry and Regions.

Note 2 Income from transactions

Income from transactions	30 June 2023 $’000	30 June 2022 $’000
Grants from the Department of Education and Training	12,900	32,089
Grants from the Department of Jobs, Skills, Industry and Regions	19,745	–
Administrative and salaries income received free of charge	6,106	5,886
Total income from transactions	38,751	37,975

Note 3 Grants and transfer payments

Grants and transfer payments	30 June 2023 $’000	30 June 2022 $’000
Payments to adult community education organisations	24,625	25,767
Payments to adult education institutions	1,585	2,070
Payments to other education organisations	1,063	1,594
Total grants and transfer payments	27,273	29,431

Note 4 Operating and administrative expenses

Net gain/(loss) on financial instruments
30 June 2023
$’000
30 June 2022
$’000
Movement in contractual receivables (impairment)
(4)
10
Total net gain/(loss) on financial instruments
(4)
10
Net gain/(loss) on financial instruments
Net gain/(loss) on financial instruments includes impairment and reversal of impairment for financial instruments at amortised cost.
Revaluations of financial instruments at fair value
All financial assets, except for those measured at fair value through profit or loss, are subject to an annual review/assessment of whether there is objective evidence that a financial asset or group of financial assets is impaired. Impaired receivables (expected credit loss) and bad debts not written off by mutual consent are classified as other economic flows in net result. Bad debts considered as written off through mutual consent are classified as transaction expenses. Subsequent recoveries of amounts previously written off are credited against the same line item.

Operating and administrative expenses	30 June 2023 $’000	30 June 2022 $’000
Operational expenditure
Operating expenses	1,820	2,357
Services provided free of charge
Administrative and salary expenses provided free of charge	6,106	5,886
Total operating and administrative expenses	7,926	8,243

Net gain/(loss) on financial instruments	30 June 2023 $’000	30 June 2022 $’000
Movement in contractual receivables (impairment)	(4)	10
Total net gain/(loss) on financial instruments	(4)	10

Note 6 Receivables

Payables
30 June 2023
$’000
30 June 2022
$’000
Contractual payables
3,240
5,266
Statutory payables
–
–
Total payables
3,240
5,266
Payables consist of:
contractual payables, such as accounts payable and expenditure accruals, which recognise the liability to make future payments for goods and services received/purchased by the Board that remain unpaid at the end of the financial year. These payables are classified as financial instruments and categorised as financial liabilities at amortised cost
statutory payables, such as GST are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract.

Receivables	30 June 2023 $’000	30 June 2022 $’000
Contractual receivables
Trade and other receivables	5	–
Expected credit loss	(4)	–
Total contractual receivables	1	–
Statutory receivables
Receivables from Victorian Government	29,964	28,058
GST input tax credit recoverable	286	456
Total statutory receivables	30,253	28,514
Total receivables	30,254	28,514

Movement in the provision for expected credit loss	30 June 2023 $’000	30 June 2022 $’000
Opening loss allowance	–	(10)
(Increase)/decrease in allowance recognised in surplus or deficit	(4)	10
Balance at end of the year	(4)	–

Payables	30 June 2023 $’000	30 June 2022 $’000
Contractual payables	3,240	5,266
Statutory payables	–	–
Total payables	3,240	5,266

Note 9 Financial instruments

Financial risk management objectives and policies

The Board’s main financial risks include credit risk and liquidity risk. The Board has overall responsibility for the establishment and oversight of its risk management framework.

Credit risk

Credit risk arises from the contractual financial assets (contractual receivables) of the Board. The Board’s exposure to credit risk arises from the potential default of a counterparty on its contractual obligations, resulting in financial loss to the Board.

The Board’s credit risk is minimal because the main debtor is the Victorian Government. For debtors other than the government, it is the Board’s policy to deal only with organisations that meet the standard financial viability requirements.

There are no financial assets that have had their terms renegotiated to prevent them from being past due or impaired, and they are stated at the carrying amounts as indicated.

Liquidity risk

Liquidity risk is the risk that the Board would be unable to meet its financial obligations as and when they fall due. The Board’s exposure to liquidity risks is deemed insignificant, as no obligation to allocate funding is entered into without securing appropriate sources to meet the commitments.

Measurement basis and accounting policy

Financial instrument classification	Accounting policy
Financial assets
Contractual receivables	Receivables are recognised at fair value, being the amount receivable, which is reduced for any impairment.
	Outstanding debts are reviewed at regular intervals to assess their collectability.
Financial liabilities
Contractual payables	Liabilities are recognised for amounts to be paid in future for services provided by organisations contracted with the Board that, at balance sheet date, remain unsettled.

The Board considers the carrying amount of financial instrument assets and liabilities recorded in the financial statements to be a fair approximation of their fair values, because of the short-term nature of the financial instruments and the expectation that they will be paid in full.

Contractual financial assets

The Board applies the AASB 9 ‘Financial Instruments’ simplified approach for all contractual receivables to measure expected credit losses using a lifetime expected loss allowance based on assumptions about the risk of default and expected loss rates. The Board has grouped contractual receivables on shared credit risk characteristics, days past due/debtors’ financial health and selected the expected credit loss rate based on past history, existing conditions and forward-looking estimates at the end of the financial year.

2023 contractual receivables	Current $’000	Less than 1 month $’000	1 to 3 months $’000	3 to 12 months $’000	1 to 5 years $’000	Total $’000
Expected loss rate ⁽ⁱ⁾	–	–	–	73%	–	73%
Gross carrying amount	–	–	–	5	–	5
Less loss allowance	–	–	–	(4)	–	(4)
Net carrying value	–	–	–	1	–	1

(i) The expected credit loss considers the impact that COVID-19 had on debtors trading conditions.

2022 contractual receivables	Current $’000	Less than 1 month $’000	1 to 3 months $’000	3 to 12 months $’000	1 to 5 years $’000	Total $’000
Expected loss rate	–	–	–	–	–	–
Gross carrying amount	–	–	–	–	–	–
Less loss allowance	–	–	–	–	–	–
Net carrying value	–	–	–	–	–	–

Ageing analysis of contractual financial liabilities

2023 liabilities	Carrying amount $’000	Nominal amount $’000	Maturity dates
2023 liabilities	Carrying amount $’000	Nominal amount $’000	Less than 1 month $’000	1 to 3 months $’000	3 to 12 months $’000	1 to 5 years $’000
Contractual payables	3,240	3,240	1,681	1,559	–	–
Total	3,240	3,240	1,681	1,559	–	–

2022 liabilities	Carrying amount $’000	Nominal amount $’000	Maturity dates
2022 liabilities	Carrying amount $’000	Nominal amount $’000	Less than 1 month $’000	1 to 3 months $’000	3 to 12 months $’000	1 to 5 years $’000
Contractual payables	5,266	5,266	191	5,075	–	–
Total	5,266	5,266	191	5,075	–	–

Note 10 Cash flow information

Reconciliation of net result for the period to net cash flow from operating activities	30 June 2023 $’000	30 June 2022 $’000
Net result for the period	3,548	311
Other non-cash items affecting results
(Increase)/decrease in receivables	(1,740)	(2,644)
(Increase)/decrease in prepayments	218	(10)
Increase/(decrease) in payables	(2,026)	2,343
Net cash flows from/(used in) operating activities	–	–

Note 11 Responsible persons

In accordance with the Ministerial Directions issued by the Assistant Treasurer under the Financial Management Act 1994, the following disclosures are made regarding responsible persons for the reporting period.

The persons who held the positions of Minister and Accountable Officer on the Board are as follows:

Responsible Minister

The Hon Gayle Tierney MP (1 July 2022 – 30 June 2023)

The following persons acted in the absence of the responsible Minister during the year:

Ingrid Stitt MLC (4–17 July 2022, 18–19 August 2022, 24–28 December 2022)
The Hon. Steve Dimopoulos MP (13–23 January 2023)
The Hon. Natalie Hutchins MP (16–20 April 2023)
The Hon. Ben Carroll MP (21 April – 1 May 2023)

Accountable Officer

Ms Jeanette Nagorcka (1 July 2022 – 29 May 2023)

The following officers acted in the absence of Ms Jeanette Nagorcka during the year:

Ms Jane Ward (27 January – 22 February 2023)
Ms Kathleen Carroll (29 May – 23 June 2023)
Ms Michelle Willetts (26 – 30 June 2023)

Significant transactions with government-related entities

During the year, the Board had the following significant government-related entity transactions:

Grant funding was received from the Department of Education and Training ($12.9 million).
Grant funding was received from the Department of Jobs, Skills, Industry and Regions ($19.7 million).

The Board recognises services received free of charge ($6.1 million), from its portfolio departments to undertake legislative responsibilities. This included payments made to the Department of Families, Fairness and Housing ($0.2 million) for the support of a grants management system.
Payments were made to the Centre for Adult Education ($0.7 million) and AMES Australia ($0.9 million) for the delivery of educational services.

Key management personnel and related parties

Related parties of the Board include all key management personnel and their close family members and personal business interests (controlled entities, joint ventures and entities over which they may have significant influence). Other related parties include Victorian Cabinet ministers (including their close family members) and public sector entities that are controlled and consolidated into the whole-of-government consolidated financial statements.

Key management personnel of the Board include:

Board members
Minister for Skills and TAFE in the Parliament of Victoria
Accountable Officer.

Entity	Key management personnel	Position title	Period
Parliament of Victoria	The Hon Gayle Tierney MP	Minister for Skills and TAFE	1 July 2022 – 30 June 2023
Board	Ms Jeanette Nagorcka	Accountable Officer	1 July 2022 – 29 May 2023
Board	Ms Jane Ward	Accountable Officer (Acting Executive Director)	27 January 2023 – 22 February 2023
	Ms Kathleen Carrol		29 May 2023 – 23 June 2023
	Ms Michelle Willetts		26 June 2023 – 30 June 2023
Board	Ms Maria Peters	Chairperson	1 July 2022 – 31 March 2023
Board	Mr John Maddock	Board member Acting Deputy Chairperson Acting Chairperson	1 July 2022 – 17 October 2022 18 October 2022 – 31 March 2023 1 April 2023 – 30 June 2023
Board	Dr Maylyn Lam	Deputy Chairperson	1 July 2022 – 16 September 2022
Board	Mr Michael Grogan	Board member Acting Deputy Chairperson	1 July 2022 – 31 March 2023 1 April 2023 – 30 June 2023
Board	Mr James Atkinson	Board member	1 July 2022 – 1 May 2023
Board	Ms Sally Brennan	Board member	1 July 2022 – 4 November 2022
Board	Ms Claudia Fatone	Board member	1 July 2022 – 30 June 2023
Board	Ms Margaret Lewis	Board member	1 July 2022 – 30 June 2023
Board	Ms Natasha Ngweso	Board member	1 July 2022 – 30 June 2023
Board	Mr Ekrem Ozyurek	Board member	1 July 2022 – 30 June 2023
Board	Ms Deborah Sansom	Board member	1 July 2022 – 30 June 2023
Board	Dr Winifred Scott	Board member Acting Board Member	1 July 2022 – 9 May 2023 10 May 2023 – 30 June 2023

The compensation detailed below excludes salaries and benefits that the portfolio Minister received. The Minister’s remuneration and allowances are set by the Parliamentary Salaries and Superannuation Act 1968 and are reported in the Department of Parliamentary Services’ Financial Report.

Remuneration of key management personnel

Other than ministers and accountable officers, the number of key management personnel and their total remuneration during the reporting period are shown in the table below. Remuneration comprises employee benefits in all forms of consideration paid, payable or provided by the entity, or on behalf of the entity, in exchange for services rendered, and is disclosed in the following categories:

Short-term employee benefits include amounts such as wages, salaries, annual leave and sick leave that are usually paid or payable on a regular basis, as well as non-monetary benefits such as allowances and free or subsidised goods or services.
Post-employment benefits include pensions and other retirement benefits paid or payable on a discrete basis when employment has ceased.
Other long-term benefits include long service leave, other long service benefits or deferred compensation.
Termination benefits include termination-of-employment payments, such as severance packages.

Remuneration of key management personnel (excluding responsible ministers)	30 June 2023	30 June 2022
Short-term benefits	$175,657	$145,017
Post-employment benefits	$3,941	$4,283
Other long-term benefits	–	–
Termination benefits	N/A	N/A
Share-based payments	N/A	N/A
Total remuneration	$179,598	$149,300
Total number of key management personnel	12	13
Total annualised employee equivalents⁽ⁱ⁾	N/A	N/A

(i) Board members do not fall within employee definitions.

Remuneration of Accountable Officer

The Accountable Officer is an executive officer employed by the portfolio department, with information on remuneration disclosed in the Department’s financial statements. The Board recognises the indirect cost associated with the Accountable Officer’s time within the services free of charge recognised in the operating statement.

Retirement benefits of responsible persons

There were no retirement benefits made in connection with retirement of responsible persons of the reporting entity.

Transactions and balances with key management personnel and other related parties

During the reporting period, no responsible person received or was entitled to receive any benefit (other than remuneration disclosed in the financial report) from a contract between the Board and that responsible person or a firm or company of which that responsible person is a member or has a substantial interest.

During the reporting period, Adult Learning Australia received several program-related payments from the Board. While Ms Sally Brennan was a Board member of both the Adult, Community and Further Education Board and Adult Learning Australia, she undertook no consultation with or had involvement with the Department or Board members in contract establishment, amendment or extension.

Outside normal citizen-type transactions, there were no other related-party transactions that involved key management personnel, their close family members or their personal business interests. No provision has been required, nor any expense recognised, for impairment of receivables from related parties. Other related transactions and loans requiring disclosure under the Directions of the Assistant Treasurer have been considered, and there are no matters to report.

Victorian Auditor-General’s Office	30 June 2023 $’000	30 June 2022 $’000
Audit of the financial statements	35	35

Note 15 Commitments for expenditure across payment timeframe

Operating commitments 30 June 2023	Payment timeframe
Pre-accredited training delivery	9,744	9,744	–	–
Other program delivery	1,823	1,823	–	–
Total expenditure commitments	11,567	11,567	–	–

Operating commitments 30 June 2022	Payment timeframe
Pre-accredited training delivery	10,526	10,526	–	–
Other program delivery	2,139	2,139	–	–
Total expenditure commitments	12,665	12,665	–	–

Note 16 Other accounting items

Cash and deposits

The Board does not hold a bank account with any financial institution. Total approved appropriations for the relevant period are transferred by the relevant portfolio department to the Board, in a phased manner throughout the financial year via inter-entity transactions.

Comprehensive operating statement

The comprehensive operating statement comprises 3 components: ‘net result from transactions’ (or ‘net operating balance’), ‘other economic flows included in net result’ and ‘other economic flows – other comprehensive income’. The sum of the first two, together with the net result from discontinued operations, represents the net result.

The ‘net result from transactions’ or ‘net operating balance’ is a key fiscal aggregate and is derived by income from transactions minus expenses from transactions. It is a summary measure of the ongoing sustainability of operations. It excludes gains and losses resulting from changes in price levels and other changes in the volume of assets. It is the component of the change in net worth that is due to transactions and can be attributed directly to government policies.

‘Transactions’ are those economic flows that are considered to result from policy decisions, usually interactions between two entities by mutual agreement. Transactions also include flows within an entity, such as depreciation where the owner is simultaneously acting as the owner of the depreciating asset and as the consumer of the service provided by the asset. Taxation is regarded as mutually agreed interactions between the government and taxpayers.

Transactions can be in kind (for example, assets provided or given free of charge or for nominal consideration) or where the final consideration is cash.

Balance sheet

Assets and liabilities are presented in liquidity order, with assets aggregated into financial assets and non-financial assets.

Current and non-current assets and liabilities (those expected to be recovered or settled beyond 12 months) are disclosed in the notes, where relevant.

Statement of changes in equity

The statement of changes in equity presents reconciliations of each non-owner and owner equity opening balance at the beginning of the reporting period to the closing balance at the end of the reporting period.

It also separately shows the changes due to amounts recognised in the ‘comprehensive result’ and amounts recognised in ‘other economic flows – other movements in equity’ related to ‘transactions with owner in its capacity as owner’.

Cash flow statement

Cash flows are classified according to whether they arise from operating activities, investing activities, or financial activities. This classification is consistent with requirements in AASB 107 ‘Statement of Cash Flows’.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables on the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities that are recoverable from, or payable to, the taxation authority, are presented as operating cash flow.

Australian Accounting Standards issued that are not yet effective

Certain new accounting standards and interpretations have been issued but are not effective for the 30 June 2023 reporting period. The Board assesses the impact of these new standards to determine their applicability and early adoption where applicable.

As at 30 June 2023, the following standards and interpretations that are applicable to the Board had been issued but were not made mandatory for the financial year ending 30 June 2023. The Board has not and does not intend to adopt these standards early.

Topic	Key requirements	Effective date
AASB 2022-8 Amendments to Australian Accounting Standards – Insurance Contracts: Consequential Amendments	AASB 2022-8 makes consequential amendments to other Australian Accounting Standards so that public sector entities are permitted to continue to apply AASB 4 and AASB 1023 to annual periods before 1 July 2026. This Standard applies for annual reporting periods beginning on or after 1 January 2023.	1 January 2023
AASB 2022-9 Amendments to Australian Accounting Standards –Insurance Contracts in the Public Sector	AASB 2022-9 amends AASB 17 to make public sector-related modifications (for example, it specifies the pre-requisites, indicators and other considerations in identifying arrangements that fall within the scope of AASB 17 in a public sector context). This Standard applies for annual reporting periods beginning on or after 1 July 2026.	1 July 2026
AASB 2022-6 Amendments to Australian Accounting Standards – Non-current Liabilities with Covenants	AASB 2022-6 amends and clarifies the requirements contained in AASB 2020-1. Among other things, it: clarifies that only those covenants that an entity must comply with at or before the reporting date affect a liability’s classification as current or non-current requires additional disclosures for non-current liabilities that are subject to an entity complying with covenants within 12 months after the reporting date. AASB 2022-6 applies to annual reporting periods beginning on or after 1 January 2023.	1 January 2023

Updated 16 November 2023

Operating commitments 30 June 2023	Payment timeframe
Operating commitments 30 June 2023	Total $’000	1 year $’000	1 to 5 years $’000	5 years or more $’000
Pre-accredited training delivery	9,744	9,744	–	–
Other program delivery	1,823	1,823	–	–
Total expenditure commitments	11,567	11,567	–	–