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Statement of Changes in Equity

Statement of Changes in Equity for the period ended 30 June 2020

2020

2019

Original Budget

$’000

$’000

$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

337

278

337

Adjusted opening balance

337

278

337

Transactions with owners

Contributions by owners

Departmental capital budget

59

59

59

Total transactions with owners

59

59

59

Closing balance as at 30 June

396

337

396

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

3,303

3,287

3,240

Adjustment on initial application of AASB 16

26

Adjusted opening balance

3,329

3,287

3,240

Comprehensive income

Surplus/(Deficit) for the period

(60)

16

(59)

Total comprehensive income

(60)

16

(59)

Closing balance as at 30 June

3,269

3,303

3,181

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

3,640

3,565

3,577

Adjustment for changes in accounting policies

26

-

-

Adjusted opening balance

3,666

3,565

3,577

Comprehensive income

Surplus/(Deficit) for the period

(60)

16

(59)

Total comprehensive income

(60)

16

(59)

Transactions with owners

Contributions by owners

Departmental capital budget

59

59

59

Total transactions with owners

59

59

59

Closing balance as at 30 June

3,665

3,640

3,577

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

Accounting Policy

Equity Injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Budget Variances Commentary

Statement of Changes in Equity for not-for-profit Reporting Entities

Variances are considered to be 'major' when the difference is greater than 10% or more than $50,000 or a lesser amount if pertinent to the understanding of the financial statements.

1. Opening balances carried forward for retained earnings and total equity reflect the budget being prepared before 2018-19 actual results were known.