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Statement of Comprehensive Income

Statement of Comprehensive Income

for the period ended 30 June 2020

Notes

2020

$'000

2019

$'000

Original Budget

$'000

NET COST OF SERVICES

Expenses

Employee Benefits

1.1A

50,426

51,019

53,816

Suppliers

1.1B

37,596

39,812

39,968

Depreciation and Amortisation

3.2A

13,289

6,954

8,200

Finance Costs

1.1C

396

21

24

Impairment Loss on Financial Instruments

1

5

-

Write-Down and Impairment of Other Assets

1.1D

101

34

-

Total expenses

101,809

97,845

102,008

Own-Source Income

Own-Source Revenue

Revenue from Contracts with Customers

1.2A

41,706

43,187

44,017

Other Revenue

1.2B

381

836

644

Total own-source revenue

42,087

44,023

44,661

Gains

Reversals of Write-Downs and Impairment

-

3

-

Other

30

1

-

Total gains

30

4

-

Total own-source income

42,117

44,027

44,661

Net (cost of) services

(59,692)

(53,818)

(57,347)

Revenue from Government

1.2C

53,583

52,254

53,583

(Deficit)

(6,109)

(1,564)

(3,764)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in Asset Revaluation Surplus

-

833

-

Total other comprehensive income

-

833

-

Total comprehensive (loss)

(6,109)

(731)

(3,764)

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

Budget Variances Commentary

The policy for explanation of major budget variances is included in the Overview section. The budget variance relating to depreciation and amortisation, suppliers and finance costs reflects the application of AASB 16 Leases. The budget variance for revenue from services was a reduction in revenues from registrations and searches of the Personal Properties and Securities Register (‘PPSR’) as a result of COVID-19.