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Statement of Changes in Equity

for the period ended 30 June 2020

2020

Original

2020

2019

Budget

$’000

$’000

$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

12,808

12,199

12,969

Transactions with owners

Departmental capital budget

455

609

455

Total transactions with owners

455

609

455

Closing balance as at 30 June

13,263

12,808

13,424

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

-8,763

-5,789

-9,407

Adjustment on initial application of AASB 16

2,609

-

-

Adjusted opening balance

-6,154

-5,789

-9,407

Comprehensive income

Surplus for the period

2,397

-3,366

-1,573

Total comprehensive income

2,397

-3,366

-1,573

Transfers between equity components

-

392

-

Closing balance as at 30 June

-3,757

-8,763

-10,980

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

3,773

4,202

4,199

Adjusted opening balance

3,773

4,202

4,199

Comprehensive income

Other comprehensive income

-192

-37

-

Total comprehensive income

-192

-37

-

Transfers between equity components

-

-392

-

Closing balance as at 30 June

3,581

3,773

4,199

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

7,818

10,612

7,761

Adjustment on initial application of AASB 16

2,609

Adjusted opening balance

10,427

10,612

7,761

Comprehensive income

Surplus for the period

2,397

-3,366

-1,573

Other comprehensive income

-192

-37

-

Total comprehensive income

2,205

-3,403

-1,573

Transactions with owners

Departmental capital budget

455

609

455

Total transactions with owners

455

609

455

Closing balance as at 30 June

13,087

7,818

6,643

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

The closing balance of equity is $6.4 million higher than the Original Budget. The variance comprises transition impacts associated with AASB 16 of $2.6 million, $0.2 million revaluation decrement and $4.0 million variance in the forecast operating result.