Go to top of page

Statement of Changes in Equity

For the period ended 30 June 2020

2020

2019

Original Budget

Notes

$’000

$’000

$’000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

2,511

2,511

2,511

Closing balance as at 30 June

2,511

2,511

2,511

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(1,935)

(750)

(2,144)

Adjustment for errors

(5)

0

0

Adjustment on initial application of AASB 16

2,041

0

0

Adjusted opening balance

101

(750)

(2,144)

Comprehensive income

Surplus/(Deficit) for the period

(5,774)

(1,185)

(958)

Closing balance as at 30 June

(5,673)

(1,935)

(3,102)

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

466

466

466

Comprehensive income

Other comprehensive income

171

0

0

Closing balance as at 30 June

637

466

466

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

1,042

2,227

833

Adjustment for errors

(5)

0

0

Adjustment for changes in accounting policies

2,041

0

0

Adjusted opening balance

3,078

2,227

833

Comprehensive income

Surplus/(Deficit) for the period

(5,774)

(1,185)

(958)

Other comprehensive income

171

0

0

Total comprehensive income

(5,603)

(1,185)

(958)

Transactions with owners

Contributions by owners

0

0

0

Total transactions with owners

0

0

0

Closing balance as at 30 June

(2,525)

1,042

(125)

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

Major variances reflect the impacts from implementation of new accounting standards AASB 15 Revenue from Contracts with Customers and AASB 16 Leases during the reporting period. A full review and assessment of revenue from contracts with customers as at 30 June 2020 determined total revenue recognition in accordance with AASB 15 to be $5.408m (2019: $8.683m) representing an increase of $4.817m to the original estimated operating result of $0.958m first reported in the 2018-19 original budget in 2018-19. Other significant contributions to the operating result include a higher salary and wages accrual ($0.265m) and increased Depreciation on the Right of Use Property Lease Asset ($0.248m) created from the implementation of AASB 16.