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Statement of changes in equity

for the period ended 30 June 2020

Notes

2020 $

2019 $

Original Budget 2020 $

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

4,362,511

4,173,511

4,435,000

Adjusted opening balance

4,362,511

4,173,511

4,435,000

Transactions with owners

Contributions by owners

Departmental capital budget

189,000

189,000

189,000

Equity injection

Total transactions with owners

189,000

189,000

189,000

Closing balance as at 30 June

4,551,511

4,362,511

4,624,000

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(2,404,203)

(1,998,816)

(2,545,000)

Adjusted on initial application of AASB 16

530,000

Adjusted opening balance

(1,874,203)

(1,998,816)

(2,545,000)

Comprehensive income

Deficit for the period

(1,488,329)

(405,387)

(532,000)

Total comprehensive income

(1,488,329)

(405,387)

(532,000)

Closing balance as at 30 June

(3,362,532)

(2,404,203)

(3,077,000)

ASSET REVALUATION RESERVE

Balance carried forward from previous period

296,630

214,420

214,000

Adjusted opening balance

296,630

214,420

214,000

Comprehensive income

Changes in asset revaluation surplus

82,210

Total comprehensive income

82,210

Closing balance as at 30 June

296,630

296,630

214,000

TOTAL EQUITY

1,485,609

2,254,938

1,761,000

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

Budget variances commentary

Australian Institute of Family Studies ‘the Institute’ original budgeted financial statement was first presented to Parliament in respect of the reporting period in the 2019/20 PBS.

Explanations of major variance between actual and original budgeted amounts for 2019/20 are provided where the variance is greater than 10% for a line item or greater than $251,000 unless the variance is a trivial amount.

Explanations of major variances

Affected line items (and statement)

The result for the year was an increase deficit due to revenue for contract research being lower than anticipated. Due to the COVID-19 pandemic some research milestones were not achieved resulting in lower revenue recognition, whilst expenditure was still incurred.

Deficit for the period

With the introduction of AASB 16 initial treatment resulted in write back of the balance of the Leasehold incentive to retained earnings.

Retained earnings