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Statement of changes in equity

for the period ended 30 June 2020

Original Budget

2020

2019

2020

Notes

$

$

$

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

30,506,000

28,561,000

30,506,000

Adjusted opening balance

30,506,000

28,561,000

30,506,000

Transactions with owners

Contributions by owners

Departmental capital budget

3.1A

1,949,000

1,945,000

1,949,000

Equity injection - appropriation

0

0

0

Total transactions with owners

1,949,000

1,945,000

1,949,000

Closing balance as at 30 June

32,455,000

30,506,000

32,455,000

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(11,382,465)

(8,883,700)

(11,453,000)

Adjusted opening balance

(11,382,465)

(8,883,700)

(11,453,000)

Comprehensive income

Deficit for the period

(2,416,768)

(2,498,765)

(2,570,000)

Total comprehensive income

(2,416,768)

(2,498,765)

(2,570,000)

Closing balance as at 30 June

(13,799,233)

(11,382,465)

(14,023,000)

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

19,514,793

19,477,693

19,477,000

Adjusted opening balance

19,514,793

19,477,693

19,477,000

Comprehensive income

Other comprehensive income

60,026

37,100

0

Total comprehensive income

60,026

37,100

0

Closing balance as at 30 June

19,574,819

19,514,793

19,477,000

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

38,638,328

39,154,993

38,530,000

Adjusted opening balance

38,638,328

39,154,993

38,530,000

Comprehensive income

Other comprehensive income

60,026

37,100

0

Surplus / (deficit) for the period

(2,416,768)

(2,498,765)

(2,570,000)

Total comprehensive income

(2,356,742)

(2,461,665)

(2,570,000)

Transactions with owners

Contributions by owners

Departmental capital budget

1,949,000

1,945,000

1,949,000

Total transactions with owners

1,949,000

1,945,000

1,949,000

Closing balance as at 30 June

38,230,586

38,638,328

37,909,000

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.

Restructuring of administrative arrangements

Net assets received from or relinquished to another Government entity under a restructuring of administrative arrangements are adjusted at their book value directly against contributed equity.

Budget variances commentary

Statement of Changes in equity

The above table provides a comparison between the 2019–2020 Portfolio Budget Statements (PBS) budget and the final financial outcome in the 2019–2020 financial statements. The Budget is not audited and does not reflect additional budget estimates provided in the 2019–2020 Portfolio Additional Estimates Statements (PAES) or the revised budget provided as part of the 2020–21 Portfolio Budget Statements (PBS). However major changes in budget have been explained as part of the variance analysis where relevant.

The actuals are prepared in accordance with Australian Accounting Standards.

Departmental major budget variances for 2020

Explanations of major variances

Affected line items (and statement)

Asset Revaluation Reserves

Increase relates to the actual independent revaluation of land and buildings in 2020 and 2019, since the budget was prepared.

Land and buildings, leasehold improvements and plant and equipment and reserves (Statement of Financial Position).