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Statement of comprehensive income

for the period ended 30 June 2020

Notes

Actual

2020

$'000

Actual

2019

$'000

Original

Budget¹

2020

$'000

NET COST OF SERVICES

Expenses

Employee Benefits

1

5,945

1,569

5,308

Suppliers Expenses

2

3,507

816

3,482

Finance Costs

7

-

-

Depreciation and amortisation

429

-

18

Total Expenses

9,888

2,385

8,808

Own-Source Income

Own-Source Revenue

Other Revenue

1

-

-

Assets received free of charge

825

-

-

Services received free of charge

140

2,366

-

Total own-Source Revenue

966

2,366

-

Net cost of services

(8,922)

(19)

(8,808)

APPROPRIATION FUNDING

Revenue from Government

19,147

-

8,790

Total Appropriation Funding

19,147

-

8,790

Surplus (deficit)

10,225

(19)

(18)

1. The Agency’s original Budgeted financial statement that was first presented to Parliament in respect of the reporting period was the 2019-20 Portfolio Budget Statements. The Budgeted financial statements have not been audited. Budgeted figures have been amended between Employee Benefits and Suppliers to align to the classification used for actuals.

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

Accounting Policy

Revenue from Government

Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the Agency gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.

Resources Received Free of Charge

Resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense.

Contributions of assets at no cost of acquisition or for nominal consideration are recognised as
income at their fair value when the asset qualifies for recognition, unless received from another
Government entity as a consequence of a restructuring of administrative arrangements.

Contributions of assets are outlined in Note 4 and comprise leasehold improvements ($0.6 million)
and plant and equipment ($0.2 million).