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Statement of Comprehensive Income

Statement of Comprehensive Income for the period ended 30 June 2021

2021

2020

Original Budget

Notes

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee benefits

1A

24,451

27,659

28,350

Suppliers

2A

4,250

4,418

3,849

Depreciation and amortisation

4A

4,267

3,637

4,181

Finance costs

2F

212

197

352

Losses from asset sales

138

-

-

Total expenses

33,318

35,911

36,732

Own-Source Income

Own-Source Revenue

Revenue from contracts with customers

5B

348

521

310

Resources received free of charge

50

50

50

Total own-source income

398

571

360

Net cost of services

32,920

35,340

36,372

Revenue from Government

33,297

33,517

33,297

Surplus / (Deficit)

377

(1,823)

(3,075)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation reserve

4A

234

-

-

Total other comprehensive income

234

-

-

Total comprehensive income / (loss)

611

(1,823)

(3,075)

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

Budget Variances Commentary

The main budget variance is in expenses, which were lower than the original budget mainly due to lower than forecast employee related expenses and supplier costs. Employee benefits were lower primarily due to delays in filling positions, higher than expected outward secondments on cost recovery basis and lower than forecast leave expenses (see Note 1 regarding accounting policy applied to leave). Supplier costs were lower mainly due to variations in inquiry and other project activity. The nature, scope and timing of public inquiries and other work commissioned by Government are not always known when the original budget estimates are prepared, and those factors have had a bearing on cost outcomes. Revenue from contracts with customers is higher due to the unexpected extension of a previous arrangement.