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Statement of Changes in Equity

Statement of Changes in Equity for the period ended 30 June 2021

2021

2020

Original Budget

Notes

$'000

$'000

$'000

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

8,984

8,456

8,984

Transactions with owners

Distribution to Owners

Departmental equity returns

3A

-

(296)

-

Contributions by Owners

Departmental capital budget

3A

2,327

824

2,327

Total transactions with owners

2,327

528

2,327

Closing balance as at 30 June

11,311

8,984

11,311

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

14,334

14,940

14,334

Adjustment on initial application of AASB 16

-

1,217

-

Adjusted opening balance

14,334

16,157

14,334

Comprehensive Income

Surplus / (Deficit) for the period

377

(1,823)

(3,075)

Total comprehensive income

377

(1,823)

(3,075)

Closing balance as at 30 June

14,711

14,334

11,259

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

1,593

1,593

1,593

Comprehensive Income

Other comprehensive income

234

-

-

Total comprehensive income

234

-

-

Closing balance as at 30 June

1,827

1,593

1,593

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

24,911

24,989

24,911

Adjustment on initial application of AASB 16

-

1,217

-

Adjusted opening balance

24,911

26,206

24,911

Comprehensive Income

Surplus / (Deficit) for the period

377

(1,823)

(3,075)

Other comprehensive income

234

-

-

Total comprehensive income

611

(1,823)

(3,075)

Transactions with owners

Distribution to Owners

Departmental equity returns

-

(296)

-

Contributions by Owners

Departmental capital budget

2,327

824

2,327

Total transactions with owners

2,327

528

2,327

Closing balance as at 30 June

27,849

24,911

24,163

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

Budget variances commentary

The variation against budget in respect of retained earnings mainly reflects the higher operating surpluses in the current and prior year (refer to the commentary under the Statement of Comprehensive Income), together with asset revaluation. The variance in the opening and closing balances for Contributed Equity reflect the reclassification of $1.5 million from Annual Operating Appropriation to Departmental Capital Budget.