Go to top of page

Statement of Changes in Equity

Statement of Changes in Equity for the period ended 30 June 2020

Statement of Changes in Equity

2020

$'000

2019 Restated

$'000

Original budget

$'000

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

47,896

38,909

20,595

Adjustment on initial application of AASB 15

-3,372

0

0

Adjustment on initial application of AASB 16

13

0

0

Adjusted opening balance

44,537

38,909

20,595

Comprehensive income

Surplus/(Deficit) for the period

9,275

8,987

-699

Total comprehensive income

9,275

8,987

-699

Closing balance as at 30 June

53,812

47,896

19,896

TOTAL EQUITY

Opening balance

Balance carried forward from pervious period

47,896

38,909

20,595

Adjustment on initial application of AASB 15

-3,372

0

0

Adjustment on initial application of AASB 16

13

0

0

Adjusted opening balance

44,537

38,909

20,595

Comprehensive income

Surplus/(deficit) for the period

9,275

8,987

-699

Other comprehensive income

0

0

0

Total comprehensive income

9,275

8,987

-699

Closing balance as at 30 June

53,812

47,896

19,896

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

Budget Variances Commentary

Retained Earnings
The 2019 comparative for Balance carried forward from previous period, Surplus/(Deficit) for the period, Total comprehensive income and Closing balance as at 30 June has been restated. Refer to the Prior Period Error note in the Overview for further information.

The opening balance of $47.9m was $27.3m above budget due to the correction of the prior period error of $21.4m and because the original opening balance PBS budget equity of $20.6m was not updated to reflect the 2018-19 financial statements closing equity balance.

The closing equity balance of $53.8m was above budget by $33.9m due to the combination of the opening balance variance of $27.3m, the positive budget variance on the 2019-20 Statement of Comprehensive Income of $10m and equity adjustments of ($3.3m) on the initial application of AASB 15, AASB 1058 and AASB 16.