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Statement of Comprehensive Income

Statement of Comprehensive Income

Notes

2020

2019

Original Budget1

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Employee Benefits

1.1A

10,828

8,231

11,277

Suppliers

1.1B

7,545

7,971

6,488

Depreciation and amortisation

3.2A

2,338

1,075

789

Finance Costs

1.1C

42

80

91

Write-down and impairment of other assets

-

6

-

Losses from asset disposals

-

236

-

Total expenses

20,753

17,599

18,645

Own-Source Income

Own-source revenue

Revenue from contracts with customers

1.2A

741

87

5

Rental Income

1.2B

269

266

259

Resources received free of charge

1.2C

61

46

53

Total own-source revenue

1,071

399

317

Net (cost of)/contribution by services

(19,682)

(17,200)

(18,328)

Revenue from Government

1.2D

17,539

17,938

17,539

(Deficit)/Surplus attributable to the Australian

Government

(2,143)

738

(789)

OTHER COMPREHENSIVE INCOME

Items not subject to subsequent reclassification to net cost of services

Changes in asset revaluation surplus

-

16

-

Total other comprehensive income

-

16

-

Total comprehensive income/(loss)

(2,143)

754

(789)

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

1 Original Budget reflects the figures in the 2019-20 Portfolio Budget Statements (PBS).

Budget Variance Commentary - Statement of Comprehensive Income

Affected line items

Explanations of major variances

Expenses

Suppliers

Supplier expenses is greater than budget due to the increase in contractor utilisation and the timing of project based activities within the agency. TEQSA engages contractors to temporarily fill positions due to staff movements and timing of recruitment activities.

Expenses

Depreciation and amortisation

The increase in depreciation and amortisation expense is attributed to the transition to AASB 16 Leases. Depreciation expense associated with right of use assets was not captured in the original budget preparation.

Income

Revenue from contracts with customers

The increase in own-source revenue is attributed to ticket sales generated from the 2019 TEQSA Conference.