for the period ended 30 June 2017
| 2017 $'000 |
2016 $'000 |
Original Budget $'000 |
|
|---|---|---|---|
| CONTRIBUTED EQUITY | |||
| Opening balance | - | - | - |
| Balance carried forward from previous period | 183 | 183 | 183 |
| Adjusted opening balance | 183 | 183 | 183 |
| Transactions with owners | |||
| Contributions by owners | |||
| Departmental capital budget | 59 | - | 59 |
| Total transactions with owners | 59 | - | 59 |
| Closing balance as at 30 June | 242 | 183 | 242 |
| RETAINED EARNINGS | |||
| Opening balance | |||
| Balance carried forward from previous period | 3,490 | 3,562 | 3,574 |
| Adjusted opening balance | 3,490 | 3,562 | 3,574 |
| Comprehensive income | |||
| Surplus/(Deficit) for the period | (107) | (72) | - |
| Total comprehensive income | (107) | (72) | - |
| Closing balance as at 30 June | 3,383 | 3,490 | 3,574 |
| TOTAL EQUITY | |||
| Opening Balance | |||
| Balance carried forward from previous period | 3,673 | 3,745 | 3,757 |
| Adjusted opening balance | 3,763 | 3,745 | 3,757 |
| Comprehensive income | |||
| Surplus/(Deficit) for the period | (107) | (72) | - |
| Total comprehensive income | (107) | (72) | - |
| Transactions with owners | |||
| Contributions by owners | |||
| Department by capital budget | 59 | - | 59 |
| Total transactions with owners | 59 | - | 59 |
| Closing balance as at 30 June | 3,625 | 3,673 | 3,815 |
The above statement should be read in conjunction with the accompanying notes.
Accounting Policy
Equity Injections Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.
Budget Variances Commentary
Statement of Changes in Equity for not-for-profit Reporting Entities Variances are considered to be 'major' when the difference is greater than 10% or more than $50,000 or a lesser amount if pertinent to the understanding of the financial statements.
- Opening balances carried forward for retained earnings and total equity reflect the budget being prepared before 2015-16 actual results were known.
- Total comprehensive income (net deficit) - the budget was estimated to be cost neutral for 2016-17 however a loss was incurred. The main component for the deficit resulted from a misunderstanding of shared services charges whereby additional costs of $60k over our estimation were not advised to ASEA until late June 2017. The remainder of the variance is made up of $27k for completion of services ahead of schedule, employee costs and provisions, and $20k relating to depreciation.
