for the period ended 30 June 2018
| 2018 $'000 |
2017 $'000 |
Original Budget $'000 |
|
|---|---|---|---|
| CONTRIBUTED EQUITY | |||
| Opening balance | - | ||
| Balance carried forward from previous period | 242 | 183 | 242 |
| Adjusted opening balance | 242 | 183 | 242 |
| Transactions with owners | |||
| Contributions by owners | |||
| Departmental capital budget | 60 | 59 | 60 |
| Equity injection - appropriations | (24) | - | - |
| Total transactions with owners | 36 | 59 | 60 |
| Closing balance as at 30 June | 278 | 242 | 302 |
| RETAINED EARNINGS | |||
| Opening balance | |||
| Balance carried forward from previous period | 3,383 | 3,490 | 3,453 |
| Adjusted opening balance | 3,383 | 3,490 | 3,453 |
| Comprehensive income | |||
| Surplus/(Deficit) for the period | (96) | (107) | (35) |
| Total comprehensive income | (96) | (107) | (35) |
| Closing balance as at 30 June | 3,287 | 3,383 | 3,418 |
| TOTAL EQUITY | |||
| Opening Balance | |||
| Balance carried forward from previous period | 3,625 | 3,673 | 3,695 |
| Adjusted opening balance | 3,625 | 3,673 | 3,695 |
| Comprehensive income | |||
| Surplus/(Deficit) for the period | (96) | (107) | (35) |
| Total comprehensive income | (96) | (107) | (35) |
| Transactions with owners | |||
| Contributions by owners | |||
| Department by capital budget | 60 | 59 | 60 |
| Total transactions with owners | (24) | - | - |
| Closing balance as at 30 June | 3,565 | 3,625 | 3,720 |
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.
-
Equity injections were reduced as a result of the repeal of Appropriation Act (No. 4) 2013-14 in March 2018.
-
Opening balances carried forward for retained earnings and total equity reflect the budget being prepared before 2016-17 actual results were known.
-
Total comprehensive income (net deficit) - the budget was estimated to be cost neutral for 2017-18 however a loss was incurred. The main component for the deficit resulted from non-cash adjustments to leave entitlement provisions as a result of changes in parameters and valuations.
