Statement of Changes in Equity
for the period ended 30 June 2018
Original
2018 2017 Budget
Notes $’000 $’000 $’000
CONTRIBUTED EQUITY
Opening balance
Balance carried forward from previous period 2,511 2,511 2,511
Adjusted opening balance 2,511 2,511 2,511
Closing balance as at 30 June 2,511 2,511 2,511
RETAINED EARNINGS
Opening balance
Balance carried forward from previous period 1,588 (1,863) (3,973)
Adjusted opening balance 1,588 (1,863) (3,973)
Comprehensive income
Surplus/(deficit) for the period (2,338) 3,451 –
Total comprehensive income (2,338) 3,451 –
Closing balance as at 30 June (750) (1,588) (3,973)
ASSET REVALUATION RESERVE
Opening balance
Balance carried forward from previous period 385 378 378
Adjusted opening balance 385 378 378
Comprehensive income
Other comprehensive income 81 7 –
Total comprehensive income 81 7 –
Closing balance as at 30 June 466 385 378
Original
2018 2017 Budget
Notes $’000 $’000 $’000
TOTAL EQUITY
Opening balance
Balance carried forward from previous period 4,484 1,026 (1,462)
Adjusted opening balance 4,484 1,026 (1,462)
Comprehensive income
Surplus/(deficit) for the period (2,338) 3,451 –
Other comprehensive income 81 7 –
Total comprehensive income (2,257) 3,458 –
Transactions with owners
Contributions by owners
Total transactions with owners – – –
Closing balance as at 30 June 2,227 4,484 (1,462)
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. The Commission did not receive any ‘equity injections’ or DCB in 2017–18.
Budget Variances Commentary
The major variance on the Statement of Changes in Equity is retained earnings. The variance arises from prior year adjustments to revenue recognition and timing differences. For the period ended 30 June 2017, the Commission recognised an additional $4.661 million in revenue that was treated as unearned revenue in the original budget.
The Commission’s adjusted and approved estimated operating deficit of $2.288 million was published in the 2018–19 Portfolio Budget Statements and reflects the impact of the prior year change to recognised revenue.
Original
2018 2017 Budget
Notes $’000 $’000 $’000
OPERATING ACTIVITIES
Cash received
Appropriations – 14,593 14,439
Receipts from Government 14,391 – –
Rendering of services 8,466 11,305 5,348
Interest 179 115 200
Net GST received 326 211 150
Total cash received 23,362 26,224 20,137
Cash used
Employees (16,431) (15,552) (15,249)
Suppliers (8,921) (7,940) (5,282)
Total cash used (25,352) (23,492) (20,531)
Net cash from/(used by) operating activities (1,990) 2,732 (394)
INVESTING ACTIVITIES
Cash used
Purchase of infrastructure, plant and equipment (196) (36) (300)
Purchase of intangibles (97) – –
Total cash used (293) (36) (300)
Net cash used by investing activities (293) (36) (300)
FINANCING ACTIVITIES
Net cash from/(used by) financing activities – – –
Net increase/(decrease) in cash held (2,283) 2,696 (694)
Cash and cash equivalents at the beginning of the
reporting period 11,718 9,023 6,630
Cash and cash equivalents at the end of the
reporting period 2.1A 9,435 11,719 5,936
The above statement should be read in conjunction with the accompanying notes.
Budget Variances Commentary
The major variances on the Cash Flow Statement are rendering of services revenue, interest received and supplier expenditure.
Rendering of services revenue reflects new agreements and extension to current agreements for the delivery of services that were not known at the time of original budget preparation.
Interest revenue is directly related to the Commission entering into short-term deposits with a commercial bank at higher interest rates than those available on the Commission’s day-to-day transactional bank accounts.
Suppliers reflects the increased expenditure to deliver the services under the new and extended partnership agreements.
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