Australian Human Rights Commission Annual Report 2017-2018


Statement of Changes in Equity for the period ended 30 June 2018



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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.

Cash Flow Statement
for the period ended 30 June 2018


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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