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  • Statement of changes in equity

    Statement of changes in equity for the period ended 30 June 2018
      Contributed Equity Asset Revaluation Surplus Retained Earnings Total Equity
    2018$'000 2017$'000 Original Budget$'000 2018$'000 2017$'000 Original Budget$'000 2018$'000 2017$'000 Original Budget$'000 2018$'000 2017$'000 Original Budget$'000
    Opening balance
    Balance carried forward from previous period 1,453,370   1,286,961 1,593,456 115,519   115,542 115,542 (1,286,411) (1,120,593) (1,467,241) 282,478   281,910 241,757
    Prior year adjustments1 - - - - - - 20 8,890 - 20 8,890 -
    Adjusted opening balance 1,453,370 1,286,961 1,593,456 115,519   115,542 115,542 (1,286,391) (1,111,703) (1,467,241) 282,498 290,800 241,757
    Comprehensive income
    Other comprehensive income - - - (118) (23) - - - - (118) (23) -
    (Deficit) for the period - - - -   - (235,044) (174,709) - (235,044) (174,709) -
    Total comprehensive income - - - (118) (23) - (235,044) (174,709)  - (235,162) (174,732) -
    Transactions with owners
    Distributions to owners
    Returns of contributed equity 2 (43,739) - - - - - - - - (43,739) - -
    Contributions by owners
    Equity injection – appropriations 27,890 54,790 - - - - - - - 27,890 54,790 -
    Departmental capital budget 112,589 111,619 - - - -   - - 112,589 111,619 -
    Total transactions with owners 96,740 166,409 - - - - - - - 96,740 166,409 -
    Transfers between equity components - - - - - - - - - - - -
    Closing balance as at 30 June 1,550,110 1,453,370  1,593,456 115,401   115,519 115,542 (1,521,435) (1,286,412)  (1,467,241)  144,076   282,477 241,757   

    1Prior year adjustment relates to the recovery of legal costs adjustments and minor adjustment to finance lease cost.

    2Prior year returns of contributed equity relate to repeal of the 2012-13, 2013-14 and 2015-16 annual appropriation Acts. 2015-16 annual appropriations which will automatically lapse from 1 July 2018, are not legal reductions, and are there till included in Note 18B Unspent Annual Appropriations.

    Accounting Policy

    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

    Explanation of major variances

    The variances are supported by the explanations provided above in Statement of Comprehensive Income and Statement of Financial Position.

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

      Last modified: 26 Oct 2018QC 57047