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Statement of comprehensive income for the period ended 30 June 2017

  Notes 2017
$’000
2016
$’000
2017 Budget
$’000
NET COST OF SERVICES
Expenses
Employee benefits 1.1a 26,119 27,334 26,189
Suppliers 1.1b 13,007 14,993 13,876
Depreciation and amortisation 3.2a 1,229 1,060 1,260
Finance costs   5 10 11
Write-down and impairment of assets 1.1c 254 - -
Losses from asset sales   - 7 -
Total expenses   40,614 43,404 41,336
Own-source Income
Own-source revenue
Sale of goods and rendering of services 1.2a 20,765 21,850 19,830
Resources received free of charge 1.2b 43 42 43
Total own-source revenue   20,808 21,892 19,873
Gains
Sale of assets   4 - -
Reversals of previous asset write-downs and impairments   - 5 -
Total gains   4 5 -
Total own-source income   20,812 21,897 19,873
Net cost of services   (19,802) (21,507) (21,463)
Revenue from Government 1.2c 20,334 20,638 20,341
Surplus/(Deficit)   532 (869) (1,122)
OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to net cost of services
Changes in asset revaluation surplus 3.2a, 3.4a (1,136) 695 -
Total other comprehensive income   (1,136) 695 -
Total comprehensive income/(loss)   (604) (174) (1,122)

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

Budget variances commentary

Explanation of major variances Affected line items
Supplier expenses are lower than budget due to a revision to the timing and amount of operating lease expenses. Suppliers
$869,000 lower than budget
Sale of goods and rendering of services is higher than budget as the budget planned for a larger reduction in revenue for learning and development activities than what actually occurred. Sale of goods and rendering of services
$935,000 higher than budget