Statement of changes in equity

for the year ended 30 June 2020

Equity is the Crown's investment in the Office and is measured as the difference between total assets and total liabilities. Equity is disaggregated and classified as taxpayers' funds and a memorandum account.

Notes Actual
2019/20
$000		 Actual
2018/19
$000		 Main Estimates
2019/20
$000*		 Supplementary Estimates
2019/20
$000*		 Main Estimates
2020/21
$000*
Taxpayers' funds
Balance at 1 July 6,221 6,221 6,221 6,221 6,221
Total comprehensive revenue and expense (1,634) 253 (875) (1,620) 1,296
Transfer of memorandum account net (surplus)/deficit for the year 3,385 (32) 875 1,620 (1,296)
Capital contribution - - - 15,000** 1,508
Surplus repayment due to the Crown (1,751) (221) - - -
Balance at 30 June 6,221 6,221 6,221 21,221 7,729
Memorandum account
Balance at 1 July 1,826 1,794 1,200 1,826 206
Memorandum account net surplus/(deficit) for the year (3,385) 32 (875) (1,620) 1,296
Balance at 30 June 15 (1,559) 1,826 325 206 1,502
Total equity
Balance at 1 July 8,047 8,015 7,421 8,047 6,427
Balance at 30 June 4,662 8,047 6,546 21,427 9,231

* All Estimates information is unaudited. The figures under Main Estimates 2019/20 reflect the forecasts published in Budget 2019 and in the Office's 2018/19 annual report, and the figures under Supplementary Estimates 2019/20 reflect the updated forecasts published in Budget 2020.

** Total equity was $15 million lower than in the Supplementary Estimates. The Supplementary Estimates included allowance for a capital injection of $15 million to fund potential deficits on audit fees arising from the effects of the Covid-19 pandemic. This allowance was forecast at the maximum possible effect on audit fees but was ultimately not required.

Explanations of significant variances against the Main Estimates are detailed in Note 20.

The accompanying notes form part of these financial statements.