Understanding the financial statements

The Comprehensive Operating Statement measures our performance over the period and shows if a surplus or deficit has been made in delivering products and services. This statement includes all sources of income, less all expenses incurred in earning that income.
For the period ending 30 June 2019, the Authority made a net profit for the year of $1.5 million.

The Balance Sheet sets out our net accumulated financial worth at the end of the financial period. It shows the assets we own as well as liabilities or claims against those assets.
Both assets and liabilities are expressed as current or non current. Current assets or current liabilities are expected to be converted to cash receipts or outlays within the next twelve months. Non current assets or liabilities are longer-term.
Equity is total capital, and reserves and accumulated profits that have been reinvested in the business over the period.

The Statement of Changes in Equity shows the changes in equity from last year
to this year.
As this is the inaugural year, the total overall change in equity during the financial
period comprises the net result for the period.

The Cash Flow Statement summarises our cash receipts and payments for the financial period and the net cash position at the end of the period. It differs from the Comprehensive Operating Statement in that it excludes non-cash expenses such as the accruals taken into account in the Comprehensive Operating Statement.
For the period ending 30 June 2019, the Authority’s net cash flow related to funding from Government, that covered all outgoing expenditure.

The Notes to the financial statements provide further information about how the financial statements are prepared as well as additional information and detail about specific items within them.
The Notes also describe any changes to accounting standards, policy or legislation that may affect the way the statements are prepared. Information in the Notes is particularly helpful if there has been a significant change from the previous year’s comparative figures.

These provide the reader with a written undertaking that the financial statements fairly represent the Authority’s financial position and performance for the financial period ended 30 June 2019. The Report from the Auditor General provides an independent view and outlines any issues of concern.

Updated 28 October 2019