Australian Human Rights Commission Annual Report 2021–22 Statement of Financial Position (continued) Notes 2022 $’000 Restated1 2021 $’000 Original Budget $’000 EQUITY Contributed equity 18,561 2,511 2,511 Reserves 2,599 2,452 637 Accumulated losses (13,711) (12,737) (5,703) Total equity 7,449 (7,774) (2,555) The above statement should be read in conjunction with the accompanying notes. 1 Refer to the Overview note. 2 Right-of-use assets are included in the property subject to operating leases line item. Budget Variances Commentary ASSETS Total assets as at 30 June 2022 are higher than budget due to the $16 million equity injection received from Government, revenue received in advance for projects to be delivered in 2022-23 and an increase in the carrying value of plant and equipment following a revaluation as at 30 June 2022. LIABILITIES Total liabilities as at 30 June 2022 are higher than budget due to the receipt of revenue in advance for new partnership agreements, separation and redundancy provision and allowance for make good provision for the Commission's new property lease. EQUITY Total equity at 30 June 2022 is positive due to the equity injection received in April 2022 which was not included in the original 2021-22 Budget. 78