Statement of Changes in Equity for the year ended 30 June 2024 2024 $’000 2023 $’000 Original Budget $’000 Balance carried forward from previous period 18,561 18,561 18,561 Closing balance as at 30 June 18,561 18,561 18,561 (8,077) (13,711) (11,592) Surplus/(deficit) for the period 1,794 5,634 (2,490) Closing balance as at 30 June (6,283) (8,077) (14,082) Balance carried forward from previous period 2,599 2,599 2,599 Closing balance as at 30 June 2,599 2,599 2,599 13,083 7,449 9,568 Surplus/(deficit) for the period 1,794 5,634 (2,490) Total comprehensive income 1,794 5,634 (2,490) Closing balance as at 30 June 14,877 13,083 7,078 Notes CONTRIBUTED EQUITY Opening balance as at 1 July ACCUMULATED LOSSES Opening balance Balance carried forward from previous period Comprehensive income ASSET REVALUATION RESERVE Opening balance TOTAL EQUITY Opening balance Balance carried forward from previous period Comprehensive income The above statement should be read in conjunction with the accompanying notes. Budget Variances Commentary Statement of Changes in Equity for not-for-profit Reporting Entities The closing balance of the Commission’s accumulated losses at 30 June 2024 are lower than budget due to the improved operating result in 2023-24. Some of the expenditure originally budgeted to be spent in 2023-24 has been deferred to 2024-25. The impact of the reduction in accumulated losses is an improved total equity position as at 30 June 2024 Annual Report 2023–2024 • 63