Dear Minister

	Consol 2011 $,000	Consol 2010 $,000	ILC 2011 $,000	ILC 2010 $,000
10. on-financial assets
10A. iological assets
Livestock	36,149	34,208	36,149	34,208
Provision for deaths	(1,807)	(1,710)	(1,807)	(1,710)
	34,342	32,498	34,342	32,498
Wool	349	224	349	224
Plantings (Citrus trees)	–	185	–	185
Total biological assets	34,691	32,907	34,691	32,907
Total biological assets – other are expected to be recovered in:
No more than 12 months	17,107	12,458	17,107	12,458
More than 12 months	17,584	20,449	17,584	20,449
Total biological assets	34,691	32,907	34,691	32,907
	Consol 2011 Number	Consol 2011 $,000	ILC 2011 Number	ILC 2011 $,000
Movement in livestock:
Opening on hand (at net market value)	100,708	34,208	100,708	34,208
Less provision for deaths	–	(1,710)	–	(1,710)
	100,708	32,498	100,708	32,498
Sales	(21,197)	(7,007)	(21,197)	(7,007)
Purchases	726	759	726	759
Natural increase	27,202	–	27,202	–
Deaths/rations/other	(3,573)	–	(3,573)	–
Net gain from change in net market value	–	8,189	–	8,189
Change in provision for deaths	–	(97)	–	(97)
Closing on hand (at net market value)	103,866	34,342	103,866	34,342

	Land & Incidentals $,000	Plant & equipment $,000	Livestock $,000	Total $,000
10D. nventory – Property held for grant and Provision for property held for grant (consolidated and ILC)
Asset detail
Property held for grant
Less: provision for grant	106,173	16,123	–	122,296
	(106,173)	(16,123)	–	(122,296)
Carrying amount 30 June	–	–	–	–
A summary of the movement in property held for grant is as follows:
Opening balance 1 July	101,303	15,888	155	117,346
Opening provision 1 July	(101,303)	(15,888)	–	(117,191)
Carrying amount 1 July	–	–	155	155
Additions to 30 June	20,219	3,455	–	23,674
Grant to 30 June	(13,024)	(639)	(126)	(13,789)
Reclassified as property held for sale	(1,446)	(2)	–	(1,448)
Reclassified as asset held in trust	(879)	(2,579)	–	(3,458)
Impairment of livestock	–	–	(29)	(29)
Net movement	4,870	235	–	5,105
Movement in provision to 30 June	(4,870)	(235)	–	(5,105)
Carrying amount 30 June	–	–	–	–
The above amount includes a property that is jointly controlled by the ILC and Housing Authority of Western Australia. The holding is as follows:
ILC – 63.8%	573,333
Housing Authority of Western Australia – 36.2%	325,421
	898,954*
*Includes $543,954 contribution by Housing Authority of Western Australia
The above amount includes a property that is jointly controlled by the ILC, Housing Authority of Western Australia and an Indigenous organisation. The holding is as follows:
ILC – 59%	3,919,520
Housing Authority of Western Australia – 39.73%	2,639,365
Indigenous organisation – 1.27%	84,370
	6,643,255*
*Includes $2,368,548 contribution by Housing Authority of Western Australia
The ILC holds the title for all other properties. The land is held with the intention of granting it to the relevant Indigenous organisation within a reasonable timeframe. The above figures represent the consolidated position, which does not differ from the ILC position.

	Consol 2011 $,000	Consol 2010 $,000	ILC 2011 $,000	ILC 2010 $,000
10D. nventory – Property held for grant and Provision for property held for grant (consolidated and ILC) (cont..)
The Corporation maintains asset registers for the properties. A stocktake to verify plant and equipment and livestock is undertaken annually.
Total Inventory – Property held for grant assets are expected to be recovered in:
No more than 12 months	19,267	20,748	19,267	20,748
More than 12 months	103,029	96,598	103,029	96,598
Total Inventory – Property held for grant assets	122,296	117,346	122,296	117,346
10E. ssets Held in Trust
During the reporting period, the ILC acquired a property with the intention that the ILC shall hold the property on trust for educational purposes by constructing a hostel on the property primarily to be used for the benefit of Aboriginal and Torres Strait Islander students so as to enhance their educational opportunities.
Assets held in trust	3,583	125	3,583	125
Less: provision for assets held in trust	(3,583)	(125)	(3,583)	(125)
	–	–	–	–
Total amount held at the beginning of the reporting period	125	–	125	–
Receipts	3,458	125	3,458	125
Total amount held at the end of the reporting period	3,583	125	3,583	125
Total assets held in trust are expected to be recovered in:
No more than 12 months	–	–	–	–
More than 12 months	3,583	125	3,583	125
Total Assets held in trust	3,583	125	3,583	125
10F. and
Land held at fair value	56,528	–	–	–
Total land is expected to be recovered in:
No more than 12 months	–	–	–	–
More than 12 months	56,528	–	–	–
Total Land	56,528	–	–	–
10G. roperty, plant and equipment
Commercial Business Assets^1
Buildings and infrastructure improvements^2, at fair value	287,213	86,776	94,011	86,776
Less: Accumulated depreciation	(11,580)	(8,219)	(11,580)	(8,219)
Less: Allowance for impairment	(4,167)	(4,167)	(4,167)	(4,167)
	271,466	74,390	78,264	74,390
Plant and equipment, at fair value	15,681	6,704	7,426	6,704
Less: Accumulated depreciation	(2,794)	(1,610)	(2,794)	(1,610)
	12,887	5,094	4,632	5,094
Furniture and fittings, at fair value	14,864	567	620	567
Less: Accumulated depreciation	(451)	(380)	(451)	(380)
	14,413	187	169	187
Motor vehicles, at fair value	4,089	3,345	4,088	3,345
Less: Accumulated depreciation	(1,204)	(54)	(1,204)	(54)
	2,885	3,291	2,884	3,291
Administration Assets
Office equipment, at fair value	237	266	233	263
Less: Accumulated depreciation	(157)	(150)	(155)	(150)
	80	116	78	113
Furniture and fittings, at fair value	130	132	120	119
Less: Accumulated depreciation	(95)	(80)	(92)	(79)
	35	52	28	40
Computer systems, at fair value	1,088	918	1,055	896
Less: Accumulated depreciation	(656)	(586)	(638)	(574)
	432	332	417	322
Leasehold Improvement, at fair value	1,692	1,644	1,654	1,644
Less: Accumulated depreciation	(471)	(245)	(470)	(245)
	1,221	1,399	1,184	1,399
Sub total property, plant & equipment	303,419	84,861	87,656	84,836
10G. roperty, plant and equipment (cont..)
Make good, at fair value	295	290	290	295
Less: Accumulated depreciation	(123)	(76)	(123)	(76)
	172	214	172	214
Total property, plant & equipment	303,591	85,075	87,827	85,050
^1 The Corporation accounts for land and infrastructure on ILC held land as property held for grant (refer Note 1.22). Plant and equipment and improvements made to the infrastructure on properties utilised for commercial operations are accounted for as property, plant and equipment (refer Note 1.19).
^2Buildings and infrastructure on properties that the corporation conducts commercial businesses include the following:
Improvements to building and infrastructure	263,378	68,535	74,343	68,535
Improvement to civil works	1,080	973	1,080	973
Improvements to water points and water
supply	7,213	6,840	7,213	6,840
Improvements to fences and yards.	11,375	10,428	11,375	10,428
	283,046	86,776	94,011	86,776
The Corporation maintains asset registers for property, plant and equipment. A stocktake to verify property, plant and equipment is undertaken at least annually.
The Corporation does not hold infrastructure plant and equipment under a finance lease.
All revaluations are conducted in accordance with the valuation policy stated at Note 1.19.
Buildings and infrastructure on properties that are under construction or significant redevelopment have not been revalued as at 30 June as the cost of construction and development reflects the fair value of the assets. The total value of assets under construction are as follows:
Building and infrastructure improvements	7,649	1,764	7,353	1,764
10G. roperty, plant and equipment (cont..)
Valuations for all asset classes are undertaken at 30 June each year. The valuations identified that the following asset classes carrying values were materially different from the fair value at June 2010. These classes of assets were revalued, with the revaluation increment credited to the revaluation reserve:
Commercial Business assets
Motor vehicles
Movement in asset revaluation reserve
As a result of revaluation
Commercial Business assets
Increment for motor vehicles	–	504	–	504
	–	504	–	504
As a result of disposal
Administration assets
Increment (decrement) for leasehold improvements		–		–
Increment (decrement) for furniture and fittings	(1)	(1)	(1)	(1)
Commercial Business assets
Increment (decrement) for buildings and structures	(4)	(20)	(4)	–
Increment (decrement) for plant and equipment	(84)	(75)	(84)	(71)
Increment (decrement) for motor vehicles	(86)	(46)	(62)	(46)
	(175)	(142)	(151)	(118)
	(175)	362	(151)	386
In the previous reporting period, an indicator of impairment was found for buildings and structures on one property held by the ILC as a result of an independent valuation. As a result, an impairment loss of $4,167,000 was recognised in the previous reporting period to reduce the carrying amount of buildings and structure improvements to recoverable amount.

¹ As defined in AASB 119 Employee Benefits

	Consol 2011 Number	Consol 2011 $,000	ILC 2011 Number	ILC 2011 $,000
10A. iological assets (cont..)
Summary of each class of livestock on hand at the beginning of the reporting period and at the end of the reporting period at fair value less estimated point-of-sale costs (net market value).
Livestock on hand at the beginning of the reporting period at net market value (excluding provision for deaths)
Cattle	88,462	32,787	88,462	32,787
Sheep	12,046	1,126	12,046	1,126
Horses	187	285	187	285
Buffalo	13	10	13	10
	100,708	34,208	100,708	34,208
Livestock on hand at the end of the reporting period at net market value (excluding provision for deaths)
Cattle	91,557	34,475	91,557	34,475
Sheep	11,955	1,262	11,955	1,262
Horses	234	382	234	382
Buffalo	120	30	120	30
	103,866	36,149	103,866	36,149
Movement in wool:
Opening on hand (at net market value)	179 bales	225	179 bales	225
Harvest	233 bales	534	233 bales	534
Sales	(261 bales)	(410)	(261 bales)	(410)
Closing on hand (at net market value)	151 bales	349	151 bales	349
Movement in plantings:
Opening on hand (at net market value)	43.51 ha	185	43.51 ha	185
Reclassified as held for sale assets	(43.51 ha)	(185)	(43.51 ha)	(185)
Closing on hand (at net market value)	–	–	–	–
	Consol 2011 $,000	Consol 2010 $,000	ILC 2011 $,000	ILC 2010 $,000
10B. nventory – other
Inventory held for resale	3,891	213	438	213
Total inventory – other are expected to be recovered in:
No more than 12 months	3,891	213	438	213
More than 12 months	–	–	–	–
Total inventory – other	3,891	213	438	213
Total amount of inventory-other expensed during the period is $4,272 (2010: $944).
10C. eld for sale assets
In accordance with its governing legislation, the Corporation has considered that it no longer needs to hold the interest in two properties held for grant for the purpose of making a grant of the interest to an Aboriginal or Torres Strait Islander corporation. The properties are available for immediate sale and local property agents have been appointed to market the property.
Held for sale assets	1,448	1,876	1,448	1,876
Total held for sale assets are expected to be recovered in:
No more than 12 months	1,448	1,876	1,448	1,876
More than 12 months	–	–	–	–
Total other financial assets	1,448	1,876	1,448	1,876