Dear Minister

24. eporting of outcomes

The Corporation is structured to meet one outcome as described in Note 1.

Only one program is defined for the outcome.

	Outcome 1 2011 $,000	Outcome 1 2010 $,000	Total 2011 $,000	Total 2010 $,000
24A. et cost of outcome delivery
Expenses
Administered	–	–	–	–
Departmental	108,245	65,433	108,285	65,433
Total expenses	108,245	65,433	108,245	65,433
Costs recovered from the provision of goods and services to the non-government sector
Administered	–	–	–	–
Departmental	–	–	–	–
Total expenses	–	–	–	–
Other own-source income
Departmental
Grants	27,970	25,404	27,970	25,404
Interest	7,792	11,235	7,792	11,235
Sales of goods and rendering of services	16,075	3,786	16,075	3,786
Other revenues	3,225	1,417	3,225	1,417
Net gain in the net market value of livestock	8,092	5,383	8,092	5,383
Net market value of agricultural produce	662	563	662	563
Net gain (loss) in the net market value of other biological assets	–	98	–	98
Net gain from sale of assets	147	(254)	147	(254)
Other net (loss) gain	1,748	(6,638)	1,748	(6,638)
Discount on business combinations	2,064	–	2,064	–
Total own-source income	67,775	40,994	67,775	40,994
Net cost/(contribution) of outcome delivery	(40,470)	(24,439)	(40,470)	(24,439)
24B. ajor classes of Expenses, Income, Assets and Liabilities by Outcome
Expenses:
Property granted	14,024	13,832	14,024	13,832
Land acquisition	5,235	–	5,235	–
Provision for property held for grant	5,105	(10,752)	5,105	(10,752)
Provision for asset held in trust	3,458	125	3,458	125
Land management	34,546	30,771	34,546	30,771
Employee expenses	23,335	17,518	23,335	17,518
Suppliers	14,238	7,680	14,238	7,680
Depreciation and amortisation	6,784	6,259	6,784	6,259
Write down and impairment of assets	1,520	–	1,520	–
Total Expenses	108,245	65,433	108,245	65,433
Income:
Revenue from Government	54,805	–	54,805	–
Grants	27,970	25,404	27,970	25,404
Interest	7,792	11,235	7,792	11,235
Sales of goods and rendering of services	16,075	3,786	16,075	3,786
Other revenues	3,225	1,417	3,225	1,417
Net gain in the net market value of livestock	8,092	5,383	8,092	5,383
Net gain (loss) in the net market value of other biological assets	–	98	–	98
Net market value of agricultural produce	662	563	662	563
Net gain from sale of assets	147	(254)	147	(254)
Other net (loss) gain	1,748	(6,638)	1,748	(6,638)
Discount on business combinations	2,064	–	2,064	–
Total income	122,580	40,994	122,580	40,994
24B. ajor classes of Expenses, Income, Assets and Liabilities by Outcome (cont..)
Assets:
Cash and cash equivalents	59,999	132,714	59,999	132,714
Trade and other receivables	10,670	3,629	10,670	3,629
Investments	25,000	24,987	25,000	24,987
Other financial assets	21,806	746	21,806	746
Biological assets	34,691	32,907	34,691	32,907
Inventory – other	3,891	213	3,891	213
Held for sale assets	1,448	1,876	1,448	1,876
Inventory – property held for grant	122,296	117,346	122,296	117,346
Assets held in trust	3,583	125	3,583	125
Land	56,528	–	56,528	–
Property, plant & equipment	303,591	85,075	303,591	85,075
Intangibles	27,027	293	27,027	293
Other non-financial assets	9,819	8,338	9,819	8,338
Deferred tax assets	694	–	694
Total Assets	681,043	408,249	681,043	408,249
Liabilities:
Suppliers	14,231	5,049	14,231	5,049
Other payables	13,498	1,156	13,498	1,156
Interest bearing loans	220,520	–	220,520	–
Income tax payable	354	–	354	–
Deferred income tax liability	5,523	–	5,523	–
Employee provisions	4,558	2,336	4,558	2,336
Provision for property held for grant	122,296	117,191	122,296	117,191
Provision for assets held in trust	3,583	125	3,583	125
Provision for make good	295	290	295	290
Total Liabilities	384,858	126,147	384,858	126,147

Appendices

Appendix 1

Functions and powers

Functions

The Aboriginal and Torres Strait Islander Act 2005 provides that the ILC has the following functions (191C):

a) The land acquisition functions referred to in section 191D;

b) The land management functions referred to in section 191E;

c) Such other functions as are conferred on the ILC by this Act;

d) To do anything incidental to or conducive to the performance of any of the preceding functions.

191D (1)

The land acquisition functions of the ILC are:

a) To grant interests in land to Aboriginal or Torres Strait Islander corporations;

b) To acquire by agreement interests in land for the purpose of making grants under paragraph (a);

c) To make grants of money to Aboriginal or Torres Strait Islander corporations for the acquisition of interests in land;

d) To guarantee loans made to Aboriginal or Torres Strait Islander corporations for the acquisition of interests in land.

191E (1)

The land management functions of the ILC are:

a) To carry on or arrange land management activities in relation to Indigenous-held land under the agreements with holders of the land;

b) To carry on or arrange land management activities in relation to land held by the ILC;

c) To carry on other land management activities in relation to Indigenous-held land;

d) To make grants of money for land management activities in relation to Indigenous-held land;

e) To make loans of money (whether secured or unsecured) for the purpose of carrying on land management activities in relation to Indigenous-held land;

f) To guarantee loans made for carrying on land management activities in relation to Indigenous- held land.

Under section 191F (3), the functions of the ILC are additional to, and not instead of, any function conferred on a body or person by or under:

a) Any other law of the Commonwealth, or

b) A law of a State or Territory.

Powers

Section191H (1) of the Act provides that the ILC has the power to do all things necessary or convenient for, or in connection with, the performance of its functions.

Section 191H (2) provides that the powers of the ILC under section 191H (1) include, but are not limited to, the following powers:

a) To enter into contracts and agreements;

b) To invest money of the ILC;

c) To appoint agents and attorneys and act as an agent for other persons;

d) To form, and participate in the formation of, companies;

e) To subscribe for and purchase shares in, and debentures and securities of, companies;

f) To enter into partnerships;

g) To participate in joint ventures and arrangements for the sharing of profits;

h) Accept gifts, grants, bequests and devises made to it;

i) To act as a trustee of money and other property vested in it on trust;

j) To charge for the provision of services by it.

The ILC has the power to form subsidiaries to perform functions corresponding to the ILC’s functions (s. 191G). Section 4(2) of the Act defines a subsidiary in the same manner as subsidiary is determined under the Corporations Act 2001.

Appendix 2