Indigenous Land Corporation gpo box 652 Adelaide sa 5001

Asset management

Asset Management Registers are maintained for all ILC assets and other portable and attractive items. Adequate insurance is maintained on all assets and reviewed bi-annually. A stocktake is undertaken at least annually. Where the ILC conducts a commercial business on a property, the assets are independently valued annually.

Table 33: Agency Resource Statement for 2013–14*

	Actual Available Appropriation	Payments Made	Balance Remaining
	2013–14	2013–14	2014–15
Source	$’000	$’000	$’000
Opening balance/Reserves at bank	34,250
REVENUE FROM GOVERNMENT
Ordinary annual services¹
Outcome 1	9,664
Total ordinary annual services	9,664
Special Accounts
Aboriginal and Torres Strait Islander Land Account^2	52,463
Total Special Account
Total funds from Government	62,167
FUNDS FROM OTHER SOURCES
Interest	20,233
Other	30,771
Total	51,004
Total net resourcing for agency	147,381	104,714	42,667

Table 34: Resources for outcomes for 2013–14*

Outcome 1: Enhanced socioeconomic development, maintenance of cultural identity and protection of the environment by Indigenous Australians through land acquisition and management.

	2013–14 Budget $’000	2013–14 Actual $’000	2013–14 Variation $’000
Outcome 1: Enhanced socioeconomic development, maintenance of cultural identity and protection of the environment by Indigenous Australians through land acquisition and management)
Programme 1.1: Assistance in the acquisition and management of an Indigenous land base
Revenue from Government
Ordinary annual services (Appropriation Bill No. 1)	9,664	9,664	–
Payment from related entities	18,133	18,164	31
Special Accounts	52,463	52,463	–
Revenues from other independent sources	12,090	32,840	20,750
Total for Programme 1.1	92,350	113,131	20,781
Outcome 1 Totals by resource type
Revenue from Government
Ordinary annual services (Appropriation Bill No. 1)	9,664	9,664	–
Payment from related entities	18,133	18,164	31
Special Accounts	52,463	52,463	–
Revenues from other independent sources	12,090	32,840	20,750
Total for Outcome 1	92,350	113,131	20,781
Total expenses for Outcome 1	74,015	104,714	(30,699)
Average Staffing Level (number)	265	272	7

* Tables do not include Voyages Indigenous Tourism Australia Pty Ltd as this entity is classified as a Public Non-Financial Corporation.

Statement of comprehensive income

for the year ended 30 June 2014

	Notes	Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000
NET COST OF SERVICES Expenses
Property granted	5A	8,091	9,728	8,091	9,728
Provision for property held for grant	5B	(2,417)	21,598	(2,417)	21,598
Provision for assets held in trust	5B	–	809	–	809
Land management	5C	41,161	36,901	55,052	50,707
Employee benefits	5D	73,243	71,703	13,145	11,829
Suppliers	5E	67,399	65,037	6,988	8,074
Depreciation and amortisation	5F	18,331	17,994	6,417	6,042
Impairment of assets	5G	19,218	62,359	332	2
Other net loss (gain)	5H	946	(22,626)	6,572	(22,626)
Finance costs	5I	11,094	11,507	8,970	8,955
Total Expenses		237,066	275,010	103,150	95,118
Own-source income
Own-source revenue
Interest	6A	2,248	2,731	20,214	21,742
Sale of goods and rendering of services	6B	115,819	110,983	7,820	6,118
Grants	6C	3,739	5,604	3,035	4,331
Other revenue	6D	13,373	10,040	3,187	2,111
Total own-source revenue		135,179	129,358	34,256	34,302
Gains
Net gain in the net market value of livestock	7A	10,377	3,929	10,377	3,929
Net market value of agricultural produce	7B	423	401	423	401
Net gain (loss) from sale of assets	7C	125	(534)	340	(149)
Total net gains		10,925	3,796	11,140	4,181
Total own-source income		146,104	133,154	45,396	38,483
Net cost of services		(90,962)	(141,856)	(57,754)	(56,635)
Revenue from Government
Revenue from Government	8A	62,127	75,608	62,127	75,608
Surplus (deficit) before income tax on continuing operations		(28,835)	(66,248)	4,373	18,973
Income tax benefit	5J	–	–	–	–
Surplus (deficit) attributable to the Australian Government		(28,835)	(66,248)	4,373	18,973
Other comprehensive income
Changes in asset revaluation surplus		(305)	3,605	(305)	3,605
Total comprehensive income (loss) attributable to the Australian Government		(29,140)	(62,643)	4,068	22,578

	Notes	Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000
ASSETS
Financial assets
Cash and cash equivalents	9A	51,403	40,370	38,721	32,192
Trade and other receivables	9B	12,037	8,509	6,811	4,055
Investments	9C	–	15,000	1	15,001
Other financial assets	9D	327	405	321,744	309,313
Total financial assets		63,767	64,284	367,277	360,561
Non-financial assets
Biological assets	10A	35,687	32,737	35,687	32,737
Inventory – other	10B	4,135	4,132	277	215
Held for sale assets	10C	345	495	345	495
Inventory – property held for grant	10D	149,531	151,948	149,531	151,948
Assets held in trust	10E	25,773	25,773	25,773	25,773
Land	10F	44,016	45,467	–	–
Property, plant and equipment	10G	272,670	289,001	92,141	96,825
Intangible assets and goodwill	10L	5,507	17,024	248	323
Other non-financial assets	10M	7,101	7,331	6,563	7,046
Total non-financial assets		544,765	573,908	310,565	315,362
Total Assets		608,532	638,192	677,842	675,923
LIABILITIES
Payables
Suppliers	11A	14,102	14,053	5,498	6,918
Other payables	11B	19,323	18,085	19,121	17,986
Interest bearing loans	11C	198,000	198,809	138,000	138,000
Total payables		231,425	230,947	162,619	162,904
Provisions
Employee provisions	12A	7,633	6,242	2,802	2,277
Provision for property held for grant	10D	149,531	151,948	149,531	151,948
Provision for assets held in trust	10E	25,773	25,773	25,773	25,773
Provision for make good	12B	403	375	403	375
Total provisions		183,340	184,338	178,509	180,373
Total Liabilities		414,765	415,285	341,128	343,277
NET ASSETS		193,767	222,907	336,714	332,646
EQUITY
Parent entity interest
Reserves		6,561	6,949	6,491	6,874
Retained surplus		187,206	215,958	330,223	325,772
Total Parent Entity Interest		193,767	222,907	336,714	332,646
TOTAL EQUITY		193,767	222,907	336,714	332,646

Consolidated

Notes