Indigenous Land Corporation gpo box 652 Adelaide sa 5001

8. Revenues from Government

8A. Revenues from Government

Department of Families, Housing, Community Services and Indigenous Affairs (former)
CAC Act body payment item	3,221	9,706	3,221	9,706
Receipts from the Land Account	–	65,902	–	65,902
Department of the Prime Minister and Cabinet
CAC Act body payment item	6,443	9,706	6,443	9,706
Receipts from the Land Account	52,463	65,902	52,463	65,902
Total revenues from Government	62,127	75,608	62,127	75,608

The amounts received by the Corporation as a CAC Act body payment are for the support of jobs in the Northern Territory in land management and pastoral activities. The income is recognised on receipt and corresponding payments are recognised as expenses when incurred or when paid to third parties.

Receipts from the Aboriginal and Torres Strait Islander Land Account (Land Account) is a minimum $45 million in accordance with Section 193C of the ATSI Act. The Land Account is now administered by the Department of the Prime Minister and Cabinet. Receipts from the Land Account are recognised at the time the ILC becomes entitled to receive the revenue.

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

9. Financial assets

9A. Cash and cash equivalents

Cash at bank and on hand	15,149	8,284	2,467	106
Deposits at call	2,246	5,079	2,246	5,079
Deposit with maturity less than 3 months	34,000	27,000	34,000	27,000
Cash advances	8	7	8	7
Total cash and cash equivalents	51,403	40,370	38,721	32,192

9B. Trade and other receivables

Goods and services:
Goods and services – related entities	763	728	621	446
Goods and services – external parties	7,857	5,326	3,452	1,620
Total receivable for goods and services	8,620	6,054	4,073	2,066
Other receivables:
Interest receivable	638	538	638	538
Insurance proceeds	203	474	203	474
Other debtors	2,782	1,515	1,264	238
GST receivable from ATO	99	249	649	750
Total other receivables	3,722	2,776	2,754	2,000
Total trade and other receivables (gross)	12,342	8,830	6,827	4,066
Less: Allowance for impairment loss	(305)	(321)	(16)	(11)
Total trade and other receivables (net)	12,037	8,509	6,811	4,055
Receivables are expected to be recovered in:
No more than 12 months	12,001	8,509	6,811	4,055
More than 12 months	36	–	–	–
Total trade and other receivables (net)	12,037	8,509	6,811	4,055
Receivables are aged as follows:
Not overdue	10,645	6,377	6,233	2,785
Overdue by
– less than 30 days	819	1,874	38	1,005
– 30 to 60 days	500	346	276	224
– 60 to 90 days	237	21	235	17
– more than 90 days	141	212	45	35
	1,697	2,453	594	1,281
Total trade and other receivables (gross)	12,342	8,830	6,827	4,066

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

9B. Trade and other receivables (cont.)

The allowance for impairment loss is aged as follows:

Not overdue	194	233	–	10
Overdue by
– less than 30 days	14	11	–	–
– 30 to 60 days	5	1	–	–
– 60 to 90 days	1	–	–	–
– more than 90 days	91	76	16	1
	111	88	16	1
Total allowance for impairment loss	305	321	16	11

Reconciliation of allowance for impairment

Opening balance	321	210	11	54
Amounts written off	(23)	(6)	(8)	(6)
Amounts recovered or reversed	(120)	(61)	(3)	(47)
Increase/ decrease recognised in net surplus	127	178	16	10
Closing balance	305	321	16	11

9C. Investments

Term deposits	–	15,000	–	15,000
Shares in subsidiary companies^1	–	–	1	1
Total investments	–	15,000	1	15,001
Total investments are expected to be recovered in:
No more than 12 months	–	15,000	–	15,000
More than 12 months	–	–	1	1
Total investments	–	15,000	1	15,001

¹ The ILC owns 100% of shares in each of its subsidiaries.

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

9D. Other financial assets

Advances to subsidiary:
National Centre of Indigenous Excellence Ltd	–	–	–	5,647
Voyages Indigenous Tourism Australia	–	–	321,417	303,261
Repayable grants to Aboriginal corporations	509	591	509	591
Total	509	591	321,926	309,499
Less: provision for impairment	(182)	(186)	(182)	(186)
Total other financial assets	327	405	321,744	309,313

Total other financial assets are expected to be recovered in:

No more than 12 months	66	82	66	82
More than 12 months	443	509	321,860	309,417
Total other financial assets	509	591	321,926	309,499

Other financial assets (gross) are aged as follows:

Not overdue	331	412	321,748	309,320
Overdue by
– one year or less	–	1	–	1
– from one to five years	178	178	178	178
	178	179	178	179
Total other financial assets (gross)	509	591	321,926	309,499

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

9D. Other financial assets (cont.)

Allowance for impairment loss is aged as follows:

Not overdue	4	7	4	7
Overdue by
– one year or less	–	1	–	1
– from one to five years	178	178	178	178
	178	179	178	179
Total allowance for impairment	182	186	182	186

Reconciliation of provision for impairment

Opening balance	186	215	186	215
Amounts written off	–	–	–	–
Amounts recovered or reversed	(4)	(29)	(4)	(29)
Increase recognised in net surplus	–	–	–	–
Closing balance	182	186	182	186

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000