Indigenous Land Corporation gpo box 652 Adelaide sa 5001

10. Non-financial assets

10A. Biological assets

Livestock	37,565	34,460	37,565	34,460
Provision for deaths	(1,878)	(1,723)	(1,878)	(1,723)
Total biological assets	35,687	32,737	35,687	32,737
Total biological assets –other are expected to be recovered in:
No more than 12 months	11,776	12,810	11,776	12,810
More than 12 months	23,911	19,927	23,911	19,927
Total biological assets	35,687	32,737	35,687	32,737

	Consol 2014 Number	Consol 2014 $,000	ILC 2014 Number	ILC 2014 $,000
Movement in livestock:
Opening on hand (at net market value)	106,411	34,460	106,411	34,460
Less provision for deaths	–	(1,723)	–	(1,723)
Sales	(33,457)	(8,935)	(33,457)	(8,935)
Purchases	11,906	1,508	11,906	1,508
Natural increase	34,100	–	34,100	–
Deaths/rations/other	(7,798)	–	(7,798)	–
Net gain from change in net market value	–	10,532	–	10,532
Change in provision for deaths	–	(155)	–	(155)
Closing on hand (at net market value)	111,162	35,687	111,162	35,687

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).

10A. Biological assets (cont.)

Livestock on hand at the beginning of the reporting period at net market value (excluding provision for deaths)

	Consol Number	Consol $,000	ILC Number	ILC $,000
Cattle	92,814	33,299	92,814	33,299
Sheep	13,055	690	13,055	690
Horses	294	365	294	365
Buffalo	248	106	248	106
	106,411	34,460	106,411	34,460

Livestock on hand at the end of the reporting period at net market value (excluding provision for deaths)

	Consol Number	Consol $,000	ILC Number	ILC $,000
Cattle	97,501	36,368	97,501	36,368
Sheep	13,314	737	13,314	737
Horses	248	412	248	412
Buffalo	99	48	99	48
	111,162	37,565	111,162	37,565
	Consol 2014 $,000	Consol 2013 $,000	ILC 2014 $,000	ILC 2013 $,000

10B. Inventory – other

Inventory held for resale	4,135	4,132	277	215
Total inventory –other are expected to be recovered in:
No more than 12 months	4,135	4,132	277	215
More than 12 months	–	–	–	–
Total inventory – other	4,135	4,132	277	215

Total amount of inventory-other expensed during the period is $27,657 (2013: $25,857).

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

10C. Held for sale assets

In accordance with its governing legislation, the Corporation may dispose of surplus land it considers it no longer needs for the purpose of making a grant of the interest to an Aboriginal or Torres Strait Islander corporation. During the year, one property met this criteria and a local agent has been appointed to market the property for sale.

Held for sale assets	345	495	345	495
Total held for sale assets are expected to be recovered in:
No more than 12 months	345	495	345	495
More than 12 months	–	–	–	–
Total other financial assets	345	495	345	495

Reconciliation of fair values

Opening balance 1 July	495	5,000	495	5,000
Property sold during year	(495)	–	(495)	–
Property reclassified as no longer held for sale	–	(5,000)	–	(5,000)
Property reclassified as held for sale asset	321	495	321	495
Net gain from fair value adjustment	24	–	24	–
Closing balance 30 June	345	495	345	495

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

10D. Inventory – Property held for grant and Provision for property held for grant

Property held for grant	149,531	151,948	149,531	151,948
Less: provision for grant	(149,531)	(151,948)	(149,531)	(151,948)
Carrying amount 30 June	–	–	–	–
A summary of the movement in property held for grant is as follows:
Opening balance 1 July	151,948	129,898	151,948	129,898
Opening provision 1 July	(151,948)	(129,898)	(151,948)	(129,898)
Carrying amount 1 July	–	–	–	–
Additions to 30 June	5,939	28,003	5,939	28,003
Grant to 30 June	(7,826)	(9,649)	(7,826)	(9,649)
Property sold during the year	(185)	–	(185)	–
Reclassified as property held for sale	(345)	(495)	(345)	(495)
Reclassified as property no longer held for sale	–	5,000	–	5,000
Reclassified as asset held in trust	–	(809)	–	(809)
Net movement	(2,417)	22,050	(2,417)	22,050
Movement in provision to 30 June	2,417	(22,050)	2,417	(22,050)
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 – 64.19%	576,461
Housing Authority of Western Australia – 35.81%	321,593
	*898,054

*Includes $543,054 contribution by Housing Authority of Western Australia

Total Inventory – Property held for grant assets are expected to be recovered in:

No more than 12 months	16,800	15,199	16,800	15,199
More than 12 months	132,731	136,749	132,731	136,749
Total Inventory – Property held for grant assets	149,531	151,948	149,531	151,948

Consol 2014 $,000

Consol 2013 $,000

ILC 2014 $,000

ILC 2013 $,000

10E. Assets Held in Trust and Provision for Property Held in Trust

Assets held in trust	25,773	25,773	25,773	25,773
Less: provision for assets held in trust	(25,773)	(25,773)	(25,773)	(25,773)
	–	–	–	–
Total amount held at the beginning of the reporting period	25,773	24,964	25,773	24,964
Receipts	–	809	–	809
Total amount held at the end of the reporting period	25,773	25,773	25,773	25,773
Total assets held in trust are expected to be recovered in:
No more than 12 months	–	–	–	–
More than 12 months	25,773	25,773	25,773	25,773
Total Assets held in trust	25,773	25,773	25,773	25,773

10F. Land

Land held at fair value	56,736	56,736	–	–
Less: provision for impairment	(12,720)	(11,269)	–	–
	44,016	45,467	–	–
No more than 12 months	–	–	–	–
More than 12 months	44,016	45,467	–	–
Total Land	44,016	45,467	–	–

All assets were assessed for impairment at 30 June in accordance with AASB 136 Impairment of Assets.

Voyages Directors have determined that the assets which comprise Ayers Rock Resort have an aggregate fair value at 30 June of $225m. An impairment loss for land of $1.451m has been recognised in the consolidated statement of comprehensive income to restate the carrying amount of these assets to fair value (refer notes 1.5 and 5G).

Amounts charged to the statement of comprehensive income for impairment of land during the reporting period relate to:

Land	1,451	11,269	–	–
Total impairment of land	1,451	11,269	–	–