ILC
|
2013
|
|
|
|
|
|
Average annual
reportable remuneration
|
Senior Executives
No.
|
Reportable Salary
$
|
Contributed Superannuation
$
|
Reportable Allowances
$
|
Bonus paid
$
|
Total
$
|
Total remuneration (including part time arrangements)
|
|
|
|
|
|
|
$195,000 to $224,999
|
4
|
184,113
|
23,117
|
–
|
–
|
207,230
|
$225,000 to $254,999
|
1
|
207,907
|
34,484
|
–
|
–
|
242,391
|
$255,000 to $284,999
|
2
|
228,455
|
39,122
|
–
|
–
|
267,577
|
Total
|
7
|
|
|
|
|
|
21C. Other highly paid staff
This table reports staff who were employed by the entity during the reporting period and whose reportable remuneration was $195,000 or more for the financial period and were not required to be reported in Note 21B. Each row is an averaged figure based on headcount for individuals in the band.
Reportable salary includes the following:
• Gross payments (less any bonuses paid, which are disclosed in the bonus paid column)
• Reportable fringe benefits (at the net amount prior to “grossing up” for tax purposes
• Reportable employer superannuation contributions
• Exempt foreign employment income
The contributed superannuation amount is the average cost to the Corporation for the provision of superannuation benefits in that reportable remuneration band during the reporting period.
Reportable allowances are the average actual allowance paid as per total allowances on an individuals payment summaries.
Bonus paid represents average actual bonuses paid during the reporting period in that reportable remuneration band.
CONSOLIDATED__2014'>CONSOLIDATED
|
2014
|
|
|
|
|
|
Average annual
reportable remuneration
|
Senior Executives
No.
|
Reportable Salary
$
|
Contributed Superannuation
$
|
Reportable Allowances
$
|
Bonus paid
$
|
Total
$
|
Total remuneration (including part time arrangements)
|
|
|
|
|
|
|
$225,000 to $254,999
|
1
|
191,926
|
17,042
|
–
|
17,047
|
226,015
|
|
|
|
|
|
|
|
Total
|
1
|
|
|
|
|
|
CONSOLIDATED
|
2013
|
|
|
|
|
|
Average annual
reportable remuneration
|
Senior Executives
No.
|
Reportable Salary
$
|
Contributed Superannuation
$
|
Reportable Allowances
$
|
Bonus paid
$
|
Total
$
|
Total remuneration (including part time arrangements)
|
|
|
|
|
|
|
$195,000 to $224,999
|
2
|
175,069
|
16,950
|
–
|
15,776
|
207,795
|
Total
|
2
|
|
|
|
|
|
The ILC has no other highly paid staff.
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
22. Remuneration of auditors
Remuneration to the Auditor General:
|
|
|
|
|
Financial statement audits
|
233
|
215
|
91
|
87
|
Other assurance services
|
21
|
17
|
6
|
–
|
|
|
|
|
|
Total remuneration of auditors
|
254
|
232
|
97
|
87
|
|
|
|
|
|
23. Financial instruments
23A. Categories of financial instruments
Financial Assets
Held-to-maturity investments
|
|
|
|
|
Term deposits
|
34,000
|
42,000
|
34,000
|
42,000
|
Other investments
|
–
|
–
|
1
|
1
|
Loans and receivables
|
|
|
|
|
Cash
|
15,157
|
8,291
|
2,475
|
113
|
Receivables
|
11,938
|
8,260
|
6,162
|
3,305
|
Other deposits
|
2,246
|
5,079
|
2,246
|
5,079
|
Repayable grants / advances
|
327
|
405
|
321,744
|
309,313
|
|
|
|
|
|
Carrying amount of financial assets
|
63,668
|
64,035
|
366,628
|
359,811
|
|
|
|
|
|
Financial Liabilities
|
|
|
|
|
Financial liabilities measured at amortised cost
|
|
|
|
|
Supplier payables
|
14,102
|
14,053
|
5,498
|
6,918
|
Other payables
|
19,323
|
18,085
|
19,121
|
17,986
|
Interest bearing loans
|
198,000
|
198,809
|
138,000
|
138,000
|
|
|
|
|
|
Carrying amount of financial liabilities
|
231,425
|
230,947
|
162,619
|
162,904
|
|
|
|
|
|
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
23B. Net income and expenses from financial assets
Held-to-maturity investments – interest received
|
|
|
|
|
Term deposits
|
2,023
|
2,058
|
2,023
|
2,058
|
|
|
|
|
|
|
2,023
|
2,058
|
2,023
|
2,058
|
|
|
|
|
|
Loans and receivables – interest received
|
|
|
|
|
Cash
|
225
|
670
|
27
|
41
|
Other deposits
|
–
|
–
|
18,164
|
19,640
|
Repayable grants/advances
|
–
|
3
|
–
|
3
|
|
|
|
|
|
|
225
|
673
|
18,191
|
19,684
|
|
|
|
|
|
Loans and receivables – impairment movement
|
|
|
|
|
Repayable grants/advances
|
4
|
29
|
4
|
29
|
|
|
|
|
|
Net income from financial assets
|
2,252
|
2,760
|
20,218
|
21,771
|
|
|
|
|
|
23C. Net income and expenses from financial liabilities
Financial liabilities measured at amortised cost
|
|
|
|
|
Interest bearing loans
|
11,094
|
11,507
|
8,970
|
8,955
|
|
|
|
|
|
Net income from financial liabilities
|
11,094
|
11,507
|
8,970
|
8,955
|
|
|
|
|
|
|
Total Carrying Amount
2014
$,000
|
Aggregate Net Fair Value
2014
$,000
|
Total Carrying Amount
2013
$,000
|
Aggregate Net Fair Value
2013
$,000
|
23D. Net fair value of financial assets and liabilities (consolidated)
|
|
|
|
|
Financial Assets
|
|
|
|
|
Cash
|
15,157
|
15,157
|
8,291
|
8,291
|
Receivables
|
11,938
|
11,938
|
8,260
|
8,260
|
Other deposits
|
2,246
|
2,246
|
5,079
|
5,079
|
Term deposits
|
34,000
|
34,000
|
42,000
|
42,000
|
Repayable grants / advances
|
327
|
327
|
405
|
405
|
|
|
|
|
|
Total financial assets
|
63,668
|
63,668
|
64,035
|
64,035
|
|
|
|
|
|
Financial Liabilities
|
|
|
|
|
Suppliers
|
14,102
|
14,102
|
14,053
|
14,053
|
Other payables
|
19,323
|
19,323
|
18,085
|
18,085
|
Interest bearing loans
|
198,000
|
206,940
|
198,809
|
198,809
|
|
|
|
|
|
Total financial liabilities
|
231,425
|
240,365
|
230,947
|
230,947
|
|
|
|
|
|
The net fair values of cash, deposits on call and non-interest bearing monetary financial assets approximate their carrying amount.
The net fair values of loans receivable and other deposits are based on discounted cash flows using current interest rates.
Repayable grants / advances are carried at amortised cost, which estimates their net fair value, because it is intended to hold them to maturity.
The net fair value of guarantees are based on discounted cash flows using current interest rates for the liabilities.
The net fair value for supplier and other payables are approximated by their carrying amounts.
All financial liabilities are level 1 and have their fair value determined based on quoted prices in active markets.
23E. Financial risk management objectives and policies
The Corporation’s principal financial instruments comprise receivables, payables, repayable grants, cash and short term deposits.
The Corporation manages its exposure to financial risks, in accordance with written policies. The objective of the policies are to maximise the income to the ILC whilst minimising the downside risk.
The Corporation’s activities expose it to normal commercial financial risk. The main risks arising from the Corporations financial instruments are market risk, interest rate risk, price risk, credit risk and liquidity risk. Risks are considered to be low.
Risk exposures and responses
Market risk
The Corporation’s exposure to market risk is through its investment portfolio. Investments are disclosed in note 9C. The Corporation minimises its exposure to market risk by placing the majority of its investment funds in fixed rate term deposits with major banks, with the remainder being held on short term deposits with major banks. This also considerably diminished its interest rate risk.
Price risk
The Corporation also has exposure to commodity price risk through the holding of biological asset produce. The Corporation does not hedge this risk.
Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Corporation is exposed to interest rate risk primarily from cash and short term deposits. The Corporation’s policy is to manage its financial assets and liabilities with a mix of fixed rate and variable rate products. Cash, short term deposits utilise variable rates. As at balance date, the Corporation had the following mix of financial assets and liabilities exposed to Australian variable interest rate risk.
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
|
|
|
|
|
Financial Assets
|
|
|
|
|
Cash
|
15,157
|
8,291
|
2,475
|
113
|
Other deposits
|
2,246
|
5,079
|
2,246
|
5,079
|
Term deposits
|
34,000
|
42,000
|
34,000
|
42,000
|
|
|
|
|
|
|
51,403
|
55,370
|
38,721
|
47,192
|
|
|
|
|
|
Financial Liabilities
|
|
|
|
|
Interest bearing loan
|
60,000
|
60,000
|
–
|
–
|
|
|
|
|
|
Net Assets
|
(8,597)
|
(4,630)
|
38,721
|
47,192
|
|
|
|
|
|
23E. Financial risk management objectives and policies (cont.)
The table below details the interest rate sensitivity analysis of the entity at the reporting date, holding all other variables constant. A 60 basis point change is deemed to be reasonably possible and is used when reporting interest rate risk.
|
|
|
Effect on
|
Effect on
|
|
|
|
Risk
variable
|
Change
in variable
|
Profit
or loss
|
Equity
|
Profit
or loss
|
Equity
|
|
2014
|
2014
|
2013
|
2013
|
|
$,000
|
$,000
|
$,000
|
$,000
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
Interest rate risk
|
Interest
|
+0.6%
|
(52)
|
(52)
|
(28)
|
(28)
|
|
|
-0.6%
|
52
|
52
|
28
|
28
|
ILC
|
|
|
|
|
|
|
Interest rate risk
|
Interest
|
+0.6%
|
232
|
232
|
283
|
283
|
|
|
-0.6%
|
(232)
|
(232)
|
(283)
|
(283)
|
The method used to arrive at the possible risk of 60 basis points was based on both statistical and non-statistical analysis. The statistical analysis has been based on the cash rate for the past five years issued by the Reserve Bank of Australia (RBA) as the underlying dataset. This information is then revised and adjusted for reasonableness under the current economic circumstances.
Credit risk
Credit risk arises from the financial assets of the Corporation, which comprise cash, deposits, trade and other receivables and repayable grants. The exposure to credit risk arises from the potential default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. Exposure at balance date is addressed in each applicable note.
The Corporation has a significant concentration to credit risk through its cash and deposits. The concentration is with major banks in Australia. The Corporation ensures that this concentration is managed by the exposure not all being with one particular bank and by utilising banks with high credit ratings.
Receivables and repayable grant balances are monitored on an ongoing basis with the result that the Corporation’s exposure to bad debts is not significant.
23E. Financial risk management objectives and policies (cont.)
Credit risk of receivables and repayable grants not past due or individually determined as impaired:
|
Not Past Due or Impaired
2014
$,000
|
Not Past Due or Impaired
2013
$,000
|
Past Due or Impaired
2014
$,000
|
Past Due or Impaired
2013
$,000
|
|
|
|
|
|
Consolidated
|
|
|
|
|
Receivables
|
10,352
|
5,895
|
1,891
|
2,686
|
Repayable grants/advances
|
327
|
405
|
182
|
186
|
|
|
|
|
|
|
10,679
|
6,300
|
2,073
|
2,872
|
|
|
|
|
|
ILC
|
|
|
|
|
Receivables
|
6,178
|
2,025
|
–
|
1,291
|
Repayable grants/advances
|
321,744
|
309,313
|
182
|
186
|
|
|
|
|
|
|
327,922
|
311,338
|
182
|
1,477
|
|
|
|
|
|
Repayable grants that are past due but not impaired nil (2013: nil).
Ageing of receivables and repayable grants/advances that are past due but not impaired for 2014
|
0–30 Days
|
31–60 days
|
61–90 days
|
90+ days
|
Total
|
|
$,000
|
$,000
|
$,000
|
$,000
|
$,000
|
|
|
|
|
|
|
Receivables and repayable grants/advances
|
805
|
495
|
236
|
50
|
1,586
|
Ageing of receivables that are past due but not impaired for 2013
|
0–30 Days
|
31–60 days
|
61–90 days
|
90+ days
|
Total
|
|
$,000
|
$,000
|
$,000
|
$,000
|
$,000
|
|
|
|
|
|
|
Receivables and repayable grants/advances
|
1,863
|
345
|
21
|
136
|
2,365
|
23E. Financial risk management objectives and policies (cont.)
Liquidity risk
The Corporation also reduces its exposure to liquidity risk by monitoring its cash flows closely through rolling future cash flows and monitoring the ageing of receivables and payables.
Maturity of financial liabilities as at 30 June 2014
|
On Demand
|
Within
1 year
|
1–5 Years
|
>5 Years
|
Total
|
|
$,000
|
$,000
|
$,000
|
$,000
|
$,000
|
|
|
|
|
|
|
Supplier payables
|
–
|
14,102
|
–
|
–
|
14,102
|
Other payables
|
–
|
1,088
|
15,692
|
2,543
|
19,323
|
Interest bearing loans
|
–
|
–
|
198,000
|
–
|
198,000
|
Total
|
–
|
15,190
|
213,692
|
2,543
|
231,425
|
|
|
|
|
|
|
Maturity of financial liabilities as at 30 June 2013
|
On Demand
|
Within
1 year
|
1–5 Years
|
>5 Years
|
Total
|
|
$,000
|
$,000
|
$,000
|
$,000
|
$,000
|
|
|
|
|
|
|
Supplier payables
|
–
|
14,053
|
–
|
–
|
14,053
|
Other payables
|
–
|
504
|
15,028
|
2,553
|
18,085
|
Interest bearing loans
|
–
|
809
|
198,000
|
–
|
198,809
|
Total
|
–
|
15,366
|
213,028
|
2,553
|
230,947
|
|
|
|
|
|
|
23F. Financial assets reconciliation
|
Consol
2014
$,000
|
Consol
2013
$,000
|
ILC
2014
$,000
|
ILC
2013
$,000
|
|
|
|
|
|
Total financial assets as per Statement of Financial Position
|
63,767
|
64,284
|
367,277
|
360,561
|
Less: non financial instrument components
|
|
|
|
|
GST Receivable from ATO
|
99
|
249
|
649
|
750
|
|
|
|
|
|
Total financial assets as per instruments note
|
63,668
|
64,035
|
366,628
|
359,811
|
|
|
|
|
|
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