Skip to content | FaHCSIA Home

Accessibility | Downloads | Previous annual reports

Annual Report 2007–2008 » Chapter 15: Financial Statements

Financial Statements

Part five

Aboriginals Benefit Account

Statement by the Chief Executive and Chief Finance Officer

The accompanying financial statements of the Aboriginals Benefit Account for the year ended 30 June 2008 have been prepared in accordance with section 64B of the Aboriginal Land Rights (Northern Territory) Act 1976, which requires the financial statements to be prepared in accordance with section 49 of the Financial Management and Accountability Act 1997. In addition, the Minister for Finance and Deregulation has provided an exemption from certain aspects of Annexure A of the Finance Minister's Orders as detailed in Note 1.2 ‑ Basis of Preparation of the Financial Statements.

In our opinion, the attached financial statements for the year ended 30 June 2008 have been prepared based on properly maintained financial records and give a true and fair view of the matters required in accordance with the exemption made by the Minister for Finance and Deregulation. 

 

Dr Jeff Harmer

Secretary
The Department of Families, Housing, Community Services and Indigenous Affairs
August 2008

 

Bruce Hunter

Chief Finance Officer
The Department of Families, Housing, Community Services and Indigenous Affairs
August 2008

Income Statement
for the period ended 30 June 2008

  Notes 30 June
2008
$'000		 30 June
2007
$'000
Income
Revenue
Revenue from Government 3A 83,257 87,336
Interest 3B 12,253 9,659
Total revenue   95,510 96,995
Gains
Net gains from realisation of assets 3C - -
Other gains 3D 1,382 979
Total gains   1,382 979
Total Income   96,892 97,974
Expenses
Employee benefits 4A 1,125 710
Suppliers 4B 1,275 506
Grants 4C 603 16,240
Payments to land councils for administrative purposes 4D 22,826 26,403
Distribution to land councils 4E 24,977 26,200
Total Expenses   50,806 70,059
Surplus   46,086 27,915

The above statement should be read in conjunction with the accompanying notes.

Balance Sheet
as at 30 June 2008

  Notes 30 June
2008
$'000		 30 June
2007
$'000
Assets
Financial Assets
Cash and cash equivalents 5A 5,772 7,849
Trade and other receivables 5B 478 143
Investments 5C,11 190,757 169,583
Total financial assets   197,007 177,575
Non‑Financial assets
Other non‑financial assets 6A 4,732 164
Total non‑financial assets   4,732 164
Total Assets   201,739 177,739
Liabilities
Payables
Suppliers 7A 118 -
Payments to land councils for administrative purposes 7B 8,179 10,591
Grants 7C 123 19,831
Other payables 7D 439 523
Total payables   8,859 30,945
Total Liabilities   8,859 30,945
Net Assets   192,880 146,794
Equity
Retained surplus   192,880 146,794
Total Equity   192,880 146,794
Current Assets   197,350 177,739
Non‑current Assets   4,389 -
Current Liabilities   8,859 30,945
Non‑current Liabilities   - -

The above statement should be read in conjunction with the accompanying notes.

Statement of Changes in Equity
as at 30 June 2008

Item Retained Earnings Total Equity
2008
$'000 		2007
$'000 		2008
$'000 		2007
$'000
Opening balance 146,794 118,879 146,794 118,879
Surplus for the period 46,086 27,915 46,086 27,915
Total income and expenses 46,086 27,915 46,086 27,915
Closing balance as at 30 June 192,880 146,794 192,880 146,794

The above statement should be read in conjunction with the accompanying notes.

Cash Flow Statement
for the period ended 30 June 2008

  Notes 30 June
2008
$'000		 30 June
2007
$'000
Operating Activities
Cash received
Appropriations   82,744 87,005
Net GST received   - 4
Total cash received   82,744 87,009
Cash used
Grants   20,311 7,377
Suppliers   610 215
Employees   17 20
Payments township leases   5,000 -
Payments to land councils for administrative purposes   25,084 26,410
Payments to land councils for distribution   24,977 26,297
Total cash used   75,999 60,319
Net cash flows from operating activities 8 6,745 26,690
Investing Activities
Cash received
Proceeds from realisation of investments   132,714 343,059
Interest on investments   15,057 8,706
Total cash received   147,771 351,765
Cash used
Purchase of investments   156,593 378,046
Total cash used   156,593 378,046
Net cash flows used by investing activities   (8,822) (26,281)
Net increase in cash held   (2,077) 409
Cash and cash equivalents at the beginning of the reporting period   7,849 7,440
Cash and cash equivalents at the end of the reporting period 5A 5,772 7,849

The above statement should be read in conjunction with the accompanying notes.

Schedule of Commitments
as at 30 June 2008

  30 June
2008
$'000		 30 June
2007
$'000
By Type
Commitments receivable
GST recoverable on commitments (1,258) -
Total commitments receivable (1,258) -
Other commitments
Project commitments 18,024 -
Payments to land councils 15,503 24,099
Other commitments 2,000 -
Total other commitments 35,527 24,099
Net commitments by type 34,269 24,099
By Maturity
Commitments receivable
One year or less (1,220) -
From one to five years (38) -
Over five years - -
Total commitments receivable (1,258) -
Other commitments
One year or less 34,115 24,099
From one to five years 1,412 -
Over five years - -
Total other commitments 35,527 24,099
Net commitments by maturity 34,269 24,099

NB: Commitments are GST inclusive where relevant.

Commitments relate to:

The above statement should be read in conjunction with the accompanying notes.

Schedule of Contingencies
as at 30 June 2008

Contingent Liabilities Grant Funding Programs Land Councils Total
2008
$'000 		2007
$'000 		2008
$'000 		2007
$'000 		2008
$'000 		2007
$'000
Balance from previous period 88,714 99,434 - 1,290 88,714 100,724
New - 3,000 - - - 3,000
Re‑measurement (88,714) - - - (88,714) -
Liabilities crystallised - (13,720) - - - (13,720)
Obligations expired - - - (1,290) - (1,290)
Total Contingent Liabilities - 88,714 - - - 88,714

There are no contingent assets.

Details of each class of contingent liabilities, including those not included above are disclosed in Note 9: Contingent Liabilities.

The above schedule should be read in conjunction with the accompanying notes.

Return to top

Next: Aboriginals Benefit Account - Notes to and forming part of the Financial Statements

Previous: Aboriginals Benefit Account - Report from the Auditor-General