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Annual Report 2007–2008 » Chapter 15: Financial Statements

Financial Statements

Part five

Aboriginal and Torres Strait Islander Land Account

Statement by the Chief Executive and Chief Finance Officer

The accompanying financial statements of the Aboriginal and Torres Strait Islander Land Account for the year ended 30 June 2008 have been prepared in accordance with section 193H of the Aboriginal and Torres Strait Islander Act 2005, which requires the financial statements to be prepared in such a form as determined by the Minister for Finance and Deregulation.  The Minister for Finance and Deregulation has approved the form of the financial statements as specified in Annexure A to 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 are based on properly maintained financial records and give a true and fair view of the matters required in accordance with the exemptions 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
Interest 3A 110,980 93,998
Total revenue   110,980 93,998
Gains
Gain on realisation of investments 3B - -
Total gains   - -
Total Income   110,980 93,998
Expenses
Payments to the Indigenous Land Corporation 4A - 96,420
Suppliers 4B - 38
Other expenses 4C - 12,069
Total Expenses   - 108,527
Surplus (Deficit)   110,980 (14,529)

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 166 313
Trade and other receivables 5B 1 71
Investments 5C,7 1,671,166 1,559,969
Total financial assets   1,671,333 1,560,353
Total Assets   1,671,333 1,560,353
Liabilities
Total Liabilities   - -
Net Assets   1,671,333 1,560,353
Equity
Contributed equity   433,932 433,932
Retained surplus   1,237,401 1,126,421
Total Equity   1,671,333 1,560,353
Current Assets   1,395,751 863,081
Non‑Current Assets   275,582 697,272

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 Contributed Equity Total Equity
2008
$'000 		2007
$'000 		2008
$'000 		2007
$'000 		2008
$'000 		2007
$'000
Opening balance 1,126,421 1,140,950 433,932 433,932 1,560,353 1,574,882
Surplus for the period 110,980 (14,529) n/a n/a 110,980 (14,529)
Total income and expenses 110,980 (14,529) - - 110,980 (14,529)
Closing balance at 30 June 1,237,401 1,126,421 433,932 433,932 1,671,333 1,560,353

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
Total cash received   - -
Cash used
Payments to Indigenous Land Corporation   - 96,420
Suppliers   - 38
Total cash used   - 96,458
Net cash from (used by) operating activities 6 - (96,458)
Investing Activities
Cash received
Proceeds from realisation of investments   1,895,918 3,823,106
Interest on investments   82,146 103,448
Total cash received   1,978,064 3,926,554
Cash used
Purchase of investments   1,978,211 3,831,517
Total cash used   1,978,211 3,831,517
Net cash from (used by) investing activities   (147) 95,037
Net decrease in cash held   (147) (1,421)
Cash and cash equivalents at the beginning of the reporting period   313 1,734
Cash and cash equivalents at the end of the reporting period 5A 166 313

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

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