	Notes	2013 $'000	2012 $'000
EXPENSES
Employee benefits	3A	13,801	12,046
Supplier	3B	15,811	13,929
Grants	3C	16,891	29,038
Depreciation	3D	1,268	1,121
Finance costs	3E	132	157
Write-down and impairment of assets	3F	77	47
Total Expenses		47,980	56,338

LESS:
OWN-SOURCE INCOME
Own-source revenue
Sale of goods and rendering of services	4A	384	506
Interest	4B	2,372	1,777
Other revenue	4C	5,399	13,739
Total own-source revenue		8,155	16,022

Gains
Sale of assets	4D	-	14
Reversals of previous asset write-downs and impairments	4E	144	320
Total gains		144	334
Total own-source income		8,299	16,356

Net cost of services		39,681	39,982

Revenue from Government	4F	45,680	50,454
Surplus attributable to the Australian Government		5,999	10,472

OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to profit or loss
Changes in asset revaluation surplus		411	733
Total other comprehensive income		411	733
Total comprehensive income		6,410	11,205
Total comprehensive income attributable to the Australian Government		6,410	11,205

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

TORRES STRAIT REGIONAL AUTHORITY
BALANCE SHEET
as at 30 June 2013

	Notes	2013 $'000	2012 $'000
ASSETS
Financial Assets
Cash and cash equivalents	5A	1,476	21,412
Trade and other receivables	5B	8,055	6,734
Other investments	5C	36,800	22,298
Total financial assets		46,331	50,444

Non-Financial Assets
Land and buildings	6A,C	32,176	27,938
Plant and equipment	6B,C	1,640	1,743
Total not-financial assets		33,816	29,681
Net assets		80,147	80,125

LIABILITIES
Payables
Suppliers	7A	(5,491)	(9,205)
Grants	7B	(1,828)	(4,438)
Other payables	7C	(378)	(467)
Total payables		(7,697)	(14,110)

Provisions
Employee provisions	8A	(2,875)	(2,850)
Total provisions		(2,875)	(2,850)
Total liabilities		(10,572)	(16,960)
Net assets		69,575	63,165

EQUITY
Contributed equity		32	32
Reserves		13,678	13,267
Retained surplus		55,865	49,866
		69,575	63,165

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

TORRES STRAIT REGIONAL AUTHORITY
STATEMENT of CHANGES in EQUITY
for the period ended 30 June 2013

	Retained earnings 2013 $'000	Retained earnings 2012 $'000	Asset revaluation surplus 2013 $'000	Asset revaluation surplus 2012 $'000	Contributed equity/capital 2013 $'000	Contributed equity/capital 2012 $'000	Total equity 2013 $'000	Total equity 2012 $'000
Opening balance
Balance carried forward from previous period	49,866	39,394	13,267	12,534	32	32	63,165	51,960
Adjusted opening balance	49,866	39,394	13,267	12,534	32	32	63,165	51,960
Comprehensive income
Other comprehensive income	-	-	411	733	-	-	411	733
Surplus for the period	5,999	10,472	-	-	-	-	5,999	10,472
Total comprehensive income	5,999	10,472	411 733		-	-	6,410	11,205
of which:
Attributable to the Australian Government	5,999	10,472	411	733	-	-	6,410	11,205
Closing Balance attributable to the Australian Government as at 30 June 2013	55,865	49,866	13,678	13,267	32	32	69,575	63,165

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

TORRES STRAIT REGIONAL AUTHORITY
CASH FLOW STATEMENT
for the period ended 30 June 2013

	Notes	2013 $'000	2012 $'000
OPERATING ACTIVITIES
Cash received
Receipts from Government		45,680	50,454
Sales of goods and rendering of services		6,238	19,031
Interest		2,325	1,694
Net GST received		825	-
Total cash received		55,068	71,179

Cash used
Employees		(13,687)	(11,326)
Suppliers		(21,478)	(7,712)
Loan payments		(103)	(90)
Grants		(20,241)	(25,627)
Net GST paid		-	(2,582)
Total cash used		(55,509)	(47,337)
Net cash flows from (used by) operating activities	9	(441)	23,842

INVESTING ACTIVITIES
Cash received
Loan receipts		562	541
Proceeds from sales of property, plant and equipment		-	14
Total cash received		562	555

Cash used
Loan payments		(563)	(665)
Purchase of property, plant and equipment		(4,992)	(1,079)
Investments		(14,502)	(22,298)
Total cash used		(20,057)	(24,042)
Net cash flows from (used by) investing activities		(19,495)	(23,487)

Net increase/(decrease) in cash held		(19,936)	355
Cash and cash equivalents at the beginning of the reporting period		21,412	21,057
Cash and cash equivalents at the end of the reporting period	5A	1,476	21,412

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

TORRES STRAIT REGIONAL AUTHORITY
SCHEDULE OF COMMITMENTS
as at 30 June 2013

BY TYPE	2013 $'000	2012 $'000
Commitments receivable
Sublease rental income ¹	1,467	1,341
Net GST recoverable on commitments	20	30
Total commitments receivable	1,487	1,371
Commitments payable
Other commitments
Operating leases ¹	(986)	(741)
Total other commitments	(986)	(741)
Total commitments payable	(986)	(741)
Net commitments by type	501	630
BY MATURITY
Commitments receivable
Operating lease income
One year or less	283	258
From one to five years	1,184	1,083
Total operating lease income	1,467	1,341
Net GST commitments receivable
One year or less	18	17
From one to five years	2	13
Total net GST commitments receivable	20	30
Commitments payable
Operating lease commitments payable
One year or less	(586)	(493)
From one to five years	(400)	(248)
Total operating lease commitments	(986)	(741)
Total commitments payable
Net commitments by maturity	501	630

Note: Commitments were GST inclusive where relevant.

Footnote

1 . Operating leases included are effectively non-cancellable and comprise:

Commitments Receivable

The Torres Strait Regional Authority (TSRA) receives rental income from the provision of staff housing. This is a necessary activity given the geographic location and housing availability in the Torres Strait.

Lease for office and residential accommodation
Lease payments exist for 3 office accommodations. The leases increase at CPI each year. One lease is for a period of 22 months with no renewal option to extend for 1 additional year, the second lease is for a period of 2 years with an option to extend for an additional 2 years and the third lease is for a period of 3 years with an option to extend for an additional 3 years.

The TSRA currently leases 9 houses for staff and contractor accommodation. Lease terms range from 1 month to 3 years with varying expiry dates.

Agreement for the provision of motor vehicles
Two vehicles are leased for operating activities of the TSRA. There are no contingent rentals and no renewal or purchase options available to the TSRA.

This schedule should be read in conjunction with the accompanying notes.

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