Statement of Comprehensive Income

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TORRES STRAIT REGIONAL AUTHORITY STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2014

  Notes 2014
$'000		 2013
$'000
NET COST OF SERVICES
Expenses
Employee benefits 3A 14,617 13,801
Supplier 3B 16,507 15,811
Grants 3C 31,760 16,891
Depreciation 3D 1,250 1,268
Finance costs 3E 135 132
Write-down and impairment of assets 3F 1 77
Total expenses 64,270 47,980
Own-Source Income
Own-source revenue
Sale of goods and rendering of services 4A 517 384
Interest 4B 2,130 2,372
Other revenue 4C 14,476 5,399
Total own-source revenue 17,123 8,155
Gains
Gains from sale of assets 4D 34 -
Reversals of previous asset write-downs and impairments 4E 65 144
Total gains 99 144
Total own-source income 17,222 8,299
Net cost of services 47,048 39,681
Revenue from Government 4F 49,645 45,680
Surplus attributable to the Australian Government 2,597 5,999
OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to profit or loss
Changes in asset revaluation surplus 184 411
Total other comprehensive income 184 411
Total comprehensive income attributable to the Australian Government 2,781 6,410

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

TORRES STRAIT REGIONAL AUTHORITY STATEMENT OF FINANCIAL POSITION

as at 30 June 2014

  Notes 2014
$'000		 2013
$'000
ASSETS
Financial assets
Cash and cash equivalents 6A 2,711 1,476
Trade and other receivables 6B 6,409 8,055
Other investments 6C 37,394 36,800
Total financial assets 46,514 46,331
Non-financial assets
Land and buildings 7A,C 32,236 32,176
Plant and equipment 7B,C 1,582 1,640
Total non-financial assets 33,818 33,816
Total assets 80,332 80,147
LIABILITIES
Payables
Suppliers 8A 4,247 5,491
Grants 8B 288 1,828
Other payables 8C 391 378
Total payables 4,926 7,697
Provisions
Employee provisions 9A 3,050 2,875
Total provisions 3,050 2,875
Total liabilities 7,976 10,572
Net assets 72,356 69,575
EQUITY
Contributed equity 32 32
Reserves 13,862 13,678
Retained surplus 58,462 55,865
Total equity 72,356 69,575

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 2014

  Retained earnings Asset revaluation
surplus		 Contributed
equity/capital		 Total equity
2014
$'000		 2013
$'000		 2014
$'000		 2013
$'000		 2014
$'000		 2013
$'000		 2014
$'000		 2013
$'000
Opening balance
Balance carried forward from previous period		  
55,865		  
49,866		  
13,678		  
13,267		  
32		  
32		  
69,575		  
63,165
Adjusted opening balance 55,865 49,866 13,678 13,267 32 32 69,575 63,165
Comprehensive income
Surplus for the period		  
2,597		  
5,999		  
-		  
-		  
-		  
-		  
2,597		  
5,999
Other comprehensive income - - 184 411 - - 184 411
Total comprehensive income 2,597 5,999 184 411 - - 2,781 6,410
Closing Balance attributable to the Australian Government as at 30 June 2014 58,462 55,865 13,862 13,678 32 32 72,356 69,575

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 2014

  Notes 2014
$'000		 2013
$'000
OPERATING ACTIVITIES
Cash received
Receipts from Government 49,645 45,680
Sales of goods and rendering of services 15,959 6,238
Interest 2,082 2,325
Net GST received 3,313 825
Total cash received 70,999 55,068
Cash used
Employees 14,429 13,687
Suppliers 19,526 21,478
Loan payments 58 103
Grants 34,113 20,241
Total cash used 68,126 55,509
Net cash from/(used by) operating activities 10 2,873 441
INVESTING ACTIVITIES
Cash received
Loan receipts 513 562
Proceeds from sales of property, plant and equipment 34 -
Total cash received 547 562
Cash used
Loan payments 523 563
Purchase of property, plant and equipment 1,068 4,992
Investments 594 14,502
Total cash used 2,185 20,057
Net cash from/(used by) investing activities (1,638) (19,495)
Net increase/(decrease) in cash held 1,235 (19,936)
Cash and cash equivalents at the beginning of the reporting period 1,476 21,412
Cash and cash equivalents at the end of the reporting period 6A 2,711 1,476

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

TORRES STRAIT REGIONAL AUTHORITY SCHEDULE OF COMMITMENTS

as at 30 June 2014

BY TYPE 2014
$'000		 2013
$'000
Commitments receivable1    
Net GST recoverable on commitments 22 20
Total commitments receivable 22 20
Commitments payable
Other commitments
    Operating leases1 693 986
Total other commitments 693 986
Total commitments payable 693 986
Net commitments by type 671 986
BY MATURITY
Commitments receivable
Net GST commitments receivable
    Within 1 year 15 18
    Between 1 to 5 years 7 2
Total GST commitments receivable 22 20
Total commitments receivable 22 20
Commitments payable
Operating lease commitments payable
    Within 1 year 416 586
    Between 1 to 5 years 277 400
Total operating lease commitments 693 986
Total commitments payable 693 986
Net commitments by maturity 671 966

Note: Commitments were GST inclusive where relevant.

Footnote

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

Commitments Receivable

In financial year 2012-13, Operating lease income from staff housing was incorrectly categorised as a Committment Receivable of $1.47m. In financial year 2013-14, Operating lease income from staff housing has not been included as a Committment Receivable as staff-housing tennancy agreements do not have a specified end date. The expiry date of each agreement is inherently linked to the ongoing employment of the tennant with the TSRA. This change in presentation requires the comparative figures for financial year 2012-13 to be restated. The change in presentation has not resulted in any changes to the balance sheet, the statement of comprehensive income or the cash flow statement.

Lease for office and residential accommodation

Lease payments exist for 2 office accommodations. One lease is for a period of 2 years with 2 subsequent 2 year renewal options. The lease increases at 3% each year. The second lease is for a period of 1 year with no option to extend.

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

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

TORRES STRAIT REGIONAL AUTHORITY SCHEDULE OF CONTINGENCIES

as at 30 June 2014

2014
$'000		 2013
$'000
Contingent liabilities
Bank guarantee 116 -
Total Contingent Liabilities 116 -
Net Contingent Assets (Liabilities) (116) -

Details of each class of contingent liabilities and contingent assets listed above are disclosed in Note 11, along with information on significant remote contingencies and contingencies that cannot be quantified.

During 20 1e3ac-14 , thses TS RoAn t rin ecogn ilsiaed a tcieon ting ent litasb, ility in respect o f a b anncklu guar ntee in favour of the Torres Shire Council. Details are provided in Note 11.

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

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