Statement of Comprehensive Income

TORRES STRAIT REGIONAL AUTHORITY STATEMENT OF COMPREHENSIVE INCOME

for the period ended 30 June 2015

	Notes	2015 $'000	2014 $'000
NET COST OF SERVICES
Expenses
Employee benefits	3A	16,712	14,617
Suppliers	3B	18,357	16,507
Grants	3C	29,350	31,760
Depreciation	3D	1,325	1,250
Finance costs	3E	91	135
Write-down and impairment of assets	3F	-	1
Loss on disposal of non-financial assets	3G	70	-
Total expenses		65,905	64,270
Own-Source Income
Own-source revenue
Sale of goods and rendering of services	4A	460	517
Interest	4B	1,742	2,130
Other revenue	4C	15,774	14,476
Total own-source revenue		17,976	17,123
Gains
Gains from sale of assets	4D	-	34
Reversals of previous asset write-downs and impairments	4E	248	65
Total gains		248	99
Total own-source income		18,224	17,222
Net cost of services		47,681	47,048
Revenue from Government	4F	48,159	49,645
Surplus attributable to the Australian Government		478	2,597
OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to profit or loss
Changes in asset revaluation surplus		978	184
Total other comprehensive income		978	184
Total comprehensive income attributable to the Australian Government		1,456	2,781

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

TORRES STRAIT REGIONAL AUTHORITY STATEMENT OF FINANCIAL POSITION

as at 30 June 2015

	Notes	2015 $'000	2014 $'000
ASSETS
Financial assets
Cash and cash equivalents	6A	2,790	2,711
Trade and other receivables	6B	7,641	6,409
Other investments	6C	33,300	37,394
Total financial assets		43,731	46,514
Non-financial assets
Land and buildings	7A,C	35,524	32,236
Plant and equipment	7B,C	1,789	1,582
Total non-financial assets		37,313	33,818
Total assets		81,044	80,332
LIABILITIES
Payables
Suppliers	8A	3,263	4,247
Grants	8B	386	288
Other payables	8C	436	391
Total payables		4,085	4,926
Provisions
Employee provisions	9A	3,147	3,050
Total provisions		3,147	3,050
Total liabilities		7,232	7,976
Net assets		73,812	72,356
EQUITY
Contributed equity		32	32
Reserves		14,840	13,862
Retained surplus		58,940	58,462
Total equity		73,812	72,356

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 2015

	Retained earnings		Asset revaluation surplus		Contributed equity/capital		Total equity
	2015 $'000	2014 $'000	2015 $'000	2014 $'000	2015 $'000	2014 $'000	2015 $'000	2014 $'000
Opening balance
Balance carried forward from previous period	58,462	55,865	13,862	13,678	32	32	72,356	69,575
Adjusted opening balance	58,462	55,865	13,862	13,678	32	32	72,356	69,575
Comprehensive income
Surplus for the period	478	2,597	-	-	-	-	478	2,597
Other comprehensive income	-	-	978	184	-	-	978	184
Total comprehensive income	478	2,597	978	184	-	-	1,456	2,781
Closing Balance attributable to the Australian Government as at 30 June 2015	58,940	58,462	14,840	13,862	32	32	73,812	72,356

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 2015

	Notes	2015 $'000	2014 $'000
OPERATING ACTIVITIES
Cash received
Receipts from Government		48,159	49,645
Sales of goods and rendering of services		15,850	15,959
Interest		1,673	2,082
Net GST received		2,638	3,313
Total cash received		68,320	70,999
Cash used
Employees		16,570	14,429
Suppliers		21,276	19,526
Loan payments		65	58
Grants		31,059	34,113
Total cash used		68,970	68,126
Net cash from/(used by) operating activities	10	(650)	2,873
INVESTING ACTIVITIES
Cash received
Loan receipts		1,270	513
Proceeds from sales of property, plant and equipment		-	34
Investments		4,094	-
Total cash received		5,364	547
Cash used
Loan payments		724	523
Purchase of property, plant and equipment		3,911	1,068
Investments		-	594
Total cash used		4,635	2,185
Net cash from/(used by) investing activities		729	(1,638)
Net increase/(decrease) in cash held		79	1,235
Cash and cash equivalents at the beginning of the reporting period		2,711	1,476
Cash and cash equivalents at the end of the reporting period	6A	2,790	2,711

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

TORRES STRAIT REGIONAL AUTHORITY SCHEDULE OF COMMITMENTS

as at 30 June 2015

BY TYPE	2015 $'000	2014 $'000
Commitments receivable
Net GST recoverable on commitments	146	22
Total commitments receivable	146	22
Commitments payable
Capital commitments
Land and buildings	1,501	-
Total capital commitments	1,501	-
Other commitments
Operating leases	1,922	693
Total other commitments	1,922	693
Total commitments payable	3,423	693
Net commitments by type	3,277	671
BY MATURITY
Commitments receivable
Net GST commitments receivable
Within 1 year	56	15
Between 1 to 5 years	90	7
Total GST commitments receivable	146	22
Total commitments receivable	146	22
Commitments payable
Capital Commitments
Within 1 year	1,501	-
Total capital commitments	1,501	-
Operating lease commitments
Within 1 year	939	416
Between 1 to 5 years	983	277
Total operating lease commitments	1,922	693
Total commitments payable	3,423	693
Net commitments by maturity	3,277	671

Note: Commitments were GST inclusive where relevant.

Capital Commitments

During the year, the TSRA contracted a developer to complete civil works on the Clark Street Subdivision project. A contract commitment of $ 1,501,000 existed as at 30 June 2015.

Lease for office and residential accommodation

Lease payments exist for 2 office accommodations. One lease is for a period of 1 year with 2 subsequent 1 year renewal options. The second lease is for a period of 2 years with 2 subsequent 2 year renewal options.

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.

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