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Notes

Overview

Objectives of the Great Barrier Reef Marine Park Authority

The Great Barrier Reef Marine Park Authority (GBRMPA) is an Australian Government controlled non-corporate entity. It is a not-for-profit entity. Under the Great Barrier Reef Marine Park Act 1975, the Authority is responsible for managing one of the world's premier natural resources - the Great Barrier Reef Marine Park.

The GBRMPA and the Queensland Government jointly manage the Marine Park and this close collaboration is critically important for effectively managing such a large, diverse and complex marine area. The GBRMPA continues to work closely with other Australian Government entities, particularly the Department of the Environment and Energy, and other partners to implement the Reef 2050 Plan.

The continued existence of the GBRMPA in its present form and with its present programs is dependent on Government policy and on continued funding by Parliament for the GBRMPA's administration and programs.

GBRMPA activities contributing toward this outcome are classified as either departmental or administered. Departmental activities involve the use of assets, liabilities, income and expenses controlled or incurred by the GBRMPA in its own right. Administered activities involve the management or oversight by the GBRMPA, on behalf of the Government, of items controlled or incurred by the Government.

The GBRMPA conducts the following administered activities on behalf of the Government:

  1. Collection of the Environmental Management Charge (EMC) and Infringements; and
  2. Management of Commonwealth Islands land, heritage buildings and lease revenue.

Basis of preparation of the financial statements

The financial statements are general purpose financial statements and are required by Section 42 of the Public Governance, Performance and Accountability Act 2013.

The financial statements have been prepared in accordance with:

  1. Public Governance, Performance and Accountability (Financial Reporting) Rule 2015 (FRR); and
  2. Australian Accounting Standards and Interpretations – Reduced Disclosure Requirements issued by the Australian Accounting Standards Board (AASB) that apply for the reporting period.

The financial statements have been prepared on an accrual basis and in accordance with the historical cost convention, except for certain assets and liabilities at fair value. Except where stated, no allowance is made for the effect of changing prices on the results or the financial position.

The financial statements are presented in Australian dollars and values are rounded to the nearest thousand dollars unless otherwise specified.

Significant accounting judgements and estimates

In the process of applying the accounting policies listed in this note, the GBRMPA has made the following judgements that have the most significant impact on the amounts recorded in the financial statements:

Douglas Shoal remediation provision

In 2016-17 the $34.909m Douglas Shoal remediation provision was discounted over a 3 year period, with a flat rate of 2% based on CPI, for a resulting expensed discount of $1.319m. In 2017-18 the project plan was significantly revised, with the resulting provision of $34.298m calculated by discounting over a 5 year period, with a weighted rate of up to 3.5% based on a standard wage price index. The difference of $2.259m, between the calculated discount of $3.578m and the original discount, was recognised as a gain. In 2018-19 the project plan, and the parameters, have remained the same with only the timing of the yearly payments being revised. As per note 3.4, the provision is now calculated at $29.117m, with the $0.652m unwinding of total discount being expensed.

Provision finalised from previous adjustment to prior period

Legal advice received in April 2018 confirmed an underpayment for casual employees in Reef HQ resulting from a revised interpretation of certain clauses in the GBRMPA Enterprise Agreement. In 2017-18 GBRMPA recognised a liability to make salary back payments, in accordance with shift penalties, and in line with statutory limitations, for the period 1 May 2012 to 30 June 2018, to the value of $1.687m. In 2018-19 this provision has been finalised, as per note 6.1, with former casual employees paid their outstanding entitlement under the revised interpretation.

Buildings, plant and equipment

The value of buildings, plant and equipment has been taken to be fair value as determined by an independent valuer.

No accounting assumptions or estimates have been identified that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

New Australian accounting standards

Adoption of New Australian Accounting Standard Requirements

In 2018-19, AASB 9 Financial Instruments has been adopted in line with the prescribed 1 July 2018 date of initial application. As per note 7.2 and 7.3, the application of this standard has not resulted in any reclassifications, or any other material impact.

No accounting standard has been adopted earlier than the application date as stated in the standard.

All other new standards/revised standards/interpretations/amending standards that were issued prior to the signing of the financial statements and are applicable to the current reporting periods did not have a material effect. For the GBRMPA's future financial statements, the following standards are applicable from the 2019-20 reporting period, with the impact still to be assessed by management:

  • AASB 15 Revenue from Contracts with Customers
  • AASB 16 Leases
  • AASB 1058 Income of Not-for-Profit Entities

Budgetary reporting of major variances (AASB1055)

The Budget Variances Commentary provides a comparison between the original budget provided to Parliament in May 2018, the revised budget presented at a consolidated Whole of Government level to Parliament in the Mid-Year Economic and Fiscal Outlook 2018-19 in December 2018, and the final financial outcome in the 2018-19 financial statements. As no further changes were made to the revised budget it was subsequently published, at the entity level, as the 2018-19 Estimated Actual in the 2019-20 Portfolio Budget Statements (PBS). Neither the original or revised budgets provided are audited, however major changes in budget have been explained as part of the variance analysis where relevant.

Variances are considered to be 'major' where:

  1. the variance between budget and actual is greater than +/-10% of the budget for the line items; and
  2. the variance between budget and actual is greater than +/-2% of the relevant budget base.

The relevant budget bases are:

  • Departmental - Total Expenses
  • Administered - Total Income

Variance explanations will also be provided where there have been major changes to business activities that may not be numerically material but by nature may assist users in understanding underlying business changes that may have occurred since the original budget was released.

Where a revised budget has been presented to Parliament, the GBRMPA may include variance explanations of major variances between the revised budget and actual amounts where they are considered relevant to an assessment of the discharge of accountability and to an analysis of the performance of the GBRMPA.

Taxation

The entity is exempt from all forms of taxation except Fringe Benefits Tax (FBT) and the Goods and Services Tax (GST).

Reef HQ

The Reef HQ building was funded as a Commonwealth–State Bicentennial project, through the Great Barrier Reef Wonderland Association Incorporated (the Association) on land leased from the Townsville Port Authority. Following the winding up of the Association in September 2001 the lease arrangement for the land is now between the Great Barrier Reef Marine Park Authority and the Townsville Port Authority for $1. The impact of the changes in AASB 16 Leases on this arrangement is still to be assessed.

Insurance

The GBRMPA is insured for risks through the Government's insurable managed fund Comcover. This includes insurance cover for the operation of Reef HQ aquarium. Workers compensation is insured through Comcare Australia.

Reporting of administered activities

Administered revenues, expenses, assets, liabilities and cash flows are disclosed in the administered schedules and related notes.

Except where otherwise stated, administered items are accounted for on the same basis and using the same policies as for departmental items, including the application of Australian Accounting Standards.

Events after the reporting period

Departmental

There was no subsequent events that had the potential to significantly affect the ongoing structure and financial activities of the GBRMPA.

Administered

There was no subsequent events that had the potential to significantly affect the ongoing structure and financial activities of the GBRMPA.

Financial performance

This section analyses the financial performance of Great Barrier Reef Marine Park Authority for the year ended 30 June.

Expenses

1.1A: Employee benefits

2019

2018

$'000

$'000

1.1A: Employee Benefits

Wages and salaries

18,036

16,903

Superannuation

Defined contribution plans

1,245

1,231

Defined benefit plans

1,978

1,708

Leave and other entitlements

2,533

2,201

Other employee benefits

261

126

Fringe benefit tax

31

16

Accounting policy: Accounting polices for employee related expenses is contained in the people and relationships section

1.1B: Suppliers

1.1B: Suppliers

2019

$'000

2018

$'000

Goods and services supplied or rendered

Aircraft and vessel charter costs

1,064

900

Consultants

1,853

8,787

Contractors

18,462

11,549

Employee related and training

688

493

Employment agency temporary staff

3,066

1,795

External audit fees

53

54

Internal audit fees

88

118

IT Services

880

910

Legal fees and other legal

371

392

Library and subscriptions

184

69

Meetings and engagement costs

204

100

Property and minor equipment

825

559

Reef HQ general expenses

771

746

Telephone and communications

734

591

Travel

2,133

1,754

Utilities

560

638

Other general expenses

455

452

Total goods and services supplied or rendered

32,391

29,907

Goods supplied

1,003

724

Services rendered

31,388

29,183

Total goods and services supplied or rendered

32,391

29,907

Other Suppliers

Operating lease rentals in connection with

External Parties

Minimum lease payments

1,601

1,328

Workers compensation premiums

98

108

Total other suppliers

1,699

1,436

Total suppliers

34,090

31,343

Leasing commitments

The GBRMPA in its capacity as lessee has five (5) Commercial Property leases throughout Queensland. Under the WOAG procurement program, GBRMPA lease fleet vehicles and multi-function photocopiers. The commercial property leases include escalation of rent based on CPI, and those that are not on a month-to-month basis also have options to extend.

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

2019

2018

Within 1 year

1,641

478

Between 1 to 5 years

1,553

212

More than 5 years

-

-

Total operating lease commitments

3,194

690

Accounting policy: Operating lease payments are expenses on a straight-line basis which is representative of the pattern of benefits derived from the leased assets.

Own-source revenue and gains

Own-source revenue

Notes

2019

$'000

2018

$'000

1.2A: Sale of Goods and Rendering of Services

Sale of goods

302

352

Rendering of services

2,118

2,235

Permit assessment fees

5.2

276

245

Total sale of goods and rendering of services

2,696

2,832

Accounting policy: Revenue from the sale of goods is recognised when

a) the risks and rewards of ownership have been transferred to the buyer; and/or

b) the entity retains no managerial involvement or effective control over the goods;

Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account.

Collectability of debts is reviewed at the end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

Notes

2019

$'000

2018

$'000

1.2B: Grants received from Government

Capacity Building for Indigenous Rangers1

991

538

Crown of Thorns Starfish Control 2

5,125

7,000

Curtis Island Offsets Program 2

2,908

1,588

Ensuring the Resilience of the Great Barrier Reef 2

0

4,000

International Coral Reef Initiative Co-Chairing 3

385

91

Land & Sea Country Partnership 2

0

2,000

Marine Monitoring Program 2

0

2,450

National Landcare Reef Integrated Marine Monitoring and Reporting Program 2

0

435

Reef Integrated Marine Monitoring and Reporting Program 2

912

1,757

Reef Resilience Mapping 2

0

600

Total grants received from Government

10,321

20,459

1. Funding received directly from Department of the Prime Minister and Cabinet

2. Funding received directly from Department of the Environment and Energy

3. Funding received directly from Department of Foreign Affairs and Trade

Notes

2019

$'000

2018

$'000

1.2C: Other Revenue

Shen Neng 1 litigation cost recovery

0

4,500

Other revenue

133

303

Sale of assets

3

5

Total other revenue

136

4,808

1.2D: Gains

Resources received free of charge - external audit services

53

54

Total gains

53

54

Accounting policy

Resources received free of charge: resources received free of charge are recognised as revenue when, and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources are recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature.

Sale of assets: Gains from disposal of assets are recognised when control of the asset has passed to the buyer.

Notes

2019

$'000

2018

$'000

1.2E: Revenue from Government

Appropriations

Departmental appropriation

29,807

12,838

Departmental special appropriation

11,449

11,992

Field management program

5.4

11,965

14,859

Total revenue from Government

53,221

39,689

Accounting policy

Revenue from Government: Amounts appropriated for departmental appropriations for the year (adjusted for any formal additions and reductions) are recognised as Revenue from Government when the GBRMPA gains control of the appropriation. Where amounts relate to activities that are reciprocal in nature, revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts.

Special appropriation: The GBRMPA, as agent for the Commonwealth, collects an Environmental Management Charge (EMC) from permit holders who collect on behalf of individual tourists and remit to the GBRMPA. Amounts collected are paid into the Official Public Account (OPA). The GBRMPA receives an equivalent amount via a special appropriation (GBRMP Act s65A) for its operations. Special appropriation is recognised when the GBRMPA has the right to receive the revenue and it can be reliably measured. This is deemed to occur when monies are received by the GBRMPA from permit holders.

Income and expenses administered on behalf of Government

This section analyses the activities that the Great Barrier Reef Marine Park Authority does not control but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

Administered - income

Notes

2019

$'000

2018

$'000

REVENUE

2.1A Non-Taxation Revenue

Environmental management charge

11,449

11,992

Infringement notices

335

272

Rent from island properties

348

359

Total non-taxation revenue

12,132

12,623

Rental income commitments

The Great Barrier Reef Marine Park Authority, in its capacity as lessor, manages two leases on behalf of the Commonwealth.

Dent Island 15 year lease to Hamilton West Pty Ltd expiring 31 January 2029 with an option to extend for 2 terms at 15 years each term.

Lady Elliot Island 10 year lease to Reef Resort Management Pty Ltd expiring 30 November 2025 with an option to extend for another 10 years.

Commitments for rental income are receivable as follows:

Within 1 year

363

356

Between 1 to 5 years

1,509

1,445

More than 5 years

961

2,168

Total rental income commitments receivable

2,833

3,969

Accounting policy: All administered revenues are revenues relating to ordinary activities performed by the GBRMPA on behalf of the Australian Government. As such, administered appropriations are not revenues of the GBRMPA as it oversees distribution or expenditure of the funds as directed.

The GBRMPA, as agent for the Commonwealth, collects an Environmental Management Charge (EMC) from permit holders who collect on behalf of individual tourists and remit to the GBRMPA. Other revenue received is from QLD Government State Penalties Enforcement Registry (SPER) that administer the recovery of infringement debts. Revenue is also generated from rent that is charged under leases associated with the use of the land including a number of heritage listed lighthouse properties. All amounts collected are paid into the Official Public Account (OPA).

Financial position

This section analyses the Great Barrier Reef Marine Park Authority's assets used to conduct its operations and the operating liabilities incurred as a result. Employee related information is disclosed in the People and Relationships section.

Financial assets

Notes

2019

$'000

2018

$'000

3.1A: Cash and Cash Equivalents

Field Management special account - cash at bank

5.4

32,105

34,304

Field Management special account - cash held in OPA

5.4

2,178

580

Cash on Hand or on deposit

320

1,220

Total cash and cash equivalents

34,603

36,104

Accounting policy: Cash is recognised at its nominal amount. Cash and cash equivalents includes

a) cash of hand;

b) cash held by outsiders; and

c) bank accounts.

Notes

2019

$'000

2018

$'000

3.1B: Trade and Other Receivables

Goods and services receivables

Goods and services receivables

117

195

Total goods and services receivables

117

195

Appropriations receivable

Appropriations receivable

5.1B

22,837

22,700

Total appropriations receivable

22,837

22,700

Other Receivables

GST receivable from the Australian Taxation Office (net)

472

695

Other

7

13

Total other receivables

479

708

Total trade and other receivables (gross)

23,433

23,603

Less impairment allowance

Goods and services

0

0

Total trade and other receivables (net)

23,433

23,603

Credit terms for goods and services were within 30 days (2018: 30 days).

Accounting policy

Financial assets: Trade receivables, loans and other receivables that are held for the purpose of collecting the contractual cash flows where the cash flows are solely payments of principal and interest, that are not provided at below-market interest rates, are subsequently measured at amortised cost using the effective interest method adjusted for any loss allowance.

Non-financial assets

3.2A: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment and Computer Software

Reconciliation of the opening and closing balances of property, plant and equipment and computer software 2019

Buildings

Leasehold improvements

Plant & equipment

Computer software

Total

$'000

$'000

$'000

$'000

$'000

As at 1 July 2018

Gross book value

16,720

50

3,253

2,101

22,124

Accumulated depreciation and impairment

(64)

0

(1)

0

(65)

Net book value 1 July 2018

16,656

50

3,252

2,101

22,059

Additions

Purchase or internally developed

1,299

0

1,101

370

2,770

Revaluations and impairments recognised in other comprehensive income

(11,466)

30

(848)

388

(11,896)

Transfers between classes

0

0

0

0

0

Disposals

0

0

(1)

0

(1)

Depreciation

(416)

(35)

(598)

(152)

(1,201)

Elimination of accumulated depreciation on revaluation

435

31

573

136

1,175

Depreciation disposals

0

Net book value 30 June 2019

6,508

76

3,479

2,843

12,906

Net book value as of 30 June 2019 represented by

Gross book value

6,553

80

3,505

2,859

12,997

Accumulated depreciation and impairment

(45)

(4)

(26)

(16)

(91)

Net book value 30 June 2019

6,508

76

3,479

2,843

12,906

Impairments recognised through profit and loss of Nil (2018: Nil) for property, plant and equipment.

Revaluations of non-financial assets

Following on from independent comprehensive valuations in 2015 and 2018, along with desktop valuations in 2016 and 2017, Pickles Valuation Services (PVS) completed another independent comprehensive valuation in 2019. The requirement for an additional comprehensive valuation was primarily to assess the condition of the GBRMPA's primary non-financial asset, Reef HQ aquarium. Accordingly the fair value of this asset has been written down by $11.091m. Additionally, due to the GBRMPA's ageing asset base, and extended utilisation of classes such as Plant and Equipment, further revaluations were made to asset values and total useful lives across classes. As per this breakdown the overall write down has predominately been against buildings, made up primarily of Reef HQ aquarium, with the net effect a $10.721m decrease to the total Written Down Value (WDV), which has been taken from the asset revaluation reserve. In particular, there has been no impairment recorded against intangibles. The next scheduled comprehensive revaluation of GBRMPA's assets is in 2020-21 by an independent valuer. All increments and decrements have been transferred to accumulated depreciation firstly, and then the asset revaluation reserve. No decrements were expensed (2018: Nil).

Contractual commitments for the acquisition of property, plant and equipment

As at 30 June 2019, the GBRMPA had contractual commitments for asset acquisitions of $0.795m (2018: $0.638m).

Accounting policy

Assets are recorded at cost on acquisition except as stated below. The cost of acquisition includes the fair value of assets transferred in exchange and liabilities undertaken. Financial assets are initially measured at their fair value plus transaction costs where appropriate.

Asset Recognition Threshold: Purchases of property, plant and equipment are recognised initially at cost in the Statement of Financial Position, except for purchases costing less than $5,000, which are expensed in the year of acquisition (other than where they form part of a group of similar items which are significant in total such as IT equipment).

The initial cost of an asset includes an estimate of the cost of dismantling and removing the item and restoring the site on which it is located. This is particularly relevant to 'make good' provisions in property leases taken up by the GBRMPA where there exists an obligation to restore the property to its original condition. These costs are included in the value of the GBRMPA's leasehold improvements with a corresponding provision for the 'make good' recognised.

Make Good: The GBRMPA currently has nil (2018: nil) agreements for the leasing of premises which have provisions requiring the entity to restore the premises to their original condition at the conclusion of the lease.

Revaluations: Following initial recognition at cost, property plant and equipment were carried at fair value less subsequent accumulated depreciation and accumulated impairment losses. Valuations are conducted with sufficient frequency to ensure that the carrying amounts of assets do not differ materially from the assets' fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.

Revaluation adjustments were made on a class basis. Any revaluation increment was credited to equity under the heading of asset revaluation surplus except to the extent that it reversed a previous revaluation decrement of the same asset class that was previously recognised in the surplus/deficit. Revaluations decrements for a class of assets were recognised directly in the surplus/deficit except to the extent that they reverse a previous revaluation increment for that class.

Any accumulated depreciation as at the revaluation date is eliminated against the gross carrying amount of the asset and the asset restated to the revalued amount.

Depreciation: Depreciable property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives to the GBRMPA using, in all cases, the straight-line method of depreciation.

Depreciation rates (useful lives), residual values and methods are reviewed at each reporting date and necessary adjustments are recognisedin the current, or current and future reporting periods, as appropriate.

Depreciation rates applying to each class of depreciable assets are based on the following useful lives:

2019

2018

Buildings

5-50 years

5-50 years

Leasehold improvements

Lease term

Lease term

Plant and equipment

3 to 20 years

3 to 20 years

Impairment: All assets were assessed for impairment at 30 June 2019. Where indications of impairment exist, the asset's recoverable amount is estimated and an impairment adjustment made if the asset's recoverable amount is less than its carrying amount.

The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from the asset. Where the future economic benefit of an asset is not primarily dependent on the asset's ability to generate future cash flows, and the asset would be replaced if the GBRMPA were deprived of the asset, its value in use is taken to be its depreciated replacement cost.

Derecognition: An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal.

Computer software: These assets are carried at fair value as determined by an independent valuer. Computer software costing less than $5,000, is expensed in the year of acquisition.

Computer software is amortised on a straight-line basis over its anticipated useful life. The useful lives of the GBRMPA's software is 3 to 10 years (2017-18: 3 to 10 years).

All software assets were assessed for indications of impairment as at 30 June 2019.

Inventory: Inventories held for sale are valued at the lower of cost and net realisable value. Inventories acquired at no cost or nominal consideration are initially measured at current replacement cost at the date of acquisition.

Payables

Notes

2019

$'000

2018

$'000

3.3A: Other payables

Wages and salaries

160

178

Superannuation

-

-

Amounts owed to Commonwealth

107

66

Total other payables

267

244

3.3B: Permit bonds

Cash Bonds held on behalf of Permit Holders

1,047

330

Total permit bonds

1,047

330

Provisions

Notes

2019

$'000

2018

$'000

3.4A Provisions for Douglas Shoal Remediation

Balance carried forward from previous period

30,720

33,590

Expenses against provision

(2,255)

(611)

(Discounting) of provision

652

(2,259)

Total provisions

29,117

30,720

On 3 April 2010, the Chinese owned bulk carrier, Shen Neng 1, grounded on Douglas Shoal within the Great Barrier Reef Marine Park. Douglas Shoal is a reef shoal located 90 kilometres off the central coast of Queensland. The Shen Neng 1 traversed a significant area of Douglas Shoal over 3-12 April 2010 before being re-floated. The damage to Douglas Shoal comprises both physical and contaminant damage. The grounding created large depressions of rubble across Douglas Shoal as well as leaving behind large concentrations of toxic anti-fouling paint, in particular tributyltin (TBT) (banned in Australia since 2008).

The Commonwealth of Australia, acting through the Great Barrier Reef Marine Park Authority, commenced proceedings in March 2013 against the shipowner of the Shen Neng 1. The Commonwealth claimed damages for remediation of Douglas Shoal. The hearing was held in the Federal Court, however it was settled out of court for $35,000,000 with payment made in October 2016.

In 2018-19 the provision has been recalculated under the same 5 year project plan as 2017-18, utilising the same weighted wage price index, with only the timing of the yearly payments being revised. The current provision of $29.117m reconciles to the original provision of $35.000m when combined with the total discount applied of $2.926m as at 30 June 2019, and the life to date expenditure of $2.957m. Of the total discount applied to date, $0.652m has been expensed in 2018-19.

Assets and liabilities administered on behalf of the Government

This section analyses assets used to conduct operations and the operating liabilities incurred as a result the Great Barrier Reef Marine Park Authority does not control but administers on behalf of the Government. Unless otherwise noted, the accounting policies adopted are consistent with those applied for departmental reporting.

Administered - financial assets

Notes

2019

$'000

2018

$'000

4.1A Fees and Fines Receivables

Receivables - Environmental management charge

2,128

2,094

Receivables - CDPP Court ordered fines

619

699

Total fees and fines receivable

2,747

2,793

Receivables are aged as follows

Not Overdue

2,682

2,094

Overdue by more than 90 days

65

699

Total receivables

2,747

2,793

Accounting policy

Loans and receivables: the GBRMPA, as agent for the Commonwealth, collects an Environmental Management Charge from permit holders who collect on behalf of individual tourists and remit to the GBRMPA. Amounts collected are paid into the Official Public Account. Fees and fines payable to the Commonwealth are administered by QLD Government State Penalties Enforcement Registry (SPER).

Administered - non-financial assets

4.2A: Reconciliation of the Opening and Closing Balances of Island Properties

Reconciliation of the opening and closing balances of island properties for 2019

Land & buildings

$'000

Total

$'000

As at 1 July 2018

Gross book value

4,121

4,121

Total as at 1 July 2018

4,121

4,121

Revaluations and impairments recognised in other comprehensive income

(741)

(741)

Total as at 30 June 2019

3,380

3,380

Total as at 30 June 2019 represented by

Gross book value

3,380

3,380

Total as at 30 June 2019

3,380

3,380

No indications of impairment were found, and as heritage listed properties the Islands do not depreciate, or have any stated useful life. The Island properties are not expected to be sold or disposed of within the next 12 months.

Revaluations of non-financial assets

In June 2018 comprehensive valuations were undertaken by Pickles Valuation Services on Dent Island and Low Isles, with Lady Elliot Island being comprehensively assessed in August 2018. An assessment of fair value was undertaken on the island properties with the recalculation resulting in an overall decrease of $0.741m. All increments and decrements are transferred to the asset revaluation surplus by asset class and included in the Administered Reconciliation Schedule. No increment/decrement was expensed in the current year (2018: Nil).

Accounting Policy

Island properties: Administered non-financial assets only consists of Island properties valued at fair value. Lighthouse and other adjacent properties are heritage listed therefore no depreciation is recorded against the asset. The Island properties are valued in accordance with AASB116 by an independent valuer. Valuations are deemed to occur on 30 June of each year. From 1 July 2015, the islands are valued in accordance with their restricted use under lease agreements.

Heritage and Cultural assets: In accordance with AASB116, and as per Environment Protection and Biodiversity Act 1999 (s. 341ZA) the Authority is required to have plans in place to comply with the Commonwealth Heritage management principles. Accordingly the Island properties are managed by Commonwealth project officer, and have resident caretakers for maintenance. Comprehensive valuations are conducted every 3 years, with the next one due in 2020-21, and desktop valuations are conducted in between. The GBRMPA Commonwealth Heritage Listed Places and Properties Heritage Strategy 2018–21, can be found at: http://hdl.handle.net/11017/3369.

Administered - payables

Notes

2019

$'000

2018

$'000

4.3A: Suppliers

Environmental management charge payable to the Commonwealth

2,128

2,094

CDPP court ordered fines payable to the Commonwealth

619

699

Total suppliers

2,747

2,793

Settlement was usually made within 30 days (2018: 30 days)

Accounting policy

Liabilities: The GBRMPA, as agent for the Commonwealth, collects an Environmental Management Charge from permit holders who collect on behalf of individual tourists and remit to the GBRMPA. Amounts collected are paid into the Official Public Account. Fees and fines payable to the Commonwealth are administered by QLD Government State Penalties Enforcement Registry (SPER).

Funding

This section identifies the Great Barrier Reef Marine Park Authority's funding structure.

Appropriations

5.1A: Annual Appropriations ('Recoverable GST exclusive')

Annual Appropriations for 2019

Annual Appropriation 1

Adjustments to Appropriation 2

Total appropriation

Appropriation applied in 2019 (current and prior years)

Variance 3

$'000

$'000

$'000

$'000

$'000

Departmental

Ordinary annual services

41,772

10,181

51,953

52,200

(247)

Capital Budget 4

760

760

760

-

Other services

Equity injections

1,321

1,321

1,837

(516)

Total departmental

43,853

10,181

54,034

54,797

(763)

1. In 2018-2019, there were no appropriations that have been quarantined under section 51 of the PGPA Act.

2. In 2018-2019, adjustments are for section 74 of the PGPA Act.

3. In 2018-2019, there were no material differences.

4. Departmental Capital Budgets are appropriated through Appropriation Acts. They form part of ordinary annual services, and are not separately identified in the Appropriation Acts.

Annual Appropriations for 2018

Annual Appropriation1

Adjustments to Appropriation2

Total appropriation

Appropriation applied in 2018 (current and prior years)

Variance3

$'000

$'000

$'000

$'000

$'000

Departmental

Ordinary annual services

27,697

32,378

60,075

49,435

10,640

Capital Budget 4

763

763

763

0

Other services

Equity injections

1,016

1,016

500

516

Total departmental

29,476

32,378

61,854

50,698

11,156

1. In 2017-2018, there were no appropriations that have been quarantined under section 51 of the PGPA Act.

2. In 2017-2018, adjustments are for section 74 of the PGPA Act.

3. In 2017-2018, unspent departmental appropriations, both ordinary and special, held in the OPA and in cash, have increased by $10.640m (81%) due to; the Shen Neng 1 litigation cost recovery payment, along with program underspends, and additional special appropriation, as per the Statement of Comprehensive Income Budget Variances Commentary. Separately, capital appropriations were underspent by $0.516m in 2017-18, and together with the $0.150m unspent capital in 2016-17, $0.666m in capital is now in unspent annual appropriations.

4. Departmental Capital Budgets are appropriated through Appropriation Acts. They form part of ordinary annual services, and are not separately identified in the Appropriation Acts.

5.1B: Unspent Annual Appropriations ('Recoverable GST exclusive')

2019

2018

$'000

$'000

Departmental

Appropriation Act (No. 1) 2017-18

13,576

22,034

Appropriation Act (No. 2) 2017-18

0

666

Appropriation Act (No. 1) 2018-19

9,261

0

Cash on Hand or on deposit

320

1,220

Total departmental

23,157

23,920

5.1C: Special Appropriations Applied ('Recoverable GST exclusive')

Appropriation applied

2019

2018

Authority

$'000

$'000

Great Barrier Reef Marine Park Act s.65A, Departmental

11,449

11,992

Unlimited Amount

Operations of the Great Barrier Reef Marine Park Authority

Total

11,449

11,992

Regulatory charging summary

2019

$'000

2018

$'000

Expenses

Departmental

2,488

2,383

Total expenses

2,488

2,383

Amounts applied

Own source revenue

276

245

Total revenue

276

245

Cost recovered activities

1. Managing the Permission System under the Great Barrier Reef Marine Park Act 1975. The Cost Recovery Implementation Statement is available at: http://hdl.handle.net/11017/3167.

Net cash appropriation arrangements

2019

$'000

2018

$'000

Total comprehensive income/(loss) less depreciation/amortisation expenses previously funded through revenue appropriations

(8,081)

11,831

Plus depreciation/amortisation expenses previously funded through revenue appropriation

(1,201)

(1,142)

Total comprehensive income/(loss) - as per the Statement of Comprehensive Income

(9,282)

10,689

1. From 2010-11, the Government introduced net cash appropriation arrangements, where revenue appropriation for depreciation/amortisation expenses ceased. Entities now receive a separate capital budget provided through equity appropriations. Capital budgets are to be appropriated in the period when cash payment for capital expenditure is required.

Field management special account

The Special Account is used for the facilitation of payments for and on behalf of the GBRMPA and the Queensland Government Department of Environment and Science.

Appropriation: Public Governance, Performance and Accountability Act 2013 section 80

Establishing Instrument: Great Barrier Reef Marine Park Act 1975; section 49

Purpose: Great Barrier Reef Marine Park Act 1975; section 51(2):

  1. the management, protection or maintenance of the Great Barrier Reef World Heritage Area;
  2. purposes incidental to the management, protection or maintenance of the Great Barrier Reef World Heritage Area;
  3. meeting the expenses of administering the account.

The guiding principles agreed between the Commonwealth and Queensland Governments under the Great Barrier Reef Intergovernmental Agreement 2015 are:

i) A collaborative and cooperative approach is fundamental to the effective long-term protection, conservation and management of the Great Barrier Reef as this is beyond the power and remit of either jurisdiction;

ii) The precautionary principle will be applied to protecting the environmental, World Heritage and National Heritage values of the Great Barrier Reef including its Outstanding Universal value;

iii) The marine and land environments within and adjacent to the Great Barrier Reef World Heritage Area will be managed in an integrated manner consistent with ecosystem-based management and the principles of ecologically sustainable use;

iv) Economic growth and the long-term health of the Great Barrier Reef ecosystem are interconnected, and actions or changes in one can impact on the other and must be taken into account, in particular

  • population growth and economic development increases the demand for resource and recreational use of the Great Barrier Reef
  • land-use activities in the catchment, and urban development can have adverse impacts on the quality of water entering the Great Barrier Reef, and
  • regulation of activities that exploit marine resources, measures for protection of marine parks, or initiatives to reduce external pressures on the ecosystem can have regional and local social and economic effects, and improve the long-term viability of the region

v) Trends in the health, use of and risks to the environment of the Great Barrier Reef ecosystem, including its Outstanding Universal Value will be regularly monitored and reported to ensure decisions are soundly based;

vi) Co-ordinated long-term monitoring and research and the collection and sharing of marine-based biological, physical, social and economic data is fundamental;

vii) Regular, periodic review of the resources necessary for the long-term management of the marine and national parks within the Great Barrier Reef World Heritage Area will be undertaken; and

viii) Initiatives should be delivered through a concerted response across all levels of government with shared funding arrangements of joint Commonwealth-State initiatives agreed on a case-by-case basis.

Great Barrier Reef Field Management Account

$

$

Departmental

Notes

2019

2018

Balance brought forward from previous period

34,883,982

35,261,377

Increases

Payments received from Queensland Government

13,279,822

8,779,000

Government appropriation 1

11,965,000

14,859,000

Receipts from external parties

68,583

127,995

Sale of assets

3,226

4,356

Curtis Islands Offsets revenue 2

2,908,095

1,588,050

Total increases

28,224,726

25,358,401

Available for payments

63,108,708

60,619,778

Decreases

Payments made to Queensland Government for Field Management Program

18,040,547

13,130,575

Further payments made to Queensland Government 4

265,983

5,690,000

Payments made to employees and suppliers

6,228,210

4,517,178

Bank Fees

101

-

Capital expenditure

153,355

274,364

Curtis Islands Offset payments made to employees and suppliers 3

1,876,109

1,519,007

Douglas Shoal remediation payments made to employees and suppliers 3

2,255,552

604,672

Douglas Shoal transfer from prior year

3

5,856

0

Total decreases

28,825,713

25,735,796

Total balance carried to the next period

34,282,995

34,883,982

Balance represented by:

Cash held in the Official Public Account

3.1A

2,178,008

579,663

Cash held in GBRMPA bank account

3.1A

32,104,987

34,304,319

1. Includes $11.965m from Appropriation Act (No. 1) 2018-19.

2. Included in note 1.2B: Grants received from Government.

3. The Curtis Islands Offsets program and the Douglas Shoal remediation project, also utilise the Field Management Special Account.

4. Additional payments were made to the QLD Government for; facilities in Gladstone ($0.122m), the second Reef Ranger vessel ($0.074m), Low Isles amenities ($0.040m), and a temporary Project Officer ($0.030m).

Accounting policy: Except for expenditure on fixtures upon land owned by or under the direct control of the Commonwealth or the GBRMPA, payments to the Queensland Department of Environment and Science for the JFMP are fully expensed in the year of payment.

People and relationships

This section describes a range of employment and post employment benefits provided to our people and our relationships with other key people.

Employee provisions

Notes

2019

$'000

2018

$'000

6.1A: Employee Provisions

Salaries 1

0

1,687

Leave

7,437

6,805

Other

48

37

Total employee provisions

7,485

8,529

1. Legal advice received in April 2018 confirmed an underpayment for casual employees in Reef HQ resulting from a revised interpretation of certain clauses in the GBRMPA Enterprise Agreement. GBRMPA recognised a liability to make salary back payments, in accordance with shift penalties, and in line with statutory limitations, for the period 1 May 2012 to 30 June 2018, to the value of $1.687m at 30 June 2018. In 2018-19, 115 current and former casual employees have been paid their outstanding entitlement under the revised interpretation, with $1.401m in total payments made. Following finalisation of the liability to GBRMPA, the remaining provision has now been reversed through employee benefits.

Accounting Policy

Liabilities for 'short-term employee benefits' (as defined in AASB 119 Employee Benefits) and termination benefits expected within twelve months of the end of reporting period are measured at their nominal amounts.

The nominal amount is calculated with regard to the rates expected to be paid on settlement of the liability.

Other long term employee benefits are measured as net total of the present value of the defined benefit obligation at the end of the reporting period period minus the fair value at the end of the reporting period of plan assets (if any) out of which the obligation are to be settled directly.

Leave: The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in future years by employees of the GBRMPA is estimated to be less than the annual entitlement for sick leave.

The leave liabilities are calculated on the basis of employees' remuneration at the estimated salary rates that will be applied at the time the leave is taken, including the GBRMPA's employer superannuation contribution rates to the extent that the leave is likely to be taken during service rather than paid out on termination.

The estimate of the present value of the liability takes into account attrition rates and pay increases through promotion and inflation.

Superannuation: The GBRMPA staff are members of the Public Sector Superannuation Scheme (PSS) or the PSS accumulation plan (PSSap). The PSS is a defined benefit schemes for the Australian Government. The PSSap is a defined contribution scheme.

The liability for defined benefits is recognised in the financial statements of the Australian Government and is settled by the Australian Government in due course. This liability is reported by the Department of Finance administered schedules and notes.

The GBRMPA makes employer contributions to the employees' superannuation scheme at rates determined by an actuary to be sufficient to meet the current cost to the Government. The GBRMPA accounts for contributions as if they were contributions to defined contribution plans.

The liability for superannuation recognised as at 30 June represents outstanding contributions for the final fortnight of the year.

Key management personnel remuneration

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Great Barrier Reef Marine Park Authority, directly or indirectly, including any director (whether executive or otherwise) of the entity, the Portfolio Minister, and any other relevant Government Minister. The Great Barrier Reef Marine Park Authority has determined the following people are the internal Key Management Personnel during the reporting period:

Board (Great Barrier Reef Marine Park Authority Act 1975)

Term

Dr Russell Reichelt - Chairman - appointed under s10(2)

Date of cessation 28/10/18

Dr Ian Poiner - Chairman - appointed under s10(2)

Date of commencement 29/10/18

Mr Joshua Thomas - Member - appointed under s10(6)

Date of commencement 18/3/19

Mr Bruce Elliot - Member - appointed under s10(6)

29/10/18 - 17/03/19

Ms Margie McKenzie - Member - appointed under s10(6B)

Date of cessation 24/9/18

Ms Melissa George - Member- appointed under s10(6A)

Date of cessation 21/11/18

Ms Emma Johnston - Member - appointed under s10(6)

Full Term

Mr Dave Stewart - Member - appointed under s10(2-4)

Full Term

Ms Wendy Morris - Member - appointed under s10(6B)

Date of commencement 7/2/19

Executive Management Group (Public Governance, Performance and Accountability Act 2013)

Term

Dr Russell Reichelt - Accountable Authority

Date of cessation 28/10/18

Mr Joshua Thomas - Accountable Authority

Date of commencement 18/3/19

Ms Margaret Johnson - General Manager Reef Strategy

Full Term

Mr Bruce Elliot - Accountable Authority

29/10/18 - 17/03/19

Mr Bruce Elliot - General Manager Reef Engagement

1/7/18 - 28/10/18 and 18/03/19- 30/06/19

Dr Kristin Dobbs - Acting General Manager Reef Engagement

29/10/18 - 17/03/19

Dr Simon Banks - General Manager Reef Protection

Full Term

Ms Anne Leo - General Manager Corporate Services

Full Term

2019

$

2018

$

Short-term employee benefits

1,165,144

1,356,120

Post-term employee benefits

165,960

185,576

Other long-term employee benefits

80,056

108,937

Termination benefits

0

0

Total key management personnel remuneration benefits

1,411,160

1,650,633

The total number of key management personnel that are included in the above table are 13 individuals (2018: 10 individuals).

The above key management personnel remuneration is internal only, and excludes the remuneration and other benefits of the Portfolio Minister, and any other relevant Government Ministers. Ministerial remuneration and other benefits are set by the Remuneration Tribunal and are not paid by the entity.

Mr Dave Stewart is not remunerated by the GBRMPA, as the Director General of the Department of the Premier and Cabinet his position on the board is held as a Queensland Government representative. Mr Stewart's Queensland Government position has no controlling interest in the Joint Field Management Program partnership that the GBRMPA maintains with the Department of Environment and Science.

Ms Anne Leo is employed by the Department of the Environment and Energy, and is seconded to the GBRMPA.

Related party disclosures

Related party relationships

The GBRMPA is an Australian Government controlled entity. Board members are appointed under section 10 of the Great Barrier Reef Marine Park Act 1975. Board members and their related parties may hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities.

Given the breadth of Government activities, related parties may transact with the Government sector in the same capacity as ordinary citizens. Such transactions include the payment or refund of Environmental Management Charge, receipt of Medicare rebate or Higher Education loans. These transactions have not been separately included in this note. Certain entities transacted with the GBRMPA in the reporting period. The terms and conditions of those transactions with key management personnel and their related parties were no more favourable than those available, or which might reasonably be expected to be available, on a similar transactions to non-related entities on an arm's length basis.

Loans to Key Management Personnel or Key Management Personnel-Related Entities

In 2018-19, no loans were made to key management personnel or key management personnel-related entities (2017-18: Nil).

Other Transactions with Key Management Personnel or Key Management Personnel-Related Entities

The GBRMPA has an ongoing contractual arrangement with the Reef Rainforest and Research Centre (RRRC) for Crown of Thorns Starfish control, with whom a related party to a key management personnel (GBRMPA Board Member from 1/7/2018 to 24/9/2019) is part of the board as a non-executive Director. All transactions were made on an arm's length basis.

2019

$

2018

$

Reef Rainforest and Research Centre COTS contract payments

4,679,454

4,729,000

Total transactions with key management personnel-related entities

4,679,454

4,729,000

Managing uncertainties

This section analyses how the Great Barrier Reef Marine Park Authority manages financial risks within its operating environment.

Contingent assets and liabilities

Contingent Assets

The GBRMPA has no Contingent Assets for the 2018-19 financial year (2017-18: Nil).

Contingent Liabilities

The GBRMPA has no Contingent Liabilities for the 2018-19 financial year (2017-18: Nil).

Unquantifiable Contingent Assets

The GBRMPA has no Unquantifiable Contingent Assets for the 2018-19 financial year (2017-18: Nil).

Unquantifiable Contingent Liabilities

The GBRMPA has no Unquantifiable Contingent Liabilities for the 2018-19 financial year (2017-18: Nil).

Significant Remote Contingencies

The GBRMPA has no Significant Remote Contingencies for the 2018-19 financial year (2017-18: Nil).

Administered - contingent assets and liabilities

Contingent Assets and Liabilities

The GBRMPA has no Contingent assets and Liabilities for the 2018-19 financial year (2017-18: Nil).

Accounting Policy

Contingent liabilities and contingent assets are not recognised in the Statement of Financial Position but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability or asset or represent an asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.

Financial instruments

2019

$'000

2018

$'000

7.2A: Categories of Financial Instruments

Financial Assets under AASB139 and AASB 9 1

Financial assets at amortised cost

Cash and cash equivalents

34,603

36,104

Receivables for goods and services

117

195

Other receivables

7

13

Total financial asset at amortised cost

34,727

36,312

Total financial assets

34,727

36,312

Financial Liabilities

Financial liabilities measured at amortised cost

Trade Creditors

2,897

4,808

Other

267

244

Total financial liabilities measured at amortised cost

3,164

5,052

Total financial liabilities

3,164

5,052

1. There was no reclassification of financial assets upon the initial application of AASB 9.

Accounting Policy

Financial Assets: With the implementation of AASB 9 Financial Instruments for the first time in 2019, the GBRMPA classifies its financial assets in the following categories:

  1. financial assets at fair value through profit or loss;
  2. financial assets at fair value through other comprehensive income; and
  3. financial assets measured at amortised cost.

The classification depends on both the entity's business model for managing the financial assets and contractual cash flow characteristics at the time of initial recognition. Financial assets are recognised when the entity becomes a party to the contract and, as a consequence, has a legal right to receive or a legal obligation to pay cash and derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred upon trade date.

Comparatives have not been restated on initial application.

Financial Assets at Amortised Cost

Financial assets included in this category need to meet two criteria:

  1. the financial asset is held in order to collect the contractual cash flows; and
  2. the cash flows are solely payments of principal and interest (SPPI) on the principal outstanding amount.

Amortised cost is determined using the effective interest method.

Effective Interest Method: Income is recognised on an effective interest rate basis for financial assets that are recognised at amortised cost.

Impairment of Financial Assets: Financial assets are assessed for impairment at the end of each reporting period based on Expected Credit Losses, using the general approach which measures the loss allowance based on an amount equal to lifetime expected credit losses where risk has significantly increased, or an amount equal to 12-month expected credit losses if risk has not increased.

The simplified approach for trade, contract and lease receivables is used. This approach always measures the loss allowance as the amount equal to the lifetime expected credit losses.

A write-off constitutes a derecognition event where the write-off directly reduces the gross carrying amount of the financial asset.

Financial Liabilities: Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities. Financial liabilities" are recognised and derecognised upon ‘trade date’.

Financial Liabilities at Amortised Cost: Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. These liabilities are subsequently" measured at amortised cost using the effective interest method, with interest expense recognised on an effective interest basis.

Supplier and other payables are recognised at amortised cost. Liabilities are recognised to the extent that the goods or services have been received (and irrespective of having been invoiced).

Administered - financial instruments

Notes

2019

$'000

2018

$'000

7.3A: Categories of Financial Instruments

Financial Assets under AASB 139 and AASB 9 1

Financial assets at amortised cost

Receivables - Environmental management charge

2,128

2,094

Receivables - CDPP Court ordered fines

619

699

Receivables - Rental Income

0

0

Total financial assets at amortised cost

2,747

2,793

Total financial assets

2,747

2,793

1. There was no reclassification of financial assets upon the initial application of AASB 9.

Fair value measurements

Accounting policy

The GBRMPA deems transfers between levels of the fair value hierarchy to have occurred at 30 June 2019.

7.4A: Fair Value Measurements

Fair value measurements at the end of the reporting period

2019

$'000

2018

$'000

Non-financial assets

Buildings - Level 3

6,508

16,656

Leasehold improvements - Level 3

76

50

Plant and equipment - Level 2

1,335

1,044

Plant and equipment - Level 3

2,144

2,208

Computer software - Level 3

2,843

2,101

Total non-financial assets

12,906

22,059

Total fair value measurements of assets in the Statement of Financial Position

12,906

22,059

1. The following valuation techniques were used:

Cost approach: based on the amount required to replace the service potential of an asset.

Market approach: based on market transactions involving identical or similar assets or liabilities.

The GBRMPA procured valuation services from Pickles Valuation Services (PVS) and relied on valuation models provided by PVS. An assessment of fair value was undertaken in 2019. PVS re-tests the valuation model every 12 months and has provided written assurance to the GBRMPA that the model developed is compliant with AASB 13. This assurance is then reviewed and subjected to an acceptance process by management prior to finalisation. As per note 3.2A, there were no transfers between classes or levels of the fair value hierarchy. For the GBRMPA's policy on revaluations see the Accounting Policy section in note 3.2.

Administered - fair value measurements

7.5A: Administered Fair Value Measurements

Fair value measurements at the end of the reporting period

2019

2018

$'000

$'000

Non-financial assets

Land & Buildings - Level 3

2,770

3,511

Buildings - Level 2

610

610

Total non-financial assets

3,380

4,121

Total fair value measurements of assets in the statement of financial position

3,380

4,121

1. The following valuation techniques were used:

Income approach: based on future amounts (e.g. cash flows or income and expenses) that are converted (discounted) to a single present value.

Market approach: based on market transactions involving identical or similar assets or liabilities.

The GBRMPA procured valuation services from Pickles Valuation Services (PVS) and relied on valuation models provided by PVS. An assessment of fair value was undertaken remotely in 2018, as there were no changes from the comprehensive valuation in 2015, and subsequent desktop valuations, that warranted site visitation. PVS re-tests the valuation model every 12 months and has provided written assurance to the GBRMPA that the model developed is compliant with AASB 13. This assurance is then reviewed and subjected to an acceptance process by management prior to finalisation. As per note 4.2A, there were no transfers between classes or levels of the fair value hierarchy.

Other information

This section analyses how the Great Barrier Reef Marine Park Authority manages financial risks within its operating environment.

Aggregate assets and liabilities

8.1A: Aggregate Assets and Liabilities

2019

$'000

2018

$'000

Assets expected to be recovered in:

No more than 12 months

58,386

60,253

More than 12 months

12,906

22,059

Total assets

71,292

82,312

Liabilities expected to be recovered in:

No more than 12 months

13,107

17,000

More than 12 months

27,706

27,631

Total liabilities

40,813

44,631

Current Assets consists of; cash and cash equivalents, trade and other receivables, WIP, Reef HQ shop inventory, and prepayments. Non-current Assets consists of; buildings, leasehold improvements, plant and equipment, and computer software. Current Liabilities consists of; suppliers, other payables, permit bonds, and the current portion of all provisions. Non-current liabilities consists of the non-current portion of all provisions.

Administered - aggregate assets and liabilities

8.1A: Aggregate Assets and Liabilities

2019

$'000

2018

$'000

Assets expected to be recovered in:

No more than 12 months

2,747

2,793

More than 12 months

3,380

4,121

Total assets

6,127

6,914

Liabilities expected to be recovered in:

No more than 12 months

2,747

2,793

More than 12 months

0

0

Total liabilities

2,747

2,793

Current Assets consists of all receivables.

Non-current Assets consists of island properties.

Current Liabilities consists of all payables.

There are no Administered non-current liabilities.