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Torres Strait Regional Authority Annual Report 2019-20

Statement by the Accountable Authority, Chief Executive and Chief Financial Officer

Statement of Comprehensive Income

TORRES STRAIT REGIONAL AUTHORITY
Statement of Comprehensive Income
for the period ended 30 June 2020
		2020	2019	Original Budget
	Notes	$'000	$'000	$'000
NET COST OF SERVICES
Expenses
Employee benefits	1.1A	18,718	19,282	19,111
Suppliers	1.1B	16,664	17,444	15,371
Grants	1.1C	13,432	15,394	12,588
Depreciation and amortisation	2.2A	1,758	1,773	1,145
Finance costs	1.1D	154	79	150
Impairment Loss on Financial Instruments	1.1E	21	150	-
Total expenses		50,747	54,122	48,365

Own-Source Income

Own-source revenue
Revenue from contracts with customers	1.2A	599	624	505
Interest	1.2B	652	1,126	1,065
Other income	1.2C	15,082	13,400	10,898
Total own-source revenue		16,333	15,150	12,468

Gains
Reversal of write-downs and impairment	1.2D	131	114	-
Total gains		131	114	-
Total own-source income		16,464	15,264	12,468
Net cost of services		34,283	38,858	35,897
Revenue from Government	1.2E	35,897	35,883	35,897
Surplus/(Deficit) on continuing operations		1,614	(2,975)	-

OTHER COMPREHENSIVE INCOME
Items not subject to subsequent reclassification to net cost of services
Changes in asset revaluation surplus		519	2,610	-
Total other comprehensive income		519	2,610	-
Total comprehensive income/(loss)		2,133	(365)	-
The above statement should be read in conjunction with the accompanying notes.

Statement of Financial Position

TORRES STRAIT REGIONAL AUTHORITY
Statement of Financial Position
as at 30 June 2020
		2020	2019	Original Budget
	Notes	$’000	$’000	$’000
ASSETS
Financial assets
Cash and cash equivalents	2.1A	3,848	2,976	2,479
Trade and other receivables	2.1B	5,533	4,924	4,197
Other investments	2.1C	26,591	29,978	22,724
Total financial assets		35,972	37,878	29,400

Non-financial assets ¹
Land and buildings	2.2A	56,622	53,223	58,268
Plant and equipment	2.2A	1,315	1,062	1,491
Heritage and cultural	2.2A	77	77	77
Other non-financial assets	2.2B	89	364	-
Total non-financial assets		58,103	54,726	59,836
Total assets		94,075	92,604	89,236

LIABILITIES
Payables
Suppliers	2.3A	1,533	2,495	1,407
Grants	2.3B	-	147	741
Other payables	2.3C	256	147	136
Total payables		1,789	2,789	2,284

Interest bearing liabilities
Leases	2.4A	418	-	-
Total interest bearing liabilities		418	-	-

Provisions
Employee provisions	3.1A	4,511	4,591	4,503
Total provisions		4,511	4,591	4,503
Total liabilities		6,718	7,380	6,787
Net assets		87,357	85,224	82,449

EQUITY
Contributed equity		3,021	3,021	3,021
Reserves		18,096	17,577	14,967
Retained surplus		66,240	64,626	64,461
Total equity		87,357	85,224	82,449

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

1. Right-of-use assets are included in the following line items: Land and buildings.

Statement of Changes in Equity

TORRES STRAIT REGIONAL AUTHORITY
Statement of Changes In Equity
for the period ended 30 June 2020
		2020	2019	Original Budget
	Notes	$’000	$’000	$’000
CONTRIBUTED EQUITY
Opening balance
Balance carried forward from previous period		3,021	1,032	3,021
Adjusted opening balance		3,021	1,032	3,021

Transactions with owners
Contributions by owners
Equity injection - Appropriations		-	1,989	-
Total transactions with owners		-	1,989	-
Closing balance as at 30 June		3,021	3,021	3,021

RETAINED EARNINGS
Opening balance
Balance carried forward from previous period		64,626	67,601	64,461
Adjusted opening balance		64,626	67,601	64,461

Comprehensive income
Surplus/(Deficit) for the period		1,614	(2,975)	-
Total comprehensive income		1,614	(2,975)	-
Closing balance as at 30 June		66,240	64,626	64,461

ASSET REVALUATION RESERVE
Opening balance
Balance carried forward from previous period		17,577	14,967	14,967
Adjusted opening balance		17,577	14,967	14,967

Comprehensive income
Other comprehensive income		519	2,610	-
Total other comprehensive income		519	2,610	-
Closing balance as at 30 June		18,096	17,577	14,967


TOTAL EQUITY
Opening balance
Balance carried forward from previous period		85,224	83,600	82,449
Adjusted opening balance		85,224	83,600	82,449

Comprehensive income
Surplus/(Deficit) for the period		1,614	(2,975)	-
Other comprehensive income		519	2,610	-
Total comprehensive income		2,133	(365)	-
Transactions with owners
Contributions by owners
Equity injection - Appropriations		-	1,989	-
Total transactions with owners		-	1,989	-
Closing balance as at 30 June		87,357	85,224	82,449

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

Accounting Policy

Equity Injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and Departmental Capital Budgets (DCBs) are recognised directly in contributed equity in that year.

Cash Flow Statement

TORRES STRAIT REGIONAL AUTHORITY
Cash Flow Statement
for the period ended 30 June 2020
		2020	2019	Original Budget
	Notes	$’000	$’000	$’000
OPERATING ACTIVITIES
Cash received
Receipts from government		35,897	35,883	35,897
Sale of goods and rendering of services		15,768	14,172	11,403
Interest		614	1,091	915
GST received		2,868	2,236	-
Total cash received		55,147	53,382	48,215

Cash used
Employees		18,688	19,183	19,111
Suppliers		19,223	18,357	15,371
Interest payments on lease liabilities		6	-	-
Loan payments		24	28	-
Grants		14,348	17,231	12,588
Total cash used		52,289	54,799	47,070
Net cash from/(used by) operating activities		2,858	(1,417)	1,145

INVESTING ACTIVITIES
Cash received
Proceeds from loan repayments		772	311	-
Proceeds from sales of investments		3,387	4,796	4,326
Total cash received		4,159	5,107	4,326

Cash used
Loan payments		1,736	594	-
Purchase of property, plant and equipment		4,320	4,500	5,471
Total cash used		6,056	5,094	5,471
Net cash from/(used by) investing activities		(1,897)	13	(1,145)

FINANCING ACTIVITIES
Cash received
Contributed Equity		-	1,989	-
Total cash received		-	1,989	-

Cash used
Principal payments of lease liabilities		89	-	-
Total cash used		89	-	-
Net cash from/(used by) financing activities		(89)	1,989	-

Net increase/(decrease) in cash held		872	585	-
Cash and cash equivalents at the beginning of the reporting period		2,976	2,391	2,479
Cash and cash equivalents at the end of the reporting period	2.1A	3,848	2,976	2,479

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

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