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Supplementary Statement of Revenues and Expenses
3 OTHER INCOME External Contributions Project Refunds Net Gains from Sales of Assets Other 4 RESEARCH & DEVELOPMENT PROGRAMS Supply of contracted R&D services
for the following programs:Prospective New Industries Emerging New Industries Established Industries Future Agricultural Systems Research & Development Program expenditure is consistent with the expenditure classification of "Grants" as defined in the Guidelines. 5 RESEARCH CO-ORDINATION AND MANAGEMENT Suppliers Program Co-ordination and Reviews Committee Fees and Expenses Travel and Accommodation Other Employees Staff Remuneration
6 COMMUNICATIONS Suppliers Communication with Industry and Researchers Publications Public Relations Communications Management Employees Staff Remuneration 7 CORPORATE ACTIVITIES Suppliers Board Operational Expenses Other Employees Directors Remuneration DFRDC Member Remuneration Staff Remuneration Separation and Redundancy Payments 8 ADMINISTRATION Suppliers Operating Lease Rentals Other Depreciation Write-down of Assets Employees Staff Remuneration 9 CASH Cash at Bank Deposits at Call 10 RECEIVABLES Commonwealth Contributions Industry Levies Interest Other No receivables are overdue. 11 INVESTMENTS Bank Endorsed Bills of Exchange (at cost) 12 INFRASTRUCTURE, PLANT AND EQUIPMENT Office Equipment at Cost Less: Accumulated Depreciation Furniture and Fittings at Cost Less: Accumulated Depreciation Computer Equipment at Cost Less: Accumulated Depreciation Motor Vehicles at Cost Less: Accumulated Depreciation Leasehold Improvements at Cost Less: Accumulated Amortisation
Analysis of Infrastructure, Plant and Equipment
Infrastructure, Item Plant & Equipment $ Gross Value As at 1 July 1997 Additions: Disposals: As at 30 June 1998 Accumulated Depreciation/Amortisation As at 1 July 1997 Charge for assets held as at 1 July 1997: Charge for additions: Adjustment for disposals: As at 30 June 1998 Net Book Value as at 30 June 1998 Net Book Value as at 1 July 1997 13
PROVISION & PAYABLES Current Suppliers Research & Development Program Trade Creditors Employees Salaries and Wages Annual Leave Other Prepayments Received Non-current Employees Annual Leave Long Service Leave Aggregate Employee Entitlement Liability
14
TOTAL EQUITY Accumulated Results $ Total Equity $ Item Balance at 1 July 1997 Surplus/(deficit) Balance at 30 June 1998
15 SUPERANNUATION The Corporation is an approved authority under the Superannuation Act 1976 and the Superannuation Act 1990. Corporation staff are contributors to either the Commonwealth Superannuation Scheme (CSS) or the Public Sector Superannuation Scheme (PSS). The Corporation meets its liability by payments to the Commonwealth Superannuation Administration (Comsuper) in accordance with Section 159(2) of the Superannuation Act 1976 and Section 15 of the Superannuation Act 1990.
The Corporation paid employer contributions for 1997/98 at rates of 9.2% (PSS) and 22.1% (CSS) of superannuable salaries which amounted to $76,407 in the period ended 30 June 1998.
The Corporation also accrued or paid a separate productivity benefit to its employees and Directors in accordance with the Superannuation Benefit (Interim Arrangement) Act 1988. This amounted to $17,118 and $7,110 respectively for the period ended 30 June 1998.
16 AUDITORS REMUNERATION The Australian National Audit Office (ANAO) audited the Corporation's 1997/98 financial statements. The aggregate remuneration received or due and receivable for audit services rendered by the ANAO amounted to $18,990 in 1997/98 (1996/97 : $18,990).
17 STATEMENT OF CASH FLOWS (a) Cash at the end of the reporting period as shown in the Statement of Cash Flows is reconciled to the related items in the Balance Sheet as follows: Cash Deposits at Call Bank Bills of Exchange (b) Reconciliation of Operating Result with Cash Flows from Operations: Operating Result Depreciation Provision for Employee Entitlements (Increase)/Decrease in Receivables Increase in Prepayments Increase/(Decrease) in Creditors Profit on Disposal of Assets Net Cash from Operating Activities 18 REMUNERATION OF OFFICERS Remuneration received or due and receivable by Officers of the Corporation: The number of Officers of the Corporation included in these figures are shown below in the relevant remuneration bands: Number Number - $100,001 - $110,000 1 - $110,001 - $120,000 1 1
19 REMUNERATION OF DIRECTORS Remuneration received or due and receivable by Directors of the Corporation: The number of Directors of the Corporation included in these figures are shown below in the relevant remuneration bands: Number Number - $10,001 - $20,000 8 6 - $20,001 - $30,000 1 - $140,001 - $150,000 1 - $150,001 - $160,000 1 20 RELATED PARTY DISCLOSURES
The Directors of the Corporation during the year were:
The aggregate remuneration of Directors is disclosed in Note 19. Mr. R. M. McCarthy (Chairperson, to 7 November 1997) Professor E. J. Woods (Chairperson, from 19 January 1998)
Mr. J. G. Herbert (Deputy Chairperson, Acting Chairperson 8 November 1997 to 18 January 1998)
Mr. M. J. Barbetti
Professor M. L. Britz
Mr. S. Catalano
Mr. P. R. Chapman
Ms. J. Davis
Mr. I. G. Cronshaw (to 6 April 1998)
Ms. V. J. Greville (from 7 April 1998)
Mr. P. T. Core (Managing Director)
Several directors of the Corporation hold directorships with other companies. All transactions between the Corporation and companies with a Director common to the Corporation, or any dealings between the Corporation and Directors individually, are conducted using commercial and arms-length principles.
Professor E. J. Woods is the QIDC Professor in Agribusiness with the School of Natural and Rural Systems Management at the University of Queensland, Gatton College. During 1997/98, the Corporation funded four research projects within her area of responsibility totaling $147,400. Professor E. J. Woods was a Director of CSIRO until June 1998.
During 1997/98, the Corporation was a party to an agreement that formed the Co-operative Research Centre for Sustainable Rice Production (CRC). Mr. J. G. Herbert is a Director on the Board of the CRC and the Corporation's contribution to the operations of the CRC amounted to $500,000 during 1997/98.
Mr. S. Catalano is a Director of a company that has provided industry funding associated with RIRDC project UJC-4A "Soil ameliorants from rock quarry by-products: Developing new products for improved plant growth in highly leached tropical soils and testing their efficacy in the laboratory and the field". The value of the Corporation's and Mr. Catalano's related entity contribution to this project during 1997/98 was $74,997 and $166,300 respectively.
During 1997/98 the Australian Rural Leadership Foundation (ARLF) received funding towards sponsorships of $131,250 from the Corporation. The ARLF is a public company limited by guarantee and was incorporated in the A.C.T. on 3 September 1992. RIRDC is a founding member of the ARLF and Professor M. L. Britz is a Director of the Foundation.
21 ACCUMULATED FUNDS RIRDC CORE ACTIVITIES OPENING BALANCE Transfer to Agroforestry and Tea Tree Oil Sub Accounts 1 July 1997 REVENUES Commonwealth Appropriation Interest Service Fees* Other Income EXPENDITURE Research and Development Programs Research Co-ordination and Management Communications Corporate Activities Administration and General SURPLUS/(DEFICIT) OF REVENUES OVER EXPENDITURE Adjustment to Opening Balance due to change in accounting policy CLOSING BALANCE * Represents income from program management and financial administration services rendered to R&D Sub Accounts and the Dried Fruits R&D Council. This amount has been eliminated from the Statement of Revenues and Expenses.
Last updated: 20 October 1998 Copyright © RIRDC http://www.rirdc.gov.au/pub/anrep98/financials4.htm
