ANNUAL REPORT AND STATEMENT OF OF NEW SOUTH WALES … · New South Wales and extends from the North...

ANNUAL REPORT AND STATEMENT

OF

THE WILD DOG DESTRUCTION BOARD OF NEW SOUTH WALES

AS REQUIRED BY THE PUBLIC FINANCE AND AUDIT ACT, 1983

AND

ANNUAL REPORT (STATUTORY BODIES) ACT 1984

FOR THE YEAR ENDED – 31 DECEMBER 2016

(FOR THE WESTERN DIVISION OF NEW SOUTH WALES) ABN: 14 286 958 340

Please address all communications to ADELAIDE ROAD The Secretary BROKEN HILL PO Box 279 Broken Hill NSW 2880 Phone: (08) 8088 4724 Fax: (08) 8088 2051

31 March 2017

The Hon Niall Blair MLC Minister for Primary Industries Minister for Regional Water Minister for Trade and Industry 52 Martin Place SYDNEY NSW 2000

Dear Minister,

I am pleased to present the Annual Report of the Wild Dog Destruction Board for the year ended 31 December 2016 for your information and presentation to Parliament.

This Report has been prepared in accordance with the Annual Reports (Statutory Bodies) Act 1984 and the Public Finance and Audit Act 1983.

Yours Sincerely

Andrew Bell Chairman Wild Dog Destruction Board

Charter

The NSW Wild Dog Destruction Board is established and administered in accordance with the provisions of the Wild Dog Destruction Act 1921.

The Wild Dog Destruction Act 1921 originally placed responsibility for the fence under the Western Lands Commission and an amending Act in 1957 established the Wild Dog Destruction Board and transferred responsibility to the Board.

The Board’s primary function is to erect, maintain and repair a dog proof fence along specified sections of the New South Wales borders with Queensland and South Australia, thereby excluding wild dogs from grazing lands of the Western Division of New South Wales.

The South Australian section of the border fence is erected on or near the western border of New South Wales and extends from the North West border of New South Wales (Cameron Corner) in a southerly direction for approximately 257 kms along the NSW/SA border.

The Queensland section of the border fence is erected approximately 15 metres north of the border of New South Wales and extends from the western border of NSW (Cameron Corner) for 349 kms east to a point 15kms of Hungerford.

The Act requires the Board to establish a fund and for the Board to use that fund for the purposes of maintaining the fence. The Board is also able to charge a levy in the form of wild dog rates on certain landholders in the Western Division. These rates must be paid into the fund.

MANAGEMENT AND STRUCTURE

The Board

The Wild Dog Destruction Board comprises six Members, including the Chairperson, who in accordance with the provisions of the Wild Dog Destruction Act 1921 is the Western Lands Commissioner. The other five Members are all resident pastoral landholders of the Western Division of NSW. Appointment to the Board occurs on nomination by the Western Local Lands Services (three Members) and one each from the Western Division Council of New South Wales Farmers’ Association and the Pastoralists’ Association of West Darling.

Details of current Board Membership;

Mr Andrew Bell Western Lands Commissioner Chairman Department of Primary Industries – Lands 45 Wingewarra Street DUBBO NSW 2830

Mr Ben Mannix Western Division Council NSW Farmers’ Association Level 25, 66 Goulbourn Street SYDNEY NSW 2000

Mr Neill Leigo Western Local Lands Services BROKEN HILL NSW 2880

Mr Ken Turner Pastoralists’ Association of West Darling BROKEN HILL NSW 2880

Mr Nicolaas Bonselaar Western Local Lands Services BROKEN HILL NSW 2880

Mr Robert Wason Western Local Lands Services BROKEN HILL NSW 2880

Board Members and Staff – Left to Right (Back row) Andrew Bell (Chairman), Robert Wason, Ben Mannix Neill Leigo, Nick Bonselaar, (front row) Robyn Mann (Secretary), Laurence Doidge (Operations Manager)

and Ken Turner

Current Staffing

The Board’s administration is based in Broken Hill in an Office situated on the Adelaide Road, approximately 8kms from Broken Hill, where the Board Secretary, Ms Robyn Mann is employed to manage the administrative and accounting functions of the Board.

The Operation Manager, Mr Laurence Doidge is based at Smithville Depot located 240kms north of Broken Hill on the South Australian/New South Wales border fence. Mrs Mia Doidge is employed in a Part Time administrative capacity.

Operational Staff comprise a Leading Hand based at Wompah, eight Maintenance Employees and two Plant Operators. The Maintenance Employees are located at various locations along the length of the fence and are accommodated in cottages provided by the Board. The partners of some staff are also employed on a casual basis to ensure there remains sufficient capacity during times of staff leave, illness and remediation of the fence following natural events which compromise the fence.

Maintenance Employees are assigned a section of the fence to both monitor and maintain. The length of the section assigned to individual varies between 60 – 100 kilometres. Fence inspections are undertaken by each Maintenance Employee twice weekly (Monday and Friday) to ensure the fence remains in a dog proof condition and has not been compromised. Maintenance of the fence is undertaken where required during each inspection and throughout the week.

Contact Officers

The Wild Dog Destruction Board’s contact Officers are:

Secretary Miss Robyn Mann Site Address Adelaide Road

BROKEN HILL NSW 2880 Postal Address PO Box 279, Broken Hill NSW 2880 Telephone 08 8088 4724 Email [email protected]

Office hours are from 7:00am - 3:00pm Monday to Friday

Operations Manager Laurence Doidge Smithville BROKEN HILL NSW 2880

Telephone 08 8091 3582 Email [email protected]

Properties

The Wild Dog Destruction Board owns and maintains houses along the Queensland and South Australian Fence. Maintenance Employees, Leading Hands and Plant Operators reside in cottages located at the following locations;

Queensland Border Fence Wompah Gate, Toona Gate and Hamilton Gate

South Australian Fence WhiteCatch, Smithville and Broughams Gate

mailto:[email protected]

mailto:[email protected]

Chair’s Report

The Board held four meetings during 2016 and conducted its annual inspection of the fence in November. The annual inspection was delayed owing to the presence of flood waters impacting on the Queensland border fence, which ultimately reduced the total length of fence that the Board was able to inspect.

Heavy rain events throughout central Australia during the middle of 2016 resulted in overland flooding emanating from Queensland travelling through the fence and running numerous creeks and river systems including the Paroo. The floods gates in the fence remained intact and enabled the flood waters and accumulated debris to pass through the fence without compromising it. Staff remained in a position to conduct weekly inspections and maintain the fence by utilising amphibious vehicles or quad bikes to travel safely through low level flooding.

Flood gates on creeks allows the fence to hinge and float, permitting debris to pass through

The flood waters running down the Paroo continued for majority of 2016 and ultimately resulted in the Boards programmed works to replace three kilometres of fence through the Paroo channels being deferred until 2017.

All other major works scheduled by the Board for the fence during 2016 were completed to the Boards satisfaction. This included the replacement of ten kilometres of foot netting. Foot netting is a component of the fence comprised of plastic coated chain wire 600 millimetres in height which is located at the base of the fence. It is trenched into the ground to a depth of 300 millimetres and fixed to the upper section of the fence. This section of fence must be sturdy and impenetrable as it is subject to significant pressure from pigs and dog coupled with moisture and sodic soils in some locations.

Other works included the clay capping of ten sand dunes on the South Australia border fence. Sand dunes are susceptible to accretion and erosion during dust storm events and where the fence is concerned, these events have the effect of either undermining the fence, and exposing holes in it, or engulfing it in sand. The process of clay capping dunes involves the removal of the fence and the erection of a temporary fence whilst works are undertaken on the dune. The dune is then reshaped to a more desirable profile and clay based material is placed over the dune to the depth of 100 millimetres. The clay based material has the effect of stabilising the dune and minimises future accretion and erosion events during dust storms. The fence is then reinstated to its correct alignment. The Board has employed and refined this process over several decades and it forms an integral component of the Boards program of works.

Low level flooding through the Paroo channels during 2016

Recently installed plastic coated chain wire foot netting trenched 300mm into the ground

A programmed grading of both sides of the South Australia border fence for its full length commenced in late 2016 and continued through into 2017. The grading and loader work has the effect of tidying up small washaways and removing vegetation on the apron against the fence. A stable clear apron is essential for maintaining the integrity of the fence as it reduces bush fire risk, compacts and reinstates soils against the foot netting and allows staff to freely travel along the fence on weekly inspections. Minor maintenance works and improvements were undertaken on several staff cottages during the year which included fitting built-in wardrobes, waterproofing and tiling wet areas, painting and a new kitchen in the Leading Hand’s cottage at Wompah. 120,000 litres of additional rain water storage capacity was added to the Wompah Depot in attempt to ‘water proof’ this Board facility during times of extended drought. All fence maintenance staff participated in the annual Work, Health and Safety training forum held in Tibooburra which include Remote Area First Aid refresher training, review of existing and development of new safe work method statements. An annual audit of the Board’s Safety Management System was also conducted and only minor observations were made which have been corrected.

Sand dune scheduled for re-shaping and clay capping

Several staff resigned during the year for personal reasons which placed additional pressure on the remaining staff resources. The Board supplemented its resources by engaging contractors as various stages to ensure routine works were completed.

The Board engaged Aspect Property Consultants through a competitive process during the year to undertake a formal valuation of the Boards assets to meet Treasury requirements. The outcome of the assessment met the Boards expectations.

The Board continues to assert that the fence is in good condition and remains highly appreciative of the dedication and hard work of the staff that maintain it. The far west corner of NSW is an extremely remote location to work and reside in. The environment is harsh and unforgiving and continues to provide a range of challenges, both natural and man-made which staff are constantly required to overcome. Their ability to remain innovative, practical, resilient and self-reliant in such challenging circumstances is inspirational. They are truly one of the most unique small groups of employees in the NSW government service.

Andrew Bell Chair Person

Motor Vehicles and Plant

Two Suzuki light 4wd Four Argo Amphibious Vehicles One Isuzu 4wd 4 Ton Tray Top Truck One Isuzu 4wd 6 Ton Tray Top Truck One BT50 D-Max 4WD Single Cab Tray top Seven Toyota Hi-lux single cabs 4wd Tray Tops One Toyota Hi-Lux extra cab 4wd Tray Top One Mazda Bravo 4wd Tray Top Two Nissan Patrol 4wd Tray Top One Volvo FM12 TI Truck with Axle Tag Trailer Two Suzuki Quad Bikes One Polaris ATV Two Caterpillar IT28 Loaders Two Caterpillar 12H Motor Graders One Caterpillar 938G Wheel Loader

Board Members inspect all Board plant and machinery during the annual fence inspection

Wild Dog Rates

Only the land in the Western Division of NSW is subject to payment of dog rates and only where the aggregation of the holding exceeds 1000 hectares. The Board sets the annual dog rate having regard to the annual budgeted cost of maintaining the fence less any contribution from the State Government. For 2016, the NSW Government paid an amount of $200,000 to the Wild Dog Destruction Board. Landholder rates were subsequently set at 4.7 cents per hectare.

The Department of Industry - Lands continues to issue wild dog rate notices and receipts subsequent monies following collection on behalf of the Wild Dog Destruction Board. The Department also maintains records relating to the collection of wild dog rates and, where necessary, initiates action to recover arrears.

WILD DOG DESTRUCTION BOARD ABN 14 286 958 340

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2016


CONTENTS

Page No

Statement pursuant to the requirements of the Public Finance and Audit Act 1983 1

Statement of Comprehensive Income 2

Statement of Financial Position 3

Statement of Changes in Equity 4

Statement of Cash Flows 5

Notes to the Financial Statements 6-27


1

STATEMENT PURSUANT TO THE REQUIREMENTS OF THE PUBLIC FINANCE AND AUDIT ACT 1983 SECTION 41C(1B) & (1C)

In accordance with a resolution of the Wild Dog Destruction Board we state that:

(1) the financial statements consisting of the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements thereon exhibit a true and fair view of the financial position and transactions of the Wild Dog Destruction Board for the year ended 31 December 2016;

(2) the financial statements have been prepared in accordance with the provision of the Public Finance and Audit Act 1983, Public Finance and Audit Regulation 2015 and the Treasurer’s Directions; and

(3) as at the date of signing this statement we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:

Signed:…………………………………… Signed:………………………………… Board Member Board Member

Date: 5 April 2017 Date: 5 April 2017


2

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2016

Note 2016 2015 $ $

Revenue 4 1,778,373 1,671,349

Personnel services expense - provided by NSW Department of Industry 5 (709,623) (707,655)

Depreciation and amortisation expense 6 (272,608) (282,801)

Loss on disposal of non-current assets 7 - (7,894)

Finance costs 8 - (3,558)

Operating expenses 9 (950,392) (1,231,284)

(Deficit)/surplus for the year (154,250) (561,843)

Other comprehensive income

Items unlikely to be reclassified to profit or loss:

Gain on revaluation of property, plant and equipment 17 2,221,863 -

Other comprehensive income for the year 2,221,863 -

TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,067,613 (561,843)

The accompanying notes form part of these financial statements.


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STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2016 Note 2016 2015 $ $ ASSETS Current Assets Cash and cash equivalents 10 2,025,403 2,231,732 Trade and other receivables 11 137,066 104,673 Inventories 12 416,153 157,118 Other assets 13 35,894 70,191 Total Current Assets 2,614,516 2,563,714 Non-Current Assets Property, plant and equipment 14 9,977,762 7,950,638 Total Non-Current Assets 9,977,762 7,950,638 TOTAL ASSETS 12,592,278 10,514,352 LIABILITIES Current Liabilities Trade and other payables 15 119,419 115,303 Provisions 16 85,188 81,703 Total Current Liabilities 204,607 197,006 Non-Current Liabilities Provisions 16 8,614 5,902 Total Non-Current Liabilities 8,614 5,902 TOTAL LIABILITIES 213,221 202,908 NET ASSETS 12,379,057 10,311,444 EQUITY Reserves 17 7,662,402 5,440,539 Retained earnings 4,716,655 4,870,905 TOTAL EQUITY 12,379,057 10,311,444



4

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2016

Retained Earnings Reserves Total Note $ $ $ Balance at 1 January 2016 4,870,905 5,440,539 10,311,444 (Deficit)/surplus for the year (154,250) - (154,250) Other comprehensive income Revaluation of property, plant and equipment 17 - 2,221,863 2,221,863 _________ _________ _________ Total other comprehensive income for the year - 2,221,863 2,221,863 _________ _________ _________ Total comprehensive income for the year (154,250) 2,221,863 2,067,613 _________ _________ _________ _________ _________ _________ Balance at 31 December 2016 4,716,655 7,662,402 12,379,057 _________ _________ _________

Balance at 1 January 2015 5,432,748 5,440,539 10,873,287 (Deficit)/surplus for the year (561,843) - (561,843) Other comprehensive income Revaluation of property, plant and equipment - - - _________ _________ _________ Total other comprehensive income for the year - - - _________ _________ _________ Total comprehensive income for the year (561,843) - (561,843) _________ _________ _________ _________ _________ _________ Balance at 31 December 2015 4,870,905 5,440,539 10,311,444 _________ _________ _________



5

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2016 Note 2016 2015 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 1,614,253 1,490,837 Grant - DTIRIS 200,000 200,000 Interest received 40,213 59,287 Finance cost - (3,558) Payments to suppliers and employees (2,016,272) (2,003,475) Net cash flows from operating activities 21 (161,806) (256,909) CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of plant and equipment 56,091 24,545 Purchase of property, plant and equipment (100,614) (50,975) Net cash flows from / (used in) investing activities (44,523) (26,430) CASH FLOWS FROM FINANCING ACTIVITIES Net cash flows from financing activities - - Net increase/(decrease) in cash and cash equivalents (206,329) (283,339) Opening cash and cash equivalents 2,231,732 2,515,071 CLOSING CASH AND CASH EQUIVALENTS 10 2,025,403 2,231,732



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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1.1 Statement of Compliance

The financial statements are general purpose financial statements which have been prepared in accordance with the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2015, Treasurer’s Directions and applicable Australian Accounting Standards which include Australian Accounting Interpretations. Proper accounts and records for all the Board’s operations have been maintained as required under Section 41(1) of the Public Finance and Audit Act, 1983. The Board is a not-for-profit statutory body constituted under the Wild Dog Destruction Act 1921. Australian Accounting Standards set out accounting policies that the AASB has concluded would result in the financial statements containing relevant and reliable information about transactions, events and conditions.

The financial statements were authorised for issue by the Board on 5 April 2017. 1.2 Basis of Preparation The financial statements have been prepared on the basis of accrual accounting and historical costs and except where stated, do not take into account changing money values, or current valuations of non current assets. Costs are based on the fair values given in exchange for assets. Judgements, key assumptions and estimations management has made are disclosed in the relevant notes to the financial statements. All amounts are rounded to the nearest dollar and are expressed in Australian dollars. The following is a summary of the material accounting policies adopted in the presentation of the financial statements. The accounting policies have been consistently applied unless otherwise stated. 1.3 Income Tax

As a Public Authority constituted under a State Act to assist the Government in the administration and management of the “Dog Fence”, the Board is exempt from taxation under section 50-25 of the Income Tax Assessment Act 1997. 1.4 Financial Instruments Non-derivative financial instruments

Non-derivative financial instruments comprise trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value through surplus or deficit, any directly attributable transaction costs. Subsequent to initial recognition non-derivative financial instruments are measured as described below. A financial instrument is recognised if the Board becomes a party to the contractual provisions of the instrument. Financial assets are derecognised if the Board’s contractual rights to the cash flows from the financial assets expire or if the Board transfers the financial asset to another party without retaining control or substantially all risks and rewards of the asset. Regular purchases and sales of financial assets are accounted for at trade dates, that is, the date that the Board commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Board’s obligations specified in the contract expire or are discharged or cancelled.


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FOR THE YEAR ENDED 31 DECEMBER 2016 (Continued)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

1.4 Financial Instruments (Continued) Cash and cash equivalents comprise cash balances, at call deposits and short term deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Board’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Investments are term deposits with an original maturity greater than three months. Accounting for finance income and expense is discussed in note 1.5.

Other Other non-derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment losses.

Impairment of Financial Assets A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value. Impairment losses are recognised in the surplus/(deficit) for the year. Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.

All impairment losses are recognised in the surplus/(deficit) for the year. Any cumulative loss in respect of an available-for-sale financial asset recognised previously in equity is transferred to surplus or deficit. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost and available-for-sale financial assets that are debt securities, the reversal is recognised in the surplus/(deficit) for the year. For available-for-sale financial assets that are equity securities, the reversal is made through the reserve. 1.5 Finance income and expenses

Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in surplus or deficit, using the effective interest method. Finance expenses comprise bank charges on bank accounts and interest expense where applicable.


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1.6 Trade and Other Receivables

Trade receivables and other receivables are recorded at amounts due less any provision for doubtful debts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified. 1.7 Inventories

Inventories are held for distribution and are measured at cost, adjusted for any loss of service potential. Inventories acquired at no cost, or for nominal consideration are valued at the current replacement cost at the date of acquisition. The cost of inventories is measured using the first in first out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred to bring them to their existing location and conditions. 1.8 Property, Plant and Equipment The dog fence has been included in the statement of financial position at $7,489,800 being the Aspect Property Consultant’s valuation of 31 December 2016. The valuation was performed by Registered Valuers. The valuation was made on a written down replacement cost basis for this asset, which is considered non-specialised in nature. The significant assumptions applied in estimating the written down replacement cost of the dog fence were:

Utilised section of the dog fence is 584 kilometres in length;

Cost of new fencing has been estimated at $27,000 per kilometre, based on $15,000 for materials and $12,000 for labour;

Estimated total life of 40 years, with an estimated remaining useful life of 19 years.

The Board's buildings and leasehold improvements were revalued on the basis of an independent valuation by Aspect Property Consultants on 31 December 2016. The valuation was based on a “written down replacement cost” basis for assets greater than $5,000. The Board’s heavy equipment and motor vehicles are recorded at fair value. For further details on the fair value measurement refer to Note 25.

Maintenance Outgoings in respect of buildings will be treated as maintenance expenditure in the year in which they are incurred unless the outgoings are greater than $5,000, in which case they will be capitalised. All expenditure in respect of the fence is to be treated as maintenance expenditure for the year in which it is incurred. The fence is not depreciated, as the loss in service potential is not normally in excess of that which maintenance can restore.


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1.8 Property, Plant and Equipment (Continued) Depreciation The Board made an assessment of useful life of its property, plant and equipment during the year. The Board accepted the useful life provided by the valuers in relation to buildings and leasehold improvements. The useful life of heavy machinery and motor vehicles remained consistent from the prior year. The depreciation rates used for each class of depreciable assets are: Class of Property, Plant and Equipment Depreciation Rate Dog fence 0% Buildings 2.5% - 10% Heavy machinery 7.5% to 10% Leasehold improvements 2.5% - 10% Plant, equipment, motor vehicles 10% to 20% The Board’s capitalisation policy is to capitalise assets greater than $5,000. Impairment The carrying amount of the Board's assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Value in use in respect of not-for-profit entities is represented by the depreciated replacement cost when the future economic benefits of the asset are not primarily dependent on the asset's ability to generate net cash inflows (i.e. property, plant and equipment). 1.9 Trade and Other Payables

Trade payables and other accounts payable are recognised when the Board becomes obliged to make future payments resulting from the purchase of goods and services. 1.10 Provisions

Provision is made for the Board’s liability for employee entitlements arising from personnel services rendered by employees to reporting date. Personnel services provision expected to be settled within one year have been measured at their nominal value. Other personnel services provision expected to be settled later than one year have been measured at the present value of the estimated future cash outflows to be made for those entitlements.

Contributions are made by the Board to employee superannuation funds and are charged as expenses when incurred.

1.11 Leases

Operating lease payments are recognised as an expense on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which the economic benefits from the leased asset are consumed.


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1.12 Revenue

Revenue is recognised by the Board when it is probable that the economic benefits associated with the transaction will flow to the Board. Revenue is measured at the fair value of consideration or contributions received or receivable.

1.13 Goods and Services Tax (GST)

Revenue, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the assets or as part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the Australian Taxation Office are classified as operating cash flows. Commitment and contingencies are disclosed inclusive of GST recoverable from, or payable to, the Australian Taxation Office.

1.14 Insurance The Board holds insurance policies for fire, motor vehicles, workers’ compensation, public risk, personal accident of Board members, and household in respect of all buildings.

1.15 Comparative Figures

Where required by accounting standards comparative figures have been adjusted to conform with changes in presentation for the current financial year. 1.16 Fair Value Measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between the market participants at the measurement date; and assumes that the transaction will take place either: in the principle market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that the market participants would use when pricing the asset or liability, assuming they act in their best economic interest. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement.


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1.16 Fair Value Measurement (Continued) For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. Fair value measurement hierarchy The Board is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Board can access at measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine what is significant to fair value and therefore which category the asset or liability is placed in can be subjective. The fair value of assets and liabilities classified as Level 3 is determined by the use of valuation models. These include discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable inputs.

1.17 New Australian Accounting Standards and Interpretations Issued but Not Effective

The AASB has issued a number of new and amended Accounting Standards and Interpretations that have mandatory application dates for future reporting periods, some of which are relevant to the Board. The Board has decided not to early adopt any of the new and amended pronouncements. The Board’s assessment of the new and amended pronouncements that are relevant to the Board but applicable in future reporting periods is set out below:

AASB 9: Financial Instruments and associated Amending Standards (applicable for annual reporting periods commencing on or after 1 January 2018).

This Standard will be applied retrospectively and includes revised requirements for the classification and measurement of financial instruments and revised recognition and derecognition requirements for financial instruments. The key changes made to the Standard that may affect the Board on initial application include certain simplifications to the classification of financial assets and the irrevocable election to recognise gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. The change in Standard is not expected to materially impact the Board’s financial reporting.

AASB 15: Revenue from Contracts with Customers (applicable to annual reporting periods

commencing on or after 1 January 2019). When effective, this Standard will replace the current accounting requirements applicable to revenue with a single principles-based model. Except for a limited number of exceptions, including leases, the new revenue model in AASB 15 will apply to all contracts with customers as well as non-monetary exchanges between entities in the same line of business to facilitate sales to customers and potential customers.


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1.17 New Australian Accounting Standards and Interpretations Issued but Not Effective (Continued)

The core principle of the Standard is that the Board will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Board expects to be entitled in exchange for the goods or services. To achieve this objective, AASB 15 provides the following five step process:

- Identify the contract(s) with the customer; - Identify the performance obligations in the contract; - Determine the transaction price; - Allocate the transaction price to the performance obligations in the contract(s); and - Recognise revenue when (or as) the performance obligations are satisfied.

This Standard will require retrospective restatement, as well as enhanced disclosures regarding revenue. Although the Board anticipates that the adoption of AASB 15 may have an impact on the Board’s financial statements, it is impracticable at this stage to provide a reasonable estimate of such impact.

AASB 1058: Income for Not-for-Profit Entities (applicable for annual reporting periods from 1 January 2019). This Standard clarifies and simplifies the income recognition requirements that apply to not-for-profit entities in conjunction with AASB 15 Revenue from Contracts with Customers. The Standard establishes the principles for not-for-profit entities that apply to:

a) Transactions where the consideration to acquire the asset is significantly less than fair value principally to enable a not-for-profit entity to further its objectives; and

b) The receipts of volunteer services.

The Standard is not expected to materially impact the Board’s financial reporting.

AASB 2015-6 Amendments to Australian Accounting Standards – Extending Related Party Disclosures to Not-for-profit Public Sector Entities (applicable to annual reporting periods commencing on or after 1 July 2016). This Standard will require affected entities to disclose the information in AASB 124 Related party disclosures, including key management personnel remuneration. The change in Standard is expected to impact the Board with additional disclosure within the financial statements.

AASB 16 – Leases (applicable for annual reporting periods from 1 January 2019).

This Standard will impact all entities with lease arrangements. Lessee entities will be required to recognise assets and liabilities arising from all leases in the statement of financial position, with the exception of leases of 12 months or less and leases of small assets. Interest expense and amortisation charges will be recognised in the statement of comprehensive income. The Board anticipates this Standard will have minimal impact on the Board, as there is currently one lease in place for the rent of the premises.


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2. RATES

In the year a rate of 4.70 cents per hectare (4.50 cents per hectare in 2015) was levied on land holdings in excess of 1,000 hectares in the Western Division (other than land within a municipality, town or village). The rates levied on landholders in 2016 amounting to $1,412,108 (2015 - $1,359,205).

3. GRANT FROM DEPARTMENT OF TRADE AND INVESTMENT, REGIONAL INFRASTRUCTURE AND SERVICES

The NSW Department of Industry provided a $200,000 (2015 - $200,000) subsidy through Consolidated Fund to the Board for assistance with its infrastructure program. This funding is totally free of any expenditure constraints or directives.

2016 2015 $ $

4. REVENUE Operating activities

Rates income 1,455,259 1,348,956 Grant – DTIRIS 200,000 200,000 Gain on disposal of non-current assets 33,346 - Assistance from NSW Department of Industry 37,101 42,688 Fees from Office of Environment and Heritage 8,000 8,000 Interest received 40,087 58,716 Local Land Services - 8,706 Other rebates and refunds 2,590 2,188 Rental income 1,990 2,095

1,778,373 1,671,349

5. PERSONNEL SERVICES EXPENSE

Provided by NSW Department of Industry Salaries and wages 540,182 539,187 Superannuation 54,430 55,828 Employee leave entitlements 57,877 64,182 Payroll tax 35,332 21,218 Workers compensation 8,477 8,826 Other employee costs 13,325 18,414

709,623 707,655

6. DEPRECIATION AND AMORTISATION EXPENSE

Buildings 82,827 82,827 Leasehold improvements amortisation 14,173 14,173 Heavy machinery 93,580 104,947 Motor vehicles 82,028 80,854

272,608 282,801


14



2016 2015 $ $

7. LOSS ON DISPOSAL OF NON-CURRENT ASSETS

Motor vehicles - 7,894 8. FINANCE COST

Interest expense - ATO - 3,558 9. OPERATING EXPENSES

9.1 Auditor’s Remuneration Amounts received or due and receivable by the auditors for: - Auditing the accounts 38,777 38,385

The auditors received no other remuneration. 9.2 Consultancy

Amounts received or due and receivable

by consultants 33,000 33,000

9.3 Other Board member cost 29,084 59,515 Fence materials 114,457 490,580 Fence contractor and equipment hire 308,990 195,312 Freight 1,017 27,172 Fuel 76,996 98,375 Gas and electricity 32,285 36,081 Insurance 29,786 29,838 Repairs and maintenance 168,850 81,796 Telephone and office expenses 25,708 40,373 Service fee to NSW Department of Industry 37,101 42,688 Valuation fees 12,000 - Other 42,341 58,169

878,615 1,159,899

Total Other Expenses 950,392 1,231,284


15



2016 2015 $ $

10. CASH AND CASH EQUIVALENTS

Cash at bank 763,909 701,590 Cash on hand 200 200 Term deposits 1,261,294 1,529,942

2,025,403 2,231,732

There is no restriction on the use of cash and cash equivalents by the Board. (2015 – Nil)

11. TRADE AND OTHER RECEIVABLES

Current Rates receivable 88,675 78,529 Less: Provision for doubtful debts - -

88,675 78,529 Other receivables 2,215 2,341 GST receivable 46,176 23,803

137,066 104,673

Breakdown of receivable are:

0 – 2 years in arrears 114,517 80,374 More than 2 years in arrears 22,549 24,299

137,066 104,673

The Board considers all debts to be recoverable due to legislation allowing debts to be collected on sale of property, there is no provision for doubtful debts required.

2016 2015 $ $

12. INVENTORIES

Fencing material - at cost 384,478 129,596 Fuel - at cost 31,675 27,522

416,153 157,118


16



2016 2015 $ $

13. OTHER ASSETS

Prepayments 35,894 70,191 14. PROPERTY, PLANT AND EQUIPMENT

Dog fence - at fair value 7,489,800 5,621,000

Net carrying amount 7,489,800 5,621,000

Leasehold improvements - at fair value 358,700 421,900 Less: accumulated depreciation - (48,655)

Net carrying amount 358,700 373,245

Buildings - at fair value 1,539,500 1,600,200 Less: accumulated depreciation - (331,308)

Net carrying amount 1,539,500 1,268,892

Heavy machinery - at fair value 972,757 1,075,767 Less: accumulated depreciation (688,843) (675,528)


Motor vehicles - at fair value 641,636 541,022 Less: accumulated depreciation (335,788) (253,760)


Total property, plant and equipment 9,977,762 7,950,638

Buildings are constructed on crown land.


17



14. PROPERTY, PLANT AND EQUIPMENT (Continued)

Movement in Carrying Amounts for the year ending 31 December 2016

Dog Fence

Leasehold Improvements

Buildings

Balance at 1 January 2016 5,621,000 373,245 1,268,892 Revaluation increment/(decrement) 1,868,800 (372) 353,435 Additions - - - Disposals - - - Depreciation expense - (14,173) (82,827)

Balance at 31 December 2016

7,489,800

358,700

1,539,500

Heavy Machinery

Motor Vehicles

Total

Balance at 1 January 2016 400,239 287,262 7,950,638 Revaluation increment - - 2,221,863 Additions - 100,614 100,614 Disposals (22,745) - (22,745) Depreciation expense (93,580) (82,028) (272,608)


283,914

305,848

9,977,762

Movement in Carrying Amounts for the year ending 31 December 2015

Dog

Fence Leasehold

Improvements Buildings

Balance at 1 January 2015 5,621,000 387,418 1,351,719 Additions - - - Disposals - - - Depreciation expense - (14,173) (82,827)


5,621,000

373,245

1,268,892

Heavy Machinery

Motor Vehicles

Total

Balance at 1 January 2015 505,186 349,580 8,214,903 Additions - 50,975 50,975 Disposals - (32,439) (32,439) Depreciation expense (104,947) (80,854) (282,801)


400,239

287,262

7,950,638


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2016 2015 $ $ 15. TRADE AND OTHER PAYABLES

Current Trade creditors and other accruals 106,739 98,864 PAYG payable 8,537 11,165 Superannuation payable 4,143 5,274

119,419 115,303

The average credit period on purchase of certain goods is 30 days. No interest is charged on the trade payables for the first 60 days from the date of the invoice.

The Board has financial risk management policies in place to ensure that all payables are paid within the credit time frame.

2016 2015 $ $ 16. PROVISIONS

Current Personnel services provision to DTIRIS 85,188 81,703

Non-current Personnel services provision to DTIRIS 8,614 5,902

Aggregate employee and personnel services provision Personnel services – current Annual Leave 42,962 45,295 Personnel services – current LSL 42,226 36,408 Personnel services – non-current LSL 8,614 5,902

93,802 87,605

17. RESERVES

Asset revaluation reserve at the beginning of the financial year 5,440,539 5,440,539 Revaluation gains 2,221,863 -

Asset revaluation reserve at the end of the financial year 7,662,402 5,440,539

The asset revaluation reserve relates to the dog fence, leasehold improvements and buildings.


19



2016 2015 $ $

18. CONTINGENT ASSETS AND LIABILITIES

There were no contingent assets or liabilities in existence as at 31 December 2016 (2015 - $Nil).

19. LEASE AND EXPENDITURE COMMITMENTS Operating lease commitments

There is an operating lease commitment in existence at 31 December 2016 of $2,350 for the rent of the building (2015 - $2,350) Expenditure commitments The Board has expenditure commitments as follows:

2016 2015 $ $

Expenditure commitments - 138,640 Capital commitments - 60,012

- 198,652

Payable - not later than 1 year - 198,652

The commitments contain GST of $Nil (2015 - $17,988) which was claimable from the Australian Taxation Office.

20. SERVICES PROVIDED BY NSW DEPARTMENT OF INDUSTRY

Services provided for the Board in 2016 primarily associated with the issuing of rate notices, debtor records maintenance and outstanding rate collection has been estimated by NSW Department of Industry to total $37,101 ($42,688 in 2015).


20



2016 2015 $ $

21. CASH FLOW INFORMATION

Reconciliation of cash flows from operating activities with deficit from operations

(Deficit)/surplus for year (154,250) (561,843) Depreciation 272,608 282,801 (Profit)/loss on disposal of assets (33,346) 7,894 Increase/(decrease) in provisions 6,197 (36,216) (Increase)/decrease in receivables (32,393) (50,688) (Increase)/decrease in inventories (259,035) 162,288 Decrease/(increase) in other assets 34,297 (36,753) Increase/(decrease) in payables 4,116 (24,392)

Net cash flows from operating activities (161,806) (256,909)

22. FINANCIAL INSTRUMENTS

Overview

The Board’s financial instruments consist mainly of deposits with banks, local money market instruments, short-term investments, accounts receivable and payables.

The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial statements, are as follows:

2016 2015 $ $

FINANCIAL ASSETS Cash and cash equivalents 2,025,403 2,231,732 Trade and other receivables (1) 90,890 80,870

Total Financial Assets 2,116,293 2,312,602

FINANCIAL LIABILITIES Trade and other payables (2) 110,882 104,138

Total Financial Liabilities 110,882 104,138

1. Excludes statutory receivables and prepayments (not within the scope of AASB 7). 2. Excludes statutory payables and unearned revenue (not within the scope of AASB 7).


21



22. FINANCIAL INSTRUMENTS (Continued)

Financial Risk Management Policies The Board’s overall risk management strategy seeks to assist the organisation in meeting its financial targets, whilst minimising potential adverse effects on financial performance. Risk management policies are approved and reviewed by the Board on a regular basis. These include credit risk policies and future cash flow requirements. Specific Financial Risk Exposures and Management

The Board has exposure to the following risks from its use of its financial instruments which are interest rate risk, credit risk and liquidity risk. This note presents information about the Board’s exposure to each of the above risk, their objectives policies and process for measuring and managing risk and the management of capital.

22.1 Credit risk

Exposure to credit risk relating to financial assets arises from the potential non-performance by counterparties of contract obligations that could lead to a financial loss for the Board.

The Board does not have any material credit risk exposure as the major source of revenue is the receipt of grants and statutory collectable rates. Credit risk is further mitigated as all of the grants being received from state and federal governments are in accordance with funding agreements which ensure regular funding for a period.

Credit Risk Exposures

The maximum exposure to credit risk by class of recognised financial assets at the end of the reporting period is equivalent to the carrying value and classification of those financial assets (net of any provisions) as presented in the statement of financial position.

Trade and other receivables that are neither past due or impaired are considered to be of high credit quality. Aggregates of such amounts are as detailed at Note 11.

The Board has no significant concentration of credit risk exposure to any single counterparty or group of counterparties. Details with respect to credit risk of Trade and Other Receivables are provided in Note 11.

Credit risk related to balances with banks and other financial institutions is managed by the Board in accordance with approved Board investment policy.


22




22.2 Liquidity risk

Liquidity risk arises from the possibility that the Board might encounter difficulty in settling its debts or otherwise meeting its obligations in relation to financial liabilities. The Board manages this risk through the following mechanisms:

preparing forward looking cash flow analysis in relation to its operational, investing and financing activities;

maintaining a reputable credit profile;

managing credit risk related to financial assets;

only investing surplus cash with major financial institutions; and

comparing the maturity profile of financial liabilities with the realisation profile of financial assets.

The tables below reflect an undiscounted contractual maturity analysis for financial liabilities.

Floating

Interest Rate

$

Fixed Interest

Less than 1 Year

$

Non-Interest Bearing

$

Total $

Weighted Average Effective

Interest Rate %

2016 Financial assets Cash and investments 763,909 1,261,294 200 2,025,403 2.92 Receivables (1) - - 90,890 90,890 N/A

763,909 1,261,294 91,090 2,116,293

Financial liabilities Payables (2) - - 110,882 110,882 N/A

- - 110,882 110,882

2015 Financial assets Cash and investments 701,590 1,529,942 200 2,231,732 3.29 Receivables (1) - - 80,870 80,870 N/A

701,590 1,529,942 81,070 2,312,602

Financial liabilities Payables (2) - - 104,138 104,138 N/A

- - 104,138 104,138

1. Excludes statutory receivables and prepayments (not within the scope of AASB 7). 2. Excludes statutory payables and unearned revenue (not within the scope of AASB 7).

Cash flows realised from financial assets reflect management’s expectation as to the timing of realisation. Actual timing may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates.


23




22.3 Interest Rate Risk Exposure to interest rate risk arises on financial assets and financial liabilities recognised at the end of the reporting period whereby a future change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments. The Board is also exposed to earnings volatility on floating rate instruments. Interest rate risk is managed with a mixture of fixed and floating rate debt. At 31 December 2016, the Board had no debt. (2015 - $Nil) The Board’s exposure to interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate as a result of changes in market interest rates. The Board has performed a sensitivity analysis relating to its exposure to interest rate risk at reporting date. This sensitivity analysis demonstrates the effect on the current year results from a change in the risk.

At reporting date, if interest rates had been 1% higher or lower, the Board’s result for the year and the equity at reporting date would have increased or decreased by $21,284 (2015 - $23,732). 22.4 Net fair values The net fair values of financial assets and liabilities approximate the carrying value. No financial assets or financial liabilities are readily traded on organised markets. The aggregate net fair values and carrying amounts of financial assets or financial liabilities are disclosed in the statement of financial position and in the notes to the financial statements. 22.5 Terms, conditions and accounting policies

Trade and Other Payables Liabilities are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the Board. Creditors are normally settled within normal trading terms and no interest is incurred on these accounts.

23. EVENTS OCCURRING AFTER THE BALANCE DATE

There were no matters or circumstances have arisen since the end of the financial year, that have significantly affected, or may significantly affect, the operations of the Board, the results of those operations, or the state of affairs of the Board in future financial years.


24



24. FAIR VALUE MEASUREMENT

The Board measures and recognises the following assets and liabilities at fair value on a recurring basis after initial recognition:

Property, plant and equipment.

The Board does not subsequently measure any liabilities at fair value on a recurring basis, or any assets or liabilities at fair value on a non-recurring basis.

a) Fair Value Hierarchy

AASB 13: Fair Value Measurement requires the disclosure of fair value information by level of the fair value hierarchy, which categorises fair value measurements into one of three possible levels based on the lowest level that an input that is significant to the measurement can be categorised into as follows:

Level 1 Level 2 Level 3

Measurements based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

Measurements based on unobservable inputs for the asset or liability.

The fair values of assets and liabilities that are not traded in an active market are determined by using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. If all significant inputs required to measure fair value are observable, the asset or liability is included in Level 2. If one or more significant inputs are not based on observable market data, the asset or liability is included in Level 3.

Valuation techniques

The Board selects a valuation technique that is appropriate in the circumstances and for which sufficient data is available to measure fair value. The availability of sufficient and relevant data primarily depends on the specific characteristics of the asset or liability being measured. The valuation techniques selected by the Board are consistent with one or more of the following valuation approaches.

- Market approach: valuation techniques that use prices and other relevant information generated by market transactions for identical or similar assets or liabilities.

- Income approach: valuation techniques that convert estimated future cash flows or income and expenses into a single discounted present value.

- Cost approach: valuation techniques that reflect the current replacement cost of an asset at its current service capacity.


25



24. FAIR VALUE MEASUREMENT (Continued)

Each valuation technique requires inputs that reflect the assumptions that buyers and sellers would use when pricing the asset or liability, including assumptions about risks. When selecting a valuation technique, the Board gives priority to those techniques that maximise the use of observable inputs and minimise the use of unobservable inputs. Inputs that are developed using market data (such as publicly available information on actual transactions) and reflect the assumptions that buyers and sellers would generally use when pricing the asset or liability are considered observable, whereas inputs for which market data is not available and therefore are developed using the best information available about such assumptions are considered unobservable.

The following tables provide the fair values of the Board’s assets and liabilities measured and recognised on a recurring basis after initial recognition and their categorisation within the fair value hierarchy.

2016 Level 1 Level 2 Level 3 Total

Note $ $ $ $

Recurring fair value measurements

Non-financial assets

Dog fence 14 - 7,489,800 - 7,489,800

Leasehold improvements 14 - 358,700 - 358,700

Buildings 14 - 1,539,500 - 1,539,500

Heavy machinery 14 - 283,914 - 283,914

Motor vehicles 14 - 305,848 - 305,848

Total non-financial assets recognised at fair value

-

9,977,762

-

9,977,762

2015 Level 1 Level 2 Level 3 Total

Note $ $ $ $

Recurring fair value measurements


Dog fence 14 - 5,621,000 - 5,621,000

Leasehold improvements 14 - 373,245 - 373,245

Buildings 14 - 1,268,892 - 1,268,892

Heavy machinery 14 - 400,239 - 400,239

Motor vehicles 14 - 287,262 - 287,262

Total non-financial assets recognised at fair value

-

7,950,638

-

7,950,638

There were no transfers between levels for assets measured at fair value on a recurring basis during the reporting period (2015: no transfers).


26




b) Valuation Techniques and Inputs Used to Measure Level 2 Fair Values

Description Fair value at 31 December

2016

Valuation Technique(s) Inputs Used

$


Dog fence 7,489,800 Cost approach – Valuation by Aspect Property Consultants

Price of labour and fencing products, condition assessment

Leasehold improvements

358,700 Cost approach – Valuation by Aspect Property Consultants

Construction costs, condition assessment

Buildings 1,539,500 Cost approach – Valuation by Aspect Property Consultants

Construction costs, condition assessment

Heavy machinery 283,914 Market approach using recent observable market data for similar machinery; income approach using discounted cash flow methodology

Price per machine; market borrowing rate

Motor vehicles 305,848 Market approach using recent observable market data for similar vehicles; income approach using discounted cash flow methodology

Price per vehicle; market borrowing rate

9,977,762

Dog Fence

The Dog Fence was valued by Aspect Property Consultants in December 2016. Aspect Property Consultants is a professional independent valuation organisation which has no direct or indirect relationship with the Board, other than to undertake the valuation. The valuation was based on the written down replacement cost method. Leasehold Improvements The Leasehold Improvements were valued by Aspect Property Consultants in December 2016. Aspect Property Consultants is a professional independent valuation organisation which has no direct or indirect relationship with the Board, other than to undertake the valuation. The valuation was based on the written down replacement cost method. Buildings The Buildings were valued by Aspect Property Consultants in December 2016. Aspect Property Consultants is a professional independent valuation organisation which has no direct or indirect relationship with the Board, other than to undertake the valuation. The valuation was based on the written down replacement cost method.


27




Heavy Machinery and Motor Vehicles

The fair value of heavy machinery and motor vehicles is determined at least every five years based on valuations by an independent valuer. At the end of each intervening period, the directors review the independent valuation and, when appropriate, update the fair value measurement to reflect current market conditions using a range of valuation techniques, including recent observable market data and discounted cash flow methodologies.

There were no changes during the period in the valuation techniques used by the Board to determine Level 2 fair values.

End of audited financial statements

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