YMAC Annual Report 2022

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Consolidated Statement of Changes in Equity for the year ended 30 June 2022Retained Earnings Asset Revaluation Reserve Total EquityNotes2022 2021 2022 2021 2022 2021$ $ $ $ $ $Opening BalanceBalance carried forwardfrom previous period11,080,137 9,807,003 94,437 94,437 11,174,574 9,901,440Opening balance 11,080,137 9,807,003 94,437 94,437 11,174,574 9,901,440Comprehensive IncomeSurplus/(deficit) for the period 1,754,119 1,273,134 - - 1,754,119 1,273,134Net RevaluationIncrement/(Decrement)- - 35,100 - 35,100 -Total comprehensive income 1,754,119 1,273,134 35,100 - 1,789,219 1,273,134Closing balance as at 30 June 12,834,256 11,080,137 129,537 94,437 12,963,793 11,174,574Schedule of Commitments as at 30 June 2022BY TYPEOther CommitmentsNotes2022 2021$ $Service Agreements 120,000 216,000Capital Commitments 357,000 -Total Other Commitments 477,000 216,000Net Commitments by Type 477,000 216,000BY MATURITYService AgreementsOne year or less 453,000 96,000Greater than one year 24,000 120,000Total Operating Lease Commitments 477,000 216,000Net Commitments by Maturity 477,000 216,000Schedule of Asset Additions for the period ended 30 June 2022Heritage & Cultural Plant & Equipment TotalThe following non-financial non-currentassets were added in 2021-2022Notes2022 2022 2022$ $ $By Purchase - Government Funding - 247,922 247,922By Purchase - Other - 788,374 788,374Total Additions - 1,036,296 1,036,29654 | Yamatji Marlpa Aboriginal Corporation | Annual Report 2022
Notes to the Consolidated Financial Statementsas at 30 June 2022The financial statements cover the consolidated financial statements of Yamatji Marlpa AboriginalCorporation (YMAC) as a Group. YMAC is an association incorporated under the Corporations(Aboriginal and Torres Strait Islander) Act 2006 (CATSI) with its principal place of business andregistered address at Level 8, 12-14 The Esplanade, Perth WA 6000.NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES1.1 Basis of Preparation of the Consolidated Financial StatementsThe consolidated financial statements are required by clause 1(b) of Schedule 1 to theCommonwealth Authorities and Companies Act general purpose financial statements.The statements have been prepared in accordance with:(i)Finance Minister’s Orders (or FMO); and(ii) Australian Accounting Standards and interpretations issued by the Australian AccountingStandards Board (AASB) that apply for the reporting period.The consolidated financial statements have been prepared on an accrual basis and inaccordance with historical cost convention, except for certain assets at fair value. Exceptwhere stated, no allowance is made for the effect of changing prices on the results or thefinancial position. Amounts shown in these financial statements may not add to the correctsub-totals or totals due to roundingAssets and liabilities are recognised in the statement of financial position for not-for-profitreport entities when and only when it is probable that future economic benefits will flow tothe entity or a future sacrifice of economic benefits will be required and the amounts of theassets or liabilities can be reliably measured. However, assets and liabilities arising underagreements equally proportionately unperformed are not recognised unless required by anaccounting standard. Liabilities and assets that are unrecognised are reported in theSchedule of Commitments.Unless alternative treatment is specifically required by an accounting standard, income andexpenses are recognised in the statement of comprehensive income when, and only when,the flow, consumption or loss of economic benefits has occurred and can be reliablymeasured.Basis of consolidationThe consolidated financial statements incorporate the financial statements of theCorporation and entities (including structured entities) controlled by the Corporationand its subsidiaries. Control is achieved when the Corporation:• has power over the investee;• is exposed, or has rights, to variable returns from its involvement with the investee; and• has the ability to use its power to affect its returns.The Corporation reassesses whether or not it controls an investee if facts and circumstancesindicate that there are changes to one or more of the three elements of control listed above.Yamatji Marlpa Aboriginal Corporation | Annual Report 2022 | 55
Page 2 and 3:
YMAC Representative YMAC AreasLegen
Page 4 and 5: About usYamatji Marlpa Aboriginal C
Page 6 and 7: Our guiding principlesThe core of Y
Page 9 and 10: Co-Chairpersons’ reportKey highli
Page 11: During 2021-2022, we accepted aninv
Page 14 and 15: Chief Executive Officer’s report
Page 16 and 17: Corporate governanceYMAC organisati
Page 18 and 19: Board of DirectorsPeter WindieCo-Ch
Page 20 and 21: Corporate and operational performan
Page 22 and 23: Policy, advocacy and communityYMAC
Page 24 and 25: Policy, advocacy and community - co
Page 26 and 27: Policy, advocacy and community - co
Page 28 and 29: Legal, Geospatial and Research unit
Page 38 and 39: ProjectsYMAC’s Projects unit brin
Page 40 and 41: Land and Sea ManagementLand and Sea
Page 42 and 43: Land and Sea Management - continued
Page 44 and 45: HeritageDuring the reporting period
Page 46 and 47: Financial reportFinancial report fo
Page 48 and 49: Our opinion on the financial report
Page 50 and 51: Statement by Directors, Chief Execu
Page 52 and 53: Consolidated Statement Of Financial
Page 56 and 57: Notes to the Consolidated Financial
Page 75 and 76: Abbreviations, acronyms and acknowl
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YMAC Annual Report 2022

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