Notes to the Financial Statements

For the year ended 30 June 2004

	NOTE	2004 $ 000	2003 $ 000
Current assets
Cash		37,135	937
Accounts receivable		24,699	31
Interest receivable		3	2
Share of joint venture current assets	(ii)	1,153	-
Total administered current assets		62,990	970
Non-current assets
Accounts receivable		7,162	-
Land, at valuation	(i)	2,015,876	-
Easements, at valuation	(i)	4,283	-
Plant and equipment		19	-
Share of joint venture non current assets	(ii)	729	-
Total administered non current assets		2,028,069	-
Total administered assets		2,091,059	970
Current liabilities
Accruals and interest payable		126	-
Income received in advance		2,370	-
Refundable deposits		1,988	325
Funds held in trust		2,372	-
Share of joint venture current liabilities	(ii)	4	-
Total administered current liabilities		6,860	325
Total administered liabilities		6,860	325

1. Notes to the Schedules of Administered Items - Land values

   Land and Easements are measured at fair value based on independent valuations provided by the Valuer General’s Office at 1 July 2003. Fair value has been determined on the basis of current market value where an active market exists or current use value where no market exists and/or the current land use is specialised in nature. Revaluations are made with sufficient regularity to ensure the carrying value of land does not differ materially from its fair value at reporting date.