Directors’ Report.
Your Directors present this financial report of NTSCORP Limited (NTSCORP) for the financial year ended 30 June 2008.
Directors
The name of those persons who have been a director during the year and to the date of this report are:
Member - Directors
Michael Bell Chairperson
Jim Wright Deputy Chairperson
Eddie Briggs Allan Lamb
Norm Newlin Matilda House
Gary Morris (resigned 22 August 2007)
Gina Milgate (appointed 20 September 2007)
Anthony Ashby (appointed 20 September 2007)
Non-Member Directors
Frank Fischl
Terry Lawler
Leah Armstrong
The directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
As at the date of this financial report the directors have no interests in the company other than, as relevant, their interests as members of the company.
No remuneration payments were made to the directors during the year. The directors only get reimbursed for their associated travelling costs when attending board meetings.
Company Secretary
Warren Mundine Chief Executive Officer
Mr Mundine was appointed company secretary on 26 September 2003 and continues to serve the company in this capacity. He has over 24 years experience on management in the public, private and community sectors and is an advocate for lifting Indigenous people out of poverty and building a strong Indigenous economy.
Mr Mundine is also a member of the Australian Institute of Management, the Australian Institute of Company Directors, the Chair of NSW Labor’s Indigenous Policy Committee, Executive Member of the National Native Title Council, Executive member of the St. Joseph’s College Indigenous Fund, Southern Cross University Foundation, Board member of NAISDA and Ambassador for the Song Room. He has also been newly appointed to the National Policy Commission – Indigenous Housing Committee.
Principal Activities
The principal activity of the company during the financial year was that of acting as a Native Title Representative Body (NTRB). NTSCORP is not a NTRB, but is funded under Section 203FE of the Commonwealth Native Title Act 1993 (NTA) to carry out the functions of a NTRB in providing professional services to assist Aboriginal people in New South Wales (NSW) and the Australian Capital Territory (ACT) to exercise their legal rights under the Native Title Act 1993.
Operating Results
The operating deficit of the company amounted to $156,197 (2007: $56,973 surplus).
Dividends
The company, being limited by guarantee and a not for profit organisation, and in accordance with its Constitution, does not pay dividends to its members.
Review of Operations
A review of operations of the entity during the financial year indicated that the changes in government grant funding lead to a decrease in revenue by 11%. The decrease in revenue from FaHCSIA was partially offset by other revenue generated by the organisation.
Significant Changes in the State of Affairs
No significant changes in the company’s state of affairs occurred during the financial year.
After Balance Date Events
No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years.
Future Developments
The entity expects to maintain the present status and level of operations and hence there are no likely developments in the entity’s operations.Environmental Issues
The entity’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory.
