Berry Street Web Docs Financial Report 2010 | Page 26

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2010
2010

2009

$

$

NOTE 12: LEASE COMMITMENTS
a. Finance Lease Commitments
Payable – minimum lease payments
— not later than 1 year
— later than 1 year but not later than 5 years
Minimum lease payments
Less future finance charges

2,556,636
3,250,276
5,806,912
(445,477)

2,968,556
2,191,879
5,160,435
(369,071)

Present value of minimum lease payments

5,361,435

4,791,364

Finance leases on motor vehicles of which there are 246 (2009: 220), commencing between 2008 and 2010
are one to three-year leases all with an option to purchase at the end of the lease term. No debt covenants or
such arrangements are in place.
b.

Operating Lease Commitments

Payable
— not later than 1 year
— later than 1 year but not later than 5 years
— later than 5 years

2,176,537
315,526
10,699,702

2,044,541
552,297
11,916,462

13,191,765

14,513,300

The property lease commitments are non-cancellable operating leases contracted for but not capitalised in
the financial statements with a five year term. Increase in lease commitments may occur in line with CPI.
The motor vehicle lease commitments are non-cancellable finance leases contracted for with a one, two or
three year term. No capital commitments exist in regards to the lease commitments at year-end. Increase in
lease commitments may occur in line with CPI. The leases have an effective yield of 7.95% and are secured
by the underlying motor vehicle.

NOTE 13: PROVISIONS

Opening balance at 1 July 2009

Long Term
Employee Benefits

Total

$

$

1,734,897

1,734,897

Additional provisions raised during year

545,464

545,464

Amounts utilised

(97,287)

(97,287)

Balance at 30 June 2010

2,183,074

2,183,074

2010

2009

$

$

Analysis of Total Provisions

Current
Non-current
Total Provisions
24

1,270,704

986,257

912,371

748,640

2,183,075

1,734,897