BERRY STREET VICTORIA INC . ABN 24 719 196 762 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2012
2012 2011 $ $
NOTE 12 : LEASE COMMITMENTS |
a . |
Finance Lease Commitments |
Payable – minimum lease payments |
— |
not later than 1 year |
1,396,206 |
3,746,783 |
— |
later than 1 year but not later than 5 years |
394,032 |
1,770,597 |
Minimum lease payments |
1,790,238 |
5,517,380 |
Less future finance charges |
( 108,297 ) |
( 405,312 ) |
Present value of minimum lease payments 1,681,941 5,112,068
Finance leases on motor vehicles , of which there are 98 ( 2011 : 259 ), commencing between 2010 and 2011 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 |
3,989,880 |
2,084,127 |
— |
later than 1 year but not later than 5 years |
8,378,983 |
6,846,037 |
— |
later than 5 years |
1,895,961 |
2,948,132 |
14,264,824 11,878,296
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
22
Long Term Employee Benefits
$ Opening balance at 1 July 2011 2,546,883 2,546,883 Additional provisions raised during year 1,012,877 1,012,877 Amounts utilised ( 67,216 ) ( 67,216 ) Balance at 30 June 2012 3,492,544 3,492,544
Analysis of Total Provisions
Total
2012 2011
$
$ $ Current 2,535,088 1,819,589 Non-current 957,456 727,294 Total Provisions 3,492,544 2,546,883