Berry Street Web Docs Financial Report 2013 | Page 22

BERRY STREET VICTORIA INC.
ABN 24 719 196 762

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013

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
Present value of minimum lease payments

2013

2012

$

$

428,842
455,842
884,684
(161,265)

1,396,206
394,032
1,790,238
(108,297)

723,419

1,681,941

Finance leases on motor vehicles, of which there are 31 (2012: 98), commencing between 2011 and 2013 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

4,777,415
8,537,038
577,416

3,989,880
8,378,983
1,895,961

13,891,869

14,264,824

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 8.14% and are secured
by the underlying motor vehicle.

NOTE 13: PROVISIONS
Long Term
Employee Benefits
$

Opening balance at 1 July 2012

Total
$

3,492,544

3,492,544

731,915

731,915

Amounts utilised

(103,406)

(103,406)

Balance at 30 June 2013

4,121,053

4,121,053

Additional provisions raised during year

Analysis of Total Provisions
2013

2012

$

$

Current

3,072,482

2,535,088

Non-current

1,048,571

957,456

Total Provisions

4,121,053

3,492,544

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