KU Annual Report 2011 | Page 35

2011 $ 2010 $ 14. Available-for-Sale Reserve Balance at beginning of financial year Valuation (loss)/gain Balance at end of financial year 1,109,374 (631,615) 1,049,451 59,923 477,759 1,109,374 The Available-for-Sale Reserve arises on the revaluation of available-for-sale financial assets. Where a revalued financial asset is sold that portion of the reserve which relates to that financial asset, and is effectively realised, is recognised in profit or loss. Where a revalued financial asset is impaired that portion of the reserve which relates to that financial asset is recognised in profit or loss. 15. Commitments for expenditure Operating Leases Leasing arrangements Operating leases relate to centre facilities and to centre computer equipment. The company does not have an option to purchase the leased assets at the expiry of the lease period. Non-cancellable operating lease payments Not longer than 1 year Longer than 1 year and not longer than 5 years Longer than 5 years 2011 $ 2010 $ 722,418 764,215 - 834,423 715,438 11 1,486,633 1,549,872 2011 $ 2010 $ 191,291 5,000 191,291 5,000 196,291 196,291 16. Contingent Liabilities Bank Guarantee 22 October 1998 to Commonwealth Bank Guarantee 31 January 1995 to Sydney City Council Continues... 116th Annual Report 2011 35