KU Financial Report
16. Program Reserve
Balance at beginning of financial year
Transfer to general funds
Balance at end of financial year
2013
$
-
850,000
850,000
2012
$
-
-
-
The Program reserve relates to reserves set aside by the Company related to the programs. This reserve will be
utilised for future commitments on this program which the Program owner is not contractually bound to meet.
17. Available-for-Sale Reserve
Balance at beginning of financial year
Valuation gain / (loss)
Realised gains transferred to profit or loss
Balance at end of financial year
1,089,130
406,500
(1,495,630)
-
477,759
611,371
-
1,089,130
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 has effectively been
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.
In 2013 the investments were redeemed for $8,007,734. This resulted in a realised gain through the statement of
profit and loss and other comprehensive income.
18. Commitments for Expenditure
Operating Leases
Leasing arrangements
Operating leases relate to centre facilities and computer leases. KU does not have an option to purchase the leased
assets at the expiry of the lease period. A number of the leases were reclassified as finance leases in 2013 and are
disclosed in note 11.
Non-cancellable operating lease payments
Not longer than 1 year
Longer than 1 year and not longer than 5 years
Longer than 5 years
1,971,241
1,954,244
110,463
4,035,948
1,122,005
1,364,390
194,322
2,680,717
Building Commitments
Building commitments in relation to Faulconbridge of $nil (2012: $1,053,039) are included. There are no other
material building commitments outstanding at 31 December 2013.
118th Annual Report 2013