Annual Report 2008-09 - Legal Services Commissioner

Chapter EIGHT
Financial Statements
Notes to the financial statements for the financial year ended 30 June 2009
Note 12 – Commitments for expenditure
Finance leases
2009 2008
$ $
Not longer than 1 year 25,530 45,211
Longer than 1 year and not longer than 5 years 20,037 52,395
Minimum lease payments 45,567 97,606
Less future finance charges (2,310) (7,840)
Present value of minimum lease payments 43,528 89,767
Included in the financial statements as:
Current interest bearing liabilities (Note 9) 23,680 40,885
Non-current interest bearing liabilites (Note 9) 19,578 48,882
Note 13 – Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities at balance date: (2008: Nil)
Note 14 – Financial Instruments
a. Financial risk management objectives and policies
The Commissioner’s principal financial instruments comprise of:
43,258 89,767
• cash assets;
• term deposits;
• receivables (excluding statutory receivables);
• payables (excluding statutory payables); and
• finance lease payables.
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement, and the basis on which income and expenses are recognised, with respect to each class of financial asset,
financial liability and equity instrument above are disclosed in Note 1 to the financial statements.
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Legal Services COMMISSIONER 2009 Annual Report