2005/2006 - SANParks

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2005South African National ParksNOTES TO THE ANNUAL FINANCIAL STATEMENTSfor the year ended 31 March 2006The following represents signifi cant leasing arrangements and the basis on whichfuture minimum lease payments were calculated:31 March 2006R’00031 March 2005R’000(i) AXIS Finance Company. The lease was for the rental of digital switchboardequipment at the corporate offi ce and Skukuza support offi ces. Theminimum monthly rental of R45,000 was payable in advance and expiredon 1 July 2005. At the termination of the lease, South African NationalParks exercised the option to acquire the equipment.(ii)South African National Parks rents offi ce space at Westlake for theTable Mountain National Park operations. There are two agreements thatgovern the right of use. Both rentals are payable monthly in advance andescalate annually with 12%. The fi rst rental expired on 1 August 2005and the other on 1 March 2006. Both rentals have been extended andwill now expire on 31 March 2007. The current monthly rental paymentamounts to R65 572 (2005 - R70,000).(iii) The rental agreement with VUSWA Fleet Services (Pty) Ltd provides forthe provision of a vehicle fl eet in the Kruger National Park. The agreementis for a period of fi ve years which terminates on 1 August 2007. Theminimum future monthly rental premium amounts to R1,326 million(2005 - R1,326 million).Irregular expenditureNo material irregular expenditure were incurred during the year ended31 March 2006.Fruitless and wasteful expenditureNo material losses through criminal conduct were incurred during the yearended 31 March 2006.7 Investment incomeInterest income 7,166 6,813Marketable securities- Dividend income 1 221- Net surplus on disposal of marketable securities - 2707,167 7,304Net foreign exchange transaction gain 6 147,173 7,318120
ANNUAL FINANCIAL STATEMENTSfor the year ended 31 March 20062006South African National Parks31 March 2006R’00031 March 2005R’0008 Finance costsBorrowings 4,218 5,742Finance leases 865 9385,083 6,6809 Property, plant and equipmentLandFurniture,Buildings Vehicles,Officeand InfrastructureMechanicalAircraft andequipmentandequipmentComputerTotalsoftwareR’000 R’000 R’000 R’000 R’000Year ended 31 March 2006Opening book value 226,865 227,729 27,902 19,781 502,277Capitalisation of work in progress(Note 10) 51,230 166,838 510 2,795 221,373Additions 242 2,091 11,762 3,185 17,280Disposals (3,014) (19) (571) (82) (3,686)Items classifi ed as held for sale(Note 15) - - (7,643) - (7,643)Depreciation charge - (8,206) (6,806) (10,302) (25,314)Closing book value 275,323 388,433 25,154 15,377 704,287At 31 March 2006Cost 275,323 464,110 70,944 65,177 875,554Accumulated depreciation - (75,677) (45,790) (49,800) (171,267)Book value 275,323 388,433 25,154 15,377 704,287Year ended 31 March 2005Opening book value 191,042 203,046 26,378 19,055 439,521Capitalisation of work in progress(Note 10) 38,213 17,248 - 8,506 63,967Additions 1,902 15,398 7,262 3,532 28,094Disposals (4,292) (29) (22) (61) (4,404)121
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