Department of Transport Annual Report 2010 - 2011

33. Commitments (continued)
(c) Lease commitments
76
2011
$ 000
2010
$ 000
Commitments in relation to leases contracted
for at the end of the reporting period but not
recognised in the financial statements are payable
as follows:
Within one year 6 118 6 431
Later than one year but not later than five years 8 426 11 812
Later than five years - 2 793
14 544 21 036
Representing:
Non-cancellable operating leases 14 541 21 036
Future finance charges on finance leases 3 -
14 544 21 036
(d) Finance lease commitments
Minimum lease payment commitments in relation
to finance leases are payable as follows:
Within one year 23 -
Later than one year but not later than five years 27 -
Minimum finance lease payments 50 -
Less future finance charges ( 3) -
Present value of finance lease liabilities 47 -
The present value of finance leases payable is as
follows:
Within one year 21 -
Later than one year but not later than five years 26 -
Present value of finance lease liabilities 47 -
(e) Minimum lease revenue commitments
Future minimum rentals under non-cancellable operating leases are receivable as
follows:
2011
$ 000
2010
$ 000
Within one year 8 922 7 634
Later than one year but not later than five years 30 995 26 734
Later than five years 97 339 61 673
137 256 96 041
34. Contingent liabilities and contingent assets
Contingent liabilities:
In addition to the liabilities incorporated in the financial statements, the Department
has the following contingent liabilities:
Litigation in progress:
- One claim for recovery of fees. The potential maximum effect is $250,000.
Contingent assets:
In addition to the assets incorporated in the financial statements, the Department
has the following contingent assets:
Insurance claims:
- One claim for costs incurred relating to flood damage, thirty six claims relating
to motor vehicles and three general liabilitiy claims. The potential maximum
financial effect is $152,000.