Royal Botanic Gardens Victoria Annual Report 2018-19
Royal Botanic Gardens Victoria Annual Report 2018-19
Royal Botanic Gardens Victoria Annual Report 2018-19
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2. FUNDING DELIVERY OF OUR SERVICES<br />
Rental income in relation to leasing of the Board's assets is recognised when received or receivable under the terms of the lease<br />
agreement.<br />
Operating leases mainly relate to the provision of catering and function and event management in the <strong>Gardens</strong>, with lease terms of 5<br />
years and options to extend for a further 5 years. All operating lease contracts contain market review clauses in the event that the Board<br />
or lessee exercises its option to renew. The lessees do not have an option to purchase the leased asset at the expiry of the lease period.<br />
The following operating lease receivables were held by the Board at reporting date (a) :<br />
Not longer than 1 year 790,641<br />
Longer than 1 year and not longer than 5 years 1,202,591<br />
Total operating lease receivables 1,993,232<br />
20<strong>19</strong><br />
$<br />
<strong>2018</strong><br />
$<br />
1,034,994<br />
1,795,083<br />
2,830,077<br />
Note (a): The operating lease receivables balances are stated at their nominal amount including GST.<br />
<strong>Royal</strong>ties are recognised when received or receivable in accordance with the substance of the licensing agreement.<br />
ROYAL BOTANIC GARDENS BOARD VICTORIA — ANNUAL REPORT <strong>2018</strong>–<strong>19</strong> 87<br />
<strong>Royal</strong> <strong>Botanic</strong> <strong>Gardens</strong> Board <strong>Victoria</strong> <strong>2018</strong>-<strong>19</strong> Financial <strong>Report</strong> Page 10
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