Challenger TAFE | Annual Report 2006 - Parliament of Western ...

108 Challenger TAFE | Annual Report 2006
Challenger TAFE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2006
34 Commitments
Capital expenditure commitments
2006 2005
$ $
Capital expenditure commitments, being contracted capital expenditure additional to the amounts
reported in the fi nancial statements, are payable as follows:
Within 1 year 405,345 258,215
405,345 258,215
The capital commitments include amounts for:
Buildings - -
Lease commitments
Commitments in relation to leases contracted for at the balance sheet date but not
recognised in the fi nancial statements, are payable as follows:
Within 1 year 715,455 488,671
Later than 1 year and not later than 5 years 2,372,618 1,588,741
Later than 5 years 3,186,368 3,116,865
6,274,441 5,194,277
Representing:
Cancellable operating leases
Non-cancellable operating leases 6,274,441 5,194,277
6,274,441 5,194,277
Other expenditure commitments contracted for at the balance sheet date but not recognised
as liabilities are payable as follows:
Within 1 year 3,581,260 778,273
3,581,260 778,273
These commitments are all inclusive of GST
35 Contingent liabilities and contingent assets
Contingent Liabilities
In addition to the liabilities incorporated in the fi nancial statements, there are the following contingent liability:
Personal Injury Claim
A Workers Compensation claim to the potential value of $150,000 to $200,000 is being pursued.
The claim is expected to be fully covered by insurance.
36 Events occurring after balance sheet date
No events occurred after balance date that would have a signifi cant impact on the College’s
fi nancial position as at 31 December 2006.