SURF LIFE SAVING AUSTRALIA ANNUAL REPORT 2007–08

13. COMMITMENTS FOR EXPENDITURE
Finance lease and hire purchases commitments
2008
$
Consolidated Parent Entity
Payable not later than 1 year – 216,491 – –
Later than 1 year and not later than 2 years – 323,490 – –
Later than 1 year and not later than 3 years – – – –
Minimum fi nance lease payments – 539,981 – –
Deduct: Future fi nance charges – 31,274 – –
Total Lease Liability (Note 11) – 508,707 – –
Capital Commitments
Northern Region SLSA Helicopter Rescue Service Pty Limited is party
to a contract for the purchase of new aircraft amounting to $120,771
(USD $105,155) (2007: $220,337; USD $187,000). The company has
registered a charge over the aircraft as security.
Forward Exchange Contracts
The company entered into forward exchange contracts to buy and sell
specifi ed amounts of foreign currency in the future at stipulated exchange
rates. The objective is to protect the company from unfavourable
exchange rate movements related to the purchase of a new aircraft.
At balance date the outstanding forward exchange contracts are:
Sell Australian Dollars/Buy US Dollars
2007
$
2008
$
2008
$USD
Settlement: within 6 months ($) 105,155 137,000
Average exchange rate 0.8707 0.7609
Westpac bank holds a security over a term deposit of $50,000
to secure the foreign exchange contracts.
14. MEMBERS’ EQUITY ISSUED CAPITAL
The parent entity is incorporated under the Corporations Act 2001, as a company limited by guarantee and as such does not have any
issued capital. If the company is wound up, the Constitution states that each member is required to contribute a maximum of $10 each
towards meeting any outstanding obligations of the company. As at 30 June 2008 the number of members was 140,192 (2007: 129,870).
SURF LIFE SAVING AUSTRALIA LIMITED AND ITS CONTROLLED ENTITIES—ACN 003 147 180
SECTION 03—FINANCIAL STATEMENTS
2007
$
2007
$USD
79