STA.gif - 5.8 K

1996/97 STATE TRANSIT ANNUAL REPORT
Financial Statements



Notes To and Forming Part of the Financial Statements

For the year ended 30 June 1997

13: RESERVES
1997
$000
1996
$000
     
Asset revaluation reserve 107,826 115,061
     
Movements in the reserve:    
     
Opening balance 115,061 76,289
  • Revaluation increment/(decrement)
-3,939 40,577
  • Realised increment on property, plant and equipment sold during the year transferred to accumulated funds
-3,296 -1,805
Closing balance
 

107,826

115,061

Asset revaluation reserve comprises revaluation increments recognised during the revaluation of the Authority's non-current assets. Upon disposal or retirement, any related revaluation increment/(decrement) remaining in the reserve in respect of the asset at the time of disposal is transferred to accumulated funds.


14: COMMITMENTS
Note 1997
$000
1996
$000
(I) Loans      
Payable:      
  • Not later than 1 year
  104 ------
  • Later than 1 year but not later than 2 years
  634 104
  • Later than 2 years but not later than 5 years
  1,245 1,601
  • Later than 5 years
  ------ 278
Total loans  
1,983

1,983
Current liability 11 104 ------
Non-Current liability 11 1,879 1,983
   
1,983

1,983
(ii) Finance Lease Commitments      
Payable:      
  • Not later than 1 year
  32,402 12,117
  • Later than 1 year but not later than 2 years
  ------ 33,873
Total commitments  
32,402

45,990
Less - future finance charges   838 6,191
Total lease liability  
31,564

39,799
Current liability 11
31,564

8,177
Non-Current liability 11 ------ 31,622
   
31,564

39,799
(iii) Operating Lease Commitments      
Payable:      
  • Not later than 1 year
  1,358 1,180
  • Later than 1 year but not later than 2 years
  1,236 745
  • Later than 2 years but not later than 5 years
  1,025 946
  • Later than 5 years
  7,410 5,350
   
11,029

8,221
(iv) Capital Expenditure Commitments      
Contracted for but not provided in the accounts payable      
       
  • Not later than 1 year
  50,425 33,969
  • Later than 1 year but not later than 2 years
  20,375 26,400
  • Later than 2 years but not later than 5 years
  ------ 21,290
   
70,800

81,659

These capital expenditure commitments relate primarily to contracts for the purchase of buses.


15. CONTINGENT ASSETS


Insurance Claim

A claim has been lodged with the Authority's insurers under the Fidelity Guarantee Insurance Policy for losses incurred as a result of ticket fraud in the operation of the Manly Ferry services. It is likely that a payment of $100,000 will be forthcoming under this claim.


16. CONTINGENT LIABILITIES


Leasing Agreements

Under several leasing agreements, the Authority has an option of renewal for a further term at a rental to be determined. If the option is not exercised, the lessor will auction the equipment in such a manner as may be required by the Authority. In this regard a contingent liability arises, as the Authority is liable for any shortfall between the value realised at auction and the residual value as determined by the lease agreements.


End of audited financial statements.

P.S. Dunn
General Manager
Corporate Policy & Resources
North Sydney



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