Financial Report Template Page 57
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80NOTES TO THE FINANCIAL STATEMENTS
(CONT)
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 26 CAPITAL AND LEASING COMMITMENTS CONT.
(b) Operating Lease Commitments
The Group has entered into commercial leases on certain items of plant and equipment and property. These leases have an average
life of between three and five years with no renewal option included in the contracts. There are no restrictions placed upon the Group
by entering into these leases. Future minimum rentals payable under non-cancellable operating leases are as follows:
Consolidated Group
2015
2014
$
$
Non-cancellable operating leases contracted for but not recognised in the financial statements
Payable — minimum lease payments
— not later than 12 months
7,239,194
5,419,653
— between 12 months and 5 years
15,147,338
8,831,313
— later than 5 years
4,654,503
6,543
27,041,035
14,257,509
Consolidated Group
2015
2014
$
$
(c) Capital Expenditure Commitments
Capital expenditure commitments contracted for:
Plant and equipment purchases
–
–
Capital expenditure projects
229,075
–
229,075
–
NOTE 27 CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Estimates of the potential financial effect of contingent liabilities that may become payable:
Contingent Liabilities
The group has entered into an agreement with Wingate Asset Finance to provide disbursement loans to its clients. In the event the
client’s case is not successful, the group has provided an indemnity to Wingate Asset Finance for the loan. The total potential
exposure is $3,590,297.
Bank guarantees
Bank guarantees are contracts that are measured in accordance with AASB 137: Provisions, Contingent Liabilities and Contingent
Assets. The Company has disclosed the details of the guarantees in this note.
The bank guarantee facility limit as at the 30 June 2015 was $5,000,000 (2014: $2,250,000) of which $2,332,334 (2014: $95,292)
was unused at the end of the reporting period.
Total guarantees provided in respect of property leases were $2,667,666 (2014: $2,154,708)
There were no other contingencies at the reporting date (2014: nil).
55
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