Schedule of commitments
for the period ended 30 June 2011
2011 $’000 |
2010 $’000 |
||
| BY TYPE | |||
| Commitments payable | |||
| Capital commitments | |||
| Investments1 | 200 | 182 | |
Total capital commitments | 200 | 182 | |
| Other commitments | |||
| Operating leases2 | 266 | 301 | |
| Research projects forward program3 | 213,360 | 174,326 | |
Total other commitments |
213,626 | 174,627 |
|
| Commitments receivable | |||
| GST recoverable on commitments | (19,421) | (15,875) | |
Total commitments receivable | (19,421) | (15,875) | |
Net commitments by type | 194,405 | 158,934 | |
| BY MATURITY | |||
| Commitments payable | |||
| Capital commitments | |||
| One year or less | 200 | 182 | |
| From one year to five years | — | — | |
Total capital commitments | 200 | 182 |
|
Research project commitments | |||
| One year or less | 100,360 | 92,617 | |
| From one to five years | 113,000 | 81,709 | |
| Over five years | — | — | |
Research projects commitments | 213,360 | 174,326 |
|
Operating lease commitments |
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| One year or less | 171 | 149 | |
| From one year to five years | 95 | 152 | |
| Over five years | — | — | |
Total operating lease commitments |
266 |
301 |
|
Commitments receivable |
|||
| One year or less | (9,139) | (8,433) | |
| From one year to five years | (10,282) | (7,442) | |
| Over five years | — | — | |
Total commitments receivable |
(19,421) |
(15,875) |
|
Net Commitments by maturity |
194,405 |
158,934 |
|
NB: Commitments are GST inclusive where relevant. |
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1 Capital commitments for 2010–11 are GRDC’s commitment to purchase shares in Novozymes Biologicals
|
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| 2 Operating leases comprise: | |||
| Nature of the lease | General description of leasing arrangement | ||
Motor vehicles—staff |
Leased as part of salary packages |
||
Photocopier and franking machine |
Rental agreements for a period of 5 years exist for the photocopier and franking machine, after this time they are usually replaced with new rental equipment |
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3 Research project forward program commitments are amounts payable in respect of contracted Research |
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The above statement should be read in conjunction with the accompanying notes.