NGV Annual Report 2003-04-Part 2 - National Gallery of Victoria

NGV Annual Report 2003/04 Report 14918. Responsible persons disclosures CONTINUEDRemuneration benefits of executive officers (including the Accountable Officer)The numbers of executive officers are shown below in their relevant income bands:Remuneration bands$120,000 - $129,999 2 1$130,000 - $139,999 1 2$150,000 - $159,999 1 0$200,000 - $209,999 1 0$220,000 - $229,999 0 1$230,000 - $239,999 0 1Total 5 5Total remunerationTotal remuneration 740,284 851,134Being:Base remuneration 683,985 626,413Other remuneration including bonuses, long service leave, redundancy and retirement benefits 56,299 224,7212004No.2004$2003No.2003$Related party transactionsThere were no related party transactions during the year (2003: Nil).19. Contingent assets and contingent liabilitiesAs at 30 June 2004 the National Gallery of Victoria had no known contingent assets or contingent liabilities(2003: Nil).20. Commitments for expenditureOperating leasesOperating leasesExpenditure contracted for is payable as follows:2004$ ‘000s2003$ ‘000sWithin one year 500 274Later than one year but not later than five years 697 413Total operating lease expenditure commitments 1,197 687Representing:Cancellable operating leases 965 455Non-cancellable operating leases 232 2321,197 687The National Gallery of Victoria leases certain plant and equipment under operating leases. Leases of plant andequipment generally provide a right of renewal at which time all terms are renegotiated. In 2004 a one-yearextension was agreed for the non-cancellable operating lease.