SACOME Annual Report 2007-08
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NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 20<strong>08</strong> Continued<br />
4 CAPITAL AND LEASING COMMITMENTS<br />
(a) Finance Lease Commitments<br />
The Association had no finance lease commitments owing as at 30 June 20<strong>08</strong>.<br />
(b) Operating Lease Commitments<br />
Non-cancellable operating leases contracted for but not capitalised in the Financial Statements:<br />
Minimum Operating Lease Payments Payable:<br />
20<strong>08</strong> $ <strong>2007</strong> $<br />
not later than 1 year 112,670 8,223<br />
later than 1 year but not later than 5 years 450,680 26,229<br />
later than 5 years 112,670 -<br />
During <strong>2007</strong>, the Chamber relocated its premises to 1/290 Glen Osmond Road, Fullarton. The property lease is a<br />
non-cancellable lease with a three year term. Contingent rental provisions within the lease agreement require that the<br />
minimum lease payments shall be increased by CPI review plus 1% per annum. Under the agreement, an option exists<br />
to renew the lease at the end of the three year term, for an additional term of three years.<br />
(c) Capital Commitments<br />
The Chamber has commitments for capital expenditure, which at reporting date have not been recognised as liabilities,<br />
of $Nil (<strong>2007</strong> $Nil).<br />
5 CONTINGENT LIABILITIES<br />
The Chamber had no contingent liabilities as at 30 June 20<strong>08</strong> (<strong>2007</strong> Nil).<br />
6 FUNDING AND SOLVENCY<br />
The ability of the Council to provide services at the current level of operations is dependent upon the Association<br />
maintaining and increasing the existing membership subscription levels, sponsorship funding, grant funding and<br />
other additional sources of funding.<br />
7 EVENTS AFTER THE BALANCE SHEET DATE<br />
(a) The financial report was authorised for issue on 28th October 20<strong>08</strong>.<br />
(b) There have been no significant events which have occurred subsequent to 30 June 20<strong>08</strong>.<br />
<strong>SACOME</strong> FINANCIALS<br />
ix