SACOME Annual Report 2007-08

NOTES TO THE SUMMARISED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008 Continued
4 CAPITAL AND LEASING COMMITMENTS
(a) Finance Lease Commitments
The Association had no finance lease commitments owing as at 30 June 2008.
(b) Operating Lease Commitments
Non-cancellable operating leases contracted for but not capitalised in the Financial Statements:
Minimum Operating Lease Payments Payable:
2008 $ 2007 $
not later than 1 year 112,670 8,223
later than 1 year but not later than 5 years 450,680 26,229
later than 5 years 112,670 -
During 2007, the Chamber relocated its premises to 1/290 Glen Osmond Road, Fullarton. The property lease is a
non-cancellable lease with a three year term. Contingent rental provisions within the lease agreement require that the
minimum lease payments shall be increased by CPI review plus 1% per annum. Under the agreement, an option exists
to renew the lease at the end of the three year term, for an additional term of three years.
(c) Capital Commitments
The Chamber has commitments for capital expenditure, which at reporting date have not been recognised as liabilities,
of $Nil (2007 $Nil).
5 CONTINGENT LIABILITIES
The Chamber had no contingent liabilities as at 30 June 2008 (2007 Nil).
6 FUNDING AND SOLVENCY
The ability of the Council to provide services at the current level of operations is dependent upon the Association
maintaining and increasing the existing membership subscription levels, sponsorship funding, grant funding and
other additional sources of funding.
7 EVENTS AFTER THE BALANCE SHEET DATE
(a) The financial report was authorised for issue on 28th October 2008.
(b) There have been no significant events which have occurred subsequent to 30 June 2008.
SACOME FINANCIALS
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