Auditor-General's Report to Treasurer on Territory Insurance Office Financial Report for year ended 30 June 2001
Tabled paper 292
Tabled Papers for 9th Assembly 2001 - 2005; Tabled Papers; ParliamentNT
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F in a n cial liab ilities Non-insurance creditors end accruals Deposits Subordinated loan Weighted average Interest rate Net financial assets 1,813,568 43,932,746 74,437,139 487,988 15,000,000 1,813,568 118,657,875 15,000,000 43,932,748 74,437,139 15,487,968 1,613,568 135,671,443 4.50% 6.07% 5.74% 65,305,992 3,758,199 62,502,724 26,495,031 60,504,088 238,566,034 Reconciliation of Net Financial Assets to Net Assets Net financial assets as above Non-financisl assets end liabilities: Property, plant and equipment Other assets Provisions Net Insurance liabilities Other liabilities 2001 $ 251,470,445 38,171,406 4,137,318 (2,446,672) (235,816,002) (13.701,530) 41,814,765 2000$ 238.566,034 36,632,451 3,793,526 (5,599,433) (228,574,743) (11,794,292) 33,023,543 (d) Net Fair Vatue of Financial Assets and Liabilities Recognised financial Instruments The Office's recognised financial assets and liabilities are earned at amounts that approximate net fair value. Unrecognised financial instruments The fair values of Interest rate swap contracts is determined as the difference In present value of future Interest cash flows. At balance date, the Office's aggregate unrecognised interest rate swap liability totalled $270,526 (2000 $29,748). (a) Non*cancellable operating leases where the O ffice is a lessee Not later than one year Later then one year and not later than five years Total lease commitments payable 2001 $ 637,02B 1,303,521 1,940,549 2000$ 296,917 608,536 905,455 (b) Finance leases where the Office is a lessor Not later than one year Later than one year and not later than five years Total lease commitments receivable Lease revenue not yet recognised Lease commitments receivable Current asset Non-current asset 201,690 121,014 322,904 23.619 299,265 178,271 121,014 299,265 The Office is a lessee for office accommodation and a lessor of finance leases to customers. It does not have lease commitments payable or receivable later than five years. 299,427 366,115 665,542 60,239 585,303 219,168 366,115 585,303
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