Territory Stories

Annual report 2003 - 2004



Annual report 2003 - 2004

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Department of the Chief Minister


Dept. of the Chief Minister annual report; Department of the Chief Minister annual report; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).






Northern Territory. Dept. of the Chief Minister -- Periodicals; Executive departments -- Northern Territory -- Periodicals

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Dept. of the Chief Minister

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ANNUAL REPORT 2003 - 2004 83 FIN A N C IA L STA TEM EN TS 18 FINANCIAL INSTRUMENTS (CONTINUED) (b) Credit Risk The Agency principally deals with Government Agencies. In respect of any dealings with organisations external to Government, the Agency has adopted the policy of only dealing with credit-worthy organisations and obtaining sufficient collateral or other security where appropriate, as a means of mitigating the risk of financial loss from defaults. The carrying amount of financial assets recorded in the Financial Statements, net of any provisions for losses, represents the Agencys maximum exposure to credit risk without taking account of the value of any collateral or other security obtained. (c) Net fair value The carrying amount of financial assets and financial liabilities recorded in the Financial Statements represents their respective net fair values with the exception of borrowings from NT Treasury Corporation. The market value of these borrowings at balance date amounted to $13.9 million. 2004 2003 $000 $000 19 COMMITMENTS (i) Capital expenditure commitments Estimated capital expenditure contracted for at balance date but not provided for and payable: Within one year 9 661 One year or no later than five years Greater than five years 0 9 661 (ii) Non - Cancellable Operating Lease Expense Commitments Future operating lease commitments not provided for in the financial statements and payable: Within one year 11 7 One year and no later than five years 42 26 Total Operating Lease Commitments 53 33 The Agency leases property under non-cancellable operating leases expiring from 1 to 5 years. Leases generally provide the Agency with a right of renewal, at which time all terms are negotiated. (iii) Finance Lease Payment Commitments Future finance lease commitments are payable: Within one year 5 55 Less Future lease finance charge 3 Total Finance Lease Commitments 5 58 The Agency leases plant and equipment under finance leases expiring within 1 year. There are no residual payments due. DEPARTMENT OF THE CHIEF MINISTER, NOTES TO FINANCIAL STATEMENTS - FOR THE YEAR ENDED 30 JUNE 2004