Notes to the Financial Statements.
For the year ended 30 June 2008
| 2008 | 2007 | |
|---|---|---|
12. Capital And Leasing Commitments |
$ | $ |
| a. Finance lease commitments | ||
| Payable – minimum lease payments | ||
| - not later than 12 months | 52,660 | 29,518 |
| - later than 12 months but not later than 5 years | 36,788 | 89,641 |
| - greater than 5 years | - | - |
| Minimum lease payments | 89,448 | 119,159 |
| Less future finance charges | (4,338) | (11,917) |
| Total lease liability | 85,110 | 107,242 |
| b. Operating lease commitments | ||
| Non-cancellable operating leases contracted for but not
capitalised in the financial statements Payable – minimum lease payments |
||
| - not later than 12 months | 35,386 | 49,922 |
| - later than 12 months but not later than 5 years | 13,075 | 21,123 |
| - greater than 5 years | - | - |
| 48,461 | 74,045 | |
13. Contingent Liabilities & Assets
As at balance date the company has no known contingent liabilities or contingent assets.
14. Events After Balance Date
No matters or circumstances have arisen since the end of the financial year which significantly or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in subsequent financial years.
15. Members’ Guarantee
The company is a public company limited by guarantee. If the company is wound up, the Constitution states that each member is required to contribute a maximum of $10 each towards meeting any outstanding obligations of the company. At 30 June 2008 the number of members was 8 (2007:9).
16. Segment Reporting
NTSCORP provides professional services to assist Aboriginal people in New South Wales and the Australian Capital Territory to exercise their legal rights under the Native Title Act 1993. NTSCORP operates out of the head office in Redfern, Sydney and its regional offices in Coffs Harbour and Dubbo.
| Short term benefits | Total | ||
|---|---|---|---|
17. Key Management Personel Compensation |
$ | $ | |
| 2008 | |||
| Total compensation | 280,583 | 280,583 | |
| 2007 | |||
| Total compensation | 262,000 | 262,000 | |
18. Related Party Transactions
As at the date of this financial report, the directors listed above have no interests in the company other than, as relevant, their interests as members of the company. No remuneration payments were made to the directors during the year. The directors only get reimbursed for their associated travelling costs when attending board meetings.
