Appendix 1 - Financial Statements
Note 8: Provisions
| 2008 $ | 2007 $ | |
|---|---|---|
| Salaries and wages | 122,960 | 76,088 |
| Leave | 383,343 | 356,426 |
| Superannuation | 3,953 | 1,625 |
| Other | 2,555 | - |
| Total employee provisions | 512,811 | 434,139 |
| Employee provisions are represented by: | ||
| Current | 422,544 | 393,041 |
| Non-current | 90,267 | 41,098 |
| Total employee provisions | 512,811 | 434,139 |
- The classification of current includes amounts for which there is not an unconditional right to defer settlement by one year, hence in the case of employee provisions the above classification does not represent the amount expected to be settled within one year of reporting date. Employee provisions expected to be settled in twelve months from the reporting date are $432,839 (2007: $393,041), and in excess of one year $90,267 (2007: $41,098).
| 2008 $ | 2007 $ | |
|---|---|---|
| Makegood provision | 75,954 | 71,521 |
| Lease provisions | ||
| Lease incentive | 14,420 | 27,730 |
| Straight lining of lease | 23,881 | 47,200 |
| Total lease provisions | 38,301 | 74,930 |
| Total other provisions | 114,255 | 146,451 |
| Makegood provision $ |
Lease provision $ |
Total $ |
|
|---|---|---|---|
| Carrying amount 1 July 2007 | 71,520 | 74,930 | 146,450 |
| Additional provisions made | - | (35,520) | (35,520) |
| Change in discount rate | - | (1,109) | (1,109) |
| Unwinding of discount | 4,434 | - | 4,434 |
| Closing balance 2008 | 75,954 | 38,301 | 114,255 |
- PSR currently has one agreement for the leasing of premises where it is possible that PSR may need to restore the premises to its original condition at the conclusion of the lease. PSR has made a provision to reflect the present value of this obligation in the event that it is required to restore the building to its original condition.