Note 33. Finance Leases

Due to a change in the Whole-of-Government vehicle leasing arrangements with SG Fleet, from 23 April 2015 all such leases for the Health Directorate are classified as operating leases rather than finance leases.

 

2015
$’000

2014
$’000

Current Finance Leases

 

 

Secured

 

 

Finance Leases

-

2,156

Total Current Finance Leases

-

2,156

 

 

 

Non-Current Finance Leases

 

 

Secured

 

 

Finance Leases

-

4,042

Total Non-Current Finance Leases

-

4,042

 

 

 

Total Finance Leases

-

6,198

Secured Liability

The Directorate’s finance lease liability is effectively secured because if the Directorate defaults, the assets under a financial lease revert to the lessor.

 

2015
$’000

2014
$’000

Finance lease commitments are payable as follows:

 

 

Within one year

-

2,437

Later than one year but not later than five years

-

4,199

Minimum Lease Payments

-

6,636

Less: Future Finance Lease Charges

-

(438)

Amount Recognised as a Liability

-

6,198

Add: Lease incentive involved with non-cancellable operating lease

-

-

Total Present Value of Minimum Lease Payments

-

6,198

 

 

 

The present value of the minimum lease payments are as follows:

 

 

Within one year

-

2,437

Later than one year but not later than five years

-

3,761

Total Present Value of Minimum Lease Payments

-

6,198

 

 

 

Classification on the Balance Sheet

 

 

Finance Leases

 

 

Current Finance Leases

-

2,156

Non-Current Finance Leases

-

4,042

Total Finance Leases

-

6,198