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Forest NSW Annual Report 2012

Forests NSW Consolidated Annual Financial Reports Year ended 30 June 2012 ABN 43 141 857 613 Notes to and forming part of the financial statements For the year ended 30 June 2012 Operating lease rental income Economic Economic Statutory Statutory Entity Entity Corporation Corporation 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Not later than one year 1433 1507 1433 1507 Later than 1 year and not later than five years 5976 6328 5976 6328 Later than 5 years 17 497 19 314 17 497 19 314 Total (including GST) 24 906 27 149 24 906 27 149 Note 25: Commitments At balance date Forests NSW has the following commitments not later than one year: Economic Economic Statutory Statutory Entity Entity Corporation Corporation 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Capital         Establishment of Biological Assets - - - - Others 11 1485 11 1485   11 1485 11 1485 Operating 2228 3027 2228 3027           Total Commitments (a) 2239 4512 2239 4512 (a) All commitments are expected to be expended in the next financial year and include input tax credits of $203 540 (2011: $427 318) **NB: All commitments are those of the Statutory Corporation, therefore, the above table reflects the position of both the Statutory Corporation and the Economic Entity. Note 26: Related Parties Forests NSW related parties for trading are Forestry Commission Division and the Department of Primary Industries (DPI). Timber & Carbon Plantations Pty Ltd (TCP) was a related party for the prior year and part of the current year (TCP was liquidated 07/12/2011). There was no trading activity with TCP in the current year. The supply and continued use of resources and shared services from DPI and Forestry Commission Division are based on signed Memorandums of Understanding. Related party transactions are conducted on an arm’s length basis in the normal course of business and on commercial terms and conditions. (i) Statement of Comprehensive Income Economic Economic Statutory Statutory Entity Entity Corporation Corporation 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Timber & Carbon Plantations Pty Ltd - Provision of - - - (1261) Services - Revenue Forestry Commission Division - Supply of - - 34 219 25 023 Personnel Services - Expense Total - - 34 219 23 762 (ii) Statement of Financial Position – Current Assets Economic Economic Statutory Statutory Entity Entity Corporation Corporation 2012 2011 2012 2011 $'000 $'000 $'000 $'000 Timber & Carbon Plantations Pty Ltd - - - - Total - - - - 92 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance


Forest NSW Annual Report 2012
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