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  1. About the report
  2. About AMSA
  3. Plan on a Page
  4. Transmittal letter
  5. Reporting requirements and responsible minister
  6. Annual performance statements
  7. Chairman's review
  8. Organisational profile
  9. Financial summary
  10. Our governance
    1. Planning
    2. Risk management
    3. Performance reporting
    4. Related entity transactions
    5. Public interest disclosure
    6. Disability report
    7. Statement of significant non-compliance issues
    8. Advertising and market research
    9. Judicial decisions and reviews by outside bodies
    10. Workers' compensation premium
  11. Vessel and seafarer safety
    1. Seafarer certification
    2. Compliance and enforcement
    3. International shipping
    4. Domestic commercial vessels
  12. Search and rescue
    1. Search and rescue aircraft replacement
    2. National Search and Rescue Council
    3. Medium-altitude Earth Orbit Search and Rescue system
    4. Beacon registration system upgrade
    5. Torres Strait Marine Safety Program
  13. Marine environment
    1. The National Plan for Maritime Environmental Emergencies
    2. Cape Upstart marine pollution incident
    3. Working with other regulators
  14. Navigation safety
    1. Shipping management
    2. Aids to navigation management
  15. Working with our community
    1. Domestic engagement
    2. International engagement
    3. Regional engagement
  16. Appendix 1: Financial statements
    1. Statement of comprehensive income
    2. Statement of financial position
    3. Statement of changes in equity
    4. Cash flow statement
    5. Overview
    6. Note 1: Expenses
    7. Note 2: Own-source income
    8. Note 3: Fair value measurement
    9. Note 4: Financial assets
    10. Note 5: Non-financial assets
    11. Note 6: Payables
    12. Note 7: Interest bearing liabilities
    13. Note 8: Provisions
    14. Note 9: Cash flow reconciliation
    15. Note 10: Contingent liabilities and assets
    16. Note 11: Senior management personnel remuneration
    17. Note 12: Related party disclosures
    18. Note 13: Remuneration of auditors
    19. Note 14: Financial instruments
    20. Note 15: Financial assets reconciliation
    21. Note 16: Reporting of outcomes
    22. Note 17: Regulatory charging summary
    23. Note 18: Budgetary reports and explanations of major variances
  17. Appendix 2: Non-financial performance
    1. SC1: Ship and vessel safety
    2. SC1: Environment protection
    3. SC1: Regulatory
    4. SC1: Search and rescue
    5. SC1: Projects
    6. SC2: Preparing for the future
    7. SC3: Ensuring a competent and fairly treated maritime workforce
    8. SC4: Influencing international arrangements
    9. SC5: Engaging with the community
    10. SC6: Ensuring a progressive and vibrant organisation
  18. Appendix 3: AMSA Board members
  19. References
  20. Compliance Index
  1. About the report
  2. About AMSA
  3. Plan on a Page
  4. Transmittal letter
  5. Reporting requirements and responsible minister
  6. Annual performance statements
  7. Chairman's review
  8. Organisational profile
  9. Financial summary
  10. Our governance
    1. Planning
    2. Risk management
    3. Performance reporting
    4. Related entity transactions
    5. Public interest disclosure
    6. Disability report
    7. Statement of significant non-compliance issues
    8. Advertising and market research
    9. Judicial decisions and reviews by outside bodies
    10. Workers' compensation premium
  11. Vessel and seafarer safety
    1. Seafarer certification
    2. Compliance and enforcement
    3. International shipping
    4. Domestic commercial vessels
  12. Search and rescue
    1. Search and rescue aircraft replacement
    2. National Search and Rescue Council
    3. Medium-altitude Earth Orbit Search and Rescue system
    4. Beacon registration system upgrade
    5. Torres Strait Marine Safety Program
  13. Marine environment
    1. The National Plan for Maritime Environmental Emergencies
    2. Cape Upstart marine pollution incident
    3. Working with other regulators
  14. Navigation safety
    1. Shipping management
    2. Aids to navigation management
  15. Working with our community
    1. Domestic engagement
    2. International engagement
    3. Regional engagement
  16. Appendix 1: Financial statements
    1. Statement of comprehensive income
    2. Statement of financial position
    3. Statement of changes in equity
    4. Cash flow statement
    5. Overview
    6. Note 1: Expenses
    7. Note 2: Own-source income
    8. Note 3: Fair value measurement
    9. Note 4: Financial assets
    10. Note 5: Non-financial assets
    11. Note 6: Payables
    12. Note 7: Interest bearing liabilities
    13. Note 8: Provisions
    14. Note 9: Cash flow reconciliation
    15. Note 10: Contingent liabilities and assets
    16. Note 11: Senior management personnel remuneration
    17. Note 12: Related party disclosures
    18. Note 13: Remuneration of auditors
    19. Note 14: Financial instruments
    20. Note 15: Financial assets reconciliation
    21. Note 16: Reporting of outcomes
    22. Note 17: Regulatory charging summary
    23. Note 18: Budgetary reports and explanations of major variances
  17. Appendix 2: Non-financial performance
    1. SC1: Ship and vessel safety
    2. SC1: Environment protection
    3. SC1: Regulatory
    4. SC1: Search and rescue
    5. SC1: Projects
    6. SC2: Preparing for the future
    7. SC3: Ensuring a competent and fairly treated maritime workforce
    8. SC4: Influencing international arrangements
    9. SC5: Engaging with the community
    10. SC6: Ensuring a progressive and vibrant organisation
  18. Appendix 3: AMSA Board members
  19. References
  20. Compliance Index

Note 7: Interest bearing liabilities

 

2016

2015

 

$’000

$’000

Note 7: Interest bearing liabilities

Finance leases

841

 81

Total finance leases

841

81

Lease expected to be settled

Within one year

Minimum lease payments

395

82

Deduct: future finance charges

(38)

(1)

In one to five years:

Minimum lease payments

502

-

Deduct: future finance charges

(18)

-

Total finance leases

841

81

A finance lease exists in relation to aids to navigation assets from Australian Maritime Services Ltd. The lease is non-cancellable and is for a fixed term of 10 years (ending June 2024). The interest rate implicit in the lease is 5.59%.

There are no contingent rentals.

Accounting Policy
A distinction is made between finance leases and operating leases. Finance leases effectively transfer from the lessor to the lessee substantially all the risks and rewards incidental to ownership of leased assets. An operating lease is a lease that is not a financial lease. In operating leases, the lessor effectively retains substantially all such risks and benefits.

Where an asset is acquired by means of a finance lease, the asset is capitalised at either the fair value of the lease property, or, if lower, the present value of minimum lease payments at the inception of the contract and a liability is recognised at the same time and for the same amount.

The discount rate used is the interest rate implicit in the lease. Leased assets are amortised over the period of the lease. Lease payments are allocated between the principal component and the interest expense.