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Wool Stocktake : Annual Report 2006-07
NOTES TO ThE FINANCIAL REPORT ( CONTINUED) note 20. commitments for expenditure (continued) Consolidated Parent entity 2007 2006 2007 2006 $’000 $’000 $’000 $’000 LEASE cOmmITmENTS Commitments in relation to leases contracted for at the reporting date but not recognised as liabilities, payable: Within one year 1,083 845 960 789 Later than one year but not later than 5 years 4,343 647 4,108 647 5,426 1,492 5,068 1,436 Representing: Non cancellable operating leases 5,426 1,492 5,068 1,436 A small number of commitments are denominated in currencies other than Australian dollars. It is currently the company’s policy to translate those commitments at the exchange rate at 30 June 2007, and to subsequently meet those commitments as they fall due by purchasing foreign currency at spot rates. This policy is reviewed by the Board from time to time. note 21. Employee beneﬁts Consolidated Parent entity 2007 2006 2007 2006 $’000 $’000 $’000 $’000 EmPLOYEE bENEFIT AND RELATED ON-cOSTS LIAbILITIES Provision for employee beneﬁts – current (Note 13) 561 518 561 518 Provision for employee beneﬁts – non-current (Note 15) 33 –3 3– Aggregate employee beneﬁt and related on-costs liabilities 594 518 594 518 Number Number Number Number EmPLOYEE NumbERS Number of employees at 30 June 94 85 92 83 94 85 92 83 note 22. Related parties The parent entity within the Group is Australian Wo ol Innovation Limited. Interests in subsidiaries are set out in note 9. Disclosures relating to key management personnel are set out in Directors’ report. Loan to US subsidiary –– 900 36 Provision of intercompany receivable –– (900) – –– –3 6 Directors The names of persons who were Directors of Australian Wo ol Innovation Limited at any time during the ﬁnancial year are as follows: I M McLachlan, B P van Rooyen, C J Abell, K J Bell, W B Merriman, H P Nivison, P S Sykes. All of these persons were also Directors during the year ended 30 June 2007.
AWI Annual Report 2007-08