GOLD COAST 2018 COMMONWEALTH GAMES CORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 4.5 Supplies and services Accounting policy Operating lease rentals 2017 2016 $’000 $’000 Operating lease payments are representative of the pattern of benefits derived from the Advertising and leased assets and are expensed in the 1,203 393 promotion periods in which they are incurred. Operating lease 1,096 1,220 rentals GOLDOC does not have any finance leases. Building services 237 79 Disclosure CGF host fees 2,619 2,549 CGF sports Operating leases development fund - 9,359 contribution Operating leases are entered into as a means Contractors and 43,924 9,018 of acquiring access to office accommodation. consultants GOLDOC has no option to purchase the Entertainment and 100 31 leased office accommodation at the hospitality conclusion of the leases and the leases do not IT services 3,301 2,655 provide for a right of renewal. Legal fees 2,056 2,235 Lease payments are generally fixed, but with Low value assets 2,820 851 annual inflation escalation clauses. Media expenses 177 66 Motor vehicle and car parking 91 46 expenses Printing, postage 333 133 and stationery Repairs and 106 51 maintenance Telephone 140 80 Travel and accommodation 1,379 455 expenses Other 1,513 665 Total 61,095 29,886
GOLD COAST 2018 COMMONWEALTH GAMES CORPORATION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 4.5 Supplies and services 2017 2016 $’000 $’000 Advertising and promotion 1,203 393 Operating lease rentals 1,096 1,220 Building services 237 79 CGF host fees 2,619 2,549 CGF sports development fund contribution - 9,359 Contractors and consultants 43,924 9,018 Entertainment and hospitality 100 31 IT services 3,301 2,655 Legal fees 2,056 2,235 Low value assets 2,820 851 Media expenses 177 66 Motor vehicle and car parking expenses 91 46 Printing, postage and stationery 333 133 Repairs and maintenance 106 51 Telephone 140 80 Travel and accommodation expenses 1,379 455 Other 1,513 665 Total 61,095 29,886 Accounting policy Operating lease rentals Operating lease payments are representative of the pattern of benefits derived from the leased assets and are expensed in the periods in which they are incurred. GOLDOC does not have any finance leases. Disclosure Operating leases Operating leases are entered into as a means of acquiring access to office accommodation. GOLDOC has no option to purchase the leased office accommodation at the conclusion of the leases and the leases do not provide for a right of renewal. Lease payments are generally fixed, but with annual inflation escalation clauses.
GOLDOC%20Annual%20Report%202016-17%20incl%20Financial%20Statements_update%2017NOV2017.docx