NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
(f) Cash
For the purpose of the Statement of Cash Flows, cash includes cash on hand and in banks, and
money market investments readily convertible to cash within 2 workings days, net of
outstanding bank overdrafts.
(g) Comparative Figures
Comparative figures are, where appropriate, reclassified so as to be comparable with the figures
presented for the current financial years.
(h) Depreciation
Depreciation is provided on property, plant and equipment, including freehold buildings but
excluding land and investment properties. Depreciation is calculated so as to write off the net
cost or other revalued amount of each asset over its expected useful life. The Directors
reviewed all Depreciation Rates at the commencement of this financial year. It was agreed that
the rates for Vessels should be bought in line with industry standards with effect from the
1999/2000 financial year.  Leasehold improvements are depreciated over the period of the
lease or estimated useful life, whichever is the shorter. The following rates are used in the
calculation of depreciation;
2000 1900
• Leasehold buildings and 
improvements 2.38% prime cost 2.38% prime cost
• Vessels 4% diminishing value 8% diminishing value
• Vessel Refits 10% diminishing value 8% diminishing value
•  Plant & equipment 4-40% prime cost 4-40% prime cost
•  Motor Vehicles 22.5% diminishing value 22.5% diminishing value
(i) Employee Entitlements
Provision is made for benefits accruing to employees in respect of wages and salaries, annual
leave, long service leave, and sick leave when it is probable that settlement will be required
and they are capable of being measured reliably.
Provisions made in respect of wages and salaries, annual leave, and other employee
entitlements expected to be settled within 12 months, are measured at their nominal values.
Provisions made in respect of other employee entitlements which are not expected to be
settlement with 12 months are measured as the present value of the estimated future cash
outflows to be made by the economic entity in respect of services provided by employees up to
the reporting date.
(j) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of goods and services tax
(GST), except:
i.   where the amount of GST incurred is not recoverable from the taxation authority, it is
recognised as part of the cost of acquisition of an asset or as part of an item of expense; or
ii.  for receivables and payables which are recognised inclusive of GST.
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