FINANCIALS 2019
11. Lease liabilities
2019 2018
$ $
a) Finance lease liability - 481,928
Minimum lease payments
Less than 1 year - 162,034
Between 1 and 5 years - 319,894
- 481,928
In the current year, the Company has initially applied AASB 16 using the cumulative catch up approach, with
no restatement of the comparative information. Accordingly, brought-forward balance of finance lease from
the prior year was re-assessed under the new Standard and disclosed as lease liabilities in the current year.
b) Current liabilities - lease liabilities - right-of use-assets
Lease liability 2,704,628 -
c) Non-current liabilities - lease liabilities - right-of use-assets
Lease liability 6,888,968 -
Total lease liabilities (current and non-current) are set out below:
KU
20
19
Current 2,704,628 -
Non-current 6,888,968 -
9,593,596 -
Reconciliations
Reconciliations of lease liabilities (current and non-current) at the beginning and end of the financial year are set
out below:
Adoption of AASB 16 on 1 January 2019 3,934,307
Additions 7,692,638
Repayment of lease liabilities (2,513,826)
Interest 480,477
Balance at 31 December 2019 9,593,596
12. Unearned Income
Prepaid government funding 6,954,221 9,441,314
Prepaid special education income 1,954,654 620,566
2019
$
8,908,875 10,061,880
29