NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2007 9. INTANGIBLE ASSETS 2007 2006 $’000 $’000 Computer software at cost 1,174 993 Accumulated amortisation (736) (529) Net carrying amount 438 464 Reconciliation of the carrying amounts of each class of intangible assets at the beginning and end of the current and previous financial period: At 1 July Cost 993 1,376 Accumulated depreciation (529) (909) Net carrying amount at 1 July 464 467 Additions 181 358 Disposals - - Amortisation charge for the year (207) (361) Net carrying amount at 30 June 438 464 10. TRADE AND OTHER PAYABLES (CURRENT) Accrued research and development expenditure 2,106 5,209 Trade and other payables 5,110 5,378 7,216 10,587 Accrued research and development relates to work completed at 30 June 2007 for which invoices have not been received. Details regarding the effective interest rate and credit risk of current payables are set out in note 19. 11. PROVISIONS Current Employee benefits in respect of: Annual leave 643 609 Long service leave 784 697 Performance based remuneration 500 584 1,927 1,890 Non-current Employee benefits in respect of: Long service leave 191 14712. MEMBERS’ FUNDS The Company is limited by guarantee. The Constitution states that, if the Company is wound up, each nominated member at the time the winding up starts and each person who was a nominated member at any time in the 12 months before the winding up started, is required to contribute a maximum of $2 each towards payment of the debts and liabilities of the Company including the costs of winding up. Any surplus members' funds on wind up must not be paid to members but must be paid or transferred to another corporation with similar objects to the Company and a constitution which prohibits the distribution of its income and property among its members. 2007 2006 Group A members Nominated 6,347 6,226 Joint 5,919 5,872 12,266 12,098 Group B members 2 2 Total Group A and Group B members 12,268 12,100 13. COMMITMENTS Research and development expenditure commitments Commitments contracted for at reporting date but not recognised as liabilities are as follows: Not later than one year 13,689 17,569 Later than one year but not later than five years 6,513 7,732 20,202 25,301 The Company enters into contracts with research organisations. Research and development expenditure commitments relate to amounts expected to be paid in respect of research, development and extension, which are set out in these contracts. The period of contracts is up to a maximum of three years. Contracts include clauses which enable the Company to withhold or cease further funding in the event of factors arising which are outside the Company’s control. Operating lease expenditure commitments Future minimum rentals payable under non-cancellable operating leases as at 30 June are: Not later than one year 1,241 1,257 Later than one year but not later than five years 933 1,898 2,174 3,155
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