NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 (f) Cash (g) Comparative Figures (h) Depreciation (i) Employee Entitlements (j) Goods and Services Tax 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. Comparative figures are, where appropriate, reclassified so as to be comparable with the figures presented for the current financial years. 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; 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. 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. • 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 2000 1900 39