97
waikato-tainui
annual report 2014
2 8 . l e a s e s
Commitments for minimum lease payments/receipts in relation to non‑cancellable operating leases are payable/receivable
as follows:
(a) Group and Parent as lessee
There are no options to purchase attached to any lease agreements.
The operating leases that exist between the Parent and Tainui Group Holdings Limited for land owned by the Parent that are
rent free until the first rent review date which is in 2019 and 2022.
(b) Group and Parent as lessor
The lease payments receivable from leasees are as follows:
Consolidated
Parent
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Within one year
456
179
37
37
Later than one year but not later than five years
1,061
365
55
55
Later than five years
1,839
210
-
-
Commitments not recognised in the financial statements
3,356
754
92
92
Consolidated
Parent
2014
2013
2014
2013
$'000
$'000
$'000
$'000
Within one year
32,915
32,820
-
-
Later than one year and not later than five years
86,729
96,984
-
-
Later than five years
101,607
117,269
42,420
32,010
221,251
247,073
42,420
32,010
Operating leases (with Parent and Group as lessor) relate to the investment properties owned by the Parent and Group with a
range of lease terms from less than one year through to ninety‑nine years. Some of the longer term leases have perpetual rights
of renewal. All operating lease contracts contain market review clauses and the lessee will usually have an option to renew.
The lessees do not have any options to purchase the properties at the expiry of their lease period.
29 . c on t i ng en c i e s
(a) Contingent assets
The Trust and Group had contingent assets at 31 March 2014 in respect of:
There is a contingent asset at balance date in respect of the Crown Treaty settlement which allows for a special mechanism if
the value of all Treaty settlements between 1996 and 2044 is more than $1 billion. During the financial year ended 31 March
2013, the Crown confirmed that all Treaty settlements had exceeded $1 billion and as a result, the Trust received a $70m
settlement (see also note 15).
No further claim shall be paid until 2017 and five yearly thereafter. Whilst the claims are paid on a five yearly basis, all future
relativity settlement amounts will be recognised based on total Treaty settlements as confirmed annually by the Government
(see note 15). No claim shall be made after 2044.
There are no other contingent assets at 31 March 2014 (2013: nil).
