80 TE PŪRONGO 2013
18. Statement of commitments and contingencies
(a) Commitments
Group
Group Parent
Parent
2013
2012
2013 2012
$’000
$’000
$’000 $’000
Capital commitments
Property, plant and equipment
420
1,033
420 1,033
Intangible Assets
100
-
-
-
520
1,033
420 1,033
Capital commitments represent capital expenditure contracted for at balance date, but not yet incurred.
Operating lease commitments - Group as lessee
The group has entered commercial leases on certain buildings where it is not in the best interest of the group to purchase
these assets.
These leases have an average life of between one and eighteen years with renewal terms included in the contracts.
Renewals are at the option of the group. There are no restrictions placed upon the lessee by entering into these leases.
Future minimum rentals payable under non-cancellable operating leases as at 31 December 2013 are as follows:
Group
Group Parent
Parent
2013
2012
2013 2012
$’000
$’000
$’000 $’000
Within one year
4,082
3,815
3,185 2,893
After one year but no more than five years
6,248
5,517
3,833 2,968
More than five years
392
938
17
-
10,722 10,270
7,035 5,861
Operating lease commitments - Group as lessor
The group owns a number of buildings and has entered commercial leases where it is not in the best interest of the group to
use these buildings for their operations.
These leases have an average life of between one and two years with renewal terms included in the contracts. Renewals are
at the option of the lessee. There are no restrictions placed upon the lessee by entering into these leases.
Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:
Group
Group
Parent
Parent
2013
2012
2013 2012
$’000
$’000
$’000 $’000
Within one year
130
108
130
108
After one year but no more than five years
105
-
105
-
235
108
235
108
No contingent rents have been recognised in surplus or deficit during the period.
(b) Contingencies
Personal grievances
As at 31 December 2013, there are four personal grievance claims against Te Wānanga o Aotearoa (2012 - NIL).
Te Wānanga o Aotearoa is not expecting any payments to be made.
Notes to the financial statements (continued)
