Note 20: Events after balance date

After balance date, the Office entered into a non-cancellable contract to lease Wellington premises for a period of ten years from April 2012 with options to renew the lease for a total of a further twelve years. The agreement is not included in the statement of commitments because it was entered into after the balance date. As a result of the new lease contract, the Office also expects to incur costs of approximately $170,000 in the 2011/12 financial year, relating to unused space in the premises being vacated.

The first year of the agreement includes interim arrangements for partial tenancy, with the rent for that year set at $689,000. The annual rental from year two onwards is $1,721,000 per annum, to be reviewed every three years.

The Office plans to fit out these premises at a total estimated cost of $2.7 million over the next two financial years. Capital funding of $2.2 million was approved by Parliament in the 2011 Budget.

There have been no other significant events after balance date.