Statement of commitments
Annual Report 2015/16.
as at 30 June 2016
This statement records expenditure to which the Office is contractually committed at 30 June 2016.
Non-cancellable operating lease commitments
The Office may lease property, plant, and equipment in the normal course of its business. All current leases are for premises, which have a non-cancellable leasing period ranging from three to nine years.
The Office's non-cancellable operating leases have varying terms, escalation clauses, and renewal rights. There are no restrictions placed on the Office by any of its leasing arrangements.
The future aggregate minimum lease payments to be paid under non-cancellable operating leases are as follows:
| Actual 2015/16 $000 | Actual 2014/15 $000 | |
|---|---|---|
| Not later than one year | 2,493 | 2,466 |
| Later than one year and not later than five years | 8,030 | 8,690 |
| Later than five years | 73 | 1,487 |
| Total non-cancellable operating lease commitments | 10,596 | 12,643 |
The accompanying notes form part of these financial statements.