Statement of commitments
as at 30 June 2023
This statement records expenditure to which the Office is contractually committed at 30 June 2023.
Non-cancellable operating lease commitments
The Office may lease property, plant, and equipment in the normal course of its business. These leases are for premises, which have a non-cancellable leasing period ranging from less than a year to four 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 2022/23 $000 |
Actual 2021/22 $000 |
|
|---|---|---|
| Non-cancellable operating lease commitments | ||
| Not later than one year | 778 | 697 |
| Later than one year and not later than five years | 679 | 1,696 |
| Later than five years | 1,055 | 185 |
| Total non-cancellable operating lease commitments* | 2,512 | 2,578 |
| Capital commitments | ||
| Contractual | - | - |
| Total capital commitments | - | - |
| Total commitments | 2,512 | 2,578 |
* In 2021/22, we provided our landlord with a notice of our intention to renew our Wellington Office lease but the contract was not signed by 30 June 2023. Therefore, the future commitment for our Wellington office lease has been excluded from the statement of commitments presented for 2021/22 and 2022/23. The contract was signed in July 2023 for a further six years at $2.404 million per annum.