Statement of commitments
This statement records expenditure to which the Office is contractually committed at 30 June 2024.
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 2023/24 $000 |
Actual 2022/23 $000 |
|
|---|---|---|
| Non-cancellable operating lease commitments | ||
| Not later than one year | 3,154 | 778 |
| Later than one year and not later than five years | 2,971 | 679 |
| Later than five years | 4,966 | 1,055 |
| Total non-cancellable operating lease commitments* | 11,091 | 2,512 |
| Capital commitments | ||
| Contractual | - | - |
| Total capital commitments | - | - |
| Total commitments | 11,091 | 2,512 |
* The significant increase in the actual operating lease commitments for 2023/24 reflects the execution in July 2023 of our existing Wellington office lease renewal to 2028.