Statement of commitments as at 30 June 2022
This statement records expenditure to which the Office is contractually committed at 30 June 2022.
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 2021/22 $000 |
Actual 2020/21 $000 |
|
| Non-cancellable operating lease commitments | ||
| Not later than one year | 697 | 2,230 |
| Later than one year and not later than five years | 1,696 | 305 |
| Later than five years | 185 | - |
| Total non-cancellable operating lease commitments* | 2,578 | 2,535 |
| Capital commitments | ||
| Contractual | - | - |
| Total capital commitments | - | - |
| Total commitments | 2,578 | 2,535 |
* Before 30 June 2022, we provided the landlord of our Wellington office a notice of our intention to renew the existing lease to 2028. However, the contract was not signed before these financial statements were published. Therefore, the future commitment for our Wellington office has been excluded from this statement of commitments.