Note 19
Capital commitments and operating leases
Model Financial Statements: Te Motu Regional Economic Development Trust 2010/11
| Actual 2011 |
Actual 2010 |
||
|---|---|---|---|
| Capital commitments | |||
| NZ IAS 16.74(c) | Property, plant, and equipment | 42,478 | 0 |
| NZ IAS 38.122(e) | Intangible assets | 0 | 0 |
| Total capital commitments | 42,478 | 0 | |
| Capital commitments represent capital expenditure contracted for at balance date but not yet incurred. | |||
| Operating leases as lessee | |||
| NZ IAS 17.35(a) | The future aggregate minimum lease payments to be paid under non-cancellable operating leases are as follows: | ||
| Actual 2011 |
Actual 2010 |
||
| NZ IAS 17.35(a)(i) | Not later than one year | 180,547 | 210,047 |
| NZ IAS 17.35(a)(ii) | Later than one year and not later than five years | 40,489 | 36,784 |
| NZ IAS 17.35(a)(iii) | Later than five years | 12,512 | 16,444 |
| Total non-cancellable operating leases | 233,548 | 263,275 | |
| NZ IAS 17.35(d) | A significant portion of the total non-cancellable operating lease amount relates to the lease of part of an office building. The lease expires in April 2015, with an option to vacate the premises at the lease renewal date of April 2012. As disclosed in note 16, the Trust has assumed it will vacate the premises at the lease renewal date of April 2012. The Trust does not have the option to purchase the asset at the end of the lease term. | ||
| There are no restrictions placed on the Trust by any of its leasing arrangements. | |||
