as at 31 May 2012
  2012 2011
 

$’000

$’000

 

BY TYPE

Commitments receivable

    Motor vehicle contributions

55

59

    Net GST recoverable on commitments

1,395

1,574

Total commitments receivable

1,450

1,633

Commitments payable

    Operating leases

(15,395)

(17,373)

Total commitments payable

(15,395)

(17,373)

Net commitments by type

(13,945)

(15,740)

 

BY MATURITY

Commitments receivable

    One year or less

455

414

    From one to five years

991

1,219

    Over five years

4

Total commitments receivable

1,450

1,633

Commitments payable

    One year or less

(4,488)

(4,136)

    From one to five years

(10,868)

(13,237)

    Over five years

(39)

Total commitments payable

(13,237)

    Over five years

(39)

Total commitments payable

(15,395)

(17,373)

Net commitments by maturity

(13,945)

(15,740)

NB: Commitments are GST inclusive where relevant.

 

Operating leases included are effectively non-cancellable and comprise:

Nature of lease

General description of leasing arrangement

Leases for office accommodation

Lease payments are subject to either increase in accordance with fixed amounts in the lease agreement or market rental reviews.
The ABCC may exercise option clauses in accordance with the terms of the lease.

Agreements for the provision of motor vehicles to senior executive officers and pool vehicles for general use by other officers

Leases are part of an operating lease and there are no purchase options available to the ABCC.

The above schedule should be read in conjunction with the accompanying notes.