as at 30 June 2013

  2013 2012
 

$’000

$’000

 

BY TYPE

Commitments receivable

    Motor vehicle contributions

56

    Net GST recoverable on commitments

928

1,393

Total commitments receivable

928

1,449

Commitments payable

    Operating leases

(10,210)

(15,381)

Total commitments payable

(10,210)

(15,381)

Net commitments by type

(9,282)

(13,932)

 

BY MATURITY

Commitments receivable

    One year or less

390

455

    From one to five years

538

990

    Over five years

4

Total commitments receivable

928

1,449

Commitments payable

    One year or less

(4,295)

(4,484)

    From one to five years

(5,915)

(10,858)

    Over five years

(39)

Total commitments payable

(10,210)

(15,381)

Net commitments by maturity

(9,282)

(13,932)

Note: 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 increases in accordance with fixed amounts in the lease agreement or market rental reviews. The FWBII 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 FWBII.

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