as at 30 June 2014

Schedule of Commitments for 2013 and 2014 as at 30 June 2014
  2014
$’000
2013
$’000
By Type
Commitments receivable
Sublease rental income (347) ––
Net GST recoverable on commitments (555) (869)
Total commitments receivable (902) (869)
Commitments payable
Operating leases 6,392 9,561
Other commitments 64 ––
Total commitments payable 6,456 9,561
Net Commitments by Type 5,554 8,692
By Maturity
Commitments receivable
Sublease rental income
One year or less (244) ––
From one to five years (103) ––
Over five years –– ––
Total sublease rental income (347) ––
Net GST recoverable on commitments
One year or less (316) (368)
From one to five years (231) (501)
Over five years (8) ––
Total net GST recoverable on commitments (555) (869)
Commitments payable
Operating leases
One year or less 3,661 4,044
From one to five years 2,648 5,517
Over five years 83 ––
Total operating leases 6,392 9,561
Other commitments
One year or less 64 ––
From one to five years –– ––
Over five years ––
Total other commitments 64 ––
Net Commitments by Maturity 5,554 8,692

Note: Commitments are GST inclusive where relevant.

Major categories of commitments as at the reporting date are described below:

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.

Motor Vehicles

A fleet of motor vehicles is leased which includes vehicles used by staff in performing their day to day activities as well as vehicles provided for private use by senior executives. Motor vehicle 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.