Part 4: Financial statements (continued)

Date

Schedule of commitments

Schedule of commitments
as at 30 June 2012
  2012
$'000 		2011
$'000
BY TYPE    
Commitments payable    
Capital commitments    
Land and buildings1 1,057 -
Plant and equipment2 588 -
Intangibles3 108 1,905
Total capital commitments 1,753 1,905
     
Other commitments    
Operating leases4 29,489 36,186
Other5 11,859 7,428
Total other commitments 41,348 43,614
Total commitments payable 43,101 45,519
     
Commitments receivable    
GST receivable6 (3,700) (4,038)
Total commitments receivable (3,700) (4,038)
NET COMMITMENTS BY TYPE 39,401 41,481
     
BY MATURITY    
Commitments payable    
Capital commitments    
One year or less 1,744 1,893
From one to five years 9 12
Total capital commitments 1,753 1,905
     
Operating lease commitments    
One year or less 8,528 8,267
From one to five years 20,961 27,919
Total operating lease commitments 29,489 36,186
     
Other commitments    
One year or less 8,359 4,559
From one to five years 3,500 2,869
Total other commitments 11,859 7,428
Total commitments payable 43,101 45,519
     
Commitments receivable    
One year or less (1,585) (1,276)
From one to five years (2,115) (2,762)
Total commitments receivable (3,700) (4,038)
NET COMMITMENTS BY MATURITY 39,401 41,481

1. Land and buildings commitments relate to ongoing capital works.
2. Plant and equipment commitments primarily relate to office equipment and computers.
3. Intangible commitments relate to developed software.
4. Operating lease commitments relate to leases for office accommodation.
5. Other commitments primarily relate to contracts for operational expenses and consultants.
6. Commitments are GST inclusive where relevant.
This schedule should be read in conjunction with the accompanying notes.

Schedule of commitments (continued)
as at 30 June 2012

Operating leases included are effectively non-cancellable and comprise of:

Nature of lease General description of leasing arrangement
Leases for accommodation
  • Commercial — leases comprise of various periods, including both initial and options periods.
  • Overseas estate — some commercial lease payments are adjusted annually by two per cent and residential lease payments are reviewed bi-annually to reflect market movements.
  • The initial periods of office accommodation leases are still current and each may be renewed with options for a further three or five years.
Agreements for the provision of motor vehicles to Senior Executive Officers
  • No contingent rentals exist.
  • No renewal or purchase options are available to the Treasury.
Leases for computer equipment and office equipment
  • The lessor provides all computer equipment designated as necessary in the supply contract for three years with an option to extend the term for a fixed period as agreed by both parties.
  • The lessor provides all photocopier equipment designated as necessary in the supply contract for four years with an option to extend the term for a fixed period as agreed by both parties.