Statement of Commitments
as at 30 June
Capital commitments
Capital commitments are the aggregate amount of capital expenditure contracted for the acquisition of property, plant and equipment and intangible assets that have not been paid for or recognised as a liability at 30 June 2008.
Operating lease commitments
The Ministry operates from premises that are leased on short and long-term bases. The annual lease payments are subject to periodic review. The amounts disclosed below as future commitments are based on current agreements and rental rates.
Other operating commitments
There are also fisheries and biodiversity research projects and registry services contracts that have been entered into in 2007/2008 for which the service will be performed after 30 June 2008.
|
|
2008
Actual
$000
|
2007
Actual
$000
|
|
|
Operating commitments
|
| - Not later than one year |
19,711 |
20,659 |
| - Later than one year and not later than five years |
20,400 |
22,595 |
| - Later than five years |
5,124 |
7,902 |
|
|
Total operating commitments
|
45,235
|
51,156 |
|
|
Capital commitments
|
|
|
| Property, plant and equipment |
0 |
0 |
| Intangible assets |
0 |
0 |
|
|
Total capital commitments
|
0
|
0
|
|
|
Total commitments
|
45,235
|
51,156
|
|
The Ministry’s operating leases have varying terms, escalation clauses and renewal rights.
These financial statements should be read in conjunction with the statement of accounting policies on pages 52 to 57 and the notes to the financial statements on pages 64 to 77.