 |
| | 
Notes to the Financial Statements Note 23: Leases Operating Leases as Lessee
(a) Leasing Arrangements | Final Expiry | | 2008 Actual | | Commentary | | | | | $000 | | | | Waikato-Tainui Campus Land | 2046 | | 2,000 | | | | Tauranga Campus | 2009 to 2010 | | 452 | | 4 Separate Leases | | Ruakura Satellite Campus | 2010 to 2013 | | 377 | | 4 Separate Leases | | Other Hamilton Leases | 2010 | | 304 | | 8 Leases | | Auckland | 2009 | | 31 | | 1 Lease | | Gisborne, Rotorua, Taupo and Whakatane | 2009 -2014 | | 99 | | 5 Leases | | Photocopy equipment | renewable | | 720 | | 2 Leases | The University leases the land for the Hamilton campus from Tainui Group Holdings Limited. The use of this land is restricted to tertiary education, research or any other activity permitted by the rules of the Regional and District plans or by a Resource Consent. The University may sublet up to 25% of the land for periods of no longer than 10 years. The University has entered into a Master Lease agreement with a Financier for the financing of individual student technology equipment. The University is indemnified against any default payments or any breach of any covenant by a student to repair or to return the Equipment to the Lessor. The future aggregate minimum lease payments payable under non-cancellable operating leases are as follows: | (b) Non-cancellable operating lease payments | | | Consolidated | | University | | | This Year | Last Year | | This Year | Last Year | | | $000 | $000 | | $000 | $000 | | Not longer than 1 year | | 3,726 | 3,799 | | 3,726 | 3,799 | | Longer than 1 year and not longer than 5 years | | 9,965 | 13,656 | | 9,965 | 13,656 | | Longer than five years | | 67,482 | 77,075 | | 67,482 | 77,075 | | | | 81,173 | 94,530 | | 81,173 | 94,530 | | | | (c) Lease payments recognised in accounts | | | Consolidated | | University | | | This Year | Last Year | | This Year | Last Year | | | $000 | $000 | | $000 | $000 | | Minimum lease payments | | 3,200 | 3,134 | | 3,200 | 3,134 | | Contingent rents | | - | - | | - | - | | Sub-lease payments | | 783 | 342 | | 783 | 342 | | | | 3,983 | 3,476 | | 3,983 | 3,476 | | | | (d) Sub-leases | | | Consolidated | | University | | | This Year | Last Year | | This Year | Last Year | | | $000 | $000 | | $000 | $000 | | Future minimum lease receipts | | 10,199 | 10,687 | | 10,199 | 10,687 | Lessor Disclosures Operating Leases as Lessor (a) Leasing Arrangements (Receivables) Operating leases relate to shops on campus, and residential premises adjacent to the University. Lease terms are for terms of between 2 & 49 years with various options to renew. The lessees do not have the option to purchase at the expiry of the lease period. The future aggregate minimum lease payments to be collected under non-cancellable operating leases are as follows: | (b) Non-cancellable operating lease receivables | | | Consolidated | | University | | | This Year | Last Year | | This Year | Last Year | | | $000 | $000 | | $000 | $000 | | Not longer than 1 year | | 700 | 789 | | 700 | 789 | | Longer than 1 year and not longer than 5 years | | 1,963 | 2,825 | | 1,963 | 2,825 | | Longer than five years | | 8,461 | 8,830 | | 8,461 | 8,830 | | | | 11,124 | 12,444 | | 11,124 | 12,444 | |
|
|
