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2008 Annual Report

   
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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


<< Note 22: Reconciliation of the Net Surplus with the Net Cash Flows from Operating Activities Table of contents Note 24: Contingent Liabilities >>

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