Notes to the Financial Statements 

Note 25: Leases

Operating Leases as Leasee
(a) Leasing Arrangements

Final Expiry 2009 Actual
$000
Commentary
Waikato-Tainui Campus Land In perpetuity 1,904 Subject to lease conditions
Tauranga Campus 2010 to 2012 458 4 Separate Leases
Ruakura Satellite Campus 2010 375 4 Separate Leases
Other Hamilton Leases Nil to 2012 238 5 Leases
Other Leases 2009 -2012 125 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 lease are as follows:

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
(b) Non-cancellable operating lease payments  
Not longer than 1 year 3,381 3,726 3,381 3,726
Longer than 1 year and not longer than 5 years 9,882 9,965 9,882 9,965
Longer than five years 63,895 67,482 63,895 67,482
  77,158 81,173 77,158 81,173


Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
(c) Sub-leases  
Future minimum lease receipts 10,532 10,199 10,532 10,199

These are the minimum future receipts that the University expects to receive from its tenants on leased land, the minimum renewal periods range from 1 to 37 years.

 

Notes to the
Financial Statements  

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:

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
(b) Non-cancellable operating lease receivables  
Not longer than 1 year 725 700 725 700
Longer than 1 year and not longer than 5 years 2,026 1,963 2,026 1,963
Longer than five years 8,446 8,461 8,446 8,461
  11,197 11,124 11,197 11,124

No contingent rents have been recognised in the Statement of Comprehensive Income.



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