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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