Notes to the financial statements |

For the year ended 31 December 2022

21. Capital commitments and operating leases (continued)

Operating leases as lessee

Te Wānanga o Aotearoa has entered commercial leases on certain buildings where it is not in the best interest of Te Wānanga o Aotearoa to purchase these assets.

These leases have a life of between 1 and 12 years with renewal terms included in the contracts. Renewals are at the option of Te Wānanga o Aotearoa. There are no restrictions placed upon the lessee by entering into these leases.

Future minimum rentals payable under non-cancellable operating leases as at 31 December are as follows:

Te Wānanga o Aotearoa owns a number of buildings and has entered commercial leases where it is not in the best interest of Te Wānanga o Aotearoa to use these buildings for their operations.

These leases have an average life of between 1 and 3 years with renewal terms included in the contracts. Renewals are at the option of the lessee. There are no restrictions placed upon the lessee by entering into these leases.

Future minimum rentals receivable under non-cancellable operating leases as at 31 December are as follows:

No contingent rents have been recognised in the statement of comprehensive revenue and expense during the period.