189 / 248
For the year ended 31 May 2015
187
BLUE LABEL INTEGRATED ANNUAL REPORT 2015
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS
CONTINUED
33.
COMMITMENTS
Future operating lease commitments
The Group leases various offices under non-cancellable operating lease agreements.
The lease terms are between one and five years, and the majority of lease agreements are renewable
at the end of the lease period at market rates.
The Group also leases various equipment under cancellable operating lease agreements.
The Group is required to give six months’ notice for the termination of the majority of these
agreements.
The lease expenditure charged to the statement of comprehensive income during the year is disclosed
in note 19.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2014
R’000
Premises
Payable within one year
27 512
29 434
Payable in two to five years
29 663
53 526
Payable in greater than five years
—
348
Equipment
Payable within one year
293
416
Payable in two to five years
204
342
Payable in greater than five years
—
—
57 672
84 066
Future funding commitments
The Group has committed to provide funding of R109.4 million to certain joint ventures
and associates.
The commitments are non-binding but have been undertaken with a reasonable expectation
of fulfilment.
2015
R’000