National Consumer Tribunal Annual Report 2011/12 National Consumer Tribunal 2011-12 | Page 98

Annual Financial Statements
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
for the year ended 31 March 2011
31 March
2011
R
16
31 March
2010
R
Commitments (continued)
16.2 Finance leases - equipment
Minimum lease payments due
- within 1 year 73 711 55 713
- in second to fifth year inclusive 90 027 32 832
163 738 88 545
(22 908) (10 330)
Less future finance charges
Present value of minimum lease payments due
140 830

78 215

Current liabilities 59 324 48 216
Non-current liabilities 81 506 29 999
140 830 78 215
Lease assets are initially measured at the lower of the fair value of the leased asset at the
inception of the lease term and the present value of minimum lease payments at that date.
The average lease term is 3-5 years and the average effective borrowing rate was 14%
(2010: 14%)
16.3 Operating leases - buildings
National Consumer Tribunal as the Lessee
Minimum lease payments under operating leases recognised
in the surplus for the year
Future minimum lease payments
1 553 269 877 868
829 029 292 990
1 - 5 years - -
5 or more years - -
829 029 292 990
Up to 1 year
The operating lease relates to the Centurion office . Buildings premises used by The National
Consumer Tribunal. The lease agreement was entered into effective from 1 September
2010, ending 31 August 2011.
16.4 Operating leases - equipment
Minimum lease payments under operating leases recognised
in the surplus for the year
Future minimum lease payments
Up to 1 year
27 634 -
32 235 -
1 - 5 years - -
5 or more years - -
32 235 -
The operating lease relates to the office equipment. The lease
agreement runs until October 2011.
Annual Report 2011
page 96 | national consumer tribunal