Statement of Commitments as at 30 June 2007

The Statement of Commitments shows the future contractual obligations (exclusive of GST) of Te Puni Kōkiri that will become liabilities if and when the terms and conditions of existing contracts are met.

Operating leases include lease payments for premises and motor vehicles.

Te Puni Kōkiri has long-term leases on its premises in New Zealand. The annual lease payments are subject to regular reviews, ranging from one year to four years. The amounts disclosed below as future commitments are based on the current rental rates.

The accompanying accounting policies and notes form part of these Financial Statements.

For information on major variances against budget refer Note 9: Explanation for Significant Variances.