11. Capital commitments and operating leases Capital commitments Operating leases There are no capital commitments for the 2023/24 year. (2023: $174,000). The future aggregate minimum lease payments to be paid under non-cancellable operating leases are as follows: 2023 $000 2022 $000 725 587 Later than one year and not later than five years 2,712 2,623 Later than five years 1,063 2,009 Total non-cancellable operating leases 4,500 5,219 Not later than one year The decrease in lease commitments from 2022 is due the end of the Auckland lease in August 2028 and Wellington lease in October 2031. A significant portion of the balance of the total non-cancellable operating lease expense relates to the lease of one floor of an office building in Auckland. The initial term ended in August 2022. The lease was renewed for a period of three years with an option to renew for a further six years from August 2025. The Wellington office lease is a ten-year lease with expiry on 31 October 2031. 70 Pūrongo ā-tau Annual Report 2023 The remainder of the non-cancellable operating lease expense relates to the lease of a small portion of floor space in the Christchurch Integrated Government Accommodation campus. The lease expires in November 2027. The Commission leases video conference facilities in the Auckland and Wellington offices. The Wellington lease expires in October 2024 and the Auckland lease expires in June 2026. The Commission does not have the option to purchase the assets at the end of the lease terms and there are no restrictions placed on the Commission by any of the leasing arrangements.