13 Capital commitments and operating leases Capital commitments There were no capital commitments at the balance sheet date (2014: nil). Operating leases The Commission leases office floor space in Auckland in the normal course of its business. The future aggregate minimum lease payments to be paid under the operating lease are as follows: Not later than one year Later than one year but not later than five years Later than five years Total non-cancellable operating leases 2015 $000 2014 $000 264 454 1,058 1,040 - 260 1,322 1,754 The Commission has a right to renew the lease for a further six year term from July 2020, but does not have any option to purchase any of the assets at the end of the lease term. There are no restrictions placed on the Commission by the operating lease arrangement. On 12 April 2015 the Commission’s lease of its Wellington office space ended. The Commission continues to occupy the space on a month to month arrangement pending the conclusion of negotiations with the landlord for an all-of-government solution, led by the Tertiary Education Commission. 14 Contingencies Contingent liabilities The Commission has no contingent liabilities. (2014: The Commission was subject to a “make good” clause in relation to its lease of office space in Wellington. The lease was terminated in April 2015 and the “make good” clause was waived.) Contingent assets The Commission has no contingent assets (2014: nil). Annual Report 2015 55