2013 $ 2012 $ (i) not later than one year 982,610 944,818 (i i) later than one year but not later than five years 4,339,521 4,172,617 (i i i) later than five years 3,948,755 5,098,269 Total 9,270,886 10,215,704 <pp> 44 16. Finance Lease Commitments A asset and liability are established at the present value of minimum lease payments for all motor vehicles leased through VicFleet. lease payments are allocated between the principal component of the lease liability and the interest expense. The following commitments have been contracted for by Sustainability Victoria. Present value of Minimum future lease minimum future lease payments payments 2013 $ 2012 $ 2013 $ 2012 $ (i) not longer than one year 138,197 157,805 133,655 153,017 (i i) longer than one year and not longer than five 50,313 39,647 45,857 39,139 Minimum future lease payment 188,510 197,452 179,512 192,156 Less: future finance charges 8,998 5,296 - - Present value of minimum lease payments 179,512 192,156 179,512 192,156 Included in the financial statements as: Current borrowings lease liabilities - - 133,655 153,017 (note 12) Non-current borrowings lease - - 45,857 39,139 liabilities (note 12) Total - - 179,512 192,156 17. Committed Expenditure Financial commitments entered into through 229 contracts by Sustainability Victoria as at the reporting date (284 at 30 June 2012), not included in the Balance and to be carried forward into the 2013 to 14 financial year and beyond, are as follows: 2013 $ 2012 $ (i) not later than one year 10,719,104 8,580,049 (i i) later than one year but not later than 4,197,449 2,896,702 five years
2013 $ 2012 $ (i) not later than one year 982,610 944,818 (i i) later than one year but not later than five years 4,339,521 4,172,617 (i i i) later than five years 3,948,755 5,098,269 Total 9,270,886 10,215,704 <pp> 44 16. Finance Lease Commitments A asset and liability are established at the present value of minimum lease payments for all motor vehicles leased through VicFleet. lease payments are allocated between the principal component of the lease liability and the interest expense. The following commitments have been contracted for by Sustainability Victoria. Minimum future lease payments Present value of minimum future lease payments 2013 $ 2012 $ 2013 $ 2012 $ (i) not longer than one year 138,197 157,805 133,655 153,017 (i i) longer than one year and not longer than five 50,313 39,647 45,857 39,139 Minimum future lease payment 188,510 197,452 179,512 192,156 Less: future finance charges 8,998 5,296 - - Present value of minimum lease payments 179,512 192,156 179,512 192,156 Included in the financial statements as: Current borrowings lease liabilities (note 12) - - 133,655 153,017 Non-current borrowings lease liabilities (note 12) - - 45,857 39,139 Total - - 179,512 192,156 17. Committed Expenditure Financial commitments entered into through 229 contracts by Sustainability Victoria as at the reporting date (284 at 30 June 2012), not included in the Balance and to be carried forward into the 2013 to 14 financial year and beyond, are as follows: 2013 $ 2012 $ (i) not later than one year 10,719,104 8,580,049 (i i) later than one year but not later than five years 4,197,449 2,896,702