Notes to the financial statements (cont’d) For the year ended 30 June 2012 35 Operating leases Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows: The Group leases a number of offices premises under non-cancellable operating leases expiring between one month to ten years. The  leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. The Group also lease various office equipment under non-cancellable operating leases expiring between 1 month to 3 years. The  term of some of these lease provided the Group with the option to purchase this equipment at the conclusion of these lease  agreements. Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Not later than one year 12,046  9,820  - - Later than one year, not later than five years 29,689  35,417  - - Later than five years 8,232  12,042  - - 49,967  57, 279 - - Consolidated Parent 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Contingent liabilities Rental bond guarantees 5,380  4,596  - - ASX settlement bond guarantee 500  500  - - ASIC bond guarantees 80  60  - - Other guarantees 2,000  - - - 7,960  5,156  - - IOOF Investment Management Ltd, a subsidiary of IOOF  Holdings Ltd, is currently defending claims brought against it in  its capacity as trustee of superannuation funds. In aggregate  these total approximately $211,000. Professional indemnity  insurance cover is held to meet any professional liabilities that  may arise for individual claims above the applicable excess,  the Group would be potentially liable for less than $211,000 of  these claims. Australian Executor Trustees Ltd, a subsidiary of IOOF Holdings  Ltd, is currently defending claims brought against it in its  capacity as trustee of estates and superannuation funds. In  aggregate these total approximately $2,719,000. Professional  indemnity insurance cover is held to meet any professional  liabilities that may arise for individual claims above the  applicable excess, the Group would be potentially liable for  less than $275,000 of these claims. p age 112 Platform management division Trustee services division Other contingent liabilities 37 Contingencies 36 Capital commitments The Group has not entered into any non-cancellable capital expenditure commitments not already recognised or provided for.