NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  22 CONTINGENCIES  (b) Contingent assets 23 COMMITMENTS (a) Operating leases 24 KEY MANAGEMENT PERSONNEL DISCLOSURES (a) Compensation of Key Management Personnel by Category The compensation, by category, of the Key Management Personnel is set out below: Detailed remuneration disclosures of the Key Management Personnel (“KMP”) of the Company and Group are set out in the Remuneration Report section  of the Directors’ Report. (CONTINUED) For the year ended 30 June 2014 (continued) In the event that any entity in the Group is required to meet a joint venture or partnership liability in excess of its proportionate share, that entity has right of  recourse against the co-joint venturers or other partners in respect of that excess. Specifically, the Group has a contingent asset for the amount of the  following joint and several operating lease commitments in the event that it is called upon to meet liabilities of the other joint venturers: $^{1}$  refer Note 22(a)(ii) for corresponding amount reflecting the related contingent liabilities. $^{1}$  Accounting standard AASB 117:  Leases  applies to the rental commitments of the Group. The Group is required to pay percentage rent on certain operating leases.  Percentage rent is payable as either Incentive Rent or Revenue Share. Incentive Rent occurs when the operating lease creates a liability to pay the lessor a  percentage of the Gross Receipts when a cinema site’s earnings exceed the Base Rent. Gross receipts are generally made up of box office takings, concession  sales and screen advertising, but may also include revenue from licence fees, arcade games and the sale of promotional material. It is not possible for the Group  to reliably determine the amount of percentage rent that will be payable under each of the operating leases, as such, percentage rent is expensed as incurred,  rather than being included in the operating rent expense recognised on a straight-line basis over the life of the lease. 60 VILLAGE ROADSHOW LIMITED CONSOLIDATED VILLAGE ROADSHOW LIMITED 2014  $ 2013  $ 2014  $ 2013  $ Short-Term 11,692,710 11,253,666 11,692,710 11,253,666 Post-Employment 210,369 183,688 210,369 183,688 Other Long-Term 232,377 181,202 232,377 181,202 Termination Benefits – – – – Sub-totals 12,135,456 11,618,556 12,135,456 11,618,556 Share-based Payment 1,114,440 497,608 1,114,440 497,608 Totals 13,249,896 12,116,164 13,249,896 12,116,164 2014  $’000 2013  $’000 (b) Other expenditure commitments Estimated capital and other expenditure contracted for at reporting date but not provided for: Payable within one year 18,338 77,813 Payable between 1 and 5 years 5,038 4,954 Payable later than 5 years 1,819 2,477 Total other expenditure commitments 25,195 85,244 2014  $’000 2013  $’000 (i) Operating leases – Minimum lease payments: Payable within 1 year 40,826 41,275 Payable between 1 and 5 years 145,921 142,824 Payable after 5 years 230,734 265,282 417,481 449,381 (ii) Operating leases – Percentage based lease payments:¹ Payable within 1 year 6,794 5,677 Payable between 1 and 5 years 23,889 20,191 Payable after 5 years 24,005 33,383 54,688 59,251 Total operating lease commitments 472,169 508,632 Future minimum rentals payable under non-cancellable operating leases as at 30 June are as follows: The Group has entered into commercial leases for cinemas, offices and other operational location sites. The lease commitments schedule below includes  cinema and office leases with terms of up to 15 years, however it does not include terms of renewal. In general, cinema and office leases do not include  purchase options although on rare occasions there may be a purchase option. Renewals are at the option of the specific entity that holds that lease.  In addition, the leases include the Crown leases entered into by Sea World Property Trust, which have a remaining term of 43 years, and the Wet’n’Wild  Sydney ground lease, which has a remaining term of 49 years. 2014  $’000 2013  $’000 (i) Right of recourse in relation to joint and several obligations for operating lease commitments of partners in  joint operations¹ 39,708 64,237 CLOSE FILE X