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63NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2012(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)12. Borrowings (continued)Borrowings relate to finance leases in respect of the new Press acquisition in 2008 and leased motor vehicles as follows:2012 2011$ $New press 23,769 32,864Motor vehicles 2,490 1,43026,259 34,294These leases are paid via monthly installments over a period of one to five years and bear interest at rates ranging from 7% to 9.25% (2011: 7% to 9.25%) and are secured against the principal held in the ANSA Secured Fund (New Press) and the leased vehicles.2012 2011$ $Finance lease obligations:Balance brought forward 34,294 42,888Repayments (8,035) (8,594)Balance carried forward 26,259 34,294Amounts due within one (1) year (10,567) (9,552)Amount due after one (1) year 15,692 24,742The minimum lease payments under these finance leases are as follows:2012 2011$ $Due within one year 12,727 12,455Due within two to five years 17,077 27,710Total minimum lease payments 29,804 40,165Less: Finance charges (3,545) (5,871)Total net present value 26,259 34,294Guardian_Media_Annual_Report2012.indd 63 4/17/13 7:31 PM