City of Kokomo (The council) has recently made substantial cuts to its community transport service. It will now provide such services only in cases of great need, assessed on a case by case basis. It has entered into a two-year contract with BusFleet Ltd for the use of one of its minibuses for this purpose. The minibus must seat ten people, but BusFleet Ltd can use any of its ten-seater minibuses when required. The minibuses are held on BusFleet Ltds premises and are only made available to the council on request

Required:

In accordance to IFRS16 / AASB 16 Leases, identify whether the contract between City of Kokomo and BusFleet Ltd contain a lease.

(4 marks)