35. Commitments
At the balance sheet date there were no commitments for capital expenditure contracted for but not yet incurred.
The Group leases various offices and warehouses under non-cancellable operating lease agreements. The leases have varying terms and renewal rights. The Group also leases various plant and equipment under operating lease agreements, also with varying terms. Lease expenditure charged to the income statement was £178m (2016: £186m).
The future aggregate minimum lease payments in respect of operating leases are as follows:
|
All figures in £ millions |
2017 | 2016 | ||||||
|
Not later than one year |
156 | 174 | ||||||
|
Later than one year and not later than two years |
139 | 147 | ||||||
|
Later than two years and not later than three years |
121 | 129 | ||||||
|
Later than three years and not later than four years |
100 | 115 | ||||||
|
Later than four years and not later than five years |
86 | 96 | ||||||
|
Later than five years |
599 | 661 | ||||||
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| 1,201 | 1,322 | |||||||
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In the event that the Group has excess capacity in its leased offices and warehouses it will enter into sub-lease contracts in order to offset costs. The future aggregate minimum sub-lease payments expected to be received under non-cancellable sub-leases are as follows:
|
All figures in £ millions |
2017 | 2016 | ||||||
|
Not later than one year |
45 | 44 | ||||||
|
Later than one year and not later than two years |
45 | 46 | ||||||
|
Later than two years and not later than three years |
40 | 44 | ||||||
|
Later than three years and not later than four years |
35 | 39 | ||||||
|
Later than four years and not later than five years |
33 | 34 | ||||||
|
Later than five years |
138 | 155 | ||||||
|
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|
|
|
|||||
| 336 | 362 | |||||||
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