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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases

Schedule of amounts recognized in consolidated income and balance sheet

​

​	​	​	​	​
​		2021		2020
​		£m	​	£m
Amount recognised in consolidated income statement	​	​	​	​
Interest payable		(38)	​	(42)
Depreciation (1)		(167)	​	(209)
Rental expenses on short term leases		—	​	(1)
Income from subleasing right to use assets		4	​	4
​	​	​	​	​
​	​	​	​	​
​	​	2021	​	2020
​	​	£m	​	£m
Amount recognised on balance sheet	​	​	​	​
Right of use assets include property, plant and equipment (2),(3)		733	​	955
Additions to right of use assets		70	​	80
Lease liabilities (3),(4)		(1,263)	​	(1,698)

​

The total cash outflow for leases is £195 million (2020: £220 million), including payment of principal amount of £164 million (2020: £179 million) which are included in the operating activities in the cash flow statement.

(1) Includes impairment of right of use assets of £52 million (2020: £89 million).

(2) Includes right of use asset for plant and equipment of £9 million (2020: £8 million) and depreciation of £4 million (2020: £2 million).

(3) Includes the effect of the purchase of freeholds for properties where the Group was the primary leaseholder.

(4) Contractual cashflows of lease liabilities are shown in Note 12.

​

Schedule of amounts included in consolidated income statement for lessor leases

​

​	​	​	​	​
​		2021		2020
​		£m	​	£m
Amount included in consolidated income statement		​	​
Finance leases	​	​	​	​
Finance income on the net investment in leases		298	​	289
​	​	​	​	​
Operating leases	​	​	​	​
Lease income		169	​	168

Schedule of amount receivable under finance leases

​

​	​	​	​	​
​		2021	​	2020
​		£m		£m
Amount receivable under finance leases	​	​	​	​
Within 1 year		3,272	​	3,156
1 to 2  years		2,044	​	2,231
2 to 3 years		1,443	​	1,609
3 to 4 years		757	​	952
4 to 5 years		429	​	492
After 5 years		1,423	​	1,688
Lease payments total		9,368	​	10,128
Unguaranteed residual values		225	​	232
Future drawdowns		(21)	​	(22)
Unearned income		(891)	​	(1,081)
Present value of lease payments		8,681	​	9,257
Impairments		(150)	​	(196)
Net investment in finance leases		8,531	​	9,061

Schedule of undiscounted lease receipts from operating leases

​

​	​	​	​	​
​		2021	​	2020
​		£m		£m
Amount receivable under operating leases	​	​	​	​
Within 1 year		131	​	143
1 to 2 years		92	​	112
2 to 3 years		50	​	79
3 to 4 years		23	​	34
4 to 5 years		11	​	14
After 5 years		9	​	11
Total		316	​	393

Schedule of nature of operating lease assets on the balance sheet

​

​	​	​	​	​
​		2021		2020
Nature of operating lease assets on the balance sheet	​	£m	​	£m
Transportation		282		327
Car and light commercial vehicles		21		28
Other		223		245
		526		600

Schedule of undiscounted lease receipts from investment properties

​

​	​	​	​	​
​		2021		2020
​	​	£m	​	£m
Amount receivable under investment properties
Within 1 year		63		67
1 to 2 years		62		127
2 to 3 years		58		54
3 to 4 years		56		76
4 to 5 years		51		88
After 5 years		304		142
Total		594		554

X

- Definition

The disclosure of additional information about leasing activities of a lessor.

+ References

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-Name IFRS
-Number 16
-IssueDate 2021-01-01
-Paragraph 92
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- Definition

The disclosure of a maturity analysis of finance lease payments receivable. Finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an underlying asset.

+ References

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- Definition

The disclosure of a maturity analysis of operating lease payments. Operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.

+ References

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-Name IFRS
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- Definition

The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]

+ References

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-IssueDate 2021-01-01
-Paragraph 53
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The disclosure for detailed information about Lessor assets under operating lease on the balance sheet.

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The disclosure of a maturity analysis of Investment payments. Investment is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.

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