Annual Report and Accounts 2021 to 2022
19. Commitments under operating leases
In accordance with IFRS 16, the Commission has categorised all leases as finance leases, with the exception of those leases which are exempt either by having less than 12 months to run from 31 March 2022 or are considered low value (less than £5,000).
Rentals due under operating leases are charged over the lease term on a straight-line basis, or on the basis of actual rental payable where this fairly reflects usage.
At 31 March 2022 the Commission was committed to making the following payments in respect of operating leases:
Obligations under operating leases
|at 31 March 2022||at 31 March 2021|
|Obligations under operating leases for the following periods:||Land and buildings
|Land and buildings
|Not later than one year||-||3||-||11|
|Later than one year and not later than five years||-||-||-||-|
|Later than five years||-||-||-||-|
18. Lease liabilities Next section
20. Related party transactions
Last updated: 31 August 2022
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