Financial statements
Notes to the financial statements
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31 Operating leases
Leases as lessee
Future minimum payments due under non-cancellable operating lease rentals are as follows:
| Group 2007 £m |
Group 2006 m |
Company 2007 £m |
Company 2006 £m |
|
|---|---|---|---|---|
| Less than one year | 9 | 6 | – | – |
| Between one and five years | 32 | 32 | – | – |
| More than five years | 42 | 39 | – | – |
| 83 | 77 | – | – |
The Group leases a number of its offices under operating leases. None of the leases include contingent rentals.
During the year to 31 March 2007, £10 million (2006: £6 million) was recognised as an expense in the income statement in respect of operating leases. £1 million (2006: £2 million) was recognised as income in the income statement in respect of subleases.