RWS AR 23 Final Single pages - Flipbook - Page 141
Group as a lessee
The Group has entered into leases across the business, principally relating to property. Set out below are the carrying
amounts of right-of-use assets recognised and the movements during the year, these are all property related.
Right-of-use assets
Total
£m
At 1 October
42.4
Leased assets acquired on acquisition
0.2
Additions
6.8
Disposals
(0.1)
Depreciation expense
(10.8)
Re-measurement adjustments
(1.0)
Currency adjustment
1.5
At 30 September 2022
39.0
Leased asses acquired on acquisition (see Note 24)
0.3
Additions
1.0
Depreciation expense
(9.4)
Re-measurement adjustments
(2.4)
Currency adjustment
(1.0)
At 30 September 2023
27.5
Set out below are the carrying amounts of lease liabilities and the movements during the year:
Lease liabilities
2023
£m
2022
£m
At 1 October
46.7
51.5
Additions
1.0
6.8
Leases acquired on acquisition (see Note 24)
0.3
0.2
Accretion of interest
1.1
1.3
(2.4)
(1.0)
(11.9)
(13.1)
Re-measurement adjustments
Repayments
Currency adjustment
(1.3)
1.0
At 30 September
33.5
46.7
Current
9.9
11.8
23.6
34.9
2023
£m
2022
£m
Depreciation expense on right of use assets
9.4
10.8
Interest expense on lease liabilities
1.1
1.3
Expense relating to short term leases*
1.9
1.8
Expense relating to leases of low value assets*
0.5
0.5
12.9
14.4
Non-current
The maturity analysis of lease liabilities is disclosed in Note 20.
Total amount recognised in pro昀椀t or loss
*The expenses in respect of short term and low value leases are recognised in administrative expenses. The cash out昀氀ows in respect of short term and low
value leases are presented within cash 昀氀ows from operating activities in the Statement of Cash Flows.
The Group had total cash out昀氀ows for leases of £11.9m (2022: £13.1m). The Group had no non-cash additions to rightof-use assets and lease liabilities in the year (2022: £nil). There are no future cash out昀氀ows relating to leases not yet
commenced to disclose separately.
The Group has several lease contracts that include scheduled rent reviews or rent increases based on future indices.
Index linked payment increases are typically in respect of changes in the Consumer Price Index for leases in the United
Kingdom, or similar indexes outside of the United Kingdom. These agreements represent standard commercial terms
for several locations in which leases are held. The impact of index linked rent increases was not material for the Group
NOTES TO THE CONSOLIDATED STATEMENTS
RWS Holdings plc — Annual Report 2023
141
