Accounting Policy

The nature of operating leases relates to the leases for office accommodation and office equipment.

Lease payments are subject to annual increases in accordance with upwards movements in the Consumer Price Index. On expiry leases may be renewed for up to ten years at the Group’s option, following a once-off adjustment of rentals to current market levels.

Operating lease payments are expensed on a straight-line basis which is representative of the pattern of benefits derived from the leased assets.