John Lewis Partnership plc annual report and accounts 2012






29 Commitments and contingent liabilities


At 28 January 2012 contracts had been entered into for future capital expenditure of £24.0m (2011: £53.6m).


John Lewis plc continues to provide lease guarantees in favour of the group’s former associate company, Ocado Limited, of £6.8m (2011: £6.8m).






30 Operating lease commitments


Table showing Operating lease commitments


Future aggregate minimum lease payments under non-cancellable operating leases, payable: | 2012 Land and buildings (£m) | 2011 Land and buildings (£m)


Within one year 117.0 | 104.7
Later than one year and less than five years 441.0 | 394.0
After five years 1,890.1 | 1,686.5 


 


Future aggregate minimum lease payments under non-cancellable operating leases, payable after five years comprise the following: | 2012 Land and buildings (£m) | 2011 Land and buildings (£m)


Later than five years and less than ten years 450.5 | 408.2
Later than ten years and less than twenty years 571.5 | 527.6
Later than twenty years and less than forty years 250.7 | 232.4
Later than forty years and less than eighty years 258.4 | 229.2
After eighty years 359.0 | 289.1
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
1,890.1 | 1,686.5



Total future sub-lease payments receivable relating to the above operating leases amounted to £13.6m (2011: £16.0m).


 


31 Related party transactions


The group entered into an arrangement with the Pension Scheme Trustee on 30 January 2010 to address an element of the scheme deficit that existed at that time. Details of this arrangement and changes made in September 2011 are set out in note 24.


In December 2011 the group sold a property to the main pension scheme for £10.6m and entered into an operating lease in respect of the property. These transactions were at market values.


Key management compensation has been disclosed in note 8.






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