John Lewis Partnership plc annual report and accounts 2013

29 Commitments and contingent liabilities

At 26 January 2013 contracts had been entered into for future capital expenditure of £11.1m (2012: £24.0m).

John Lewis plc continues to provide lease guarantees in favour of the group’s former associate company, Ocado Limited, of £6.8m (2012: £6.8m).

30 Operating lease commitments

Future aggregate minimum lease payments under non-cancellable operating leases, payable: - 2013 Land and buildings £m - 2012 Land and buildings £m

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Within one year 138.4 117.0

Later than one year and less than five years 503.4 441.0

After five years 2,299.3 1,890.1

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Future aggregate minimum lease payments under non-cancellable operating leases, payable after five years comprise the following: - 2013 Land and Buildings £m - 2012 Land and buildings £m

Later than five years and less than ten years 529.5 450.5

Later than ten years and less than twenty years 677.5 571.5

Later than twenty years and less than forty years 323.0 250.7

Later than forty years and less than eighty years 296.6 258.4

After eighty years 472.7 359.0

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2,299.3 1,890.1

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Total future sub-lease payments receivable relating to the above operating leases amounted to £11.8m (2012: £13.6m).

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.

The John Lewis Partnership Trust Limited is a related party and holds the Deferred Ordinary Shares in the Partnership on behalf of the Partners. The John Lewis Partnership Trust Limited facilitates the approval and payment of the Partnership Bonus and BonusSave. At the year end, the SIP shares issued to the John Lewis Partnership Trust Limited as part of the BonusSave scheme are recorded in the Company’s balance sheet within borrowings of £84.7m.

Key management compensation has been disclosed in note 9.

The loan by the Company to John Lewis plc has been disclosed in note 12.

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