Financial Statements
Strategic Report
Governance Report
Other Information
15. Right-of-use assets
Cars £’000
Property £’000
Total £’000
Cost At 1 July 2022
328 470 798 174
9,425
9,753 1,183
Additions
713
At 30 June 2023
10,138 1,125
10,936 1,299
Additions
(91)
(315)
(406)
Adjustment on change of lease terms
At 30 June 2024
881
10,948
11,829
Accumulated depreciation At 1 July 2022
37
4,745 1,667 6,412 1,929
4,782 1,825 6,607 2,139
Depreciation charge
158 195 210
At 30 June 2023
Depreciation charge
50
(192)
(142)
Adjustment on change of lease terms
At 30 June 2024
455
8,149
8,604
Net book value At 1 July 2022 At 30 June 2023 At 30 June 2024
291
4,680 3,726 2,799
4,971 4,329 3,225
603 426
The Group offers a car leasing arrangement to provide a salary sacrifice car leasing scheme for employees. Each vehicle leased to individual employees creates a separate right-of-use asset and lease liability measured at present value of the remaining lease payments, discounted using the lessee’s estimated incremental borrowing rate (see Note 22).
The property additions relate to six new leases that commenced during the year ended 30 June 2024.
Right-of-use assets net book value totalling £2,823,000 at 30 June 2024 are recognised in the United Kingdom and £402,000 are recognised in the Channel Islands.
Brooks Macdonald Group plc Annual Report and Accounts 2024
139
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