Barclays 2008 Annual Report Download - page 250

Notes to the accounts
For the year ended 31st December 2008
248 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
37Leasing (continued)
The carrying amount of assets held under finance leases at the balance sheet date was:
2008 2007
£m £m
Cost 87 94
Accumulated depreciation (67) (24)
Net book value 20 70
Operating lease commitments
The Group leases various offices, branches and other premises under non-cancellable operating lease arrangements. The leases have various terms,
escalation and renewal rights. There are no contingent rents payable. The Group also leases equipment under non-cancellable lease arrangements.
Where the Group is the lessee the future minimum lease payment under non-cancellable operating leases are as follows:
2008 2007
Property Equipment Property Equipment
£m £m £m £m
Not more than one year 275 5 191 6
Over one year but not more than two years 354 1 396 1
Over two years but not more than three years 334 1 357 1
Over three years but not more than four years 315 – 323 –
Over four years but not more than five years 465 5 287 –
Over five years 2,744 1 2,225 –
Total 4,487 13 3,779 8
The total of future minimum sublease payments to be received under non-cancellable subleases at the balance sheet date is £158m (2007: £167m).
38 Disposals
The Group made the following material disposals in 2008:
% Disposal Date
Barclays Life Assurance Limited 100 31/10/08
2008
£m
Total disposal consideration 762
Costs associated with disposal (33)
Net assets disposed (403)
Profit on disposal of subsidiaries 326
Total disposal consideration 762
Costs associated with disposal (7)
Repayment of loan on disposal (386)
Cash and cash equivalents disposed of (131)
Disposal of subsidiaries, net of cash disposed 238
Cash received in respect of disposal of ownership in BGI UK Holdings Limited
through the exercise of options under the BGI EOP scheme 19
Decrease in investment in subsidiaries 19