As at 31 March 2022 the GPhC's future minimum operating lease payments are as follows:
| 2022 | 2021 |
|---|
| £000 | £000 |
|---|
| Within one year | | |
|---|
| Motor vehicles | 43 | 83 |
|---|
| Property | 787 | 787 |
|---|
| Equipment | 6 | 12 |
|---|
| 836 | 882 |
|---|
| Between one year and five years | | |
|---|
| Motor vehicles | 6 | 49 |
|---|
| Property | 886 | 1,673 |
|---|
| Equipment | - | 6 |
|---|
| 892 | 1,728 |
|---|
| Later than five years | | |
|---|
| Property | - | - |
|---|
| - | - |
|---|
The annual cash lease payments under the operating lease for the property are £1.2m. The commitment shown above takes into account the lease incentive received on entering into the lease which is being amortised on a straight-line basis over the term of the lease at £0.5m per annum.