184
Total future lease payments under leases are given in the table below:
| GROUP | SCOTTISH ENTERPRISE | |||
| Obligations for the following periods comprise: | 2026 | 2025 | 2026 | 2025 |
| £000 | £000 | £000 | £000 | |
| Property | ||||
| Not later than one year | 1,435 | 1,850 | 1,396 | 1,382 |
| Later than one year and not later than five years | 3,558 | 430 | 3,558 | 395 |
| Later than five years | - | - | - | - |
| 4,993 | 2,280 | 4,954 | 1,777 | |
| Less interest element | (471) | (48) | (471) | (38) |
| Present value of obligations | 4,522 | 2,232 | 4,483 | 1,739 |
| Non-Property | ||||
| Not later than one year | 5 | 17 | 5 | 10 |
| Later than one year and not later than five years | - | 9 | - | - |
| Later than five years | - | - | - | - |
| 5 | 26 | 5 | 10 | |
| Less interest element | (-) | (-) | (-) | (-) |
| Present value of obligations | 5 | 26 | 5 | 10 |
| Total present value of obligations | 4,527 | 2,258 | 4,488 | 1,749 |
| Current | 1,238 | 1,826 | 1,199 | 1,361 |
| Non-current | 3,289 | 432 | 3,289 | 388 |
Leases are discounted using the rate implicit in the lease. Where that rate cannot be readily determined, leases are discounted at the entity's incremental borrowing rate.
Where an entity has no borrowings (which is the case for all entities consolidated into the departmental group), HM Treasury issues discount rates to be used. These cover calendar years and were 4.72% for 2024, 4.81% for 2025 and 5.32% for 2026.