8.1 Reconciliation of carrying value of lease liabilities
Lease liabilities are included within borrowings in the statement of financial position. A breakdown of borrowings is disclosed in note 12.2.
| 2023/24 Total £000 | 2022/23 Total £000 | |
| Carrying value at 31 March | 11,628 | - |
| IFRS 16 implementation - adjustments for existing operating leases | - | 13,137 |
| Additions | 322 | 290 |
| Lease liability remeasurements | 2,285 | 366 |
| Application of effective interest rate | 130 | 119 |
| Early terminations | (2) | (624) |
| Lease payments (cash outflows) | (1,681) | (1,660) |
| Carrying value at 31 March | 12,682 | 11,628 |
Lease payments for short term leases, leases of low value underlying assets and variable lease payments not dependent on an index or rate are recognised in operating expenditure.
These payments are disclosed in Operating Expenses note 3.1. Cash outflows in respect of leases recognised on-SoFP are disclosed in the reconciliation above. Income generated from subleasing right of use assets is £65,000 (2022/23: £36,000) and is included within finance lease receivables in note 10.3.
8.2 Maturity analysis of future lease payments
| Undiscounted future lease payments payable in: |
Total 31 March 2024 £000 | Of which leased from DHSC group bodies: 31 March 2024 £000 | Total 31 March 2023 £000 | Of which leased from DHSC group bodies: 31 March 2023 £000 |
| No later than one year; | 1,710 | 801 | 1,450 | 649 |
| Later than one year and not later than five | 5,130 | 3,008 | 5,006 | 2,540 |
| Later than five years. | 6,603 | 6,164 | 5,884 | 5,136 |
| Total gross future lease payments | 13,443 | 9,973 | 12,340 | 8,325 |
| Finance charges allocated to future periods | (761) | (641) | (712) | (555) |
| Net lease liabilities at 31 March | 12,682 | 9,332 | 11,628 | 7,770 |
| Of which | ||||
| Leased from other NHS providers | - | - | ||
| Leased from other DHSC group bodies | 9,333 | 7,770 |
