28. Operating lease commitments
The Group and Charity
The Group and Charity had commitments to future minimum lease payments under noncancellable operating leases at the year end as follows:
Property
2023
Property
2022
Vehicles and
equipment
2023
Vehicles and
equipment
2022
Total
2023
Total
2022
£'000 £'000 £'000 £'000 £'000 £'000
Within 1 year 1,909 3,285 - 1 1,909 3,286
Between 1 and 5 years 280 2,113 - - 280 2,113
After 5 years - - - - - -
2,189 5,398 - 1 2,189 5,399
29. Contingent liabilities
As at 31 December 2023, Macmillan had contingent liabilities of £7,077,000 (2022: £6,656,000).
The Charity entered into a contract with Oxford University Hospitals NHS Foundation Trust and Social Finance Limited on 13 December 2021. The Charity is
providing a social impact bond to the NHS Foundation Trust in relation to the provision of certain end of life care services. The total social impact bond will be
up to £6,100,000 over the period ending 31 May 2025. The Charity recognises expenditure when the conditions and milestones set out in the contract are met.
In the year ended 31 December 2023, the Charity recognised £1,658,000 of expenditure (2022: £824,000). The remaining contingent liability is £3,618,000 (2022:
£5,276,000).
The Charity entered into a contract with Highland Hospice and Social Finance Limited on 6 December 2022. The Charity will provide a social impact bond to the
Highland Hospice in relation to the provision of certain end of life care services. The total social impact bond will be up to £1,380,000 over the period ending
31 December 2025. The Charity recognises expenditure when the conditions and milestones set out in the contract are met. In the year ended 31 December 2023,
the Charity recognised £320,000 of expenditure (2022: £nil). The remaining contingent liability is £1,060,000 (2022: £1,380,000).
The Charity entered into a contract with Harrogate and District NHS Foundation Trust on 18 December 2023. The Charity will provide a social impact bond to the NHS
Foundation Trust in relation to the provision of certain end of life care services. The total social impact bond will be up to £2,431,000 over the period ending
31 December 2027. The Charity recognises expenditure when the conditions and milestones set out in the contract are met. In the year ended 31 December 2023, the
Charity recognised £32,000 (2022: £nil). The remaining contingent liability is £2,399,000 (2022: £nil).
117
Environmental, social
and governance review
Financial review
Strategic report
Overview
Financial statements
Thank you