Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
26. LEASES (a) Leases as lessee The Group leased a number of retail units at Heritage sites and certain IT equipment. Information about leases for which the Group was a lessee is presented below. (i) Right-of-use assets in the statement of financial position Right-of-use assets related to lease properties that do not meet the definition of investment properties were presented as a separate line item in the statement of financial position:
25. FINANCIAL RISK MANAGEMENT (Continued) (c) Market risk (Continued)
Fair Value through Profit or Loss €’000
Liabilities at amortised cost €’000
Amortised Cost €’000
Carrying value €’000
Tourism Buildings €’000
Plant, Fixtures and Fittings €’000
Total €’000
Company 31 December 2024 Trade and other receivables Cash and cash equivalents
- - - - -
217
217
Balance at 1 January 2023
690 275 965
- - -
- - -
690 275 965
-
-
Additions
(198)
(198)
Depreciation charge for the year Derecognition of right-of-use asset Balance at 31 December 2023
Total
(19)
(19)
-
-
- -
- -
(1,060) (1,060)
(1,060) (1,060)
Trade and other payables
Total
(ii) Amounts recognised in the consolidated statement of comprehensive income The following amount was recognised in the consolidated statement of comprehensive income for which the Group was a lessee for the year ended 31 December 2023:
Fair Value through Profit or Loss €’000
Liabilities at amortised cost €’000
Amortised Cost €’000
Carrying value €’000
2023 €’000
31 December 2023 Trade and other receivables Cash and cash equivalents
530 366 896
- - -
- - -
530 366 896
-
Interest expense on lease liabilities
Total
- -
- -
(935) (935)
(935) (935)
Trade and other payables
(iii) Amounts recognised in the consolidated cashflow statement
Total
2023 €’000
The Group has availed of the exemption under IFRS 7 “Financial Instruments: Disclosure” from providing additional disclosures where the amortised cost carrying value closely approximates the fair value. With the exception of finance leases receivable, the carrying amount of the above financial assets and liabilities approximate fair value. Measurement of fair values Fair Value Hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique. • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). Set out below are the major methods and assumptions used in estimating the fair values of the financial assets and liabilities disclosed in the preceding table. Financial assets – money market funds Money market funds are measured at fair value based on identical assets’ quoted prices in an active market (Level 1).
184
Total cash outflow for leases
(b) Leases as lessor The Group leases out its investment properties (see Note 12). During the year €12,770,000 (2023: €12,228,000) was recognised as rental income by the Group. The following table sets out a maturity analysis of lease payments to be received, showing the undiscounted lease payments to be received after the reporting date:
2024 €’000
2023 €’000
Operating leases Less than one year
12,013
11,382
9,036 8,171 6,637 2,870
Between one and two years Between two and three years Between three and four years Between four and five years
8,680 6,773 5,744 4,287 7,435
17,057 55,784
More than five years
44,301
Total
Finance leases receivable – not measured at fair value in the Statement of Financial Position Fair value is based on the present value of future cash flows discounted at market rates.
112
113
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