22 Lease arrangements Accounting policy All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability. Low-value items and short-term leases with a term of 12 months or less are not required to be recognised in the statement of financial position and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties, principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. |
Right-of-use assets | | | | | | | 2024
GBPm | | 2025
GBPm | At start of year | | 113 | | 89 | Additions | | 32 | | 35 | Remeasurement | | 5 | | 1 | Disposals | | (9) | | - | Depreciation | | (50) | | (37) | Exchange translation differences | | (2) | | (1) | At end of year | | 89 | | 87 |
Lease liability | | | | | | | 2024
GBPm | | 2025
GBPm | Current | | | | | Property | | (37) | | (29) | Non-property | | (1) | | (1) | Non-current | | | | | Property | | (63) | | (65) | Non-property | | (2) | | (2) | Total | | (103) | | (97) |
Interest expense on the lease liabilities recognised within finance costs was £4m (2024: £5m; 2023: £6m). As at 31 December 2025, RELX was committed to leases with future cash outflows totalling £30m (31 December 2024: £7m) which had not yet commenced and as such are not accounted for as a liability as at 31 December 2025. A liability and corresponding right-of-use asset will be recognised for these leases at the lease commencement date. Short-term and low-value lease expenses have been included in note 3.
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