Table:
| £m | 2019 | 2018 |
| --- | --- | --- |
| Not later than one year | 322.6 | 374.6 |
| Later than one year and not later than five years | 788.3 | 987.2 |
| Later than five years | 657.3 | 973.5 |
|  | 1,768.2 | 2,335.3 |
Paragraphs:
26 Operating leases
The Group earns rental income by leasing its investment properties to tenants under operating leases.
In the UK the standard shopping centre lease is for a term of 10 to 15 years. Standard lease provisions include service charge payments, recovery of other direct costs and review every five years to market rent. Standard turnover-based leases have a turnover percentage agreed with each lessee which is applied to a retail unit’s annual sales and any excess between the resulting turnover rent and the minimum rent is receivable by the Group and recognised as income in the period in which it arises.
The Group’s secure rental income profile is underpinned by long lease lengths (as mentioned above), high occupancy and upward only rent reviews.
The future minimum lease amounts receivable by the Group under non-cancellable operating leases for continuing operations are as follows:
The income statement includes £12.7 million (2018: £14.4 million) recognised in respect of contingent rents calculated by reference to tenants’ turnover.
Question:
What is the amount of contingent rents calculated by reference to tenants' turnover in 2018?
Answer: £14.4 million