b'98 Mercia Asset Management PLC Annual Report & Accounts 2022Notes to the consolidated financial statements continued20. Trade and other payablesAs at As at31 March 31 March2022 2021000 000Trade payables 412 326Corporation tax 706 Other taxation and social security854 240Other payables 733 3,233Accruals and deferred income 4,258 4,3286,963 8,127As at 31 March 2022, no cash was held on behalf of EIS investors and therefore other payables includes no corresponding liability (2021: 2,484,000).21. Lease liabilitiesThe Group holds leases for use of office premises and electric vehicles. In calculating the present value of the obligation to make lease payments, the Groups incremental borrowing rate has been used as the discount rate as the rates implicit in the leases are not evident. The weighted average incremental borrowing rate applied to property lease liabilities recognised as at 31 March 2022 is 3.25% (2021: 3.25%). The average incremental borrowing rate applied to vehicle lease liabilities recognised as at 31 March 2022 is 4% (2021: nil). As at 31 March 2022, the Group had no lease liabilities in respect of leases committed to but not yet commenced (2021: none). The table below summarises the annual lease costs.Year ended Year ended31 March 31 March2022 2021000 000Depreciation expense 154 142Interest expense 15 20Low-value lease expense 316 278Short-term lease expense 11 31The maturity profile of the Groups leases accounted for under IFRS 16 are set out in the table below:As at As at31 March 31 March2022 2021000 000Due within one year 157 122Due between one and five years 295 351452 473'