20. NOTE TO THE CASH FLOW STATEMENT    
  2006
£’000		 2005
£’000
Operating profit 26,943 21,294
Adjustments for:    
Loss/(gain) on disposal of investment properties 97 (3,728)
Net gain on revaluation of property portfolio and operating properties (21,346) (17,854)
Share-based payments 142 110
Depreciation of property, plant and equipment 1,128 1,149
Operating cash flows before movements in working capital 6,964 971
Increase in developments (3,587) (996)
Increase in trading properties (14,975) (34,248)
(Increase)/decrease in receivables (182) 7,702
Increase/(decrease) in payables 1,727 (20)
(Decrease)/increase in provisions (474) 1,529
Cash outflow from operations (10,527) (25,062)
Capitalised interest charged to direct costs 1,145 181
Income taxes paid (473) (906)
Interest paid (8,122) (6,474)
Net cash outflow from operating activities (17,977) (32,261)