21. FINANCIAL COMMITMENTS AND OPERATING LEASE ARRANGEMENTS    
     
Financial commitments authorised and commitments not provided for in these financial statements are estimated at:
     
  2006
£’000		 2005
£’000
Financial commitments 11,657 4,240
Group share of the financial commitments of joint ventures 3,257 –
     
Operating lease arrangements    
     
The Group as lessee    
  2006
£’000		 2005
£’000
Minimum lease payments under operating leases recognised for the year 2,094 2,254
     
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
  2006
£’000		 2005
£’000
Within one year 2,094 2,254
In the second to fifth years inclusive 7,236 8,142
After five years 10,579 13,615
  19,909 24,011
     
Operating lease payments represent rentals payable by the Group for certain of its office properties. Leases were negotiated for an average term of 14.9 years (2005: 13.8 years).
 
The Group as lessor    
Property investment income earned during the year was £8,995,000 (2005: £10,626,000). Certain of the Group’s properties held for rental purposes, with a carrying amount of £6,519,000, have been disposed of since the balance sheet date.

At the balance sheet date, the Group had contracted with tenants for the following future minimum payments:
     
  2006
£’000		 2005
£’000
Within one year 7,396 12,008
In the second to fifth years inclusive 21,994 41,155
After five years 44,600 90,863
  73,990 144,026