28. OPERATING LEASE ARRANGEMENTS    
     
The Company as lessee    
  2006
£’000		 2005
£’000
Minimum lease payments under operating leases recognised for the year 494 500
   
At the balance sheet date, the Company 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 494 500
In the second to fifth years inclusive 1,868 1,868
After five years 1,518 1,985
  3,880 4,353
     
Operating lease payments represent rentals payable by the Company for its office property. The lease was negotiated for an average term of 8.3 years (2005: 9.3 years).