27 OPERATING LEASE ARRANGEMENTS

The Company as lessee

  2007
£’000
2006
£’000
Minimum lease payments under operating leases recognised for the year 471 494

Annual commitments under non-cancellable operating leases are as follows:

  2007
£’000
2006
£’000
Operating leases which expire:    
Within one year 29 27
In the second to fifth years inclusive
After five years 443 443
  472 470

Operating lease payments represent rentals payable by the Company for its office property. The lease payments were negotiated for an average term of 8.3 years (2006: 8.3 years).

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