Gross property income includes surrender premiums received from tenants during 2009 of £0.1m (2008: £0.2m). The balance of £123.7m (2008: £118.8m) is derived solely from rental income from the group’s properties. Of these amounts, £4.2m (2008: £4.2m) was derived from a lease to BT of the Angel Building, EC1, where in March 2007, the group entered into an arrangement with BT to restructure the lease arrangements such that the group could obtain possession of the building whilst maintaining rental income from BT until March 2010 (albeit that, if the group disposed of this property, the right to that rental income would pass to the purchaser). The group has included the income from this building within gross property income as, although similar to a lease surrender arrangement, the group’s entitlement to this rental income is linked to its continued ownership of the property rather than being an unconditional amount receivable (whether as an upfront payment or through a series of instalments).

In 2008, development income of £0.5m was received which was the proportion of the total profit share earned by the group from the project management of the construction and letting of a property on behalf of a third party. No development income was received during 2009.

Other income of £1.5m (2008: £0.9m) relates to fees and commissions earned in relation to the management of the group’s properties and is recognised in the group income statement in accordance with the delivery of services.