Financial Statements 2020 | 63
24 . Capital Commitments
2020 2019 £ 000 £ 000
Capital expenditure that has been contracted for , but has not been provided for in these financial statements 48,392 67,801
Capital expenditure that has been authorised by the Board of Management but has not yet been contracted for 50,322 2,000
The above commitments will be financed through a combination of social housing grant (£ 21.6m ), borrowings (£ 60m ), which are available for draw-down under existing loan arrangements , property sales (£ 7.1m ) and existing cash reserves (£ 10m ).
25 . Leasing Commitments
The future minimum lease payments are as set out below .
2020 2019 £ 000 £ 000
Operating leases Within one year |
1,363 |
1,547 |
Between one and five years |
1.645 |
2,839 |
Over five years |
38 |
84 |
3,046 4,470
26 . Contingent Assets and Liabilities
The association had no contingent assets at 31 March 2020 ( 2019 : Nil ).
The association has contingent liabilities in respect of seven flats disposed of under the “ Right to Buy ” provisions of the Housing Acts . Liability could arise for any defects discovered within 10 years which had not been notified to the tenant before the lease was granted . The Association is not aware of any material defects .