|
| |
 |
2004 |
|
2003 |
|
|
| |
|
£000 |
|
£000 |
|
Notes |
| Consolidated Profit and Loss Account |
| For the year ended 31 March 2004 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| INCOME |
|
|
|
|
|
|
| On loans to registered social landlords |
|
|
|
|
|
|
| - Interest |
|
112,088
|
|
107,258 |
|
|
| - Discount |
|
4,161
|
|
3,745 |
|
11 |
| Income from securitised assets |
|
3,289 |
|
3,289 |
|
15 |
| Indexation on investments |
|
5,206
|
|
1,441 |
|
11 |
Premium receivable
|
|
6,459
|
|
- |
|
|
| Other interest |
|
656 |
|
728 |
|
|
| Fees receivable and other income |
|
999 |
|
799 |
|
|
| |
|
132,858 |
|
117,260 |
|
|
| |
|
|
|
|
|
|
| EXPENDITURE |
|
|
|
|
|
|
| On debenture stocks and bank loans |
|
|
|
|
|
|
| - Interest |
|
115,261
|
|
110,509 |
|
10 |
| - Discount |
|
4,161
|
|
3,745 |
|
14 |
| Indexation on loans payable |
|
5,206
|
|
1,441 |
|
11 |
Premium payable
|
|
6,557
|
|
- |
|
|
| Operating expenses |
|
1,484 |
|
1,505 |
|
|
| |
|
132,669
|
|
117,200 |
|
|
| |
|
|
|
|
|
|
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
|
189 |
|
60 |
|
2 |
| |
|
|
|
|
|
|
| Tax on profit on ordinary activities |
|
(47) |
|
28 |
|
8 |
| |
|
|
|
|
|
|
| PROFIT FOR THE YEAR |
|
142 |
|
32 |
|
|
| |
|
|
|
|
|
|
| Retained profit brought forward |
|
5,638 |
|
5,606 |
|
|
| |
|
|
|
|
|
|
| RETAINED PROFIT CARRIED FORWARD |
|
5,780 |
|
5,638 |
|
17 |
| |
|
|
|
|
|
|
The Group has no recognised gains and losses
other than the profit for the year.
Income and operating surplus derive from continuing activities.
There were no movements in shareholders' funds other than the profit
for the year.
*The 2003 profit and loss account has been restated, see notes 10
and 11. |
| |
|
2004 |
|
2003 |
|
|
| |
|
£000 |
|
£000 |
|
Notes |
| Consolidated Balance Sheet |
| at 31 March 2004 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| FIXED ASSETS |
|
14 |
|
24 |
|
9 |
| Tangible assets |
|
1,446,551
|
|
1,461,701 |
|
11 |
| Investments |
|
1,446,565
|
|
1,461,725 |
|
|
| |
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
| Investments |
|
41,595
|
|
23,786 |
|
11 |
| Debtors |
|
25,213
|
|
25,655 |
|
12 |
Short-term deposits
|
|
9,857
|
|
- |
|
|
| Cash at bank and in hand |
|
2,056
|
|
11,731 |
|
|
| |
|
78,721
|
|
61,172 |
|
|
| |
|
|
|
|
|
|
| CREDITORS: |
|
|
|
|
|
|
| amounts falling due within one year |
|
70,490
|
|
53,091 |
|
13 |
| |
|
|
|
|
|
|
| NET CURRENT ASSETS |
|
8,231 |
|
8,081 |
|
|
| |
|
|
|
|
|
|
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
1,454,796
|
|
1,469,806 |
|
|
| |
|
|
|
|
|
|
| CREDITORS: |
|
|
|
|
|
|
| amounts falling due after more than one
year |
|
1,447,275
|
|
1,462,421 |
|
14 |
| |
|
|
|
|
|
|
| PROVISION FOR LIABILITIES
AND CHARGES |
|
1,741 |
|
1,747 |
|
7 |
| |
|
|
|
|
|
|
| CAPITAL AND RESERVES |
|
|
|
|
|
|
| Called up share capital |
|
- |
|
- |
|
16 |
| Profit and loss account |
|
5,780 |
|
5,638 |
|
17 |
| |
|
1,454,796
|
|
1,469,806 |
|
|
| |
|
|
|
|
|
|
Approved by the Board of Directors on 21 June 2004
and signed on its behalf by:
David Creed
Chairman
Michael Boohan
Director
Colin Burke
Company Secretary |
|
 |
