|
| |
 |
2004 |
|
2003 |
|
|
| |
|
£000 |
|
£000 |
|
Notes |
| Consolidated Cash Flow Statement |
| For the year ended 31 March 2004 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| NET CASH INFLOW FROM OPERATING ACTIVITIES |
|
3,429 |
|
3,631 |
|
18 |
| |
|
|
|
|
|
|
| RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE |
|
|
|
|
|
|
| Interest received on loans to registered
social landlords |
|
112,357 |
|
107,245 |
|
|
| Interest paid on debenture stocks, bond
and bank loans |
|
(115,593) |
|
(110,608) |
|
|
| |
|
(3,236) |
|
(3,363) |
|
|
| |
|
|
|
|
|
|
| NET CASH INFLOW FROM OPERATING ACTIVITIES, RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE |
|
193 |
|
268 |
|
|
| |
|
|
|
|
|
|
| TAXATION PAID |
|
|
|
|
|
|
| Corporation tax paid |
|
(7) |
|
(5) |
|
|
| |
|
|
|
|
|
|
| CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT |
|
|
|
|
|
|
| Loans to registered social landlords |
|
(87,210) |
|
(75,350) |
|
11 |
| Repayment of loans from registered social
landlords |
|
94,287 |
|
62,891 |
|
11 |
| Acquisition of tangible fixed assets |
|
(3) |
|
(11) |
|
9 |
| NET CASH OUTFLOW FROM INVESTING ACTIVITIES |
|
7,074 |
|
(12,470) |
|
|
| |
|
|
|
|
|
|
| NET CASH OUTFLOW BEFORE FINANCING |
|
7,260 |
|
(12,207) |
|
|
| |
|
|
|
|
|
|
| MANAGEMENT OF LIQUID RESOURCES |
|
|
|
|
|
|
| Payments into short-term deposits |
|
927 |
|
32 |
|
|
| |
|
|
|
|
|
|
| FINANCING |
|
|
|
|
|
|
| Issue of debenture stocks and bonds |
|
- |
|
- |
|
|
| New loans |
|
87,210 |
|
75,350 |
|
14 |
| Repayment of amounts borrowed |
|
(94,287) |
|
(62,891) |
|
14 |
| NET CASH INFLOW FROM FINANCING |
|
7,077 |
|
12,459 |
|
|
| |
|
|
|
|
|
|
| INCREASE IN CASH |
|
1,110 |
|
284 |
|
19 |
| |
|
2004 |
|
2003 |
|
|
| |
|
£000 |
|
£000 |
|
Notes |
| Profit and Loss Account |
| For the year ended 31 March 2004 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| INCOME |
|
|
|
|
|
|
| On loans to registered social landlords |
|
|
|
|
|
|
| - Interest |
|
68,241 |
|
65,219 |
|
|
| - Discount |
|
4,161 |
|
3,745 |
|
11 |
Premium receivable
|
|
6,459 |
|
- |
|
|
| Other interest |
|
493 |
|
566 |
|
|
| Fees receivable and other income |
|
571 |
|
424 |
|
|
| |
|
79,925 |
|
69,954 |
|
|
| |
|
|
|
|
|
|
| EXPENDITURE |
|
|
|
|
|
|
| On debenture stocks and bank loans |
|
|
|
|
|
|
| - Interest |
|
68,152 |
|
65,208 |
|
10 |
| - Discount |
|
4,161 |
|
3,745 |
|
11,
14 |
Premium payable
|
|
6,557 |
|
- |
|
|
| Operating expenses |
|
996 |
|
954 |
|
|
| |
|
79,866 |
|
69,907 |
|
|
| |
|
|
|
|
|
|
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
|
59 |
|
47 |
|
2 |
| |
|
|
|
|
|
|
| Tax on profit on ordinary activities |
|
(9) |
|
21 |
|
8 |
| |
|
|
|
|
|
|
| PROFIT FOR THE YEAR |
|
50 |
|
26 |
|
|
| |
|
|
|
|
|
|
| Retained profit brought forward |
|
3,494 |
|
3,468 |
|
|
| |
|
|
|
|
|
|
| RETAINED PROFIT CARRIED FORWARD |
|
3,544 |
|
3,494 |
|
17 |
| |
|
|
|
|
|
|
The company 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 note 10.
|
| |
|
2004 |
|
2003 |
|
|
| |
|
£000 |
|
£000 |
|
Notes |
| Balance Sheet |
| at 31 March 2004 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| FIXED ASSETS |
|
|
|
|
|
|
| Investments |
|
715,817 |
|
742,702 |
|
11 |
| |
|
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
|
|
| Investments |
|
32,786 |
|
15,897 |
|
11 |
| Debtors |
|
20,695 |
|
20,471 |
|
12 |
Short-term deposits
|
|
5,445 |
|
- |
|
|
| Cash at bank and in hand |
|
371 |
|
5,414 |
|
|
| |
|
59,297 |
|
41,782 |
|
|
| |
|
|
|
|
|
|
| CREDITORS: |
|
|
|
|
|
|
| amounts falling due within one year |
|
53,993 |
|
36,545 |
|
13 |
| |
|
|
|
|
|
|
| NET CURRENT ASSETS |
|
5,304 |
|
5,237 |
|
|
| |
|
|
|
|
|
|
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
721,121 |
|
747,939 |
|
|
| |
|
|
|
|
|
|
| CREDITORS: |
|
|
|
|
|
|
| amounts falling due after more than one
year |
|
715,821 |
|
742,698 |
|
14 |
| |
|
|
|
|
|
|
| PROVISION FOR LIABILITIES AND CHARGES |
|
1,756 |
|
1,747 |
|
7 |
| |
|
|
|
|
|
|
| CAPITAL AND RESERVES |
|
|
|
|
|
|
| Called up share capital |
|
- |
|
- |
|
16 |
| Profit and loss account |
|
3,544 |
|
3,494 |
|
17 |
| |
|
721,121 |
|
747,939 |
|
|
| |
|
|
|
|
|
|
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 |
|
 |
