|
| |
|
Group |
|
THFC |
|
Group |
|
THFC |
| |
 |
2004 |
|
2004 |
|
2003 |
|
2003 |
| |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
| 8. Taxation |
| U.K. Corporation Tax at 30 % (2001 - 30%) |
|
53 |
|
- |
|
7 |
|
- |
| Deferred Taxation |
|
(6) |
|
9 |
|
21 |
|
21 |
| Adjustment in respect of prior years |
|
- |
|
- |
|
- |
|
- |
| |
|
47 |
|
9 |
|
28 |
|
21 |
| |
| |
|
Group |
|
|
|
|
|
|
| |
|
2004 |
|
|
|
|
|
|
| |
|
£000 |
|
|
|
|
|
|
| 9. Tangible Fixed Assets |
| Fixtures, fittings and equipment |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| COST |
|
|
|
|
|
|
|
|
| - At beginning of year |
|
139 |
|
|
|
|
|
|
| - Additions |
|
3 |
|
|
|
|
|
|
| - Disposals |
|
- |
|
|
|
|
|
|
| - At end of year |
|
142 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| DEPRECIATION |
|
|
|
|
|
|
|
|
| - At beginning of year |
|
115 |
|
|
|
|
|
|
| - Charge for the year |
|
13 |
|
|
|
|
|
|
| - On disposals |
|
- |
|
|
|
|
|
|
| - At end of year |
|
128 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net book value at 31 March 2004 |
|
14 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net book value at 31 March 2003 |
|
24 |
|
|
|
|
|
|
| None of the above tangible fixed assets was held by
THFC. |
| |
|
Group |
|
THFC |
|
Group |
|
THFC |
| |
|
2004 |
|
2004 |
|
2003 |
|
2003 |
| |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
| 10. Interest payable |
| On debenture stocks and bank loans |
|
|
|
|
|
|
|
|
| Repayable wholly in more than five years |
|
|
|
|
|
|
|
|
| - Interest payable |
|
85,930 |
|
59,200 |
|
78,751 |
|
51,615 |
| - Interest deferred |
|
374 |
|
374 |
|
487 |
|
487 |
| Repayable within five years |
|
28,957 |
|
8,578 |
|
31,271 |
|
13,106 |
| |
|
115,261 |
|
68,152 |
|
110,509 |
|
65,208 |
| The interest payable and interest receivable amount
in the Grup and 2003 profit and loss accounts have been increased
by £3,745,000. This has no impact on the result for that year
or brought forward reserves. |
| |
|
Group |
|
THFC |
| |
|
2004 |
|
2004 |
| |
|
£000 |
|
£000 |
| 11. Investments |
| SHARES HELD IN SUBSIDIARY UNDERTAKINGS |
| - THFCIL - 3 ordinary shares of £1 each (2003 - £3) |
|
|
|
£3 |
| - THFCFV - 3 ordinary shares of £1 each (2003 - £3) |
|
|
|
£3 |
| - THFCS-92 ordinary shares of £1 each (2003 -£92) |
|
|
|
£92 |
| - THFCIL2 - 3 ordinary shares of £1 each (2003 - £3) |
|
|
|
£3 |
| - SHF - 4 ordinary shares of £1 each (2003 - £4) |
|
|
|
£4 |
| |
|
|
|
|
| LOANS TO REGISTERED SOCIAL LANDLORDS |
|
|
|
|
| - At beginning of year |
|
1,449,339
|
|
758,594 |
| - Loans repaid during the year |
|
(94,287) |
|
(30,786) |
| - Loans advanced during the year |
|
87,210 |
|
16,260 |
| |
|
1,442,262
|
|
744,068 |
| - Discount for the year |
|
4,161 |
|
4,161 |
| - Interest deferred for the year |
|
374 |
|
374 |
| - Indexation for the year |
|
5,206
|
|
- |
| At end of year |
|
1,452,003
|
|
748,603 |
| Less: repayable within one year |
|
(41,595) |
|
(32,786) |
| |
|
1,410,408 |
|
715,817 |
| |
|
|
|
|
| SECURITISED ASSETS |
|
|
|
|
| - At beginning and end of year (Note 15) |
|
36,143 |
|
- |
| |
|
|
|
|
| OTHER INVESTMENTS |
|
|
|
|
| - At beginning of year |
|
5 |
|
5 |
| - Amortisation of investment |
|
(5) |
|
(5) |
| - At end of year |
|
- |
|
- |
| |
|
|
|
|
| Total falling due after more than one year at 31 March
2004 |
|
1,446,551 |
|
715,817 |
| |
|
|
|
|
| Total falling due after more than one year at 31 March
2003 |
|
1,461,701 |
|
742,702 |
| |
|
|
|
|
| THFC beneficially owns directly or indirectly 100%
of the share capital of THFCIL, THFCIL2, THFCFV, SHF,THFCC, HAVIND,
HAVH,THFCS, UKRH, UKRT and UKR1 which are incorporated in Great
Britain and registered in England & Wales.
Loans have been made to RSLs on similar interest rate and repayment
terms as those on which the Group was able to raise the finance.
Each loan is secured by a combination of:
(a) either a floating charge secured on the undertakings of the
relevant RSL, or a fixed charge on other assets to provide a minimum
of one and a half times cover (except in the case of SHF where the
minimum is 1.15 times cover), and
(b) a first fixed charge over cash and investments representing
monies lent by the Group pending investment in assets and a first
fixed charge over any assets acquired by the relevant registered
social landlord with those monies, and for discounted loans
(c) a sinking fund comprising monies paid by the relevant RSL and
held by a trustee (Law Debenture Trustees Ltd) towards the payment
to THFC of the amount required to redeem the loan.
The indexation credit and charge in the Grup and 2003 profit and
loss account has been increased by £1,367,000.
This has no impact on the result for that year or brought forward
reserves. |
| |
|
Group |
|
THFC |
|
Group |
|
THFC |
| |
|
2004 |
|
2004 |
|
2003 |
|
2003 |
| |
|
£000 |
|
£000 |
|
£000 |
|
£000 |
| 12. Debtors |
| Accrued interest income |
|
24,805 |
|
19,120 |
|
25,172 |
|
19,532 |
| Other debtors |
|
408 |
|
1,575 |
|
483 |
|
347 |
| Corporation Tax |
|
- |
|
- |
|
- |
|
- |
| Amounts due from subsidiary undertaking |
|
- |
|
- |
|
- |
|
592 |
| |
|
25,213 |
|
20,695 |
|
25,655 |
|
20,471 |
| |
|
|
|
|
|
|
|
|
|
 |
