Annual Report and Financial Statements 2010/11 - Hanover

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4 Surplus/(deficit) on disposal of fixed assets Group Association 2011 2010 2011 2010 Restated £’000 £’000 £’000 £’000 Proceeds of sale 7,111 11,413 7,111 11,413 Less: net book value from fixed assets (4,561) (7,365) (4,561) (7,365) Associated costs (126) (143) (126) (143) Surplus on disposal of fixed assets 2,424 3,905 2,424 3,905 5 Interest receivable and other income Group Association 2011 2010 2011 2010 Restated £’000 £’000 £’000 £’000 Interest receivable from banks, building societies and other investments 312 334 312 334 6 Interest payable and similar charges Interest payable on bank loans, overdrafts and other loans Group Association 2011 2010 2011 2010 Restated £’000 £’000 £’000 £’000 12,036 12,011 12,036 12,011 Less: interest capitalised in housing properties 1 (802) (63) (802) (63) 11,234 11,948 11,234 11,948 1 The rate used to capitalise interest in respect of housing properties is 6.5% (2010: 6.5%). PAGE 34 • HANOVER HOUSING ASSOCIATION AND ITS SUBSIDIARIES
7 Surplus on ordinary activities before tax Surplus on ordinary activities before tax is stated after charging: Group Association 2011 2010 2011 2010 Restated £’000 £’000 £’000 £’000 Depreciation 12,194 12,284 12,194 12,284 Operating leases of offices 689 748 689 748 Operating leases of cars and equipment 274 280 274 280 Auditors’ remuneration: - in their capacity as auditors 92 89 92 89 - in respect of other services 14 44 14 44 The auditors’ remuneration in respect of other services excludes £49,368 (2010: £48,709) directly recharged to residents for provision of homeownership service charge accounts certifications. 8 Directors’ emoluments The directors are defined as the Board, including the Chief Executive, together with the other members of the Strategic Management Team. The costs of all benefits in kind received are included in the table below. The emoluments of the executive directors were as follows: 2011 2010 £’000 £’000 Emoluments (including pension contributions and benefits in kind) 733 925 Emoluments paid to the highest paid director (the Chief Executive) for service paid through the payroll (including any benefits in kind, excluding pension contribution) 181 181 The Chief Executive is a member of the Scottish Equitable Stakeholder pension plan. The Association made contributions in respect of the membership of the Chief Executive of £20,541 during the year. The Chief Executive received no emoluments in respect of Board duties. The emoluments of the non-executive Board directors were £117,410 (2010: £118,824). Individual non-executive Board members, as detailed on page 12, receive £11,000 per annum. The Group Chair is entitled to remuneration of £20,000 which he has chosen to donate to charity. report and financial statements for the year ended 31 March 2011 • PAGE 35
Page 1 and 2: Annual Report and Financial Stateme
Page 3 and 4: Popple Well Springs, Tadcaster, Nor
Page 5 and 6: New developments Apart from the pro
Page 7 and 8: Our vision is underpinned by Hanove
Page 9 and 10: Popple Well Springs, Tadcaster, Nor
Page 11 and 12: Operating and Financial Review
Page 13 and 14: Review of the business Principal ac
Page 15 and 16: Growing the business: n We continue
Page 17 and 18: loan debt was drawn during the year
Page 19 and 20: Report of the Board Objectives and
Page 21 and 22: • Fraud Hanover complies with the
Page 23 and 24: Olive House, Fulham, London Financi
Page 25 and 26: Statement of total recognised surpl
Page 27 and 28: Association 2011 2010 Note £’000
Page 29 and 30: Notes to the financial statements 1
Page 31 and 32: Leases Rentals paid under operating
Page 33: 3 Particulars of income and expendi
Page 37 and 38: 10 Tangible fixed assets - housing
Page 39 and 40: Completed housing and other propert
Page 41 and 42: 13 Long term investments Group Asso
Page 43 and 44: 16 Current asset investments Group
Page 45 and 46: Amounts due under obligations in re
Page 47 and 48: 24 Restricted reserves Group Restri
Page 49 and 50: Management of liquid resources 2011
Page 51 and 52: 29 Subsidiary undertakings The foll
Page 53 and 54: Breakdown of expected return on ass
Page 55 and 56: History of experience gains and los
Page 57 and 58: Analysis of changes in scheme asset
Page 59 and 60: 34 Housing stock in management 2011

Annual Report and Financial Statements 2010/11 - Hanover

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