BALANCE SHEET as at 31 December 2009 - Joseph Rowntree ...
BALANCE SHEET as at 31 December 2009 - Joseph Rowntree ...
BALANCE SHEET as at 31 December 2009 - Joseph Rowntree ...
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12 Loans due after one year (continued)<br />
<strong>Joseph</strong> <strong>Rowntree</strong> Housing Trust<br />
Registered Charity<br />
Note i<br />
The Housing Loans comprise:-<br />
<strong>2009</strong> 2008<br />
£'000<br />
£'000<br />
Orchardbrook Ltd 1,200 1,276<br />
Lloyds TSB plc Loan 1 3,114 3,335<br />
Lloyds TSB plc Loan 2 10,000 10,000<br />
Lloyds TSB plc Loan 3 8,000 -<br />
22,<strong>31</strong>4 14,611<br />
(a)<br />
(b)<br />
(c)<br />
(d)<br />
The loans from Orchardbrook Ltd are settled by equal half-yearly instalments of capital and interest<br />
over the estim<strong>at</strong>ed life of the scheme for which the loan w<strong>as</strong> provided. The final instalments fall to<br />
be repaid in the period 2010 to 2047. The r<strong>at</strong>es of interest are fixed and range from 9.25% to<br />
15.875%. The loans are secured against 156 of the Trust's properties.<br />
Loan 1 from Lloyds TSB plc is for a 25 year term <strong>at</strong> a fixed r<strong>at</strong>e of interest of 4.89% with the final<br />
instalment being due in 2021. The loan is secured against 67 of the Trust's properties and h<strong>as</strong><br />
been guaranteed by the <strong>Joseph</strong> <strong>Rowntree</strong> Found<strong>at</strong>ion.<br />
Loan 2 from Lloyds TSB is for a 30 year term with a bullet repayment. Interest is fixed <strong>at</strong> 4.74%<br />
until September 2013. The margins incre<strong>as</strong>e over the life of the loan so th<strong>at</strong> from September 2030<br />
the r<strong>at</strong>e, including margins, is 4.84%. The average r<strong>at</strong>e charged during the year w<strong>as</strong> 4.74%. The<br />
loan is secured against 147 of the Trust's properties.<br />
Loan 3 from Lloyds TSB is for a 28 year term with a bullet repayment. It w<strong>as</strong> converted from the<br />
Lloyds TSB revolving facility (note iii below) on 1 May <strong>2009</strong>. Interest is fixed <strong>at</strong> 4.26% up to 24<br />
March 2010. The margins incre<strong>as</strong>e over the life of the loan, so th<strong>at</strong> from 24 March 2028 the r<strong>at</strong>e,<br />
including margins, is 4.39%. The loan is secured against 80 of the Trust's properties.<br />
The Housing Loans are repayable in the following periods:-<br />
<strong>2009</strong><br />
2008<br />
£'000 £'000 £'000 £'000<br />
In one year or less (Note 8) 296 280<br />
Between one and two years <strong>31</strong>2 297<br />
Between two and five years 934 948<br />
In five years or more 21,068 13,366<br />
Note ii<br />
The Hartrigg Oaks Loans comprise:-<br />
22,<strong>31</strong>4 14,611<br />
22,610 14,891<br />
<strong>2009</strong> 2008<br />
£'000<br />
£'000<br />
<strong>Joseph</strong> <strong>Rowntree</strong> Found<strong>at</strong>ion<br />
Fixed 828 904<br />
Interest is charged on this fixed loan <strong>at</strong> an interest r<strong>at</strong>e of 6.75%. The loan is due to be repaid in<br />
2023.<br />
16
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