Helping people find their lives again - RNIB

18. Creditors due after more than one year
Group
Charity
2009
2008
2009
2008
£’000
£’000
£’000
£’000
Deferred income 30 40 30 40
Net obligations under finance
leases are payable as follows
Between one and two years 519 836 519 836
Between two and five years 232 759 232 759
Net obligations under finance
loan is payable as follows
Between two and five years 3,200 – 3,200 –
Total 3,981 1,635 3,981 1,635
RNIB has entered into a loan agreement with the AIB Group (UK) plc whereby a three–year
revolving loan facility has been made available in the sum of £25million to finance the
redevelopment known as the RNIB Vision School and Children’s Home in Coventry. Interest is
charged at 0.85 per cent above the three-month LIBOR rate and at the expiry of this term RNIB
has the option to convert this loan into a 25-year mortgage. At 31 March 2009 the amount owing
on the revolving loan is £3.2million. The loan is secured over the freehold property at Coventry. In
June 2009 RNIB entered into financial instruments with AIB in order to limit its exposure to
interest rate fluctuations for the period to December 2026.
Financial statements for the year ended 31 March 2009 63