Annual report and accounts 2009 (PDF) - Coventry Building Society

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INCOME STATEMENTSfor the year ended 31 December 2009Group Society Group Society2009 2009 2008 2008Notes £m £m £m £mInterest receivable and similar income 3 545.5 642.3 1,043.5 1,097.4Interest payable and similar charges 4 (420.5) (529.5) (927.3) (987.2)Net interest income 125.0 112.8 116.2 110.2Fees and commissions receivable 5 17.4 16.9 19.0 18.4Fees and commissions payable 6 (1.1) (1.1) (1.0) (1.0)Other operating income 7 0.7 0.7 0.4 0.4Net gains from derivative financial instruments 8 1.3 1.3 1.8 1.8Total income 143.3 130.6 136.4 129.8Administrative expenses 9 (61.6) (59.8) (58.7) (57.1)Amortisation of intangible fixed assets 24 (2.7) (2.7) (2.2) (2.2)Depreciation of property, plant and equipment 25 (4.0) (4.0) (3.8) (3.8)Operating profit before impairments and exceptional items 75.0 64.1 71.7 66.7Impairment losses on loans and advances to customers 13 (19.9) (14.3) (8.4) (6.3)Release of provisions 33 2.9 2.9 - -Operating profit before exceptional items 58.0 52.7 63.3 60.4Provision for FSCS levies 14,33 (2.0) (2.0) (11.4) (11.4)Release/(charge) of provision for impairment of debt securities 15 1.5 1.5 (23.9) (23.9)Profit after impairments and exceptional items 57.5 52.2 28.0 25.1Charitable donation to Poppy Appeal 16 (1.3) (1.3) (1.6) (1.6)Profit on ordinary activities before tax 56.2 50.9 26.4 23.5Tax on profit on ordinary activities 17 (12.7) (11.7) (7.6) (6.8)Profit for the financial year 43.5 39.2 18.8 16.7Profit for the financial year arises from continuing operations and is attributable to the members of the Society.The accounting policies and notes on pages 34 to 75 form part of these Accounts.STATEMENTS OF OTHERCOMPREHENSIVE INCOMEfor the year ended 31 December 2009Profit for the financial year 43.5 39.2 18.8 16.7Other comprehensive incomeActuarial loss on defined benefit pension plan 12 (3.3) (3.3) (4.3) (4.3)Tax credit on actuarial loss on defined benefit pension plan 12,17 0.9 0.9 1.2 1.2Fair value movements on available-for-sale assetstaken to reserves 37 (11.1) (11.1) (27.8) (27.8)Tax credit on fair value movements taken to reserves 17,37 3.1 3.1 7.9 7.9Other comprehensive income for the year, net of tax (10.4) (10.4) (23.0) (23.0)Total comprehensive income for the year, net of tax 33.1 28.8 (4.2) (6.3)30The accounting policies and notes on pages 34 to 75 form part of these Accounts.
BALANCE SHEETSas at 31 December 2009Group Society Group Society2009 2009 2008 2008Notes £m £m £m £mAssetsCash in hand and balances with the Bank of England 18 302.2 300.0 247.0 245.1Loans and advances to credit institutions 19 325.2 325.2 470.4 470.4Debt securities 20 3,538.0 3,538.0 3,155.8 3,155.84,165.4 4,163.2 3,873.2 3,871.3Derivative financial instruments 21 29.3 29.3 160.6 160.6Loans and advances to customers 22 14,074.7 11,397.2 13,172.8 11,202.9Hedge accounting adjustment 76.1 76.1 96.4 96.4Pension asset 12 6.9 6.9 8.9 8.9Prepayments and accrued income 5.6 5.6 5.9 5.8Investments in subsidiary undertakings 23 - 5,313.5 - 4,769.5Intangible fixed assets 24 9.9 9.9 8.5 8.5Property, plant and equipment 25 25.5 25.5 26.2 26.2Current tax asset 6.5 8.2 8.1 8.8Deferred tax assets 26 2.1 2.0 3.8 3.8Total assets 18,402.0 21,037.4 17,364.4 20,162.7LiabilitiesShares 27 13,218.8 13,218.8 12,386.1 12,386.1Deposits from banks 28 1,370.3 1,370.3 1,679.3 1,679.3Other deposits 29 18.0 18.0 47.0 47.0Amounts owed to other customers 30 856.2 856.2 887.4 887.4Derivative financial instruments 21 108.9 108.9 93.9 93.9Debt securities in issue 31 1,969.8 1,969.8 1,438.8 1,438.8Other liabilities 32 19.3 2,661.7 12.1 2,813.2Deferred tax liabilities 26 5.3 5.3 5.2 5.1Provisions for liabilities and charges 33 10.1 10.1 15.7 15.7Accruals and deferred income 9.2 8.7 16.0 15.5Subordinated liabilities 34 70.7 70.7 70.7 70.7Subscribed capital 35 161.2 161.2 161.1 161.1Total liabilities 17,817.8 20,459.7 16,813.3 19,613.8EquityGeneral reserve 36 616.0 609.5 574.9 572.7Available-for-sale reserve 37 (31.8) (31.8) (23.8) (23.8)Total liabilities and equity 18,402.0 21,037.4 17,364.4 20,162.7Memorandum itemFinancial commitments 38 56.0 5.0 32.5 4.6The accounting policies and notes on pages 34 to 75 form part of these Accounts.Approved by the board of directors on 1 March 2010.David Harding David Stewart Rob GreenChairman Chief Executive Finance Director31
Page 1 and 2: ANNUAL REPORT & ACCOUNTS 2009
Page 3: ChairmanDavid HardingDeputy Chairma
Page 11 and 12: DIRECTORS’ REPORTBUSINESS OBJECTI
Page 13 and 14: Financial performanceThe Society ac
Page 15 and 16: ASSETSThe assets of the Group incre
Page 17 and 18: KEY PERFORMANCE INDICATORSNET MORTG
Page 19 and 20: Remuneration CommitteeConsisting of
Page 21 and 22: RISK MANAGEMENT REPORTPRINCIPAL RIS
Page 23 and 24: CORPORATE GOVERNANCEThe board is ac
Page 25 and 26: APPOINTMENTS TO THE BOARDThe appoin
Page 27 and 28: DIRECTORS’ REMUNERATION REPORTINT
Page 29 and 30: STATEMENT OF DIRECTORS’RESPONSIBI
Page 31: OPINIONIn our opinion:the Annual Ac
Page 35 and 36: CASH FLOW STATEMENTSfor the year en
Page 37 and 38: Improvements to IFRSThe improvement
Page 39 and 40: FINANCIAL LIABILITIESFinancial liab
Page 41 and 42: PENSION COSTSThe Society operates b
Page 43 and 44: Loan impairment and other provision
Page 45 and 46: 7. OTHER OPERATING INCOMEGroup Soci
Page 47 and 48: 11. DIRECTORS’ EMOLUMENTS (contin
Page 49 and 50: 12. PENSION SCHEME (continued)2009
Page 51 and 52: 13. IMPAIRMENT PROVISIONS ON LOANS
Page 53 and 54: 14. PROVISION FOR FSCS LEVIESAll de
Page 55 and 56: 20. DEBT SECURITIESGroup Society Gr
Page 57 and 58: 21. DERIVATIVES AND OTHER FINANCIAL
Page 59 and 60: 24. INTANGIBLE FIXED ASSETSGroup So
Page 61 and 62: 26. DEFERRED TAXDeferred tax assets
Page 63 and 64: 32. OTHER LIABILITIESGroup Society
Page 65 and 66: 38. FINANCIAL COMMITMENTSGroup Soci
Page 67 and 68: 40. FINANCIAL INSTRUMENTS (continue
Page 75 and 76: 41. RELATED PARTY TRANSACTIONSULTIM
Page 77 and 78: 42. NOTES TO THE CASH FLOW STATEMEN
Page 79 and 80: 2. OTHER PERCENTAGES2009 2008% %As
Page 81 and 82: 3. INFORMATION RELATING TO DIRECTOR
Page 84:
www.thecoventry.co.ukCoventry Build
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Annual report and accounts 2009 (PDF) - Coventry Building Society

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