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

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NOTES TO THE ACCOUNTS(continued)17. TAXATION (continued)Group Society Group Society2009 2009 2008 2008£m £m £m £mStatement of other comprehensive incomeTax credit on actuarial loss on defined benefit pension plan (0.9) (0.9) (1.2) (1.2)Tax credit on fair value movements taken to reserves (3.1) (3.1) (7.9) (7.9)Income tax reported in equity (4.0) (4.0) (9.1) (9.1)The actual tax charge for the period differs from the UK standard corporation tax rate of 28%. The differences are explainedbelow.Profit on ordinary activities before tax (PBT) 56.2 50.9 26.4 23.5Tax at UK standard rate of corporation tax on PBT of 28%(2008 – 28.5%) 15.7 14.2 7.5 6.7Adjustments in respect of prior years (3.2) (2.7) 0.1 0.1Expenses not deductible for tax purposes 0.2 0.2 - -12.7 11.7 7.6 6.818. CASH IN HAND AND BALANCES WITH THE BANK OF ENGLANDCash in hand and balances with the Bank of Englandother than mandatory reserve deposits 287.6 285.4 232.5 230.6Mandatory reserve with the Bank of England 14.6 14.6 14.5 14.5302.2 300.0 247.0 245.1The mandatory reserve deposits with the Bank of England of £14.6 million (2008 - £14.5 million) are not available for use in theSociety’s day-to-day operations. All other balances with the Bank of England are not mandatory and are readily accessible.19. LOANS AND ADVANCES TO CREDIT INSTITUTIONSLoans and advances to credit institutions have remaining maturities as follows:Accrued interest 0.8 0.8 4.1 4.1Repayable on demand 40.5 40.5 128.0 128.0Other loans and advances by residual maturity repayableIn not more than three months 128.1 128.1 314.5 314.5In more than three months but not more than one year 83.5 83.5 21.8 21.8In more than one year but not more than five years 72.3 72.3 2.0 2.0325.2 325.2 470.4 470.452
20. DEBT SECURITIESGroup Society Group Society2009 2009 2008 2008£m £m £m £mAvailable-for-sale:Government investment securities 778.4 778.4 109.8 109.8Analysis of transferable debt securitiesListed 1,486.0 1,486.0 1,286.3 1,286.3Unlisted 1,273.6 1,273.6 1,759.7 1,759.73,538.0 3,538.0 3,155.8 3,155.8Debt securities have remaining maturities as follows:In not more than one year 1,669.8 1,669.8 2,128.1 2,128.1In more than one year 1,868.2 1,868.2 1,027.7 1,027.73,538.0 3,538.0 3,155.8 3,155.8Movements during the year of transferable securitiesare analysed below:At 1 January 3,155.8 3,155.8 2,262.5 2,262.5Additions 12,479.9 12,479.9 10,504.4 10,504.4Maturities and disposals (12,084.0) (12,084.0) (9,556.8) (9,556.8)Losses from changes in fair value (13.7) (13.7) (30.4) (30.4)Impairment of debt securities (see note 15) - - (23.9) (23.9)At 31 December 3,538.0 3,538.0 3,155.8 3,155.8Foreign exchange losses of £2.6 million relating to the prior year have been reclassified into ‘losses from changes in fairvalue’.53
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 and 32: OPINIONIn our opinion:the Annual Ac
Page 33 and 34: BALANCE SHEETSas at 31 December 200
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: 14. PROVISION FOR FSCS LEVIESAll de
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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