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

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NOTES TO THE ACCOUNTS(continued)40. FINANCIAL INSTRUMENTS (continued)Liquidity risk (continued)Repayments of shares which are subject to notice are treated as if the notice were to be given immediately. In practice, depositsin the form of fixed bonds, notice accounts, regular savings accounts and some other transactional accounts are held bycustomers over the longer term and for this reason the table does not reflect the expected cash flows indicated by the Society’sdeposit retention history.The tables on the previous page exclude cash flows beyond five years (other than the repayment of principal) that relate tosubscribed capital.Capital managementThe Society’s approach to capital management is detailed in the Directors’ Report.Fair valuesSet out below is a comparison by category of carrying amounts and fair value of all the Group’s non-derivative financialinstruments, that are carried in the financial statements.2009 2009 2008 2008Carrying Fair Carrying FairGroup amount value amount value£m £m £m £mFinancial assetsCash 302.2 302.2 247.0 247.0Debt securities – available-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 3,155.8Loans and advances at amortised costLoans and advances to credit institutions 325.5 325.6 470.4 485.0Loans and advances to customers 14,074.7 15,161.6 13,172.8 14,067.014,400.2 15,487.2 13,643.2 14,552.0Financial liabilities at amortised costShares 13,218.8 13,629.9 12,386.1 12,527.1Deposits, amounts owed to customers and debt securities 4,214.3 4,233.3 4,052.5 4,040.6Subordinated liabilities 70.7 79.3 70.7 81.4Permanent interest bearing shares 161.2 205.6 161.1 215.370
40. FINANCIAL INSTRUMENTS (continued)Fair values (continued)2009 2009 2008 2008Carrying Fair Carrying FairSociety amount value amount value£m £m £m £mFinancial assetsCash 300.0 300.0 245.1 245.1Debt securities – available-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 3,155.8Loans and advances at amortised costLoans and advances to credit institutions 325.2 325.6 470.4 485.0Loans and advances to customers 11,397.2 12,685.2 11,202.9 11,963.411,722.4 13,010.8 11,673.3 12,448.4Financial liabilities at amortised costShares 13,218.8 13,629.9 12,386.1 12,527.1Deposits, amounts owed to customers and debt securities 4,214.3 4,233.3 4,052.5 4,040.6Subordinated liabilities 70.7 79.3 70.7 81.4Permanent interest bearing shares 161.2 205.6 161.1 215.3Determination of fair value and fair value hierarchyThe Society uses the following hierarchy for determining and disclosing the fair value of financial instruments:Level 1: quoted prices in active markets for the same instrument;Level 2: quoted prices in active markets for similar assets or liabilities or other valuation techniques for which all significantinputs are based on observable market data; andLevel 3: valuation techniques for which any significant input is not based on observable market data.71
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 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 69 and 70: 40. FINANCIAL INSTRUMENTS (continue
Page 71: 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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