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

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NOTES TO THE ACCOUNTS(continued)40. FINANCIAL INSTRUMENTS (continued)Total31 December 2009 Level 1 Level 2 Level 3 fair value£m £m £m £mFinancial assetsDerivative financial instrumentsInterest rate caps - 3.8 - 3.8Interest rate swaps - 24.0 - 24.0Cross currency interest rate swaps - 1.5 - 1.5- 29.3 - 29.3Debt securities – available-for-sale:Government investment securities 778.4 - - 778.4Analysis of transferable debt securitiesListed 1,486.0 - - 1,486.0Unlisted - 1,273.6 - 1,273.62,264.4 1,273.6 - 3,538.0Financial liabilitiesDerivative financial instrumentsInterest rate swaps - 108.9 - 108.9- 108.9 - 108.9Financial instruments recorded at fair valueThe following is a description of the determination of fair value for financial instruments which are recorded at fair value usingvaluation techniques. These incorporate the Society’s estimate of assumptions that a market participant would make whenvaluing the instruments.DerivativesDerivative products valued using a valuation technique with observable market inputs are interest rate swaps and currency swaps.The valuation techniques applied are swap models using present value calculations. The models incorporate various assumptionsincluding interest rate curves, foreign exchange spot and forward rates, and the credit quality of counterparties.Financial investments – available-for-saleMarket and counterparty prices have been used to determine the fair values of listed debt securities and permanent interestbearing shares. The fair values of all other instruments have been calculated using valuation models which use discounted cashflow analysis which incorporates observable market data including the use of prevailing interest rates to discount expected futurecash flows.Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in anarm’s length transaction.72
41. RELATED PARTY TRANSACTIONSULTIMATE CONTROLLING PARTYThe Group is controlled by Coventry Building Society registered in England and Wales, which is also considered to be the ultimateparent.TRANSACTIONS WITH RELATED PARTIES2009 2008Aggregate loans and deposits of directors £000 £000Loans payable by directors to the SocietyLoans outstanding at 1 January 1,040.5 1,085.3Loans issued during the year (including existing loans on appointment as director) 234.7 -Loan repayments during the year (net of interest) (70.1) (44.8)Loans outstanding at 31 December 1,205.1 1,040.5Deposits payable by the SocietyDeposits outstanding at 1 January 2,021.1 1,969.4Deposits issued during the year 361.3 505.0Deposit repayments during the year (net of interest) (92.2) (453.3)Deposits outstanding at 31 December 2,290.2 2,021.1Net interest income/(expense)Interest receivable 26.6 55.1Interest payable (61.2) (96.2)(34.6) (41.1)73
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 73: 40. FINANCIAL INSTRUMENTS (continue
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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