2010 annual report and accounts - PDF 700KB - RAF Benevolent ...

Notes to the Financial Statements continued9. Tangible Fixed assetsProperty Equipment Total£’000 £’000 £’000Cost on 1 January 2010 35,556 1,793 37,349Additions during the year 4,297 419 4,716Disposals during the year (566) (219) (785)Cost at 31 December 2010 39,287 1,993 41,280Depreciation at 1 January 2010 (4,573) (1,386) (5,959)Depreciation for the year (732) (163) (895)Depreciation on disposals during the year 108 190 298Accumulated depreciation at 31 December 2010 (5,197) (1,359) (6,556)Net book value 31 December 2010 34,090 634 34,724Net book value 31 December 2009 30,983 407 31,390Net book value 31 December 2010Gulf Trust Fund 193 - 193Princess Marina House 3,955 154 4,109RAFBF/RAFA convalescent homes 984 - 984Headquarters – London 2,531 480 3,011Charity 7,663 634 8,297RAFBF Housing Trust Properties 26,427 - 26,427Group 34,090 634 34,724Net book value 31 December 2009Gulf Trust Fund 198 - 198Princess Marina House 4,041 129 4,170RAFBF/RAFA convalescent homes 1,010 - 1,010Headquarters – London 1,035 278 1,313Charity 6,284 407 6,691RAFBF Housing Trust Ltd 24,699 - 24,699Group 30,983 407 31,390The net book value of properties comprises:2010 2009£’000 £’000Freehold 32,549 29,428Long leasehold 1,541 1,55534,090 30,98310. Loans to beneficiaries2010 2009£’000 £’000Balance as at 1 January 16,157 15,732New loans 1,227 1,094Interest charged 189 19117,573 17,017Repayments (1,088) (833)Loans converted to grants (21) (27)Provision for loan conversion (250) -Balance at 31 December 16,214 16,157The outstanding loans include balances totaling £15.0 million (2009 – £14.7 million) which are secured by legal charges on the assets of the beneficiaries.The majority of loans have no fixed repayment date; these are normally repayable from the beneficiaries estate.24 The Heart of the RAF family