Page 79 - Housing Solutions Annual Report

Debt (continued)

Net Debt Reconciliation
1 April 2019 Cashflows 31 March 2020
Cash at bank and in hand 22,588 (7,686) 14,902
Bank loans 290,772 12,275 303,047

Net Debt 268,184 4,589 288,145

Security
Housing loans are secured by specific charges on the housing properties and by a first fixed charge on
Housing Solution’s bank accounts.
Terms of repayment and interest rates
Bank loans are being repaid over different periods, some with quarterly payments and others with
annual payments. Final instalments range from April 2022 to June 2037, depending on the Facility
and Tranches. Interest is both variable and fixed, with rates ranging from 1.76% to 6.16% during the
year. Other loans include long term loans with both M & G and LGIM, which have bullet repayments in
2034 and 2054. The M & G loan has an index linked tranche of £50m linked to RPI where repayments
commence in 2023. Fixed interest rates for M&G range from 4.55% for the RPI linked tranche to 5.43%
for all other loans in the year.
£19.7m was drawn down in the year and at 31 March 2020 the Group had undrawn facilities of £37.0m
(2019: £86.7m)
Based on the lender’s earliest repayment date, borrowings are repayable as follows:

2020 2019
£’000 £’000
Within one year or on demand 7,533 7,533
One year or more but less than two years 7,562 7,533
Two years or more but less than five years 51,190 23,505
Five years or more 236,762 252,201

303,047 290,772

23. Non-equity share capital

Association Association
2020 2019
Number Number
Shares of £1 each issued and fully paid
At 1 April 2019 and as at 31 March 2020 10 10

10 10

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