12 East Thames Group Limited Financial Statements
OPERATING AND FINANCIAL REVIEW, continued
Financial position Group highlights five year summary for the year ended 31 March
2008 £’000
2007 £’000
2006 £’000
2005 £’000
2004 £’000
84,635 (76,506)
81,021 (71,447)
72,584 (63,021)
66,700 (56,145)
5,998
8,129
9,574
9,563
10,555
(11,064) 7,119 (667) (21)
(10,040) 8,828 (12,579) –
(9,888) 4,357 (2,340) –
(9,450) 4,585 – –
(9,937) 6,410 – –
1,365
(5,662)
1,703
4,698
7,028
Income and expenditure Turnover Operating costs
101,704 (95,706)
Operating surplus Net interest payable Surplus on sale of assets Exceptional items Tax Surplus/(deficit) for the year Balance sheet
restated
Housing properties at valuation Other tangible fixed assets Net current assets/(liabilities)
672,505 58,740 (1,504)
565,264 25,934 (7,726)
517,734 15,158 9,593
445,943 11,709 (14,909)
403,639 8,515 (4,495)
Total assets less current liabilities
729,741
583,472
542,485
442,743
407,659
Long-term creditors Provisions and other long-term liabilities Reserves
452,145 1,767 275,829
303,730 – 279,742
262,943 100 279,442
177,595 100 265,048
164,779 100 242,780
Total funding
729,741
583,472
542,485
442,743
407,659
13,618
13,238
11,404
11,301
11,190
Accommodation figures Total housing stock owned or managed at year end (number of dwellings):
Restatement
Post balance-sheet events
The balance sheet as at March 2007 has been restated to remove a consolidated adjustment of £280k that was not required. The restatement has reduced the balances of housing properties and reserves.
We consider that there have been no events since the year end that have had a significant effect on the Group’s financial position.
Reserves Accounting policies There were no changes to accounting policies from last year, although the changes to the pension arrangements for staff (see below) should be noted.
After transfer of the surplus for the year of £1.4m (2007: £5.7m deficit) at the year end Group reserves amounted to £275.8m (2007: £279.7m), including an accumulated revaluation surplus on housing properties of £218.6m (2007: £224.4m).