Notes to the financial statements 22
for the year ended 31 March 2012
Other financial commitments
At 31 March 2012 the Group had annual commitments under non-cancellable operating leases expiring as follows:
Expiring within one year Expiring between two to five years inclusive Expiring over five years
The Company had no annual commitments under non-cancellable operating leases.
The Group has entered into performance guarantees in the normal course of business which, at 31 March 2012, amounted to £34,041,000 (2011: £14,948,000). In the opinion of the Directors, no loss will arise in respect of these guarantees. The company has given guarantees in respect of the bank borrowings of Castle 1 Limited, its parent company and Keepmoat Homes Limited, its subsidiary company. At 31 March 2012 borrowings covered by both these guarantees amounted to £624,823,000 (2011: £705,994,000). The guarantees are in the form of a fixed charge over freehold land and building and floating charges over the assets of the certain group companies. The group has a Revolving Credit Facility with a maximum facility of £65,000,000 of which the overdraft is capped at £19,890,000. At 31 March 2012 the group was in a net cash position.
The Group operates a hybrid Group pension scheme, the Keepmoat Limited Group Pension Plan, with assets held in independently administered funds. A full actuarial valuation of the defined benefit scheme was carried out at 5 April 2010 and this has been updated to 31 March 2012 by a qualified independent actuary. The scheme assets are stated at their market value at 31 March 2012. The major assumptions used by the actuary to calculate the liabilities of the Keepmoat Group Pension Plan are:
Keepmoat Annual Report and Financial Statements 2012
Published on Jan 22, 2014