61
Rugby Football Union Report 2007 | Financial Statements
| 23. Post balance sheet events | ||||||
|---|---|---|---|---|---|---|
| There are no post balance date events that require disclosure in the financial statements. | ||||||
| 24. Contingent assets and liabilities | ||||||
| There are no contingent assets and liabilities that require disclosure in the financial statements. | ||||||
| 25. Financial assets and liabilities | ||||||
| The Group has defined financial assets and liabilities as those asset and liabilities of a financial nature, namely cash, borrowing and interest rate swaps. All the Group’s financial assets and liabilities are denominated in sterling. The Groups’ financial assets and liabilities and their fair values are: | ||||||
2007 £m |
Book Value 2006 £m |
Fair Value £m |
Fair Value 2006 £m |
2007 £m |
Excess of fair value over book value 2006 £m |
|
| Financial assets | ||||||
| Short term investments | ||||||
| and cash | 14.5 |
28.0 |
14.5 |
28.0 |
– |
– |
| Financial liabilities | ||||||
| Term loan | (11.0) |
– |
(11.0) |
– |
– |
– |
| Financial instruments | ||||||
| Interest rate swap | – |
– |
– |
– |
– |
– |
3.5 |
28.0 |
3.5 |
28.0 |
– |
– |
|
| The group currently has one interest rate swap in relation to the fixing of interest rates on the term loan. There was no book or fair value of the interest rate swap at year end. | ||||||
2007 |
2006 |
|||||
| Weighted average period of fixed interest rates | 2 years |
– |
||||
| Weighted average fixed interest rate | 6.64% |
– |
||||
| As the intention of the new interest rate swaps is to fix the interest rates for existing and new borrowings, their mark to market value has not been recognised in the financial statements and instead net interest has been included in tangible assets as the interest expense relates to the South Stand Development Project. | ||||||
| Borrowing facilities The group has the following undrawn committed facilities available at year end in respect to which all conditions precedenthad been met: |
||||||
2007 |
2006 |
|||||
£m |
£m |
|||||
| Expiring within one year | 9.0 |
– |
||||