Financial Statements
26. Financial assets and liabilities |
||||||
|---|---|---|---|---|---|---|
| The Group has defined financial assets and liabilities as those assets and liabilities of a financial nature, namely cash, borrowings 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: | ||||||
2008 £m |
Book Value 2007 £m |
2008 £m |
Fair Value 2007 £m |
2008 £m |
Excess of fair value over book value 2007 £m |
|
| Financial assets | ||||||
| Short term investments | ||||||
| and cash | 10.1 |
14.5 |
10.1 |
14.5 |
– |
– |
| Financial liabilities | ||||||
| Term loan | (33.0) |
(11.0) |
(33.0) |
(11.0) |
– |
– |
| Financial instruments | ||||||
| Interest rate swap | – |
– |
– |
– |
– |
– |
(22.9) |
3.5 |
(22.9) |
3.5 |
– |
– |
|
| 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. | ||||||
2008 |
2007 |
|||||
| Weighted average period of fixed interest rates | 1 years |
2 years |
||||
| Weighted average fixed interest rate | 6.52% |
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. The term loan is repayable as follows: £20m by December 2010 and £50m by March 2011. Borrowing facilities The group has the following undrawn committed facilities available at year end in respect to which all conditions precedent had been met. |
||||||
2008 |
2007 |
|||||
£m |
£m |
|||||
| Expiring within one year |
- |
9.0 |
||||
| Expiring within two to five years |
37.0 |
- |
||||
|
37.0 |
9.0 |
|||||