Treasury Management

Undrawn, fully secured, borrowing facilities of £13.5m are available through Triodos (£1.5m) and Santander (£12m).

Together with existing cash balances, this will provide enough to fund the 5-year development programme up to early-2024. Thereafter, new facilities of circa £32m will need to be available to fund the remaining programme and to refinance the £12m Santander facility which expires in August 2024. Arrangements are in place to extend existing facilities to accommodate this new funding requirement.

Performance against the interest cover loan covenant, as shown above, has reduced this year:

>> An increase in both repair costs and component replacements has reduced operating cashflows and meant that the operating surplus has reduced from £2.2m last year to £1.8m this year

>> Interest costs broadly remained the same, reflecting some higher fixed rate loans maturing and being replaced with lower fixed rates

>> Gearing has increased slightly, reflecting the increase in net debt during the year