Treasury Management

Undrawn, fully secured, borrowing facilities of £21m are available through Santander via a £32m revolving credit facility that runs to July 2027, by which point it is anticipated that up to £28m would have been drawn down.

At the present time, security capacity, beyond that required for existing drawn and undrawn facilities is estimated at £47m presenting a potential basis for refinancing of existing arrangements in the event that business and treasury strategy reviews indicate such action would be beneficial.

>> Performance against the interest cover loan covenant, as shown, has reduced this year in line with expectations but remains comfortably in excess of covenant requirements.

>> Gearing has increased only slightly, reflecting the increase in gross debt during the year being largely offset by completion of schemes and the benefit to English Rural cash balances at the point of the transfer of interests of The Cambridgeshire Cottage Housing Association.

The calculation of these metrics reflects funders requirements and differ from values outlined under the Regulator of Social Housing's (RSH) value for money performance metrics.