Treasury Management

As of 31 March 2025, undrawn, fully secured borrowing facilities of £23m were available through Santander via a £32m facility that runs to July 2027, by which point it is anticipated that up to £25m would have been drawn.

At the present time, security capacity, beyond that required for existing drawn and undrawn facilities, is estimated at £49m presenting a potential basis for increasing or refinancing existing arrangements in the event that business and treasury strategy reviews indicate such action would be beneficial.

>> Performance against the interest cover loan covenant has increased this year in line with expectations and is comfortably in excess of existing covenant requirements

>> Performance against the gearing measure used for covenants has reduced slightly, reflecting the reduction in net debt as in year development expenditure reduced in the year as fewer schemes were on site and cash balances were utilised. Development expenditure is expected to increase in 2025/26 as a number of planning applications have now been approved.

The calculation basis of these metrics reflects funders’ requirements and differs from values outlined under RSH value for money performance metrics.