20. Provisions for liabilities and charges
Group
Property buy-backs £’000
2024 £’000
2023 £’000
Balance at 1 April Additions in the year Balance at 31 March
–
–
– –
2,082 2,082
2,082 2,082
– Issues with damp ingress have been identified at one of the Group’s development sites. Investigations are underway to establish the cause and extent of these issues and any works necessary to remediate them. 29 properties have been sold at the affected development and the Group has made an open offer to customers to repurchase the properties. As at 31 March 2024, three properties are in the process of being bought back for a total consideration of £2.1m. See note 30 for details of the full extent of the contingent liability were all customers to take up the repurchase offer. There are no provisions for liabilities and charges at Association level (2023: £nil).
21. Debt analysis
Group
Association
Borrowings
2024 £’000
2023 £’000
2024 £’000
2023 £’000
Fixed rates Interest rate Orchardbrook Limited Between 11.295% - 11.615%
38,084 15,508 330,370 24,583 46,328 455,003 130 163,617 163,617 618,620
38,398 16,406
38,084 15,508
38,398 16,406
Banks
5.080%
Local authorities
Between 7.250% - 16.500%
140
130
140
Bond
2.000%
329,846 330,370 329,846
Private placements
Between 5.200% - 5.370% Between 3.439% - 8.125%
–
24,583 46,328
–
Other
46,936
46,936
431,726 455,003 431,726
Variable rates Banks (unsecured)
Interest rate
Between 1.100% - 1.150% above SONIA
116,917 163,617 116,917 116,917 163,617 116,917 548,643 618,620 548,643
Total housing loans
In 2022 a sustainability Use of Proceeds public bond was issued, repaying unsecured bridging finance, and a sustainability-linked revolving credit facility (RCF) was put in place. The RCF is unsecured bank borrowing to which an unencumbered asset test is applied. The interest payable is linked to key performance indicators in five areas measured against a 2019-20 baseline, details of which are set out in the sustainability section of the Strategic Report.
98 Anchor Hanover Group Annual Report & Financial Statements 2024
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