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Keepmoat Annual Report 2020

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Keepmoat has released its Group financial results for the year ending 31 October 2020.

NOTES TO THE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22 – Financial instruments (continued) Set out below is a comparison by category of carrying amounts and fair values of all the Group’s financial instruments: 31 October 2020 £’000 Restated 31 October 2019 £’000 Carrying amount Fair value Carrying amount Fair value Note £’000 £’000 £’000 £’000 Loans and receivables: Cash at bank and in hand 13 57,040 57,040 41,484 41,484 Trade and other receivables 12 30,330 30,330 31,688 31,688 Financial liabilities at amortised cost: 87,370 87,370 73,172 73,172 Trade and other payables 14 298,191 298,191 237,402 237,402 Loans and borrowings: Bank overdraft 16 254 254 6,311 6,311 Bank loans 16 - - 7,500 7,500 Term Loan 16 153,274 153,274 142,364 142,364 Other loans 16 9,836 9,836 12,805 12,805 Subordinated shareholder loan 16 1,809 1,809 1,809 1,809 463,364 463,364 408,191 408,191 Prepayments and contract assets are excluded from the trade and other receivables balances. Contract liabilities, non-cash land commitments and statutory liabilities are excluded from trade and other payables as these are not financial instruments. Borrowing facilities At 31 October 2020, the Group had committed borrowing facilities totalling £75,000,000 (31 October 2019: £55,000,000) representing revolving credit facilities and overdraft, which are due for renewal in June 2025. At 31 October 2020 the Group had bank borrowings under the revolving credit facility of £nil (31 October 2019: £7,500,000) and bank overdrafts of £254,000 (31 October 2019: £6,311,000). The Group therefore had undrawn facilities totalling £74,746,000 (31 October 2019: £41,189,000). Revolving credit facilities bear interest at 3.25% over LIBOR whilst cash overdrafts are 3.25% over Bank of England base rate. 104 KEEPMOAT.COM

FINANCIAL REVIEW 23 – Related party disclosures The directors regard all joint ventures and associates of Keystone JVco Limited Group to be related parties. During the year the Group has traded with these related parties and summaries of those transactions are set out below: Sales to Purchases from Management fees / recharges Finance income TRADING TRANSACTIONS £’000 £’000 £’000 £’000 Year ended 31 October 2020 Joint ventures Durham Villages Regeneration Limited 1,039 - 10 - Associates Sheffield Housing Company Limited 7,361 - - 17 New Tyne West Development Company LLP 500 - - - Ilke Homes Limited 68 5,011 - 600 8,968 5,011 10 617 Sales to Purchases from Management fees / recharges Finance income TRADING TRANSACTIONS £’000 £’000 £’000 £’000 Period ended 31 October 2019 Joint ventures Durham Villages Regeneration Limited - 853 10 - Associates Sheffield Housing Company Limited 10,536 - - 95 New Tyne West Development Company LLP 876 - - - Ilke Homes Limited - 3,456 - 61 11,412 4,309 10 156 Transactions with connected parties The investment funds that control Keystone JVco limited have significant influence over Drone Surveying Limited. During the year the Company made purchases of £34,420 (31 October 2019: £31,220) from Drone Surveying Limited. Included within trade payables at 31 October 2020 was £1,980 (31 October 2019: £3,660) owed to Drone Surveying Limited. ANNUAL REPORT & FINANCIAL STATEMENTS 2020 105