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Transform Sch NL Fd (73GD)

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Wednesday 16 December, 2015

Transform Sch NL Fd

Half Yearly Report

RNS Number : 2768J
Transform Schools (N.Lanarks)FdgPLC
16 December 2015
 

 

Company Registration No. 5358471

 

Transform Schools (North Lanarkshire) Funding plc

 

Unaudited Interim Accounts

For the Six Months to 30 June 2015

 

 


Transform Schools (North Lanarkshire) Funding plc

 

Unaudited Interim Accounts

Six Month Period to 30 June 2015

 

Contents                                                                                                        Page

 

Interim Management Report                                                                                                                                                             1

Condensed Income Statement                                                                                                                                                            2

Condensed Statement of Financial Position                                                                                                                                   3

Notes to the Condensed Financial Statements                                                                                                                               4

 


Transform Schools (North Lanarkshire) Funding plc

 

Interim Management Report

Six Month Period to 30 June 2015

 

Principal activities and business review

The Company's principal activity is the financing of a Private Finance Initiative (PFI) concession contract with North Lanarkshire Council.

The Directors expect the activities to continue on this basis.

Key performance indicators (KPIs)

The key performance indicator is that the Company is able to service the funding requirements through interest and capital repayments. This is achieved through the successful operation of Transform Schools (North Lanarkshire) Limited's PFI concession contract and that it's net cash flow is in line with or better than forecast. The directors can report that the company was able to meet all of its funding requirements during the first six months of the year.

Principal risks and uncertainties

The Company recognises that effective risk management is fundamental to achieving its business objectives in order to meet its commitments in financing the PFI contract. Risk management contributes to the success of the business by identifying opportunities and anticipating risks in order to improve business performance and fulfil the Company's contractual obligations.

The directors do not consider that potential risks and uncertainties have changed since the publication of the annual report for the year ended 31 December 2014.

Going Concern

The directors have a reasonable expectation that the Company will be able to settle its liabilities as they fall due for the foreseeable future and therefore it is appropriate to prepare these financial statements on the going concern basis.


 

Transform Schools (North Lanarkshire) Funding plc

 

Condensed Income Statement

Six Month Period to 30 June 2015

 

Notes

 

Six months ended 30 June 2015

(Unaudited)

£'000

Six months ended 30 June 2014

(Unaudited)

£'000

 

 

 

 

 

Interest receivable and similar income

2

 

4,901

4,952

Interest payable and similar charges

2

 

(4,901)

(4,952)

 

 

 

 

 

Profit on ordinary activities before taxation

 

 

-

-

 

 

 

 

 

Taxation on profit on ordinary activities

3

 

-

-

 

 

 

 

 

Profit for the financial year

8

 

-

-

 

 

 

 

 

 

All activities are derived from continuing operations in the United Kingdom.

 

Condensed Statement of Other Comprehensive Income

The Company had no recognised gains or losses during the six months to 30 June 2015 or the preceding year other than the reported profit shown above; consequently no statement of other comprehensive income is presented.


 

Transform Schools (North Lanarkshire) Funding plc

 

Condensed Statement of Financial Position

At 30 June 2015

 

Notes

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

 

 

 

 

 

Current assets

 

 

 

 

Debtors: amounts falling due within one year

4

 

8,454

8,544

Debtors: amounts falling due after more than one year

4

 

177,360

174,458

 

 

 

 

 

 

 

 

185,814

183,002

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

Creditors: amounts falling due within one year

5

 

(8,454)

(8,544)

 

 

 

 

 

Net current assets

 

 

177,360

174,458

 

 

 

 

 

Creditors: amounts falling due after more than one year

6

 

(177,310)

(174,408)

 

 

 

 

 

Net assets

 

 

50

50

 

 

 

 

 

Capital and reserves

 

 

 

 

Called-up share capital

7

 

50

50

Profit and loss account

8

 

-

-

 

 

 

 

 

Shareholders' funds

9

 

50

50

 

 

 

 

 

 

 

Condensed Statement of Changes in Equity

The Company had no movement in equity during the six months to 30 June 2015 or the preceding year other than the reported profit; consequently no statement of changes in equity is presented.


Transform Schools (North Lanarkshire) Funding plc

 

Notes to the Condensed Set of Financial Statements

For the Six Month Period to 30 June 2015

 

1.         Accounting policies

The principal accounting policies of the Company are detailed in the annual audited financial statements. The same accounting policies and methods of computation are following in the interim financial statements as compared with the latest audited financial statements.

Basis of preparation

The interim accounts have been prepared in accordance with applicable law and United Kingdom accounting standards and under the historical cost convention.

Following transition to FRS102 from 1 January 2015, the interim accounts have been prepared in accordance with FRS104. It is expected that transition will have no impact on the results reported for the year ending 31 December 2014, or for the six month period ending 30 June 2015.

Cashflow

In the annual audited financial statements, the Company has taken advantage of the exemption available under FRS102 and not prepared a cash flow statement as it is presented in the consolidated accounts of Consort Healthcare (Blackburn) Holdings Limited. Consequently, no cashflow statement is presented for the six month period to 30 June 2015.

2.         Net interest receivable

 

 

 

Six months ended 30 June 2015

(Unaudited)

£'000

Six months ended 30 June 2014

(Unaudited)

£'000

 

 

 

 

 

Interest receivable on loan to Transform

 

 

4,901

4,952

      Schools (North Lanarkshire) Limited

 

 

 

 

Interest and fees payable on bonds and loan

 

 

(4,901)

(4,952)

 

 

 

 

 

 

 

 

-

-

 

 

 

 

 

3.         Taxation

The results for the six month period to 30 June 2015 do not give rise to a tax charge (six month period to 30 June 2014: £nil).



 

Transform Schools (North Lanarkshire) Funding plc

 

Notes to the Condensed Set of Financial Statements

For the Six Month Period to 30 June 2015

 

4.         Debtors

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

 

 

 

Amounts owing from Transform Schools

 (North Lanarkshire) Limited

185,814

 

183,002

 

 

 

 

 

 

Due within one year

8,454

8,544

Due after one year

177,360

174,458

 

 

 

 

185,814

183,002

 

 

 

5.         Creditors: amounts falling due within one year

 

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

 

 

 

 

Index-linked secured bonds

 

3,916

4,022

Index-linked bank secured term loan

 

3,261

3,210

Accrued interest

 

1,277

1,312

 

 

 

 

 

 

8,454

8,544

 

 

 

 

 



Transform Schools (North Lanarkshire) Funding plc

 

Notes to the Condensed Set of Financial Statements

For the Six Month Period to 30 June 2015

 

6.         Creditors: amounts falling due after more than one year

 

 

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

Borrowings:

 

 

 

 

 

 

 

 

 

Index-linked secured bonds

 

 

88,833

87,080

Index-linked bank secured term loan

 

 

71,393

70,244

Subordinated loan stock

 

 

17,084

17,084

 

 

 

 

 

 

 

 

177,310

174,408

 

 

 

 

 

 

 

 

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

Repayable as follows:

 

 

 

 

 

 

 

 

 

Within one year

 

 

7,177

7,231

Between one and two years

 

 

7,131

7,185

Between two and five years

 

 

23,083

22,818

After five years

 

 

147,096

144,406

 

 

 

 

 

 

 

 

184,487

181,640

 

 

 

 

 

 

 

The liabilities are each valued at amortised cost, using the effective interest rate method, taking account of projected indexation across the term of the liability. Full details of financial liabilities are provided in the Companies' annual audited financial statements.

During the six months to 30 June 2015, principal repayments of £1,599,000 and £2,260,000 were made to satisfy the loan and bond liabilities. Payments were made in line with previously disclosed payment terms.

 



Transform Schools (North Lanarkshire) Funding plc

 

Notes to the Condensed Set of Financial Statements

For the Six Month Period to 30 June 2015

 

7.         Called-up share capital

 

 

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

Allotted. called up and unpaid

 

 

 

 

Equity: 50,000 ordinary shares of £1.00 each

 

 

50

50

 

 

 

 

 

8.         Reserves

 

 

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

Profit and loss account

 

 

 

 

Opening reserves

 

 

-

-

Profit for the period

 

 

-

-

 

 

 

 

 

Closing reserves

 

 

-

-

 

 

 

 

 

9.         Reconciliation of movements in shareholders' funds

 

 

 

30 June 2015 (Unaudited)

£'000

31 December 2014

(Audited)

£'000

 

 

 

 

 

Profit for the period

 

 

-

-

 

 

 

 

 

Net increase in shareholders' funds

 

 

-

-

 

 

 

 

 

Opening shareholders' funds

 

 

50

50

 

 

 

 

 

Closing shareholders' funds

 

 

50

50

 

 

 

 

 

 



Transform Schools (North Lanarkshire) Funding plc

 

Notes to the Condensed Set of Financial Statements

For the Six Month Period to 30 June 2015

 

10.       Related party disclosure

Transform Schools (North Lanarkshire) Funding plc has issued £87,796,000 bonds and borrowed £70,000,000 from the European Investment Bank and lent these funds less issue costs on to a fellow subsidiary of Transform Schools (North Lanarkshire) Holdings Limited, Transform Schools (North Lanarkshire) Limited.

At 30 June 2015, the subordinated loan stock totalled £17,08,641, divided between Equitix Education 2 Limited, £8,541,821 (2014: £8,541,821) and Innisfree Nominees Limited £8,541,820 (2014: £8,541,820) split between Innisfree PFI Secondary Fund LP (ISF) and Innisfree PFI Secondary Fund 2 LP (ISF2) in the ratio 16% to 34% respectively.

Subordinated debt interest accrued at 30 June 2015 totalled £360,364 (2014: £360,364), divided between Equitix Education 2 Limited for £180,182 and Innisfree Nominees Limited for £180,182 split between ISF and ISF2 in the ratio noted above.

11.       Ultimate parent undertakings and controlling parties

The Company is a subsidiary of Transform Schools (North Lanarkshire) Holdings Limited, which is incorporated in Great Britain and registered in England and Wales.  The ultimate parent undertakings of Transform Schools (North Lanarkshire) Holdings Ltd are Equitix Education 2 and two limited partnerships, Innisfree PFI Secondary Fund and Innisfree PFI Secondary Fund 2 LP, managed by Innisfree Limited.  The Company has no ultimate controlling party.

The only company in which the result of Transform Schools (North Lanarkshire) Funding plc is consolidated is Transform Schools (North Lanarkshire) Holdings Limited.  Copies of the financial statements are available from the registered office at 8 White Oak Square, London Road, Swanley, Kent, London BR8 7AG.

 


This information is provided by RNS
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