NOTES TO THE CONSOLIDATED ACCOUNTS
for the year ended 30 June 2010 continued
16. Current liabilities
2010 £’000 2009 £’000
Bank loans (secured) Other loans (secured) CRPS liability (see note 21) Interest bearing loans and borrowings Trade payables Other tax and social security Other payables Accruals and deferred income Trade and other payables Provisions (see note 18)
18,039 1,218 4,860 24,117 35,396 6,977 7,841 36,562 86,776 1,595 112,488
7,683 1,131 4,996 13,810 36,545 6,128 7,531 39,375 89,579 1,211 104,600
During the year a £15,000,000 short-term revolving loan which forms part of the Group’s facility with HSBC Bank was utilised, which is secured against Club assets. Trade payables above include £29,120,000 in respect of the acquisition of players’ registrations (2009: £32,507,000). Accruals and deferred income include income in respect of season tickets and commercial sponsorships relating to future years. The Directors consider that the carrying amount of trade payables approximates their fair value.
17. Non-current liabilities
2010 £’000 2009 £’000
Bank loans (secured) Other loans (secured) CRPS liability (see note 21) Interest bearing loans and borrowings Trade payables Other payables Accruals and deferred income Trades and other payables Deferred grant income Deferred tax liabilities (see note 18) Trade payables above are all in respect of the acquisition of players’ registrations.
31,686 24,340 9,735 65,761 14,688 4,145 — 18,833 2,127 18,459 105,180
31,155 25,558 9,791 66,504 31,915 3,901 2,055 37,871 2,211 18,157 124,743
Bank loans (in notes 16 and 17)
Bank loans of £1,703,000 are secured by a floating charge over the Group’s assets and on certain freehold properties. These loans are being repaid over 23 years, in equal quarterly instalments from September 2004. Interest is charged quarterly on the outstanding amount of the loans, at a rate which tracks the Bank of England base rate. The bank loans are shown in the financial statements net of £23,000 of associated loan arrangement costs which are being amortised over the term of the loans. There is a £55,000,000 non-recourse bank facility with the Bank of Scotland secured on certain freehold properties. The Group has drawn the £11,250,000 refinance loan to refinance the existing debt of the Group incurred in respect of the acquisition of certain properties, at the balance sheet date £9,375,000 of this loan was outstanding. The remainder of the facility is available to draw upon to acquire further properties. At the balance sheet date a further £28,028,000 had been drawn to facilitate property acquisitions, and £23,844,000 of this loan was outstanding. The bank loans, which are at a floating rate, are shown in the financial statements net of £174,000 of associated loan arrangement costs which are being amortised over the term of the loans.
Tottenham Hotspur plc
Annual Report 2010