Merseyside Integrated Transport Authority Statement Of Responsibilities For The Statement Of Accounts


Merseyside Integrated Transport Authority

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Merseyside Integrated Transport Authority


Notes To The Financial Statements (Cont'd)
24. Analysis of borrowing repayable within a period in excess of 12 months







Range of Interest Rates Payable


Total Outstanding

at 31 March






2008

2009







£000

£000













(i) Source of Loan





















Public Works Loan Board


Variable Rates

-

-

Public Works Loan Board

4.30% to 13.25%

244358

240964













Department of Transport

8.11% to 13.7%

8162

6186



















252520

247150







_____

_____













(ii) An analysis of loans by maturity is:




















Maturing in -










- 1 to 2 years




10370

10451

- 2 to 5 years




30122

28761

- 5 to 10 years




43455

42723

- More than 10 years




168573

165215



















252520

247150

Loans outstanding as at 31 March 2009 stand at £257.5m and are shown at two locations on the balance sheet:




2007/08




2008/09

£000




£000










10385

Current Liabilities: Loans repayable in next 12 months

10369

252520

Long-term Liabilities: Loans outstanding

247150



























262,905


Total Outstanding 31 March

257,519

The SORP requires local authorities to disclose the fair value of their loan portfolios. These figures have been calculated as follows:-


The PWLB’s 2008 and 2009 figures have been calculated by reference to the premature repayment set of rates in force on 31 March 2008 and 31 March 2009 respectively. For both years the respective interest rates have been used as a discounting factor applied to future cash flows of the undischarged balance of the loans at 31 March 2008 and 2009.
Similarly a calculation has been done for the fair value of the Department for Transport Loans using the national loans rates at 31 March 2008 and 2009 as discount factors:-




Fair Value 31 March




2008

2009




£000

£000

PWLB loans

290,855

302,649

DfT loans


11,795

10,224




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