b'CHP financial statements 2020/2021Corporate finance and treasury As of 31 March 2021, we had committed debt fundingWe hedge our borrowing with International Swap and of 583.2m and drawn funding totalling 464.2m.Derivative Association (ISDA) standalone swap agreements (In 2019/2020 it was 446.7m). We seek to maintaintotalling 177m. The Groups refinancing risk within the diversification in our funding sources, with 46.14 percentnext five years is 104.2m with 82.13 percent of the coming from three banks and 53.86 percent from theGroups debt maturing after five years.181issued bond. Debt repayment profile on 31 March 2021 new 300m affordable 250m Performance homes 200m The Board regularly reviews performance to monitordelivered150m100m delivery of the corporate objectives and achievement in key areas such as repairs, maintenance, development and 50m rent collection.in the year. 120 of these were for affordable rent or social 0m A key strategic objective is to deliver 365 homes arent and 61 for shared ownership. The coming year will Within 1 year Between Between Between Greater year. Due to the COVID-19 pandemic, most of ourcatch-up for the shortfall this year. There are 56 new 1-5 years 6 and 10 years 11 and 20 years than 20 years development sites had to close for a period during thehomes forecast to be handed over, 552 homes currently in year. Nevertheless, we successfully delivered 181 homesdevelopment and a further 424 homes in the pipeline.Bank debt Bond2020/2021 2019/2020 Available liquidityInterest rate managementHomes owned9,6369,514 We have 119m of committed undrawn facilitiesThe Board regularly monitors interest rate risk and, Homes managed for others249158 available for immediate drawing and 42.1m cash in hand,at the year end, this resulted in our portfolio being Leasehold754750 representing total available liquidity of 161.1m. These91.99 percent fixed. resources are considered sufficient to fund 30 monthsOur average interest rate cost for the year was 4.05Leasehold and managed for others4520 worth of commitments.percent (2019/2020: 4.36 percent) reflecting the fixed rate Total committed fundinghedging noted above. We do not have any non-sterling orCommercial7878 All committed funds are fully secured by property. At theexchange rate exposure. year end, the Group has 1,199 properties unencumberedInvestments2020/2021 2019/2020 for use for new loans. These properties are estimated toExcess cash is invested in accordance with our financial provide potential security of 156.5m for future new loans.regulations. As of 31 March 2021, 19m was investedHomes delivered181375 The ability to raise new loans may enable us to developwith Goldman Sachs on an overnight deposit and 18m in more new homes in the future.a Federated Investors AAA money market fund. Rates ofAffordable or social rent120299 return are between 0.05 percent and 0.11 percent.Shared ownership6176 Outright sale00 Under development608657 The carrying value of our properties (including assets underincluding affordable and intermediate rent, built before construction) was 686.7m. This compares with 663.7m31 March 2014 and all market rent properties are valued last year. The upturn is due to the increased numberat Market Value Subject to Tenancies (MV-STT). All of homes. We use a mix of valuation bases dependingproperties built since 31 March 2014 are valued at cost on when the property was built. Social rent properties,less depreciation. shared ownership properties that were transferred fromInvestment in homes this year was funded through a Chelmsford City Council and shared ownership propertiesmixture of loan finance and working capital. All our homes built before 31 March 2014 are valued at Existing Usemeet the Governments Decent Homes Standard.Value-Social Housing (EUV-SH). Social rent properties, 16 17'