b'CHP financial statements 2020/2021Notes to the financial statements 22Disposal proceeds fund and recycled capital grant fund23Financial instruments: GroupThe Group generally has the option to recycle capital grantWithdrawals from the disposals proceeds fund were used2020/2021 2019/2020 which would otherwise be repayable, for re-use on newfor approved works for new builds and existing properties. developments. If unused within a three-year period, it willSince 6 April 2017, there is no longer a requirement to 000000be repayable to the Homes England with interest. add any new net proceeds of disposals to the Disposal The development programme of the Group is such that Proceeds Fund. Existing funds were fully utilised inMeasured at fair value through the profit and lossthe recycled grant is expected to be re-used before it2018/2019. becomes repayable.Current asset listed investments - -Any unused recycled capital grant held within the capitalMeasured at undiscounted amounts receivable grant recycling fund is disclosed in the statement of financial position split between creditors falling due withinTrade and other Debtors 192 218one and after one year.192 218 Recycled Capital Grant Fund 2020/2021 2019/2020Financial liabilities: 000 000 Measured at fair value and designated in an effective hedging relationshipHomes England Homes England Derivative financial liabilities66,371 57,703At 1 April 1101Measured at fair value, non-hedged financial instrumentsGrant recycled -109Derivative financial liabilities - 24,330Interest accrued Measured at amortised cost Applied to new build / not utilised Loans repayable498,046463,487At 31 March110110Measured at undiscounted amounts receivable Amounts three years or older where repaymentTrade and other creditors2,0041,431may be required566,421 546,951The Groups income, expenditure, gains and losses in respect of the financial instruments are summarised below.Interest income and expense2020/2021 2019/2020000000Total interest expense for financial liabilities at amortised costTotal interest expense for financial liabilities at amortised cost 19,101 19,185Derivatives that are designated and effective as hedging instruments carried at fair value000000LiabilitiesInterest rate swaps 66,371 57,703 Fair value loss charged to the statement of comprehensive income495(519) Closing loan liability (25,762) (1,471) Cash flow hedge reserve 41,104 55,713 00080 81'