Annual Report 2016
Annual Report 2016
Notes to the Financial Statements
6 Other Operating Income
Profit on disposal of tangible fixed assets |
1,117 |
262 |
Rental income |
566 |
776 |
1,683 1,038
7 Exceptional Items
Included within Group operating profit for the year ended 31 March 2016 is a non-cash exceptional operating item of £ 3,581,000 ( credit ) relating to a reduction in the year in the book value of liabilities relating to a Group defined benefit pension scheme . This non-recurring item has arisen as a result of the cessation of future accrual of benefits within the scheme during the year . The item has been disclosed separately as exceptional due to its nonrecurring and significant nature .
Also , during the year , the Group has sold the contractual rights to future rental income relating to a number of its sites . This sale has generated a profit of £ 4,590,000 which has also been disclosed in the profit and loss account as exceptional due to the non-recurring nature of the sale and the significance of the proceeds and the profit generated . It is considered that the disposal and the related profit is not of an operating nature and as such it has been recorded after operating profit .
8 Finance Charges ( net )
2016 2015 ( as restated )
£’ 000 £’ 000
Interest payable and similar charges Index-linked debt ( cash ) |
7,049 |
6,900 |
Index-linked debt ( non-cash ) |
6,068 |
5,875 |
Bank term loan , drawings on short-term bank loans and other interest payable ( net ) |
3,810 |
3,621 |
Private placement loan notes |
1,808 |
1,808 |
Finance leases and hire-purchase contracts |
4 |
33 |
Irredeemable debenture stock |
68 |
68 |
18,807 18,305
Interest receivable |
|
|
Interest on loans to parent undertakings |
( 6,108 ) |
( 6,179 ) |
|
12,699 |
12,126 |
Other finance income ( net ) |
|
|
Defined benefit pension scheme interest cost |
( 570 ) |
( 729 ) |
Amounts recycled from hedging reserve |
184 |
186 |
12,313 11,583
64