18 Borrowings
Group
Company
2015
2014
2015
2014
£’000
£’000
£’000
£’000
Amounts falling due within one year
Short-term bank loans
Bank term loans
Obligations under finance leases and
hire purchase contracts
Amounts falling due in more than one year
Bank term loans
Index-linked debt
Private placement loan notes
Irredeemable debenture stock
Obligations under finance leases and hire-purchase contracts:
Payable between one and two years
Payable between two and five years
—
26,420
9,109
—
6,837
—
14,207
—
580
935
—
—
27,000 10,044 6,837 14,207
79,018
205,978
40,654
1,652
105,185
200,103
40,559
1,679
79,018
—
40,654
—
78,779
—
40,559
—
45
—
257
76
—
—
—
—
327,347 347 ,859 119,672 119,338
Total borrowings
354,347
357,903
126,509
133,545
The book value of the Group’s index-linked debt of £205,978,000 (2014: £200,103,000) is stated above at amortised cost in accordance with FRS26.
The indexed principal of £190,638,000 (2014: £186,517,000) is used for borrowing covenant reporting purposes. Similarly, Group gross bank term loans
of £106,263,000 (2014: £106,263,000) and gross private placement loan notes of £41,000,000 (2014: £41,000,000) are used for covenant reporting
purposes but, in accordance with FRS26, are stated above net of unamortised issue costs.
77