23. Share capital
Accord Housing Association Limited is an Industrial and Provident Society limited by share capital:
Allotted, called up and fully paid shares of £1 each:
At beginning of year
Issued during year
At end of year
2016
Number
2015
Number
34
30
5
4
39
34
The share capital of the Association consists of shares with a nominal value of £1 each which carry no rights to
dividends or other income.
Shares in issue cannot be repaid or transferred.
When a shareholder ceases to be a member, this person’s share is cancelled and the amount paid up thereon
becomes the property of the Association.
All shareholdings, therefore, relate to non-equity interests.
24. Capital commitments
Group Group
Capital expenditure that has been contracted for but has not
Association Association
2016 2015
£000 £000
2016 2015
£000 £000
39,546
-
36,960
-
15,798
18,808
15,798
18,808
been provided for in these financial statements
Capital expenditure that has been authorised by the Board of 15,798
Management but has not yet been but not contracted for
The above commitments will be financed primarily through borrowings (£16.3m), which are available for draw-down under existing loan
arrangements, with the balance (£10.2m) funded through social housing grant and property sales (£10.5m).
Financial Statements 2016
97