TIDM31PE
RNS Number : 8267M
Canary Wharf Finance II PLC
23 September 2021
CANARY WHARF FINANCE II PLC
23 SEPTEMBER 2021
PUBLICATION OF THE HALF YEARLY FINANCIAL REPORT FOR THE 6
MONTHSED 30 JUNE 2021
Pursuant to sections 4.2 and 6.3.5 of the Disclosure and
Transparency Rules, the board of Canary Wharf Finance II plc is
pleased to announce the publication of its half yearly financial
report for the 6 months ended 30 June 2021, which will shortly be
available from
https:group.canarywharf.com/about-us/investors/canary-wharf-finance-ii-plc.
The information contained within this announcement, which was
approved by the board of directors on 23 September 2021, does not
comprise statutory accounts within the meaning of the Companies Act
2006 and is provided in accordance with section 6.3.5(2)(b) of the
Disclosure and Transparency Rules.
In compliance with the Listing Rule 9.6.1, a copy of the 30 June
2021 half yearly financial report will be submitted to the UK
Listing Authority via the National Storage Mechanism and will
shortly be available to the public for inspection at
www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.
Dated: 23 September 2021
Contact for queries:
J J Turner
Company Secretary
Canary Wharf Finance II plc
Telephone: 020 7418 2000
INTERIM MANAGEMENT STATEMENT
This interim management statement relates to the 6 months ended
30 June 2021 and contains information that covers the period from 1
January 2021 to 23 September 2021, the date of publication of this
interim management statement.
BUSINESS REVIEW
The company is a subsidiary of Canary Wharf Group plc and its
ultimate parent undertaking is Stork HoldCo LP, an entity
registered in Bermuda.
The company is a finance vehicle that issues securities which
are backed by commercial mortgages over properties within the
Canary Wharf Estate. The company is engaged in the provision of
finance to the Canary Wharf Group, comprising Canary Wharf Group
plc and its subsidiaries ('the Group'). All activities take place
within the United Kingdom.
At 30 June 2021, the company had GBP1,399,524,721 (31 December
2020 - GBP1,414,187,321) of notes listed on the London Stock
Exchange and had lent the proceeds to a fellow subsidiary
undertaking, CW Lending II Limited ('the Borrower') under a loan
agreement ('the Intercompany Loan Agreement'). The notes are
secured on a pool of properties at Canary Wharf, owned by fellow
subsidiary undertakings, and the rental income therefrom.
Results for the period
As shown in the company's Income Statement, the company's loss
after tax for the 6 month period was GBP4,929,325 (period ended 30
June 2020 - loss of GBP4,940,024).
This loss included hedge reserve recycling recognised in the
Income Statement of GBP4,987,552 (period ended 30 June 2020 - loss
of GBP4,969,727 including fair value adjustments). Including the
hedge reserve recycling recognised in other comprehensive income
the profit for the period was GBP58,227 (period ended 30 June 2020
- GBP29,703).
The balance sheet shows the company's financial position at the
period end and indicates that net assets were GBP5,526,752 (31
December 2020 - GBP5,468,525).
The weighted average maturity of the company's securitised debt
is 11.2 years (31 December 2020 - 11.6 years). The weighted average
interest rate of the securitised debt is 6.1% (31 December 2020 -
6.1%).
In the opinion of the Board, these Financial Statements enable
shareholders to make an informed assessment of the results and
activities of the company for the period ended 30 June 2021.
PRINCIPAL RISKS AND UNCERTAINTIES
The risks and uncertainties facing the business are monitored
through continuous assessment, regular formal reviews and
discussion at the Canary Wharf Group Investment Holdings plc audit
committee and board. Such discussion focuses on the risks
identified as part of the system of internal control which
highlights key risks faced by the Group and allocates specific day
to day monitoring and control responsibilities as appropriate. As a
member of Canary Wharf Group, the current key risks of the company
include the ongoing impact of COVID-19, the cyclical nature of the
property market, concentration risk and financing risk.
COVID-19
Since early 2020, the UK economy has been significantly impacted
by the COVID-19 virus which has caused widespread disruption and
economic uncertainty. The return to lockdown in January 2021 and
the extension to the end of lockdown restrictions in July 2021 has
continued this uncertainty but the positive news around rollout of
vaccines and the recent opening up of the economy has improved the
outlook.
While the pandemic has had minimal impact on office rental
income where approximately 99.0% of invoiced rent has been
collected, retail rental income was 37.9% lower than the equivalent
period in 2019 after adjusting for the impact of granting short
term concessions to retail tenants to support them through the
lockdowns.
The valuation of the charged properties has been resilient
notwithstanding the pandemic.
While there remains a risk of future falls in valuation, it is
not anticipated that this will lead to covenant breaches of the
securitisation secured against its office properties as the rental
income stream from these properties is predominantly secured
against tenants with strong covenants.
Cyclical nature of the property market
The valuation of the company and Group's assets are subject to
many other external economic and market factors. In recent years,
the London real estate market has had to cope with fluctuations in
demand caused by key events such as the 2008/2009 financial crisis,
uncertainty in the Eurozone and the implications of the UK's
withdrawal from the EU. The full impact of the coronavirus is not
yet possible to predict. Any long-term continuation of the pandemic
will however inevitably affect short and medium term economic
performance and confidence, with adverse implications for the
property market. The real estate market has to date, however, been
assisted by the depreciation of sterling since the EU referendum
and the continuing presence of overseas investors attracted by the
relative transparency of the real estate market in London which is
still viewed as both relatively stable and secure. Previous
Government announcements, in particular the changes to stamp duty
underpinned continuing demand in the residential market and the
value of the Group's development sites. Property valuations for
office properties let on long leases to good covenants have
remained relatively strong despite continuing economic
uncertainties which are unhelpful to confidence across the wider
real estate sector.
Concentration risk
The Group's real estate assets are currently located on or
adjacent to the Estate. Although a majority of tenants have
traditionally been linked to the financial services industry, this
proportion has now fallen to around only 50.0% of tenants. Wherever
possible steps are still taken to mitigate or avoid material
consequences arising from this concentration.
Although the focus of the Group has been on and around the
Estate, where value can be added the Group will also consider
opportunities elsewhere. The Group is involved as construction
manager and joint development manager in the joint venture with
Qatari Diar to redevelop the Shell Centre in London's South Bank.
The Group has also reviewed current consents for development to
react to changes in the market. This review has led to an increased
focus on the residential build to rent sector as reflected in the
composition of the master plan for the mixed use development at
Wood Wharf.
Financing risk
The broader economic cycle inevitably leads to movements in
inflation, interest rates and bond yields. The company has
borrowing at floating and fixed rates of interest. Where required
the company uses derivative financial instruments to manage
exposure to interest rate fluctuations. No derivatives are entered
into for speculative purposes.
The company has issued debenture finance in sterling at both
fixed and floating rates and uses interest rate swaps to modify its
exposure to interest rate fluctuations. All of the company's
borrowings are fixed after taking account of interest rate hedges.
All borrowings are denominated in sterling and the company has no
intention to borrow amounts in currencies other than sterling.
The company enters into derivative financial instruments solely
for the purposes of hedging its financial liabilities. No
derivatives are entered into for speculative purposes.
The company is not subject to externally imposed capital
requirements.
The company's securitisation is subject to a maximum loan minus
cash to value ('LMCTV') ratio covenant.
The maximum LMCTV ratio is 100.0%. Based on 30 June 2021
valuations of the properties upon which the company's notes are
secured, the LMCTV ratio at the interest payment date in July 2021
was 43.7%. The securitisation is not subject to a minimum interest
coverage ratio. A breach of certain financial covenants can be
remedied by depositing eligible investments (including cash).
DIRECTOR'S RESPONSIBILITY STATEMENT
The board of directors, comprising Sheikh Khalifa Al-Thani,
Theodor Berklayd (appointed 7 June 2021),
Sir George Iacobescu CBE, Shoaib Z Khan, Katy J Kingston
(appointed as an alternate director to Shoaib Z Khan 28 April
2021), Russell J J Lyons (resigned as an alternate director to
Shoaib Z Khan 28 April 2021), Justin Turner, Zachary B Vaughan
(resigned 7 June 2021) and Rebecca J Worthington (appointed 28
April 2021), confirms to the best of its knowledge that:
-- the condensed set of financial statements which has been
prepared in accordance with the applicable set of accounting
standards give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company as required
by Rule 4.2.4 of the Disclosure and Transparency Rules of
the United Kingdom's Financial Conduct Authority (the 'DTRs');
and
-- the interim management statement includes a fair review of
the information required by Rule 4.2.7 of the DTRs (indication
of important events during the first 6 months and description
of principal risks and uncertainties for the remaining 6
months of the year).
INCOME STATEMENT
for the 6 months ended 30 June 2021
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2020 30 June 2021 30 June 2020
GBP Note GBP GBP
------------- ------------- -------------
(14,007) Administrative expenses (11,460) (8,952)
------------- ------------- -------------
(14,007) OPERATING LOSS (11,460) (8,952)
84,994,689 Interest receivable 2 41,610,913 42,579,800
(94,857,959) Interest payable 3 (46,528,778) (47,510,872)
------------- ------------- -------------
(9,877,277) LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (4,929,325) (4,940,024)
- Tax on loss on ordinary activities 4 - -
------------- ------------- -------------
(9,877,277) LOSS ON ORDINARY ACTIVITIES AFTER TAXATION FOR THE PERIOD/YEAR (4,929,325) (4,940,024)
------------- ------------- -------------
OTHER COMPREHENSIVE INCOME
9,948,337 Hedge reserve recycling 4,987,552 4,969,727
9,948,337 OTHER COMPREHENSIVE INCOME FOR THE PERIOD/YEAR 4,987,552 4,969,727
---------- ---------- ----------
71,060 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR 58,227 29,703
---------- ---------- ----------
All amounts relate to continuing activities in the United
Kingdom.
The Notes numbered 1 to 8 form an integral part of this Half
Yearly Financial Report.
The Half Yearly Financial Report for the 6 months ended 30 June
2021 was approved by the Board of Directors on 23 September
2021.
STATEMENT OF FINANCIAL POSITION
as at 30 June 2021
Audited Unaudited Unaudited
31 December 30 June 30 June
2020 2021 2020
GBP Note GBP GBP
---------------- ---------------- ----------------
CURRENT ASSETS
Debtors: 5
1,677,350,801 Amounts falling due after one year 1,615,808,366 1,684,673,289
49,463,641 Amounts falling due within one year 50,429,644 47,858,386
3,601,415 Cash at bank 3,671,989 3,548,081
---------------- ---------------- ----------------
1,730,415,857 1,669,909,999 1,736,079,756
Creditors:
(47,596,531) Amounts falling due within one year 6 (48,574,881) (45,979,299)
---------------- ---------------- ----------------
1,682,819,326 NET CURRENT ASSETS 1,621,335,118 1,690,100,457
---------------- ---------------- ----------------
TOTAL ASSETS LESS CURRENT
1,682,819,326 LIABILITIES 1,621,335,118 1,690,100,457
Creditors:
(1,677,350,801) Amounts falling due after more than one year 7 (1,615,808,366) (1,684,673,289)
---------------- ---------------- ----------------
5,468,525 NET ASSETS 5,526,752 5,427,168
---------------- ---------------- ----------------
CAPITAL AND RESERVES
50,000 Called up share capital 50,000 50,000
(147,056,987) Hedging reserve (142,069,435) (152,035,597)
152,475,512 Retained earnings 147,546,187 157,412,765
---------------- ---------------- ----------------
5,468,525 SHAREHOLDER'S FUNDS 5,526,752 5,427,168
---------------- ---------------- ----------------
The Notes numbered 1 to 8 form an integral part of this Half
Yearly Financial Report.
STATEMENT OF CHANGES IN EQUITY
for the 6 months ended 30 June 2021
Called up
share Hedging Retained
capital reserve earnings Total
GBP GBP GBP GBP
---------- -------------- ------------ ------------
At 1 January 2020 50,000 (157,005,324) 162,352,789 5,397,465
Loss for the period - - (4,940,024) (4,940,024)
Other comprehensive income - 4,969,727 - 4,969,727
---------- -------------- ------------ ------------
Total comprehensive income - 4,969,727 (4,940,024) 29,703
---------- -------------- ------------ ------------
At 30 June 2020 50,000 (152,035,597) 157,412,765 5,427,168
---------- -------------- ------------ ------------
Loss for the period - - (4,937,253) (4,937,253)
Other comprehensive income - 4,978,610 - 4,978,610
---------- -------------- ------------ ------------
Total comprehensive income - 4,978,610 (4,937,253) 41,357
---------- -------------- ------------ ------------
At 31 December 2020 50,000 (147,056,987) 152,475,512 5,468,525
---------- -------------- ------------ ------------
Loss for the period - - (4,929,325) (4,929,325)
Other comprehensive income - 4,987,552 - 4,987,552
---------- -------------- ------------ ------------
Total comprehensive income - 4,987,552 (4,929,325) 58,227
---------- -------------- ------------ ------------
At 30 June 2021 50,000 (142,069,435) 147,546,187 5,526,752
---------- -------------- ------------ ------------
The Notes numbered 1 to 8 form an integral part of this Half
Yearly Financial Report.
NOTES TO THE INTERIM REPORT
for the 6 months ended 30 June 2021
1. ACCOUNTING POLICIES
The statutory accounts have been prepared in accordance with
Financial Reporting Standard (FRS) 102 "The Financial Report
Standard applicable in the UK and Republic of Ireland".
Accordingly, this condensed set of financial statements has been
prepared in accordance with FRS 104 "Interim Financial
Reporting".
The accounting policies applied in the preparation of this
Interim Report are consistent with those that will be adopted in
the statutory accounts for the year ending 31 December 2021. The
full accounting policies of the company, set out in the 2020
statutory accounts, have been applied in preparing this Interim
Report.
The financial information relating to the 6 months ended 30 June
2021 and 30 June 2020 is unaudited.
The results for the year ended 31 December 2020 are not the
company's statutory accounts. A copy of the statutory accounts for
the year has been delivered to the Registrar of Companies. The
auditor's report on those accounts was not qualified, did not
contain any reference to any matters which the auditor drew
attention by way of emphasis without qualifying the report and did
not contain statements under Section 498(2) or (3) of the Companies
Act 2006.
In accordance with FRS 102, the company will be exempt from
presentation of cash flow statement in its next annual financial
statements as it will be included in the consolidated financial
statements of Canary Wharf Group Investing Holdings plc, and
accordingly the company has taken an equivalent exemption in
preparing these condensed interim financial statements.
Interest rate benchmark reform
In September 2019, the IASB issued Interest Rate Benchmark
Reform - Amendments to IFRS 9, IAS 39 and IFRS 7. These amendments
modify specific hedge accounting requirements to allow hedge
accounting to continue for affected hedges during the period of
uncertainty before the hedged items or hedging instruments affected
by the current interest rate benchmarks are amended as a result of
the ongoing interest benchmark reforms. The Group will continue to
apply the amendments to IFRS 9 and IAS 39 until the uncertainty
deriving from the interest rate benchmark reforms with respect to
the timing and the amount of the underlying cash flows to which the
Group is exposed is resolved. It is assumed that this uncertainty
will end when the Group's contracts that reference Inter Bank
Offered Rates, in particular LIBOR, are amended to specify the date
on which the interest rate benchmark will be replaced, the cash
flows of the alternative benchmark rate and the relevant spread
adjustment. This will, in part, be dependent on the introduction of
fallback clauses which have yet to be added to the Group's
contracts and the outcome of negotiations with lenders and
bondholders.
2. INTEREST RECEIVABLE AND SIMILAR INCOME
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2020 30 June 2021 30 June 2020
GBP GBP GBP
------------ ------------- -------------
5,377 Bank interest receivable - 5,377
Interest receivable from
84,989,312 Group undertakings 41,610,913 42,574,423
------------ ------------- -------------
84,994,689 41,610,913 42,579,800
------------ ------------- -------------
3. INTEREST PAYABLE AND SIMILAR CHARGES
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2020 30 June 2021 30 June 2020
GBP GBP GBP
------------ ------------- -------------
Interest payable on securitised
84,909,622 debt (Note 7) 41,541,226 42,541,145
- Fair value adjustments - -
9,948,337 Hedge reserve recycling 4,987,552 4,969,727
------------ ------------- -------------
94,857,959 46,528,778 47,510,872
------------ ------------- -------------
Fair value adjustments
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2020 30 June 2021 30 June 2020
GBP GBP GBP
------------- ------------- -------------
45,779,026 Derivative financial instruments (65,561,091) 59,067,077
(18,209,165) Securitised debt 20,140,561 (39,097,934)
Loan to fellow subsidiary
(27,569,861) undertaking 45,420,530 (19,969,143)
------------- ------------- -------------
- - -
------------- ------------- -------------
4. TAXATION
Audited Unaudited Unaudited
year ended 6 months 6 months
31 December ended ended
2020 30 June 2021 30 June 2020
GBP GBP GBP
------------ ------------- -------------
Tax charge
Current tax chargeable to
- income - -
------------ ------------- -------------
- - -
------------ ------------- -------------
Tax reconciliation
Loss on ordinary activities
(9,877,277) before taxation (4,929,325) (4,940,024)
------------ ------------- -------------
Tax on loss at UK corporation
1,876,683 tax rate 936,572 938,605
Effects of:
(1,890,184) Fair value movements (947,635) (944,248)
13,501 Group relief 11,063 5,643
------------ ------------- -------------
- - -
------------ ------------- -------------
5. DEBTORS
Audited Unaudited Unaudited
31 December 30 June 30 June
2020 2021 2020
GBP GBP GBP
-------------- -------------- --------------
Due within one year:
Loan to fellow subsidiary
45,883,288 undertaking 45,560,290 45,903,410
Amounts owed by fellow subsidiary
3,580,353 undertakings 4,869,354 1,954,976
-------------- -------------- --------------
49,463,641 50,429,644 47,858,386
-------------- -------------- --------------
Due after more than one
year:
Loan to fellow subsidiary
1,677,350,801 undertaking 1,615,808,366 1,684,673,289
-------------- -------------- --------------
1,677,350,801 1,615,808,366 1,684,673,289
-------------- -------------- --------------
The loan to a fellow subsidiary undertaking comprises:
Audited Unaudited Unaudited
31 December 30 June 30 June
2020 2021 2020
GBP GBP GBP
-------------- -------------- --------------
1,710,200,552 Brought forward 1,706,676,001 1,710,200,552
(29,325,200) Repaid in period (14,662,600) (14,662,600)
(1,769,231) Amortisation of issue premium (847,749) (895,370)
(1,233,839) Accrued financing expenses (611,556) (613,236)
28,803,719 Fair value adjustment (45,420,530) 19,969,143
-------------- -------------- --------------
1,706,676,001 Carried forward 1,645,133,566 1,713,998,489
-------------- -------------- --------------
Payable within one year
29,325,200 or on demand 29,325,200 29,325,200
Payable after more than
1,677,350,801 one year 1,615,808,366 1,684,673,289
-------------- -------------- --------------
1,706,676,001 1,645,133,566 1,713,998,489
-------------- -------------- --------------
The loans to a fellow subsidiary undertaking bear fixed rates of
interest between 5.41% and 7.07% and are repayable in instalments
between 2005 and 2037.
Other amounts owed by Group companies are non-interest bearing
and repayable on demand.
The amount of the loan due within one year comprises
GBP16,235,090 (31 December 2020 - GBP16,558,088) of interest and
GBP29,325,200 (31 December 2020 - GBP29,325,200) of capital.
The A7, B3 and C2 tranches of the intercompany loan are carried
at fair value. The A1, A3, B and D2 tranches are carried at
amortised cost. The total fair value of the loans to fellow
subsidiary undertakings at 30 June 2021 was GBP1,879,888,826 (31
December 2020 - GBP1,969,316,124), calculated by reference to the
fair values of the company's financial liabilities. In the event
that the company were to realise the fair value of the securitised
debt and the derivative financial instruments, it would have the
right to recoup its losses as a repayment premium on its loans to
CW Lending II Limited. As such, the fair value of the loans to
Group undertakings is calculated to be the sum of the fair value of
the securitised debt and the fair value of the derivative financial
instruments. The carrying value of financial assets represents the
company's maximum exposure to credit risk.
6. CREDITORS: Amounts falling due within one year
Audited Unaudited Unaudited
31 December 30 June 30 June
2020 2021 2020
GBP GBP GBP
------------- ----------- -----------
45,935,937 Securitised debt (Note 7) 45,613,828 45,970,347
1,660,594 Amounts owed to Group undertakings 2,952,593 -
- Accruals and deferred income 8,460 8,952
------------- ----------- -----------
47,596,531 48,574,881 45,979,299
------------- ----------- -----------
The amount of the securitised debt due within one year comprises
GBP16,288,628 (31 December 2020 - GBP16,610,737) of interest and
GBP29,325,200 (31 December 2020 - GBP29,325,200) of capital.
7. CREDITORS: Amounts falling after more than one year
Audited Unaudited Unaudited
31 December 30 June 30 June
2020 2021 2020
GBP GBP GBP
-------------- -------------- --------------
1,282,476,486 Securitised debt 1,286,495,142 1,276,510,923
394,874,315 Derivative financial instruments 329,313,224 408,162,366
-------------- -------------- --------------
1,677,350,801 1,615,808,366 1,684,673,289
-------------- -------------- --------------
The amounts at which borrowings are stated comprise:
Audited Unaudited Unaudited
31 December 30 June 30 June
2020 2021 2020
GBP GBP GBP
-------------- -------------- --------------
1,361,105,263 Brought forward 1,311,801,686 1,361,105,263
(29,325,200) Repaid in period (14,662,600) (14,662,600)
(1,769,231) Amortisation of issue premium (847,749) (895,370)
(1,233,839) Accrued financing expenses (611,556) (613,236)
(16,975,307) Fair value adjustment 20,140,561 (39,097,934)
-------------- -------------- --------------
1,311,801,686 Carried forward 1,315,820,342 1,305,836,123
--------------
Payable within one year
29,325,200 or on demand 29,325,200 29,325,200
Payable after more than
1,282,476,486 one year 1,286,495,142 1,276,510,923
-------------- -------------- --------------
1,311,801,686 1,315,820,342 1,305,836,123
-------------- -------------- --------------
The company's securitised debt was issued in tranches, with
notes of classes A1, A3, A7, B, B3, C2 and D2 remaining
outstanding. The class A1, A3 and B notes were issued at a premium
which is being amortised to the income statement on a straight line
basis over the life of the relevant notes. At 30 June 2021
GBP13,050,384 (31 December 2020 - GBP13,896,133) remained
unamortised.
At 30 June 2021, there were accrued financing costs of
GBP16,732,866 (31 December 2020 - GBP17,344,422) relating to
increases in margins as described below.
The notes are secured on 6 properties at Canary Wharf, owned by
fellow subsidiary undertakings, and the rental income stream
therefrom.
The securitised debt has a face value on 30 June 2021 of
GBP1,399,524,721 (31 December 2020 - GBP1,414,187,320), of which
GBP734,963,720 (31 December 2020 - GBP749,626,320) carries fixed
rates of interest between 5.95% and 6.8%. The other GBP664,561,001
(31 December 2020 - GBP664,561,000) of the securitised debt carries
floating rates of interest at LIBOR plus a margin. The company uses
interest rate swaps to hedge exposure to the variability in cash
flows on floating rate debt caused by movements in market rates of
interest. The hedged rates of the floating notes, including the
margins, are between 5.30% and 6.74%.
The floating rate notes are carried at fair value through profit
or loss. The fixed rate notes are carried at amortised cost. The
total fair value of the securitised debt at 30 June 2021 was
GBP1,550,575,602 (31 December 2020 - GBP1,574,441,809). The fair
values of the sterling denominated notes have been determined by
reference to prices available on the market on which they are
traded.
At 30 June 2021, the fair value of the interest rate derivatives
resulted in the recognition of a liability of GBP329,313,224 (31
December 2020 - GBP394,874,315). The fair values of the derivative
financial instruments have been determined by reference to the
market values provided by a third party valuer.
The securitisation continues to have the benefit of an
arrangement with AIG which covers the rent in the event of a
default by the tenant of 33 Canada Square over the entire term of
the lease. At 30 June 2021, AIG had posted GBP107,052,226 as cash
collateral in respect of this obligation.
The company also has the benefit of a GBP300 million liquidity
facility provided by Lloyds Bank plc, under which drawings may be
made in the event of a cash flow shortage under the
securitisation.
8. CONTINGENT LIABILITIES AND FINANCIAL COMMITMENTS
As at 30 June 2021 and 31 December 2020, the company had given
security over all its assets, including security expressed as a
first fixed charge over its bank accounts, to secure the notes
referred to in Note 7.
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