Page 64 - RFU Annual Report 2015/2016

Financial Statements
62

Notes to the Financial Statements continued

21. Finance leases

The Group and Parent use finance leases to acquire plant and equipment. These leases have terms of renewal but no
purchase or escalation clauses. Renewals are at the option of the lessee. Future minimum lease payments under
finance leases:

Group Group Parent Parent
2016 2015 2016 2015
£m £m £m £m

Amounts falling due within one year
Amounts payable:
Within one year 0.4 0.6 0.4 0.6
Between two and five years 0.3 0.8 0.3 0.8

0.7 1.4 0.7 1.4

Group Group Parent Parent
22. Bank loans 2016 2015 2016 2015
£m £m £m £m

Between two and five years 24.6 - 24.6 -

In March 2016 the RFU replaced its existing £10m unsecured revolving credit facility due to expire in September 2017 with a
new five year unsecured revolving credit facility, which has an option for a one year extension. Interest is payable at 0.7% on
the lender’s available commitment, and at 1.75% above LIBOR for drawn funds.

23. Debentures

During the year, 4,636 (2015: 49) debentures of the same class were issued for a total consideration of £36.6m (2015: £0.5m).
All debentures are interest free, unsecured and are repayable at par according to the schedule in the following table.

Group & Group &
Parent Parent
2016 2015
Analysis of debt maturity £m £m

Debentures 2075 9.8 9.8
Debentures 2076 6.7 6.7
Debentures 2077 4.0 4.0
Debentures 2078 19.1 19.1
Debentures 2079 5.2 5.2
Debentures 2080 12.6 12.6
Debentures 2081 26.4 26.4
Debentures 2083 6.6 6.6
Debentures 2085 13.0 13.0
Debentures 2086 8.7 8.7
Debentures 2087 4.2 4.2
Debentures 2088 25.1 25.1
Debentures 2089 6.7 6.7
Debentures 2090 0.1 0.1
Debentures 2091 36.6 -
184.8 148.2

Annual Report 2015/16