Group Accounts

Consolidated Profit and Loss Account
for the year ended 31 October 2007

	2007 £'000	2006 £'000
Interest receivable and similar income	25,355	37,126
Interest payable	(14,025)	(18,899)
Net interest income	11,330	18,227
Dividend income from listed equity shares	92	99
Fees and commissions receivable	5,140	8,681
Fees and commissions payable	(2,632)	(5,456)
Other finance income	400	300
Other operating income:
Rents receivable	-	429
Profit from life assurance activities	9,281	9,989
Profit on sale of reversionary interests	1,346	1,025
Profit on sale of mortgage assets	558	811
Profit on sale of equity shares	399	599
Net operating income	25,914	34,704
Administrative expenses:
Staff costs	(5,546)	(8,283)
Other administrative expenses	(2,102)	(3,896)
Depreciation and amortisation	(254)	(796)
Movement on provisions for bad and doubtful debts	(618)	(5,429)
Group operating profit	17,394	16,300
Share of operating loss in associate	(460)	(347)
Total operating profit	16,934	15,953
Profit on sale of a discontinued operation	3,499	149
Profit on ordinary activities before taxation	20,433	16,102
Tax on profit on ordinary activities	(5,080)	(4,246)
Profit on ordinary activities after taxation being profit for the financial year	15,353	11,856

 

Consolidated Balance Sheet
at 31 October 2007

	2007 £'000	2006 £'000
Assets
Loans and advances to banks	11,987	53,167
Loans and advances to customers	365,600	304,918
	377,587	358,085
Equity shares	114	127
Investments in associates	(581)	(243)
Tangible fixed assets	322	648
Reversionary interests in properties	50,481	46,656
Other assets	3,024	4,306
Prepayments and accrued income	2,463	2,481
Pension asset	2,800	500
Long-term assurance business attributable to shareholders	50,922	44,273
	487,132	456,833
Long-term assurance business attributable to policyholders	103,095	107,121
Total assets	590,227	563,954
Liabilities
Deposits by banks	9,125	146
Customer accounts	304,732	302,144
Other liabilities:
Corporation tax	639	(103)
Other	9,791	1,354
Accruals and deferred income	2,944	2,744
	327,231	306,285
Share capital and reserves
Called-up share capital	100,000	100,000
Profit and loss account	59,901	50,548
Shareholder's funds	159,901	150,548
Long-term assurance liabilities to policyholders	103,095	107,121
Total liabilities and shareholder's funds	590,227	563,954
Memorandum items
Contingent liabilities	424	1,223
Commitments	233,859	173,893