Annual Reports Keepmoat Homes Annual Report 2018 | Page 59

Notes to the consolidated financial statements
23 – Contigent liabilities
The Group has entered into performance guarantees in the normal course of business which, at 31 March 2018, amounted
to £14.1m (2017: £12.6m). In the opinion of the directors, no loss will arise in respect of these guarantees.
The Group has given guarantees in respect of the bank borrowings in addition to performance and other guarantees. At 31
March 2018 the Group had bank borrowings under the revolving credit facility of £37,500,000 (2017: £5,000,000) and bank
overdrafts of £1,868,000 (2017: £20,561,000). The Group therefore had undrawn facilities totalling £35,632,000 (2017:
£49,439,000). The guarantees are in the form of a fixed charge over certain freehold land and buildings and floating charges
over the assets of certain Group companies.
The Group is party to the Keystone Midco Limited Group (“Midco Group”) senior facility agreement whereby the Midco
Group has a revolving credit facility with a maximum facility of £75,000,000. At 31 March 2018 the Midco Group was in a
net cash position (2017: net cash position).
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