24. CAPITAL COMMITMENTS
2017 2016
£’000
£’000
Capital expenditure that has been contracted for but has not
een provided for in these financial statements
b
47,063
39,546
Capital expenditure that has been authorised by the Board of
Management but has not yet been but not contracted for
16,073
15,798
The above commitments will be financed primarily through borrowings (£37.9m), which are available for draw-down under
existing loan arrangements, with the balance (£11.2m) funded through social housing grant and property sales (£14.0m).
25. LEASING COMMITMENTS
Then future minimum lease payments of lease are as set out below.
2017 2016
£’000
£’000
Operating leases
Within one year
Between one and 5 years
Over five years
507
776
220
107
777
2,090
1,503
2,974
26. CONTINGENT ASSETS AND LIABILITIES
The Association had no contingent assets at 31 March 2017 (2016: Nil).
The Association has contingent liabilities in respect of six flats disposed of under the “Right to Buy” provisions of the Housing
Acts. Liability could arise for any defects discovered within 10 years which had not been notified to the tenant before the lease
was granted. The Association is not aware of any material defects.
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Accord Housing Association