24. CAPITAL COMMITMENTS
2018 2017
£’000
£’000
Capital expenditure that has been contracted for but has not
been provided for in these financial statements
26,215
47,063
Capital expenditure that has been authorised by the Board of
Management but has not yet been but not contracted for
20,421
16,073
The above commitments will be financed primarily through operating cash and long term borrowings from existing facilities
totaling £29.1m, with the balance (£17.5m) funded through Social Housing Grant.
25. LEASING COMMITMENTS
The future minimum lease payments of lease are as set out below.
2018 2017
£’000
£’000
Operating leases
Within one year
Between one and 5 years
Over five years
1,042
1,950
81
816
1,119
150
3,073
2,085
26. CONTINGENT ASSETS AND LIABILITIES
The Association had no contingent assets at 31 March 2018 (2017: Nil).
The Association has contingent liabilities in respect of three 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