The Group has provided GBP433,000 (2014: GBP183,000) for outstanding balances where recovery is considered doubtful. Apart from the receivables that have been provided for at the year-end, there are no other material receivables, past due but not impaired. The maximum exposure to credit risk at the reporting date is the carrying value of the receivable.

   10   Trade and other payables 
 
                     2015      2014 
a) Non-current    GBP'000   GBP'000 
===============  ========  ======== 
Trade payables      9,857     1,500 
===============  ========  ======== 
 
 
                                    2015      2014 
b) Current                       GBP'000   GBP'000 
==============================  ========  ======== 
Trade payables                    13,711     1,042 
Other payables                    16,256     9,331 
Other tax and social security      5,536       394 
Accruals and deferred income      28,399    21,153 
Special dividend 2015              9,995         - 
==============================  ========  ======== 
                                  73,897    31,920 
==============================  ========  ======== 
 
 
                                    Onerous        Other 
                                     leases   provisions     Total 
c) Provisions                       GBP'000      GBP'000   GBP'000 
=================================  ========  ===========  ======== 
At 1st March 2014                     2,948           88     3,036 
Charged to the income statement         490           51       541 
Credited to the income statement      (188)         (81)     (269) 
Utilised during the year              (696)         (44)     (740) 
Amortisation of discount                 94            -        94 
=================================  ========  ===========  ======== 
At 28th February 2015                 2,648           14     2,662 
=================================  ========  ===========  ======== 
 
 
                                   2015      2014 
Analysis of total provisions    GBP'000   GBP'000 
=============================  ========  ======== 
Non-current                       2,412     2,843 
Current                             250       193 
=============================  ========  ======== 
                                  2,662     3,036 
=============================  ========  ======== 
 

Provisions of GBP14,000 (2014: GBP88,000) relate to properties and GBP2,648,000 (2014: GBP2,948,000) to onerous leases.

GBP1,270,000 (2014: GBP1,270,000) has been provided to cover the onerous liability associated with leases at three of our serviced office centres.

Four provisions of GBP53,000 (2014: GBPnil), GBP886,000 (2014: GBP948,000), GBP177,000 (2014: GBP104,000) and GBP257,000 (2014: GBP257,000) relate to onerous lease obligations entered into in 2014, 2009, 1989 and 1974 respectively.

The Group has been called as guarantor in respect of three Stead and Simpson Limited leases. GBP5,000 (2014: GBP369,000) has been provided to cover the Group's obligations.

   11   Financial assets and financial liabilities 
   a)    Other financial assets 
 
                                                              2015      2014 
                                                           GBP'000   GBP'000 
========================================================  ========  ======== 
NON-CURRENT 
Available-for-sale financial assets - development loans     28,448    19,527 
Loan notes at amortised cost less impairment                 8,813     8,675 
========================================================  ========  ======== 
                                                            37,261    28,202 
========================================================  ========  ======== 
 

Development loans include a number of working capital and project-specific loans of GBP9,182,000 (2014: GBP8,115,000) to Northpoint Developments Limited. The loans attract fixed coupon rates of between 5.0 and 13.0 per cent. Included in the above amount is an interest-free loan of GBP208,000 (2014: GBP208,000). As at 28th February 2015, the Group has made a provision of GBP228,000 against interest receivable in respect of these loans.

In 2010, the Group provided a GBP5,000,000 loan to the Curzon Park Limited joint venture in order to repay a share of its bank debt. The joint venture partner provided the equivalent amount. In October 2012, the Group, along with our joint venture partner, agreed a three-year repayment schedule in respect of the loan facility secured against the 10.5 acre site in Birmingham. GBP11,500,000 of the loan has been repaid at the balance sheet date of which the Group's share is 50.0 per cent. The balance of GBP4,110,000 is repayable in full in May 2015. Following further review, the Group considers that this amount will be recovered from Curzon Park Limited, either through the compulsory sale of land or on development of the residual land retained. As at 28th February 2015, the development loan to Curzon Park is GBP8,450,000 (2014: GBP6,150,000). The Directors will review the position at each debt repayment date to determine whether the instalments are recoverable from Curzon Park Limited in the future or whether they should be expensed in the period in which they are paid.

The Group has two funding agreements totalling GBP10,816,000 (2014: GBP5,262,000), in respect of projects in partnership. The loans attract fixed coupon rates of 6.0 and 8.5 per cent.

The Group holds loan notes with a carrying value of GBP8,813,000 (2014: GBP8,675,00), issued by Northpoint Developments Limited, with a fixed term of ten years and a fixed coupon rate of 4.25 per cent. As at 28th February 2015, the Group has made a provision of GBP191,000 (2014: GBPnil) against interest receivable in respect of these loan notes.

 
                                      2015      2014 
                                   GBP'000   GBP'000 
================================  ========  ======== 
CURRENT 
Loans and receivables: 
Northpoint Developments Limited        200       200 
Property Alliance Group              1,500     1,500 
================================  ========  ======== 
                                     1,700     1,700 
================================  ========  ======== 
 

The Group has provided a short-term, non-interest-bearing loan of GBP200,000 to Northpoint Developments Limited and GBP1,500,000 to Property Alliance Group as a contribution to a prospective future project, this amount is repayable on demand.

   b)   Borrowings 
 
                                                    2015              2014 
                                        GBP'000  GBP'000  GBP'000  GBP'000 
======================================  =======  =======  =======  ======= 
CURRENT 
======================================  =======  =======  =======  ======= 
Bank overdrafts                                        -                 - 
Current instalments due on bank loans     2,818             3,476 
Current loans maturing                   14,054            21,808 
First mortgage debenture 11% due 2016    20,000                 - 
Unamortised transaction costs             (852)             (610) 
======================================  =======  =======  =======  ======= 
                                                  36,020            24,674 
======================================  =======  =======  =======  ======= 
                                                  36,020            24,674 
======================================  =======  =======  =======  ======= 
 
 
                                            2015      2014 
                                         GBP'000   GBP'000 
======================================  ========  ======== 
NON-CURRENT 
======================================  ========  ======== 
First mortgage debenture 11% due 2016          -    20,000 
Bank loans and loan notes                171,231   178,530 
Unamortised transaction costs            (2,219)   (2,126) 
======================================  ========  ======== 
                                         169,012   196,404 
======================================  ========  ======== 
 

Bank loans and the debenture are secured by way of mortgages and legal charges on certain properties and cash deposits held by the Group.

   c)    Derivative financial instruments 
 
                                                                       2015      2014 
Assets                                                              GBP'000   GBP'000 
=================================================================  ========  ======== 
Derivative financial instruments at fair value through profit or 
 loss: 
Interest rate swaps, caps and collars                                   189        23 
Foreign exchange contracts                                              228         - 
=================================================================  ========  ======== 
Derivative financial assets                                             417        23 
=================================================================  ========  ======== 
 
 
                                                                       2015      2014 
Liabilities                                                         GBP'000   GBP'000 
=================================================================  ========  ======== 
Cash flow hedge: cross-currency interest rate swap                        -   (1,744) 
Derivative financial instruments at fair value through profit or 
 loss: 
Interest rate swaps, caps and collars                                 (438)     (474) 
=================================================================  ========  ======== 
Derivative financial liabilities                                      (438)   (2,218) 
=================================================================  ========  ======== 
 
Net derivative financial liabilities                                   (21)   (2,195) 
=================================================================  ========  ========