Pence Pence
All items in the above Consolidated Statement of Comprehensive
Income derive from continuing operations.
Consolidated Balance Sheet
as at 31 December 2011
2011 2010
GBP GBP
ASSETS
Non-current assets
Freehold investment properties 137,181,065 119,911,195
Leasehold investment properties 20,031,594 31,481,594
Lease incentives 3,516,748 3,273,974
160,729,407 154,666,763
Investment property held for sale 998,000 -
Current assets
Trade and other receivables 1,642,602 1,607,101
Prepaid expenses 675,462 -
Cash and cash equivalents 17,825,381 21,170,716
Total assets 181,870,852 177,444,580
EQUITY
Capital and reserves attributable
to Company's equity holders
Share capital 20,440,011 6,671,438
Retained earnings 6,349,453 5,158,901
Capital reserves (37,372,610) (36,638,104)
Other distributable reserves 97,838,372 98,138,586
Total equity 87,255,226 73,330,821
LIABILITIES
Non-current liabilities
Bank borrowings 84,238,408 84,140,896
Interest rate swaps 3,007,460 4,578,987
Redeemable preference shares - 9,041,060
Other liabilities 6,094 6,094
Rental deposits due to tenants 341,660 450,799
87,593,622 98,217,836
Current liabilities
Trade and other payables 3,955,266 3,079,758
Interest rate swaps 3,066,238 2,815,665
Other liabilities 500 500
7,022,004 5,895,923
Total liabilities 94,615,626 104,113,759
Total equity and liabilities 181,870,852 177,444,580
Approved by the Board of Directors on 23 March 2011
Consolidated Statement of Charges in Equity
for the year ended 31 December 2011
Other
Share Share Retained Capital distributable
Total
capital premium earnings reserves reserves equity
GBP GBP GBP GBP GBP GBP
Opening balance
1 January 2011 6,671,438 - 5,158,901 (36,638,104) 98,138,586 73,330,821
Profit for
the year - - 4,180,116 - - 4,180,116
Valuation gain
on cash flow
hedges - - - 1,320,954 - 1,320,954
Total comprehensive
income for
the year - - 4,180,116 1,320,954 - 5,501,070
Ordinary shares
issued 13,768,573 - - - - 13,768,573
Dividends Paid - - (5,345,238) - - (5,345,238)
Valuation loss
from investment
properties - - 2,668,105 (2,668,105) - -
Profit on disposal
of investment
properties - - (612,645) 612,645 - -
Transfer between
reserves* - - 300,214 - (300,214) -
Balance as
at 31 December
2011 20,440,011 - 6,349,453 (37,372,610) 97,838,372 87,255,226
*this is a transfer to move redeemable preference share finance
costs from the retained earnings reserve to the other distributable
reserves
Consolidated Statement of Charges in Equity
for the year ended 31 December 2010
Other
Share Share Retained Capital distributable
Total
capital premium earnings reserves reserves equity
GBP GBP GBP GBP GBP GBP
Opening balance
1 January 2010 6,671,438 5,217,022 6,662,276 (46,055,762) 93,433,322 65,928,296
Profit for
the year - - 13,895,179 - - 13,895,179
Valuation loss
on cash flow
hedges - - - (1,287,454) - (1,287,454)
Total comprehensive
income for
the year - - 13,895,179 (1,287,454) - 12,607,725
Dividends - - (5,205,200) - - (5,205,200)
Valuation gain
from investment
properties - - (6,909,885) 6,909,885 - -
Profit on disposal
of investment
properties - - (3,795,227) 3,795,227 - -
Transfer between
reserves* - - 511,758 - (511,758) -
Transfer between
reserves** - (5,217,022) - - 5,217,022 -
Balance as
at 31 December
2010 6,671,438 - 5,158,901 (36,638,104) 98,138,586 73,330,821
*this is a transfer to move redeemable preference share finance
costs from the retained earnings reserve to the other distributable
reserves
** on 18 March 2010 the Audit Committee approved the
re-categorisation of the share premium to other distributable
reserves under the provisions of The Companies (Guernsey) Law,
2008.
Consolidated Cash Flow Statement
for the year ended 31 December 2011
2011 2010
GBP GBP
Cash flows from operating activities 11,965,530 8,291,372
Cash flows from investing activities
Finance income 51,732 91,338
Purchase of investment property (22,274,624) (32,430,642)
Capital expenditure on investment properties (747,844) (10,767,410)
Proceeds from disposal of investment
properties 14,175,639 35,325,327
Net cash used in investing activities (8,795,097) (7,781,387)
Cash flows from financing activities
Ordinary shares issued net of issue costs 4,427,299 -
Bank borrowing arrangement costs (675,462) -
Interest paid on bank borrowings (1,774,420) (1,719,974)
Payment on interest rate swaps (3,147,947) (3,211,093)
Dividends paid to the Company's shareholders (5,345,238) (5,205,200)
Net cash used in financing activities (6,515,768) (10,136,267)
Net decrease in cash and cash equivalents
in the year (3,345,335) (9,626,282)
Cash and cash equivalents at beginning
of the year 21,170,716 30,796,998
Cash and cash equivalents at end of year 17,825,381 21,170,716
Standard Life Investments Property Income Trust Limited
Notes to the Consolidated Financial Statements
For the year ended 31 December 2011
1. Accounting Polices
The accounting policies adopted are consistent with those of the
previous financial year, except that the group has adopted the
following new and amended IFRS interpretations as of 1 January
2011:
IAS 24 Related Party Disclosures (amendment) effective 1 January
2011.
IAS 32 Financial Instruments: Presentation (amendment) effective
1 February 2010.
Improvements to IFRSs (May 2010).
2. Significant accounting judgements, estimates and assumptions
The preparation of the Group's financial statements requires
management to make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and
liabilities, and the disclosure of contingent liabilities, at the
reporting date. However, uncertainty about these assumptions and
estimates could result in outcomes that could require material
adjustment to the carrying amount of the asset or liability
affected in the future periods.
Going Concern
The Group's management has made an assessment of the Group's
ability to continue as a going concern and is satisfied that the
Group has the resources to continue in business for the foreseeable
future. Furthermore, management is not aware of any material
uncertainties that may cast significant doubt upon the Group's
ability to continue as a going concern. Therefore, the financial
statements continue to be prepared on the going concern basis.
Fair value of investment properties
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