Annual Report & Accounts 2017/18

113 NI Water Annual Report and Accounts 2017/18 Statutory Accounts B1 Loans and borrowings continued Company At 31 March 2018 At 31 March 2017 Future minimum lease payments £000 Interest £000 Present value of minimum lease payments £000 Future minimum lease payments £000 Interest £000 Present value of minimum lease payments £000 Less than one year 24,532 18,826 5,706 24,175 19,332 4,843 Between one and five years 101,742 68,153 33,589 100,070 71,180 28,890 More than 5 years 244,018 79,603 164,415 270,224 95,402 174,820 Total 370,292 166,582 203,710 394,469 185,914 208,553 B2 Finance income and finance costs Recognised in profit or loss Group Year to 31 March 2018 £000 Year to 31 March 2017 £000 Interest income on bank deposits 65 70 Financial liabilities at fair value through profit and loss – net change in fair value 1,056 - Net finance income 1,121 70 Financing charges on pension scheme (1,600) (200) Interest expense on financial liabilities measured at amortised cost (44,678) (43,595) Interest on PPP financing arrangements (17,001) (19,755) Finance costs (63,279) (63,550) Net finance costs recognised in profit or loss (62,158) (63,480) All finance income and finance costs above relate to assets/(liabilities) not at fair value through profit or loss except for financial liabilities held at fair value. Of the above amount £48,365 (2017: £47,086k) was payable by the Company to DfI in relation to loan notes issued (see Note B1 ‘Loans and borrowings’ and Note G4 ‘Related parties’). Interest of £5,361k was capitalised by the Group in the year (2017: £3,516k). B3 Capital and reserves Share capital Company Ordinary shares At 31 March 2018 £000 At 31 March 2017 £000 Allotted called up and fully paid 500m Ordinary shares of £1 each 500,000 500,000 Ordinary shares At 31 March 2018 the authorised share capital of the Company comprised 500 million ordinary shares (2017: 500m) with a par value of £1 each.