61Spire Healthcare Limited Partnership14. Cash and cash equivalents2010£0002009£000Cash on hand and balances with banks23,31922,576Short-term investments36,28616,50259,60539,078The Group's cash balance includes £3.1 million (2009: £nil) over which the Group has restricted access. These deposits are held in respect of specific obligations and potential liabilities and may only be used to discharge those obligations and potential liabilities if and when they crystallise.15. Borrowings2010£0002009£000Unsecured borrowings at amortised costOther loans-24,704Amount due to ultimate parent undertaking and management601,827537,243601,827561,947Secured borrowings at amortised costBank loans1,293,6531,297,275Obligations under finance leases74,046-1,367,6991,297,275The bank loans and finance leases are secured on fixed and floating charges over the assets of certain subsidiary undertakings. Total borrowingsAmount due for settlement within 12 months32,80727,381Amount due for settlement after 12 months1,936,7181,831,8421,969,5251,859,223Other loans and obligations under finance leasesOn 7 August 2005, three freehold properties were sold and then leased back by Classic Hospitals Limited under a sale and leaseback agreement. The difference between the fair value of these properties and the sale proceeds arising from the sale and leaseback, was being accounted for as other loans and amortised over the lease term of 35 years. On 26 January 2010, the freehold interests of these properties were sold by the former freeholder to a new third party, Matterhorn Capital. On the date of the sale, the leases were varied to increase the annual rents payable and remove the tenant's option to break the lease. Following these modifications, the leases have been reclassified as finance leases resulting in £74 million of finance lease liabilities as at 26 January 2010.

62Spire Healthcare Annual Review 2010Spire Healthcare Limited PartnershipNotes to the financial statementsFor the year ended 31 December 201015. Borrowings continuedObligations under finance leasesThe Group has finance leases in respect of three hospital properties. Future minimum lease payments under these finance leases, which expire in 2040, are as follows:20102009Minimum payments £000Present value of payments£000Minimum payments £000Present value of payments £000Within one year6,3513,866--After one year but not more than five years26,17513,318--More than five years197,94356,862--Total minimum lease payments 230,46974,046--Less amounts representing finance charges(156,423)---Present value of minimum lease payments74,04674,046--The property leases with a liability of £74 million mature in 2040 and carry an implicit interest rate of 9.1%.Terms and debt repayment scheduleThe maturity date is the date on which all the bank loans will have been fully repaid.a) The terms and conditions of bank facilities on which there are balances outstanding are as follows:MaturityMargin over LIBORPrincipal drawn 2010£000Carrying amount after issue costs and including interest accrued2010£000Carrying amount after issue costs and including interest accrued2009£000Spire 1Term loan- operating companiesAugust 20142.0%-3.0%115,800110,312112,824Term loan - property companiesOctober 20141.25%-2.35%994,466989,640987,082Capex loanAugust 2014 2.0%38,90838,91034,411PIK notesOctober 20147.05%83,64584,31877,659Spire 2Term loan March 2015-20172.25%-3.5%43,11041,68956,896Mezzanine loanMarch 20189.75%22,77122,78421,476Other loansMarch 20152.25%6,0006,0006,9271,304,700 1,293,653 1,297,275