| 2005 | 2004 | ||
| £m | £m | ||
| British Land Group | |||
|---|---|---|---|
| Payable on: | Bank loans and overdrafts | 76.5 | 52.2 |
| Other loans | 260.6 | 263.7 | |
| 337.1 | 315.9 | ||
| Deduct: | Development cost element | (7.8) | (13.3) |
| 329.3 | 302.6 | ||
| Receivable on: | Deposits and securities | (9.4) | (6.7) |
| Loans to joint ventures | (3.2) | (6.6) | |
| Other finance (income) costs: | Expected return on pension scheme assets | (2.7) | (1.7) |
| Interest on pension scheme liabilities | 2.5 | 2.0 | |
| Total British Land Group | 316.5 | 289.6 |
Interest on development expenditure is capitalised at a rate of 5.6% (2004: 4.7%).
| Share of joint ventures | ||
|---|---|---|
| Interest payable on shareholder loans | 3.2 | 6.6 |
| Other interest payable (net) | 32.3 | 40.0 |
| Total share of joint ventures (note 13) | 35.5 | 46.6 |
| Net interest payable | 352.0 | 336.2 |
On 2 March 2005 the Group incurred an exceptional charge of £180m whilst redeeming the securitised debt of Broadgate (Funding) PLC and 135 Bishopsgate Financing Limited. On the same day Broadgate Financing PLC issued £2,080m of new securitised debt in respect of the Broadgate Estate (see note 17). The pre tax exceptional item of £180m (post tax: £126m, after £54m tax credit), relates mainly to the difference between the redemption value and the carrying value of the redeemed debt.