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34 Financial Statements 2011-12


Notes to the Financial Statements For the year ended 31 July 2012


15 Investments Consolidated


2011-12 £’000


Fixed deposits maturing: In one year or less


Disposal of investments Over one year


Other Investments


10,000 0


10,000 93


10,093


2010-11 £’000


0 0


0


5,058 5,058


2011-12 £’000


10,000 0


10,000 93


10,093 University


2010-11 £’000


0 0


0


5,058 5,058


Fixed deposits are held with banks and building societies operating in the London market and licensed by the Financial Services Authority with more that 24 hours maturity at the balance sheet date. The Interest rate for these deposits are fixed for the duration of the deposit at the time of placement.


At 31 July 2012 the weighted average interest rate of these fixed rate deposits was 3% per annum and the remaining weighted average period for which the interest rate is fixed on these deposits was 326 days. The fair value of these deposits was not materially different from the book value.


16 Creditors: amounts falling due within one year Consolidated


2011-12 £’000


Secured loans Payments received in advance


Research grants received on account Trade creditors


Other creditors including taxation and social security Accruals and deferred income


17 Creditors: amounts falling due after more than one year


Loans secured on freehold property: repayable between one and two years repayable between two and five years repayable after five years


Other creditors:


repayable between one and two years repayable between two and five years repayable after five years


Total


150 450 399 999


90,425


150 450 450


1,050 75,641


150 450 338 938


90,364


150 450 450


1,050 75,641


Other creditors includes amounts owing to Insearch Ltd. In October 2008, the University terminated its partnership arrangement with Insearch Ltd and a termination payment of £1.8m is payable in instalments between 2008 and 2019. The initial net discounted financial liability amounted to £1.25m using a discount rate of 4.31%.


During 2008-09, the University received £0.16m from HEFCE through the SALIX initiative as start-up funding to finance energy conservation and efficiency within the University. This will be non-repayable provided that the University is able to demonstrate that appropriate progress has been made.


In late 2008, the University secured additional loan facilities of £100m from Lloyds TSB to finance a new capital investment programme. As at 31 July 2012, the University had drawn down £56m (2011: £40m). The revolving facility extends to 2013, at which time the loan will term for 30 years. At the same time, the University re-financed an existing loan of £22m with Lloyds TSB. For both loans, a five-year repayment holiday has been negotiated.


The University also has a bank loan with Barclays Bank (£12m at 31 July 2012) repayable in equal instalments to March 2025.


The University’s interest-rate management policy is to fix a significant proportion of its interest costs. This is achieved through a mixture of fixed-rate loans and interest rate swaps. As at 31 July 2012, 98% of total debt was managed in this way.


950


9,327 4,833 3,322 1,599 7,547


27,578 Consolidated


2011-12 £’000


950


10,644 77,832 89,426


2010-11 £’000


950 7,095


66,546 74,591


2011-12 £’000


950


10,644 77,832 89,426


2010-11 £’000


950


11,396 7,749 5,289 1,600 4,823


31,807


2011-12 £’000


950


9,327 4,833 2,657 1,599 6,416


25,782 University


2010-11 £’000


950 7,095


66,546 74,591


University


2010-11 £’000


950


11,396 7,749 4,636 1,600 4,166


30,497


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