Middlesex University
Financial Statements 2016/17
Balance Sheet
The University balance sheet continues to report a strengthening position necessary to support its strategic aims, with net assets increasing significantly against the previous year by £46.5m to £73.9m.
While the underlying performance in the year was strong, actuarial assumptions to value pension liabilities have contributed to that improvement with high quality corporate bond yields having reduced over the period so having a significant impact on the value of the LGPS pension deficit which improved by £33.2m from the prior year and ending the year at £95.4m.
The discount rate used in the assumptions increased from 2.4% to 2.7% reflecting the decrease in annualised yields on long term AA rated (high quality) corporate bonds. In addition, mortality rates changed with the average life expectancy for both men and women going down on the previous year offset partially by higher expectations for future inflation and pension growth.
The LGPS deficit is anticipated to increase or decrease year on year given the deficit is estimated using the actuary’s assumptions to value its liabilities, including the discount rate, inflation assumptions and future life expectancies. A further factor contributing to those changes is the schemes assets which are dependent on the performance of equity markets.
The net book value of fixed assets was £220m which includes a further £10.2m investment this year in new Ritterman and Church Farm facilities, reformatting teaching rooms and enhancing IT provision for staff and students.
Working capital has increased by £9.3m to £46m due to the combined effects of a decrease in creditors while debt balances have remained unchanged reflecting in part effective credit control measures and increased cash balances in the year.
Capital Spend £m 50 40 30 20 10 0
2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
35
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