Middlesex University


Financial Statements 2015/16


14. Fixed Assets (continued)


Disposals include the write off of historical tangible fixed assets that are fully depreciated. The gross cost of these assets amounted to £4,351k (2015: £2,840k).


A full valuation of the University’s land, academic, research, ancillary and support buildings was carried out on 31 July 2014 by Jones Lang LaSalle Limited, Chartered Surveyors. The basis of the valuation was as follows: — Land was valued at market value.


— Educational assets, be that academic/research or ancillary/support buildings were valued using the direct comparison method. This method considers recent sales and letting transactions of appropriate properties, which are adjusted to reflect differences in size, location, physical characteristics, local demand/supply and tenure.


— ‘Trophy’ educational assets, which include the College Building, The Grove, Hatchcroft and the Sheppard Library which incorporate significantly higher levels of fit-out have been valued to reflect the unique nature of the building space and/or specialised equipment fit-out.


The net book value of land and buildings comprises:


Year Ended 31 July 2016 £000


University


Freeholds: Land, at fair value


Buildings, at fair value


Year Ended 31 July 2015 £000


29,101


145,099 174,200


Land, stated at cost Buildings, stated at cost


3,024 7,708


10,732 184,932


Leaseholds: Buildings, stated at cost


Net book value


29,101


145,099 174,200


3,024


11,467 14,491


188,691


7,457 192,389


7,619 196,310


60


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