Financial Statements 2018/19


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 £7,957k (2018: £3,920k).


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:


At 31 July 2019 £’000


University


Freehold Tenure: Land, at valuation


Buildings, at valuation


At 31 July 2018 £’000


29,101


123,028 152,129


Land, stated at cost Buildings, stated at cost 3,024


35,978 39,002


191,131


Leasehold Tenure: Buildings, stated at cost


Net book value


29,101


127,316 156,417


3,024


35,654 38,678


195,095


4,694 195,825


The net book value of assets in the course of construction for fixtures, fittings and equipment includes the following amounts in respect of assets held under finance leases:


At 31 July 2019 £’000


University Cost


Accumulated depreciation Charge for year Net book value


4,827 – –


4,827


At 31 July 2018 £’000


– – – –


5,443 200,538


Middlesex University 87


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