Financial Statements 2019/2020


MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS (continued)


Year Ended 31 July 2020 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 £2,840k (2019: £7,957k).


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 are considered of iconic value to the University. These property assets incorporate significantly higher levels of fit-out and so the method for valuation applicable to educational assets was further adjusted to reflect the unique nature of the building space and/or specialised equipment fit-out.


The net book value of land and buildings assets comprises:


At 31 July2020 £’000


University


Freehold Tenure: Land, at valuation


Buildings, at valuation


At 31 July 2019 £’000


29,101


118,788 147,889


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


35,473 38,497


186,386


Leasehold Tenure: Buildings, stated at cost


Net book value


29,101


123,028 152,129


3,024


35,978 39,002


191,131


5,162 191,548


4,694 195,825


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


At 31 July 2020 £’000


University Cost


Charge for year Net book value


4,827 (965) 3,862


At 31 July 2019 £’000


4,827 –


4,827


Middlesex University


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