Financial Statements 2019/2020


MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS (continued)


Year Ended 31 July 2020


21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continued)


The secured bank loan facilities are repayable over the terms shown below. Interest is charged at the rates shown and all rates are fixed until their rate is renewed at a fixed future date or at the end of the loan term.


The loans are secured against the University campus properties to which they relate. Amount Loan Lender


Barclays Bank plc


Lloyds Bank plc


Lloyds Bank plc


Lloyds Bank plc


Lloyds Bank plc


Lloyds Bank plc


Lloyds Bank plc


Borrower University University University University University University University


Part of Hendon Campus, 1 Burroughs


Parade and Ivy Hall


Property name


Part of Hendon Campus


amount £’000


43,000 12,000 15,000 10,000 5,000 5,000


10,000 57,000


100,000


22. PROVISIONS FOR LIABILITIES Consolidated and University


Obligation to fund deficit on LGPS Pension £’000


At 1 August 2019 Utilised in year


Additions in 2019/20 At 31 July 2020


110,839 –


52,677 163,516 Obligation to fund deficit on LGPS pension


The obligation is in respect of the University’s Local Government Pension Scheme (LGPS). Further details regarding the LGPS and the assumptions underlying the provision can be found at note 31.


Pension


enhancements on termination £’000


5,418 (473) 70


5,015 Total


Pension Provisions £’000


116,257 (473)


52,747 168,531


Restructuring Provision £’000


1,284 (886) (89) 309


Onerous Contract Provision £’000


873


(873) – –


Leasehold Dilapidation £’000


– –


1,000 1,000


Total Other


Provisions £’000


2,157


(1,759) 911


1,309


Draw down amount £’000


43,000 12,000 15,000 10,000 5,000 5,000


10,000 57,000


100,000


outstanding at 31 July 2020 £’000


25,315 10,072 12,544 8,385 3,778 4,207 Term 25 Years 28 Years 27 Years 26 Years 26 Years 26 Years 7,611 25.5 Years


46,597 71,912


Fixed Until


2030 2037 2037 2037 2026 2016 2017


Interest rate %


Expiry date


6.0300% 2030 6.5950% 2037 6.4250% 2037 6.5450% 2037 6.7050% 2037 June 2016) June 2017)


Variable (from 7


Variable (from 7


2037 2037


116


Middlesex University


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