Financial Statements 2019/2020


Capital Investment Over the last five years the University has spent £56.7m on capital investment, as detailed in the chart below:


Capital Expenditure £m


10 20 30 40 50 60


0 2016 2017


20.3 10.5 6.1 2018 Cumulative spend Year 2019 12.6 7.2 2020


In 2019/20 we continued to invest in our estates, with expenditure in-year including upgrades and reconfigurations of our working environment, the commencement of the Network and telephone infrastructure replacement programme and installation of modern Audio Visual equipment in many of our teaching rooms to ensure our students benefit from the most up-to-date facilities.


During the months impacted by the COVID-19 pandemic, we took the decision to pause a number of its capital projects (those not related to health and safety or working and teaching remotely) in order to preserve our cash and liquidity levels. We plan to continue investing in infrastructure over the next couple of years, with the major projects being the development of the new West Stand in order to increase our existing teaching space in Sports Science and Nursing courses, and the continuation of the Network and Telephone infrastructure replacement programme that started in 2019/20. Over the next five years we expect to make


a major investment in our Hendon campus, working with our partners at London Borough of Barnet.


Net Assets


At 31 July 2020, total net assets were £33.5m, a decrease of £48.5m (59%) from the previous year’s figure of £82.0m. This fall in net assets is much greater than the deficit of £3.4m.


The main reason for the reduction in the 2020 figure relates to the provision for the obligation to fund the deficit in the LGPS which has significantly increased from £110.8m last year to £163.5m this year (note 22).


Although this provision comprises a significant share (54%) of the total balance sheet group liabilities at 31 July 2020, the LGPS is completely independent of the group, which has no control over its policies or decisions (note 31).


Middlesex University


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