27. CONTINGENT LIABILITIES
Middlesex University (Malta) Limited The University will be closing its Malta campus in September 2022 but remains fully committed to its long-term relationship with Malta. It will be refocusing activities in Malta to work collaboratively with partners rather than through a small campus model.
A contingent liability exists in relation to campus closing activities aimed at providing the best student experience possible. In the unlikely event of the campus not having sufficient assets to meet its liabilities, those liabilities would fall to be met by the University as a whole. The Group has therefore given a written undertaking of support to its subsidiary Middlesex University (Malta) Limited.
At 31 July 2021, the date of its latest audited balance sheet, Middlesex University (Malta) Limited had total net assets of £471k (2020: £487k). The maximum value of future operating losses recognised at present value using a discount rate is £819k for the financial years ending 31 July 2023.
28. LEASE OBLIGATIONS Lessee – operating leases
At 31 July the Group was committed to making the following future minimum lease rental payments in respect of non-cancellable operating leases: Total rentals payable under operating leases:
31 July 2021
Land and Buildings £’000
Future minimum lease payments due: Not later than 1 year
Later than 1 year and not later than 5 years Later than 5 years
Total lease payments due 2,140 12,757
181,240 196,137
Equipment £’000
316 298 –
614
Total £’000
2,456 13,055
181,240 196,751
31 July 2020
Total £’000
1,933 5,413 8,065 15,411
Rental commitments in respect of land and buildings leases include leases arising from non-cancellable arrangements where a development agreement for a lease has been signed, however individual lease agreements have not been signed. As the development agreement is non-cancellable and specifically includes a provision that the properties on completion of the development shall be leased by Middlesex University, these have been included within building rental commitments as at 31 July 2021.
Lessee – finance leases
At 31 July the University was committed to making the following future minimum lease rental payments in respect of finance leases:
Total payment under finance leases:
Future minimum lease payments due: Not later than 1 year
Later than 1 year and not later than 5 years Total lease payments due
31 July 2021
Equipment £’000
967
1,930 2,897
31 July 2020
Equipment £’000
967
2,895 3,862
135
Financial Statements 2020/21
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