NOTES TO THE ACCOUNTS
NOTE 12 – TANGIBLE FIXED ASSETS Group
Land and Buildings Freehold Long Leasehold £’000 £’000
Equipment
Total
£’000
£’000
Cost or Valuation At 1 August 2010
410,052
36,661
34,542
481,255
Additions
54,099
–
8,013
62,112
Disposals
–
–
(253)
(253)
34,174
693
–
34,867
498,325
37,354
42,302
577,981
11,571
3,909
17,809
33,289
Charge for the year (note 8)
8,590
1,475
5,738
15,803
Impairment – historic cost (note 8)
3,121
–
–
3,121
Surplus on revaluation At 31 July 2011 Depreciation At 1 August 2010
–
–
(256)
(256)
–
(16,588)
(11,783)
(4,805)
At 31 July 2011
11,499
579
23,291
35,369
At 31 July 2011
486,826
36,775
19,011
542,612
At 31 July 2010
398,481
32,752
16,733
447,966
79,210
28,158
8,745
116,113
Other
407,616
8,617
10,266
426,499
At 31 July 2011
486,826
36,775
19,011
542,612
Net Book Value
Financed by capital grant
a) The total cost of land and buildings is mainly attributable to the development or purchase of property for teaching, research or accommodation purposes. b) Freehold and leasehold land and buildings with a value of £63.1 million (2010: £66.4 million) have been financed, in whole or in part, by Exchequer funds. If the University fails one of two ‘trigger events’ noted in the Financial Memorandum with HEFCE, then the full amount of the Exchequer interest would become repayable. c) At 31 July 2011 freehold and leasehold land and buildings included £49.4 million (2010: £45 million) in respect of buildings under construction. d) Included in the cost of freehold land and buildings is £1.1 million (2010: £1.1 million) bank loan interest payable that has been capitalised. This has been calculated at the loan interest rate of 5.88%. These finance costs are directly attributable to the construction of student residences and were capitalised as part of the cost of those assets whilst they were in the course of construction. There has been no capitalisation of interest payable in the current or prior year.
43
NOTES TO ACCOUNTS
Eliminated on revaluation
F I N A N C I A L S TAT E M E N T S
Disposals