25
25 Financial instruments ( continued ( ) )
| |||||
Derivatives
| |||||
The derivative above relates to to a a Royal Bank of of Scotland bank loan hedge held at at fair fair value at at the the balance sheet date . It . It relates to to the the £ 11m £ element
| |||||
of of the the loan which started in in October 2004 and has a a completion date of of October 2029 . . The loan has an an interest rate based on on LIBOR hedged at at | |||||
5.22
%, %, plus an an agreed margin . The . hedge covers up up to to 31 31 July 2022 but but covers the the full full £ 11m £ loan value and is is therefore treated as as an an “ ineffective “ ” ”
| |||||
hedge from an an FRS 102 accounting perspective . . | |||||
The
Group and University ' s ' s income , expense , , gains , and losses in in respect of of financial instruments are summarised below : :
| |||||
At At 31 31 July 2021
|
At
At 31 31 July 2020
|
||||
Notes Consolidated
|
University
|
Consolidated
|
University
|
||
£’ £’ 000
|
£’ £’ 000
|
£’ £’ 000
|
£’
£’ 000
|
||
Interest income and ( expense ( ) ) Total interest income for for financial assets at at fair fair value
|
345
|
345
|
430
|
430
|
|
Total interest income for for financial assets at at amortised cost
|
698
|
698
|
780
|
780
|
|
Total interest expense for for financial liabilities at at amortised cost
|
10
10
|
( 2,902
( ) )
|
( 2,902
( ) )
|
( 3,009
( ) )
|
( 3,009
( ) )
|
( 1,859
( ) )
|
( 1,859
( ) )
|
( 1,799
( ) )
|
( 1,799
( ) )
|
||
Fair value gains and ( losses ( ) )
On On financial assets measured at at fair fair value through the the Statement of of Comprehensive Income
|
3,052
|
3,052
|
( 62
( 62 ) )
|
( 62
( 62 ) )
|
|
On
On financial liabilities measured at at fair fair value through the the Statement of of Comprehensive Income
|
66 |
169
|
169
|
138
|
138
|
3,221
|
3,221
|
76
76
|
76
76
|
At 1 August 2020 |
Cash |
At 31 July |
Flows |
2021 |
|
£’ 000 |
£’ 000 |
£’ 000 |