Keele statement of accounts 20/21 | Page 59

Statement of Accounts 2020 / 21
Notes to the Accounts For Notes the year to the ended Accounts 31 July 2021 For the year ended 31 July 2021
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
26 Cash and cash equivalents
Consolidated
At 1 August 2020
Cash
At 31 July
Flows
2021
£’ 000
£’ 000
£’ 000
Cash at bank and on deposit 20,511 5,614 26,125
The cash at at bank and on on deposit represents cash in in hand together with current and short term deposit accounts without a a notice period or or a a notice period of of less than 33 months . .
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