Keele University
Notes Notes to to
to the the
the Accounts
Accounts For For For the the the year year ended ended 31 31 31 July July 2021
2021
27 27 Consolidated reconciliation of of net net debt Year ended 31 31 July 2021 Consolidated
£’ £’ 000 £’ £’ 000
Net Net debt 1 1 August 2020 48,544
Movement in in cash and cash equivalents ( note ( 26 26 ) )
|
( 5,614
( ) )
|
Repayment of of loans
|
( 1,962
( ) )
|
New finance leases
|
-
-
|
Changes in in market value ( note ( 6 ) 6 )
|
( 169
( ) )
|
Change in in net net debt
|
( 7,745 ( ) )
Net Net debt 31 31 July 2021 40,799
Analysis of of net net debt : :
31 31 July 2021
|
31
31 July 2020
|
Consolidated
|
Consolidated
|
£’ £’ 000
|
£’ £’ 000
|
£’ £’ 000
|
£’
£’ 000
|
Cash and cash equivalents ( note ( 26 26 ) )
|
( 26,125
( ) )
|
( 20,511
( ) )
|
Borrowings : : amounts falling due within one year
|
|
|
Unsecured loans
|
1,962
|
1,962
|
Bank overdraft
|
-
-
|
-
-
|
Derivatives
|
131
|
300
|
2,093
|
2,262
|
|
Borrowings
: : amounts falling due after more than one year Unsecured loans
|
64,831
|
66,793
|
Derivatives
|
-
-
|
-
-
|
|
64,831
|
66,793
|
Net Net debt
|
40,799
|
48,544
|
|
28
28
Capital and other commitments
|
|
Provision has has not not been made for for the the following capital commitments :
:
|
31 31 July 2021
|
31
31 July 2020
|
Consolidated and University
|
Consolidated and University
|
£’ £’ 000
|
£’
£’ 000
|
Commitments contracted for for ( order ( placed but but work not not completed ) )
|
15,774
|
2,187
|
|
29
29
Contingent liabilities
|
|
31 31 July 2021
|
31
31 July 2020
|
|
Consolidated and University
|
Consolidated and University
|
|
£’ £’ 000
|
£’
£’ 000
|
Repurchase of of houses sold to to staff
|
14,413
|
13,384
|
The University has has a a stock of of houses on on campus that is is available to to purchase or or rent for for employees under various Schemes . . If If a a house is is purchased by by an an individual , , the the University covenants to to re-purchase the the house from that person if if they are are unable to to sell sell to to another eligible person . . The contingent liability represents the the stock of of houses that the the University would be be liable to to purchase if if all all of of the the owners called on on the the University to to do do so so as as at at 31 31 July at at an an estimated market value .
. During the the year , construction , work was completed for for an an independent operator to to build and open a a new hotel on on campus . The . hotel was opened in
in February 2021 . As . As part of of the the agreements , upon , practical completion of of the the Hotel , the , the University is is required to to underwrite the the lease rental of of up up to
to £ 800k £ per per annum for for 37 37 years as as an an “ income “ guarantee ” to ” to Legal & & General who will will be be long leasing the the land and providing the the funds to to the the external developer for for the the construction of of the the Hotel . Additionally . , both , Keele University and Keele University Science and Business Park Limited are are jointly and severally liable for for all all of of the the Tenant ’ s ’ s ( Keele ( Hotel Tenant Limited ) ) covenants that are are contained in in the the 37-year Occupational Lease for for the the
Keele Marriott Hotel . These . are are the the rent , repair , , reinstatement , and insurance liabilities for for the the Hotel which fall fall upon the the Tenant . .
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