Hartpury Annual Report July 2025

Hartpury University Annual Report and Financial Statements > 2024/2025

Notes to the Financial Statements (continued) Year Ended 31 July 2025

Tangible fixed assets (continued)

Freehold land and buildings

Assets under construction

Equipment

Total

The University

£

£

£

£

Cost or valuation At 1 August 2024

0 92,437,957

0 14,793,484

0 24,150,839

0 131,382,280

Additions in the year

3,763,554

1,254,175

1,394,070

6,411,799

Inter class transfer

3,722,993

(4,283,611)

560,618

-

Disposals

-

-

-

-

At 31 July 2025

99,924,504

11,764,048

26,105,527

137,794,079

Depreciation At 1 August 2024

29,012,171

17,851,545

46,863,716

-

Charge for year

2,163,456

-

1,743,290

3,906,746

Eliminated in respect of disposals

-

-

-

-

At 31 July 2025

31,175,627

-

19,594,835

50,770,462

Net book amounts At 31 July 2025

0 68,748,877

0 11,764,048

0 6,510,692

0 87,023,617

At 31 July 2024

63,425,786

14,793,484

6,299,294

84,518,564

Inherited

1,293,526

-

115,500

1,409,026

Financed by capital grant

26,680,655

7,708,208

783,669

35,172,532

Other

40,774,696

4,055,840

5,611,523

50,442,059

68,748,877

11,764,048

6,510,692 87,023,617

At 31 July 2025

0 353,116

0 353,116

Assets held under finance lease: - net book amounts at 31 July 2025

0 -

0 -

709,674

709,674

- net book amounts at 31 July 2024

-

-

- depreciation charge for the year ended 31 July 2025

356,558

356,558

-

-

356,558

356,558

- depreciation charge for the year ended 31 July 2024

-

-

The transitional provisions set out in FRS 102 – Tangible Fixed Assets have been applied on implementing FRS 102. Accordingly, the book values of tangible fixed assets at the date of transition have been retained.

Land and buildings inherited from the Local Education Authority at incorporation were valued on 28 September 1992 by independent chartered surveyors on the basis of depreciated replacement cost, where open market value was not readily obtainable. Other tangible fixed assets inherited from the Local Education Authority at incorporation were valued by the corporation on a depreciated replacement cost basis. Inherited land and buildings were funded from Local Education Authority sources. Should these assets be sold, the University would either be required to surrender the sale proceeds to the Education and Skills Funding Agency (ESFA) or apply them in accordance with the financial memorandum with the ESFA.

No finance charges were capitalised during the period. Of the total cost carried forward, £534,117 (2024: £534,117) relates to capitalised finance charges. The Group’s average borrowing rate used to determine the capitalisation rate was between 4.3% and 6%.

59