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

14. Creditors: amounts falling due after one year

Group 2025 £

University 2025 £

Group 2024 £

University 2024 £

17,781,247

17,781,247

Bank loans

19,900,850

19,900,850

160,279

160,279

Obligations under finance leases

364,608

364,608

27,128,528

27,128,528

Deferred income – Government Capital Grants

25,355,052

25,355,052

45,070,054

45,070,054

Total

45,620,510

45,620,610

15. Maturity of Debt

(a) Bank loans and overdrafts Bank loans and overdrafts are repayable as follows:

Group 2025 £

University 2025 £

Group 2024 £

University 2024 £

2,119,603

2,119,603

In one year or less

2,014,799

2,014,799

6,639,836

6,639,836

Between two and five years

7,600,493

7,600,493

11,141,411

11,141,411

In five years or more

12,300,357

12,300,357

Total

19,900,850

19,900,850

21,915,649

21,915,649

The University has a number of term loan facilities and has entered into fixed rate agreements with its bankers. Interest on £1,960,750, £1,402,259 and £64,433 has been fixed at 5.775% until July 2028. Interest on £942,161 has been fixed at 4.861% until July 2033, £514,994 has been fixed at 4.81% until July 2033, £1,433,653 has been fixed at 5.077% until July 2033 and £120,571 has been fixed at 3.396% until July 2033. On 24 October 2019 the Corporation signed a new loan facility agreement with Triodos Bank UK Ltd comprising two facilities. The first facility of £6.8m was used to refinance existing loans with Lloyds and has been fixed at 3.781% until November 2039. The outstanding balance on this loan at the year end was £6,050,407. A second facility of £8m was taken to fund the development of a new catering outlet and has been fixed at 6.887% until November 2039. The outstanding balance on this loan at the year end was £7,318,785.

A further loan with Salix was drawn in 2020/21 to finance the upgrade of lighting around the campus. This loan is interest free and repayable over five years, with a balance outstanding of £92,837 at July 2025.

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