2025
2024
11 Other Financial Assets and Liabilities
$000
$000
(i) Assets (a) Total non-current financial instruments at fair value (FV) - Managed Funds
61,974
39,516
A value of managed funds appreciated during the financial year, offset by a series of withdrawals from the Managed Funds during the year.
(b) Total current financial instruments at FV - interest rate swaps
-
35
At 31 January 2025, the College had interest rate swap agreements in place with a notional value of $12m (2024 $2m). Interest rate swaps are used to hedge the exposure to changes in the fair value of the secured loans. The decrease in FV of the interest rate swap of $76k (2024 decrease $25k) has been recognised in Unrealised gain from changes in fair value of financial instruments or finance costs with a similar change in other financial assets and liabilities.
(ii) Liabilities (a) Total current financial instruments at FV - interest rate swaps
41
-
Movements from interest rate swap agreements have resulted in current financial instruments at fair value being recognised as a liability rather than an asset for the year ended 31 January 2025.
2025
2024
12 Investment Property
$000
$000
Opening balance
8,400
8,400
Additions
19
- -
Decrease in Fair Value
(769)
Closing balance
7,650
8,400
Non-current assets
7,650 7,650
8,400 8,400
Total
The fair value of investment properties are determined using a rental capitalisation approach, as at the reporting date. The valuations are carried out by external, independent, qualified property valuers with recent experience in the location and category of the investment properties being valued.
2025
2024
13 Assets Held for Sale
$000
$000
Worsleys Spur (Foundation) Total assets held for sale
- -
6,500 6,500
Reconciliation of the carrying amount at the beginning and end of the period: Opening balance
6,500
12,000 (5,500)
Property settlements
(6,500)
Net book value
-
6,500
At 31 January 2024 the Worsley's Spur land (Land) was recorded as an Asset Held for Sale at a value of $6.5m, being the balance of the sale price recorded in an Agreement for Sale and Purchase dated 25 March 2022 (the Agreement). The Agreement provided for the sale of the Land in three stages on the issue of title to each stage. Settlements of all stages are now complete. Settlement included all outstanding penalty interest due to the delay in the completion on stage two. Penalty interest of $959k was been recognised in the financial statements in the year ended 31 January 2024.
30
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