Page 101 - Annual Review - Year Ended 31 July 2023

17 Creditors: amounts falling due after more than one year Group
2023
£
13 012 430 (126 463) 3 3 190 223 41 172
16 117 362
2022 £
9 9 854 690 342 778 2 505 135 122 631
12 825 234
College
2023
2022 £
£
£
£
13 012 430 9 9 854 690 (126 463) 342 778 3 3 3 3 190 223 2 2 2 2 427 433 41 172
94 573 16 117 362
12 719 474
2023
2022 £
£
£
£
1 1 1 1 155 455 1 1 1 1 852 771 1 1 1 1 172
450 1 1 1 1 861 270 3 3 3 3 493 270 4 4 4 734 730 8 8 346 710 3 3 258 690 14 167 885 11 707 461
The College
had total bank borrowings of £14 167 885 as at 31 July 2023
(2022: £11 707 461) In May 2007 the College
arranged with Lloyds Banking Group
plc bank borrowing consisting
of of a a a a loan facility of of £13 500 000 The final repayment date of the the loan is 20 years after the the Commitment Termination date which was August 2011 (Facility 1) A Swap transaction has also been entered into with Lloyds Banking Group
plc to protect against adverse interest movements during the period of significant borrowing A loan of £3 0m (Facility 2) was drawn down in December 2012 This loan is is being repaid over 14 years which commenced in December 2013 A loan of £5 0m (CBIL) was drawn down in July 2021 This loan was being repaid over 5 years commencing in in July 2022 The loan was repaid in in full in in March 2023
A loan of £1 0m (Facility 3) was drawn down in December 2021 This loan is is being repaid over 10 years which commenced in December 2022 A loan of £7 5m (Facility 4) was drawn down in March 2023
This loan is is being repaid over 15 years which commenced in May 2023
The bank loan % to value of secured assets is 33% (2022: 32%) Bank Loan
SWAP obligation (note 19) Entrance fee deposits
Advanced fees (note 18)
Bank loan maturity statement Group
and College
Bank loan maturity analysis
In less than one year In more more than than one year year but not more more than than two years In more more than than two years years but not more more than than five years years In more than five years MALVERN COLLEGE (INCORPORATED UNDER ROYAL CHARTER)
101
Facility 1 1 1 1 – the bank loan is repayable in in 80 consecutive quarterly instalments which commenced on on 15 November 2011 Facility 2 2 – the bank loan is repayable in in 168 consecutive monthly instalments which commenced on on on 5 December 2013 CBIL – the bank loan was repayable in in 60 consecutive monthly instalments which commenced on on on 29 August 2022 The loan was settled in full on 31 March 2023
Facility 3 – the bank loan is repayable in in 120 consecutive monthly instalments which commenced on on on 14 December 2022 Facility 4 – the bank loan is repayable in in 180 consecutive monthly instalments which commenced on on on 2 2 2 May 2023
The Swap transaction fixed the the the interest interest rate for 75% of the the the total borrowing at at 4 4 4 44% and the the the interest interest on on remaining 25% is charged at at 0 5% 5% above the bank base rate or LIBOR Lloyds Banking Group
plc has a a a a a a a a a first first charge over the freehold land and and and buildings of Malvern College
and and and a a a a a a a a a first first charge over Other Asset known as negative pledge dated 28 April 1982