NOTES TO THE FINANCIAL STATEMENTS 31 March 2024 19. LEASE LIABILITIES 2024 $’000 Maturity analysis: Year 1 340 Year 2 340 Year 3 172 Year 4 88 Year 5 36 976 Less: Unearned interest (62) 914 Analysed as: Current 307 Non-current 607 914 The University does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the University’s treasury function. 20. BORROWINGS 2024 2023 $’000 $’000 Bank borrowings Current 18,466 18,465 Non-current 286,388 302,216 304,854 320,681 The profile of the bank borrowings at the balance sheet date are as follows: 2024 2023 $’000 $’000 Fixed rate – unsecured 304,854 320,681 Under the debt-grant framework initiated by the Government, the University has drawn down bank loans to finance the land premium, construction of the East Coast Campus and the purchase of furniture and equipment, information technology equipment and systems. As at 31 March 2024, the fair value of the non-current borrowings is $235,752,000 (2023 : $248,483,000). The fair value is determined from the cash flow analysis, discounted at market borrowing rates ranging from 4.27% to 4.67% (2023 : 4.12% to 4.53%) per annum based on the tenure of the loan. p. 83 ANNUAL REPORT 2023/24
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