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Potential increase in SAT liabilities
21 May 2015 Matt Sisson, Projects and Membership Manager
A study of the accounts of 35 universities with Self-Administered Trusts (SATs) by Barnett Waddingham warns that accounting liabilities could increase by between 20% and 25%, as a result of the recent fall in bond yields.
Although the period to 2014 has been one of relative stability, sharp falls in the last year in yields on AA rated corporate bonds (which are used to set discount rates under IAS19 and FRS17) means that “the average FRS17 funding level at 31 July 2014 for the universities in our survey was approximately 81%, slightly down from an average funding level of 83% at 31 July 2013”. However the report adds that “the effect of this was offset to an extent by strong asset performance and deficit contributions paid by the universities.
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21 May 2015 
Matt Sisson, Projects and Membership Manager
