2022 accounts
Dear Royal College of Art,
I am writing to you under the Freedom of Information Act to request the following information in relation to your loan arrangements and debt covenants. In doing so I note that this information is disclosed by a number of other higher education institutions, but not by yourselves:
(1) The names of the largest five external lenders as at 31 July 2022;
(2) The outstanding amounts at 31 July 2022, and the interest rates, maturity date, and whether the loans are secured or unsecured at that date;
(3) Details of any covenants attached to loans with these lenders;
(4) The interest rate and any covenants attached to the revolving credit facility;
Yours faithfully,
Catarina Gomes
Thank you for your enquiry under the Freedom of Information Act. We
acknowledge receipt of your email and will respond within 20 working days
with your response. Or alternatively, will be in touch to seek further
clarification from you about the information you require.
You can find out more information about the Royal College of Arts in our
[1]Guide to published information.
Yours sincerely,
Data Protection, Records and Information Officer
E: foi[2]@rca.ac.uk
[3]www.rca.ac.uk
[4]twitter.com/rca
[5]facebook.com/rca.london
Mailing address: Royal College of Art, Kensington Gore, London, SW7 2EU
[6]logo
--
Data Protection, Records and Information Officer
E: [7][Royal College of Art request email]
[8]www.rca.ac.uk
[9]twitter.com/rca
[10]facebook.com/rca.london
Mailing address: Royal College of Art, Kensington Gore, London, SW7 2EU
[11]logo
References
Visible links
1. https://www.rca.ac.uk/more/freedom-of-in...
2. mailto:[email address]
3. https://www.rca.ac.uk/
4. https://twitter.com/rca
5. https://facebook.com/rca.london
7. mailto:[Royal College of Art request email]
8. https://www.rca.ac.uk/
9. https://twitter.com/rca
10. https://facebook.com/rca.london
Dear Catarina,
Thank you for your Freedom of Information request.
Unfortunately we will not be able to respond for 25th August. The College
requires additional time to consider the s.43 prejudice exemption and its
public interest.
We will respond as soon as we are able and before Monday 25th September.
We sincerely apologise for any inconvenience cause.
Yours sincerely,
Data Protection, Records and Information Officer
E: [1][Royal College of Art request email]
[2]www.rca.ac.uk
[3]twitter.com/rca
[4]facebook.com/rca.london
Mailing address: Royal College of Art, Kensington Gore, London, SW7 2EU
[5]logo
Dear Catarina,
On 30 July 2023 you submitted the following request for information to the
Royal College of Art, please find our response below.
(1) The names of the largest five external lenders as at 31 July 2022;
(2) The outstanding amounts at 31 July 2022, and the interest rates,
maturity date, and whether the loans are secured or unsecured at that
date;
(3) Details of any covenants attached to loans with these lenders;
(4) The interest rate and any covenants attached to the revolving credit
facility;
Our response:
1. HSBC
2. As at 31st July 2022: Coronavirus Large Business interruption Loan
(£10m), unsecured, maturity July 2023. Revolving Credit Facility (£10m),
unsecured, maturity January 2027.
As at 31st July 2023: Revolving Credit Facility (£18m), unsecured,
maturity January 2027.
N.B. Following a competitive process, the College moved to a new unsecured
HSBC Revolving Credit Facility from 1st August 2023, with the existing
debt (£18m) being transferred. The new term is 5+1+1 so maturity will be
between 2028-30.
Interest rates are withheld under s.43 of the Freedom of Information Act
as it release would prejudice the commercial interest of the College.
3.Loans to July 2023: Net debt to total income, Interest cover
New RCF from 1 August 2023: Total debt to net assets, Interest cover
4. Covenants as per 3.
If you are unhappy with the way your request has been handled, you may
make a complaint by writing to [1][Royal College of Art request email]. Your complaint will be
considered by an adjudicator who was not involved in the original
consideration of your request.
If you are not content with the outcome of your complaint, you may then
contact the Information Commissioner’s Office: Information Commissioner,
Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF.
Kind regards,
The FOI Team
Data Protection, Records and Information Officer
E: [2][Royal College of Art request email]
[3]www.rca.ac.uk
[4]twitter.com/rca
[5]facebook.com/rca.london
Mailing address: Royal College of Art, Kensington Gore, London, SW7 2EU
[6]logo
Data Protection, Records and Information Officer
E: [7][Royal College of Art request email]
[8]www.rca.ac.uk
[9]twitter.com/rca
[10]facebook.com/rca.london
Mailing address: Royal College of Art, Kensington Gore, London, SW7 2EU
[11]logo
References
Visible links
1. mailto:[Royal College of Art request email]
2. mailto:[Royal College of Art request email]
3. https://www.rca.ac.uk/
4. https://twitter.com/rca
5. https://facebook.com/rca.london
7. mailto:[Royal College of Art request email]
8. https://www.rca.ac.uk/
9. https://twitter.com/rca
10. https://facebook.com/rca.london
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