EUR 000 | 30 September 2021 | 30 September 2020 |
Non-current loans and borrowings | ||
Loans payable to Coöperatie KPMG U.A. (partners) | 42,185 | 32,952 |
Loans payable to Coöperatie KPMG U.A. (former partners) | 1,568 | 1,771 |
Lease liability | 111,346 | 116,641 |
Total non-current loans and borrowings | 155,099 | 151,364 |
Current loans and borrowings | ||
Employee Bonds | 2,531 | 1,874 |
Loans payable to Coöperatie KPMG U.A. (partners) | 93,794 | 49,605 |
Loans payable to Coöperatie KPMG U.A. (former partners) | 4,051 | 9,548 |
Lease liability | 22,173 | 25,967 |
Total current loans and borrowings | 122,549 | 86,994 |
277,648 | 238,358 |
20.1 Employee Bonds
Since the financial year 2018/2019, employees have had the opportunity to participate in short‑term employee bonds with a maturity of one year, a one-year EURIBOR + 3% base rate interest and a variable surplus based on the realised profit before tax of KPMG N.V. In 2021, 2,568 bonds with a nominal value of EUR 1 were issued, of which 86 bonds were redeemed early (2020: 1,865 bonds with a nominal value of EUR 1, of which 27 bonds were redeemed early).
20.2 Loans payable to Coöperatie KPMG U.A. relating to partners
The interest charged on current accounts included in loans is 1.2% (2019/2020: 3.1%). Partners participate in a mandatory loan programme totalling EUR 23.9 million as at 30 September 2021 (30 September 2020: EUR 22.6 million), bearing an interest of 8.0% (2019/2020: 8.0%). Partners also have the opportunity to subscribe to deposits with a duration varying between one and five years. The total amount subscribed as at 30 September 2021 was EUR 37.6 million with an interest rate of 4.5 to 7.0% depending on the duration of the loan (30 September 2020: EUR 31.1 million with an interest rate of 3.0 to 8.0%).
Movements in financing by partners:
EUR 000 | 2020/2021 | 2019/2020 |
Balance at 1 October | 82,557 | 73,998 |
Fees to partners under management agreements | 110,215 | 60,884 |
Interest due to Coöperatie KPMG U.A. relating to partners | 4,127 | 4,631 |
Other movements (net withdrawal) | -60,920 | -56,956 |
Balance at 30 September | 135,979 | 82,557 |
Other movements refer mainly to amounts withdrawn by partners.
20.3 Loans payable to Coöperatie KPMG U.A. relating to former partners
Non-current loans payable to Coöperatie KPMG U.A. relating to former partners comprise early retirement liabilities to former partners and have an average term of 3.3 years (2019/2020: 3.2 years). These liabilities are not interest bearing. The average interest on current loans payable to former partners is 0.9% (2019/2020: 2.4%).
20.4 Lease liability
Lease liabilities are payable as follows:
EUR 000 | 30 September 2021 | 30 September 2020 | ||||
Future minimum lease payments | Interest | Present value of minimum lease payments | Future minimum lease payments | Interest | Present value of minimum lease payments | |
Less than one year | 24,460 | 2,287 | 22,173 | 28,707 | 2,739 | 25,968 |
Between one and five years | 64,407 | 4,873 | 59,534 | 64,471 | 5,303 | 59,168 |
More than five years | 56,052 | 4,241 | 51,811 | 62,623 | 5,151 | 57,472 |
144,919 | 11,401 | 133,518 | 155,801 | 13,193 | 142,608 | |