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32 Financial Statements 2011-12


Notes to the Financial Statements For the year ended 31 July 2012


10 Tangible fixed assets University


Land and Equipment Assets in Buildings


course of £'000


Cost At 1 August 2011 Additions Transfers Disposal


At 31 July 2012


Depreciation At 1 August 2011 Charge for year


At 31 July 2012


Net book value At 31 July 2012


At 31 July 2011


185,184 5,278 8,460 (395)


£'000


13,732 2,454 562 0


198,527 16,748


32,095 4,355


(395) 36,055 162,472 153,089


6,111 2,225


0 8,336 8,412 7,621


construction £'000


5,659 4,201


(9,022) 0


838


0 0


0 0


£'000


204,575 11,933 0


(395) 216,113


38,206 6,580


(395) 44,391 838 5,659 171,722 166,369 Total Companies


Land and Equipment Buildings


£'000


24,699 1,061 0 0


25,760


3,704 486


0 4,190 21,570 20,995 £'000 234


1,098 0 0


1,332 8 12 0 20 1,312 226


Assets in course of


construction £'000


1,628 5,514 0 0


7,142


0 0


Impairment 0 0 0 0 0 0 0 Disposal


0 0


7,142 1,628


Consolidated Total


£'000


231,136 19,606 0


(395) 250,347


41,918 7,078 0


(395) 48,601 201,746 189,218


University Land and Buildings include £5.226m (2010-11:£5.089m) in respect of freehold land which is not depreciated and leasehold properties with a net book value of £2.079m (2010-11: £2.132m).


Additions to University land and buildings in the year includes for assets in the course of construction and for which no depreciation charge has been made. Land, buildings and equipment with a net book value of £77.368m (2010-11: £69.228m) have been funded by capital grants of £38.263m and other gifts and donations of £27.644m.


The University Equipment includes assets valued at £798k for works of art deemed to be heritage assets and which were capitalised in 2009-10. The University's external valuer (Lyon & Turnbull) carried out a full valuation of the collection at 18 February 2010. The values were established on the basis of the valuer's assessment of the likely replacement cost at suitable spcialist retail outlets, having given consideration to quality and condition for a similar item.


11 Investments At 1 August (Disposals)/Additions


Revaluations (debited)/credited to the revaluation reserve At 31 July


Comprising: Equities


Subsidiary companies: University of Essex Knowledge Gateway Holdings Ltd Universal Accommodation Group Ltd University of Essex Campus Services Ltd Wivenhoe House Hotel Ltd Other investments


Consolidated


2011-12 £'000 4,663 0


(206) 4,457


4,410


0 0 0 0


47 4,457


2010-11 £'000 6,237


(2,025) 451


4,663 4,616


0 0 0 0


47 4,663 University


2011-12 £'000


25,410 5,752 (206)


30,956 4,410


12,491 2,892 1,251 9,865 47


30,956


2010-11 £'000


22,200 2,759 451


25,410 4,616


12,391 2,892 999


4,465 47


25,410


Land designated for the development of the Knowledge Gateway is held by the University of Essex Knowledge Gateway Holdings Ltd, a wholly owned subsidiary. Details of investments in all subsidiary undertakings are included in note 27. University of Essex Campus Services changed its name from University of Essex Commercial Services Ltd in August 2012.


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