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4 Financial Statements 2011-12


Financial Highlights


(2010-11 comparative figures shown in brackets) n Total income up 4% to £152m (£146m) n Operating Surplus before staff severance costs, joint ventures and FRS17 of £1.6m (£2.1m)


n EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation – adjusted for one-off staff restructuring costs and pension FRS17 adjustment ) of £11.1m (£9.4m)


n Capital expenditure of £19.6m (£14.1m) n Net assets of £136m (£140m) n Net debt of £61m (£46m)


Summary Finances


2011-12 2010-11 £’000


Income Funding Council grants


Tuition fees and academic contracts Research grants and contracts Other income


Endowment and investment income Total Income


Total expenditure excluding staff severance Operating surplus


less staff severance costs and exceptional items add share of profit/(loss) in joint ventures add FRS17 pension accounting credit


Surplus for the year EBITDA


Capital expenditure


Capital grants received Net debt


Net assets at historic cost Student Numbers


2011-12 FTEs


Home/EU Overseas


Undergraduate Postgraduate


7,716 75% 2,574 25% 10,290 100%


8,418 82% 1,872 18% 10,290 100%


2010-11 FTEs


7,498 74% 2,596 26% 10,094 100%


7,743 77% 2,351 23% 10,094 100%


Change


218 3% -22 196


-1% 2%


675


-479 -20% 196


9% 1%


FTE = Full Time Equivalent studying at University of Essex campuses, excluding University Campus Suffolk Ltd and partner institutions.


33,952 62,734 25,445 29,533 440


152,104 150,501 1,603 -497


912


1,590 3,608


11,088 19,606 6,178


60,573 136,059 Change £’000


36,333 56,864 25,493 26,994 562


146,246 144,160 2,086 -2,748


1,162 1,477


1,977 9,398


14,110 5,446


46,306 140,024


1,631 1,690


5,496 732


14,267 -3,965


£000


-2,381 5,870 -48


2,539 -122


5,585 6,341 -483


%


-7% 10% 0% 9%


-22% 4%


4%


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