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Financial Statements 2011-12 45


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


27 Subsidiary Undertakings and Joint Ventures The University has the following wholly owned subsidiary companies:


Company University of Essex Enterprises


(formerly known as Wivenhoe Technology Ltd) Wivenhoe House Hotel Ltd


University of Essex Campus Services Ltd


(formerly known as University of Essex Commercial Services Ltd)


University of Essex Knowledge Gateway Holdings Ltd


University of Essex Knowledge


Gateway Park Ltd University of Essex


Environmental Facilities Ltd East 15 Acting School Ltd


University of Essex (Elmstead Road) Ltd Universal Accommodation Group Ltd


Trading results of wholly owned subsidiaries:


University of Essex Enterprises Ltd Wivenhoe House Hotel Ltd


Univerity of Essex Campus Services Ltd


University of Essex Knowledge Gateway Holdings Ltd Universal Accommodation Group Ltd*


University of Essex Knowledge Gateway Ltd


* Trading results before tax These results have been included in the consolidated financial statements. All subsidiaries have a year end date of 31 July.


University Campus Suffolk Ltd is a company limited by guarantee with two members, the University of Essex and the University of East Anglia, to promote the establishment of a university campus in Suffolk. For the year ending 31 July 2012 it recorded a surplus of £1.822m after taxation (£2.313m in 2010-11). On 9 September 2008, UCS Ltd was gifted land with an estimated value of £9.3m by Ipswich Borough Council to aid the development of Phase II of the capital programme. In the event that any part of the site remains undeveloped after 31 March 2013, the Council has the option to repurchase it for £1.


During the year, UCS Ltd purchased goods and services to the value of £169k from the University (2010-11: £319k) of which £445 was outstanding at 31 July 2012 (2010-11:£150k). UCS Ltd provided services to the University to the value of £4k, (2010-11: £14k) with £NIL outstanding at 31 July 2012. (2010-11: £1k)


University Campus Suffolk Ltd have been accounted for as a joint venture in accordance with FRS 9. The level of profit has included within the consolidated financial statements was as follows:


Year-end date Joint Venture University Campus Suffolk Ltd 31 July


2011-12 £’000


912 912


2010-11 £’000


1,162 1,162


Holding land on behalf of the University for development as a Research Park


Development and marketing of a Research Park Dormant throughout the year


Dormant throughout the year Dormant throughout the year


Development of student accommodation 12,490,680 350,002 100,000


2 2 1


2011-12 £’000


26


(321) (60)


(112) 411


(154) (210)


12,390,682 250,002 100,000


2 2 1


2010-11 £’000


94 0


578


(192) 410


(138) 750


Activity


Acquisition, protection and licensing of intellectual property from the University


Development and operation of a hotel school Management of commercial activities at the University At


31 July 2012 £1 Shares


2


9,865,565 1,251,002


At


31 July 2011 £1 Shares


2


4,465,000 999,002


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