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Financial Statements 2011-12 47


Notes to the Financial Statements For the year ended 31 July 2011


30 Agency Arrangements University


2011-12 £’000


Hardship Funds


Balance brought forward at 1 August Funding council grants received Interest earned


Disbursed to students Balance carried forward at 31 July


NHS Bursaries Payments received from NHS organisations Disbursed to students


Balance unspent at 31 July


582 324


906 321


1,227 980


(980) 0


33


270 303


279 582


1,381


(1,381) 0


These funds are available solely for students; the University acts only as the paying agent. The income and the related disbursements are therefore excluded from the Income and Expenditure Account.


HEFCE Teaching Grant Payments received from HEFCE Payments made to partner institutions Balance unspent at 31 July


HEFCE Research Grant Payments received from HEFCE Payments made to partner institutions Balance unspent at 31 July


General Social Care Council Payments received from General Social Care Council Payments made to partner institution Balance unspent at 31 July


5,052


(5,052) 0


241


(241) 0


0 0 0


4,640


(4,640) 0


138


(138) 0


131


(131) 0


These funds are received by the University in respect of its partner institutions.The income and the related payments are therefore excluded from the Income and Expenditure Account.


The University has partnership arrangements for the delivery of Higher Education programmes with South Essex College, Colchester Institute, Writtle College, The Portman and Tavistock NHS Foundation Trust and Kaplan Ltd.


31 Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA)


Earnings before interest, taxation, depreciation and amortisation – adjusted for one off staff restructuring costs and pension FRS17 adjustment (EBITDA) is a measure of cash operating surplus.


The reconciliation from the surplus on continuing operations and EBITDA is: Consolidated


2011-12 £’000


Surplus on continuing operations after depreciation but before joint ventures add back depreciation and amortisation charge less release of deferred capital grants (note 23) add back interest payable (note 9) less general interest income (note 5) add back FRS 17 (Charges)


add back exceptional non-recurrent items: Staff restructuring costs


EBITDA


2,696 7,773


(2,935) 4,897 (250)


(1,590) 497 11,088


2010-11 £’000


815 6,798


(2,659) 3,505 (332)


(1,477)


2,748 9,398


2010-11 £’000


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