48 Financial Statements 2011-12
Five-Year Summary of Financial Position (unaudited) For the year ended 31 July
32 Joint Venture Deferred Capital Grants Reserve
2011-12 £’000
At 1 August
Joint venture deferred capital grants received Released to income and expenditure account At 31 July
33 Lease Obligations
2011-12 £’000
Leases expiring within one year
Leases expiring between two and five years Leases expiring after five years
0
16 67 83
2010-11 £’000
0 0
67 67
All leases are for land. The lease falling within two to five years is for land at Southend. Those over five years are for land at East 15 Acting School at Loughton. 34 Post Balance Sheet Events
On 7 August, the University satisfactorily concluded negotiations with Uliving to develop and operate new student accommodation, to be called The Meadows, and to take on the operation of The Quays, an existing block of accommodation. Uliving has been granted a 50 year headlease for The Meadows site.
The Meadows is scheduled for completion in September 2013 in readiness for the 2013-14 academic year. It will provide an additional 648 bed spaces for students of the University. The Quays has 766 bed spaces and will transfer to Uliving in July 2013, at which time the University will grant a second headlease.
Uliving is a consortium of Bouygues Development and Derwent Living, the parent company of Derwent FM which will provide facilities management services.
25,882 475
(1,850) 24,507
2010-11 £’000
26,384 868
(1,370) 25,882
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