Financial Statements 2011-12 5
Operating and Financial Review
Constitution, Regulation and Business Environment
The University is an exempt charity established by Royal Charter in 1965 and its charitable affairs are regulated by the Higher Education Funding Council for England (HEFCE). Members of the governing body, called Council, are trustees of the charity.
Established in Colchester, the University also operates campuses in Loughton and Southend.
These financial statements are those of the University of Essex Group, comprising the University, its various subsidiary undertakings and joint ventures. The most material of these is University Campus Suffolk Ltd, a joint venture with the University of East Anglia, that provides higher education in Ipswich and throughout Suffolk. Details of this and other subsidiary undertakings are included in note 27 of the financial statements.
The University operates in a complex mix of regulated and unregulated markets with a mix of primary purpose (i.e. charitable) and non-primary purpose activity. Non- primary purpose activity is organised through subsidiary undertakings.
Funding from HEFCE is governed by a Financial Memorandum which sets out the conditions of grant which the University must satisfy in order to receive public funding.
The Financial Statements are produced in accordance with the Statement of Recommended Practice for Further and Higher Education (SORP) which is based on UK Generally Accepted Accounting Principles. The Financial Statements are compliant with the HEFCE Accounts Direction 2011-12.
This review has been prepared in accordance with the Reporting Statement: Operating and Financial Review published by the Accounting Standards Board.
The University’s Mission and Financial Strategy
The University’s mission is to provide excellence in research and excellence in education. It aims to be rated amongst the top 25 universities in the United Kingdom as indicated by The Times Good University Guide.
Supporting this is a financial strategy that seeks to ensure financial sustainability through the generation of sufficient cash to maintain high quality facilities and update and develop the infrastructure for research and education.
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