NOTES TO THE ACCOUNTS
NOTE 10 – EXCEPTIONAL ITEMS Year Ended 31 July 2011 £’000
Year Ended 31 July 2010 £’000
–
812
–
812
Surplus on disposal of land and buildings
On 23 September 2009 the University, with University Partnerships Programme (UPP), Barclays and Royal Bank of Scotland concluded phase 1 of a £133 million transaction; phase 2 concluded on 11 November 2009. This transaction involved the transfer of 980 University bed spaces to UPP and the obligation of UPP to construct a further 1,948 bed spaces over the next three years. The student demand risk for this transfer is being taken by UPP. Following the close of the transaction the University received proceeds of £13.8 million – which has been disclosed as a disposal of buildings. UPP has a 43 year lease concession from the University for the residences and development sites. The proceeds from these sales were reinvested into the University’s strategic aims. There were no significant property disposals in the current year. In the prior year four outlying, off-campus residences were sold. The proceeds from these sales were reinvested into the University’s strategic aims.
NOTE 11 – SURPLUS ON CONTINUING OPERATIONS FOR THE YEAR The surplus on continuing operations for the year is made up as follows: Year Ended 31 July 2011 £’000
Year Ended 31 July 2010 £’000
9,606
4,764
930
1,060
10,536
5,824
640
301
11,176
6,125
University’s surplus for the year on continuing operations Surplus/(deficit) generated by subsidiary undertakings and joint ventures Consolidated surplus on continuing operations Surplus for the year transferred from accumulated income in endowment funds Consolidated surplus for the year
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UNIVERSITY OF EXETER:
F I N A N C I A L S TAT E M E N T S F O R T H E Y E A R E N D E D 3 1 J U LY 2 0 1 1