		Consolidated		University
	Notes	Year Ended 31 July 2023 £'000	Year Ended 31 July 2022 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2022 £'000
Fixed assets
Tangible assets	12	396,212	389,494	359,262	358,780
Heritage assets	13	798	798	798	798
Investment properties	12	970	1,075	970	1,075
Investments	14	19,046	11,866	72,800	65,620
Investment in joint ventures	15	90	90	0	0
		417,116	403,323	433,830	426,273
Current assets
Stocks	16	331	259	205	158
Debtors	17	34,831	26,688	32,397	23,919
Investments	18	61,328	38,000	61,328	38,000
Cash and cash equivalents		40,449	73,768	38,384	71,868
		136,939	138,715	132,314	133,945
Less: Creditors: amounts falling due within one year	19	(77,350)	(69,795)	(87,025)	(82,229)
Net current assets		59,589	68,920	45,289	51,716
Total assets less current liabilities		476,705	472,243	479,119	477,989
Less: Creditors: amounts falling due after more than one year	20	(182,016)	(186,018)	(172,622)	(176,445)
Pension provisions	21	(76,514)	(82,882)	(75,627)	(81,889)
Other provisions	21	(9,535)	(14,952)	(9,535)	(14,952)
Total net assets		208,640	188,391	221,335	204,703
Restricted Reserves
Income and expenditure reserve - endowment reserve	22	9,089	8,912	9,089	8,912
Income and expenditure reserve - restricted reserve	23	4,755	4,360	4,755	4,360
Unrestricted Reserves
Unrealised gain on equity investments		199	122	199	122
Income and expenditure reserve - unrestricted		194,597	174,997	207,292	191,309
Total Reserves		208,640	188,391	221,335	204,703

The Financial Statements were approved by the Governing Body on 27 November 2023 and were signed on its behalf on that date by:

The notes on pages 54 to 88 form an integral part of these Financial Statements.

Notes to the Accounts for the year ended 31 July 2023

9 Other operating expenses (continued)	Consolidated
	Year Ended 31 July 2023 £'000	Year Ended 31 July 2022 £'000
Depreciation, impairment and amortisation
Depreciation charge on tangible fixed assets	16,288	15,578
	16,288	15,578
Finance charges
Bank interest payable	5,160	5,748
Net charge on pension scheme	2,714	285
	7,874	6,033

10 Analysis of total expenditure by activity	Staff costs £'000	Other operating expenses £'000	Depreciation and amortisation £'000	Interest paid £'000	2022-23 Total £'000	2021-22 Total £'000
Academic departments and centres	85,318	12,278	15	0	97,611	124,244
Academic services	16,434	15,862	0	0	32,296	36,861
Research grants and contracts	12,261	14,478	571	0	27,310	23,471
Residences and catering	11,148	21,408	2,338	1,510	36,404	35,961
Premises	7,158	9,047	765	0	16,970	16,423
Administration	15,237	7,345	0	0	22,582	28,332
Other services rendered	376	920	0	0	1,296	1,304
General education expenditure	3,049	31,399	0	0	34,448	22,704
Student and staff facilities	6,966	8,768	93	55	15,882	13,455
Early retirements and severances	50	0	0	0	50	26
Other expenses	297	8,462	12,506	6,309	27,574	23,339
	158,294	129,967	16,288	7,874	312,423	326,120

£1,599k (2021-22: £1,563) of these costs are already included in the overall staff costs figures included in the financial statements, see note 8.
Our published access and participation plan can be found at https://www.essex.ac.uk/about/governance/access-and-participation-plan.