Finance Update Autumn 2010. 09-10 outturn (1) Results summary Income: £71.8m (2008-09 £67.4m) growth of 6.5% Expenditure: £66.3m (2008-09 £68.9m) reduction.

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Presentation transcript:

Finance Update Autumn 2010

09-10 outturn (1) Results summary Income: £71.8m ( £67.4m) growth of 6.5% Expenditure: £66.3m ( £68.9m) reduction of 3.9% Surplus for year pre-exceptional items £5.5m ( deficit of £1.5m) Net exceptional charges of £6.7m ( £4.7m) Deficit after exceptionals £1.2m( £6.3m) Key features of the result were: Reduction in Funding Body grants Growth in student numbers to just under 10,000 underpinning a 19% increase in fee income Reduction of pay costs by £2.2m reflecting the impact of the redundancy programme and deferment of pay award Profit on disposal of the London Campus of £800k Exceptional reorganisation costs £1.4m Pittville Campus exceptional impairment charge of £6.2m

09-10 out-turn (2) Balance Sheet Cash and short term investments at year end increased by £12.5m Long term debts have reduced from £31.5m to £26.7m

Income analysis

Analysis of other income Residence and catering£6.3m Other services rendered £1.5m (e.g KTPs, Education contracts, Fullwood Park conferencing) Other income£5.2m (e.g Partnerships – Active Glos, Playworks, EAUC, GSCC, GASH & Learning centres and short courses etc)

Expenditure analysis

Other operating costs Rents and premises£3.1m Bursaries£2.7m Recruitment, agents & waivers£1.6m Repairs & maintenance £1.7m Travel & subsistence £1.2m Finance & insurance£1.0m Professional fees £2.1m Franchising & partnerships£1.7m

Income & Expenditure position

Money in the bank

Year end Borrowings

Things to think about We stopped spending – now we need to be more strategic to enable planned investment No sighs of relief please Do I really need to spend this? How can I improve the Universitys position? There is always a better way – find it (Thomas Edison)