Court 9 th December 2011 Financial Statements for the year ended 31 st July 2011.

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Presentation transcript:

Court 9 th December 2011 Financial Statements for the year ended 31 st July 2011

Review of the Financial Statements for the year ended 31 st July 2011 Highlights from the accounts Results for the year Cash Flow for the year Balance Sheet KPIs Key Features from the 5 year review Summary of our projected cash flows to 31 st July 2015

Highlights Income growth5%7% Retained surplus£7.9m£7.5m Operating cash flow£22.1m£17.0m Gross capital expenditure£51.7m£100.5m Net cash position£22.6m£20.7m University of York Pension Fund improvement in net value £4.0m£9.6m Net worth£218.2m£201.6m

Results for the Year 2010/11 £m 2009/10 £m 2008/09 £m Income Expenditure Surplus Surplus as % of Income 2.2% 2.4%

Cash Flow 2010/11 £m 2009/10 £m Net cash generated from Operating Activity Returns on investment and servicing of finance(4.7)(3.2) Capital grants, sale of fixed assets, endowments Other receipts(0.6)0.1 Loans received Total Inflow Expenditure on fixed assets and investments Loans repaid Total outflow Increase/(Decrease) in cash1.9(9.4)

Balance Sheet July 11 £m July 10 £m Fixed Assets Investments & Endowments Cash and deposits Net current liabilities(38.9)(43.8) Total assets less current liabilities Funded by: Loans Deferred grants and provisions Endowments Pension liability Reserves Minority Interest

Operating Surplus as a percentage of income 2010/116.3% 2009/107.0% 2008/095.6% 2007/085.5% 2006/073.2%

Gearing Ratio 2010/1129.9% 2009/1028.4% 2008/0919.4% 2007/089.3% 2006/0714.9%

Annualised servicing cost as a percentage of income 2010/113.8% 2009/103.3% 2008/093.0% 2007/083.2% 2006/073.9%

Key Features from the 5 Year Review 2011 £m 2010 £m 2009 £m 2008 £m 2007 £m Income Expenditure Surplus66563 Cash Inflow Capital Expenditure Net Worth Staff (fte)3,0653,0232,9562,8892,801 Students (fte)13,97312,82311,72211,08410,600

Review of Projected Cash Flow over the next 4 years Capital Expenditure 2011/12 £m 2012/13 £m 2013/14 £m 2014/15 £m Total £m Heslington East(15)(5)(4)(10)(34) Heslington West(34)(15)(11)(12)(72) Total Capital Expenditure(49)(20)(15)(22)(106) Capital Grants Receipts Net Capital Investment(45)(16)(10)(19)(90) Cash Generated from Operations Other Cash Movements(4)(6)(4)(7)(21) (30)(2)8(3)(27) Funded by: Cash/Investments-2(8)3(3) Loan (European Investment Bank) 30 2(8)327 Cash Balances Loan Account

Summary Results that support the strategic objectives of the University Consistent surpluses Strong financial reporting systems Borrowing in place at appropriate cost and remaining within the funding covenants Don’t anticipate future income