1. 20/06/20151 Financial Statements for the year ended 31 July 2006

2. 20/06/20152 Results For the Year 2005/6 £m 2004/5 £’m Income 167.4 151.5 Expenditure 167.0 153.1 Surplus (Before Tax & Minority Interest) 0.4 (1.6) Surplus as % of income 0.2% (1.1)%

3. 20/06/20153 Cash Flow 2005/06 £’m 2004/05 £’m Net cash generated from Operating Activity 10.7 4.9 Returns on Investment and Servicing of Finance (1.6) (1.4) Capital grants & sale of fixed assets/investments/subsidiaries Loans received 14.1 7.3 27.6 27.3 Total inflow 30.5 58.4 Expenditure on fixed assets (gross) Loans repaid 26.3 0.5 31.2 23.0 Total outflow 26.8 54.2 Increase/(Decrease) in cash 3.7 4.2

4. 20/06/20154 Financial Position (consolidated) 2006 £’m 2005 £’m Fixed assets Investments (including current) - current assets - current liabilities 178.7 11.4 31.3 (43.9) 164.9 9.9 28.3 (38.5) Net current liabilities Total assets less current liabilities Funded by : Long term creditors (12.6) 177.5 41.6 (10.2) 164.6 34.7 Deferred grants and provisions Endowments Reserves Minority Interest 78.6 10.0 47.6 0.6 177.5 74.0 9.2 44.5 0.6 164.6 Pension (Asset)/Liability (0.9) 1.6

5. 20/06/20155

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10. 10 Headline Numbers Average Annual Changes 2001/02 to 2005/06 Income Growth9.9% Expenditure Growth10.5% Staff Costs Growth9.8% Staff FTE Growth4.3% Home/EU Student FTE Growth4.1% Overseas Student FTE Growth16.6%