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

2. 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

3. Highlights 20112010 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

4. Results for the Year 2010/11 £m 2009/10 £m 2008/09 £m Income255.3242.9226.0 Expenditure249.7237.0220.6 Surplus 5.5 5.9 5.4 Surplus as % of Income 2.2% 2.4%

5. Cash Flow 2010/11 £m 2009/10 £m Net cash generated from Operating Activity22.017.0 Returns on investment and servicing of finance(4.7)(3.2) Capital grants, sale of fixed assets, endowments37.437.6 Other receipts(0.6)0.1 Loans received15.035.0 Total Inflow69.186.5 Expenditure on fixed assets and investments65.294.6 Loans repaid2.01.3 Total outflow67.295.9 Increase/(Decrease) in cash1.9(9.4)

6. Balance Sheet July 11 £m July 10 £m Fixed Assets345.1336.0 Investments & Endowments21.811.1 Cash and deposits22.620.7 Net current liabilities(38.9)(43.8) Total assets less current liabilities350.6324.0 Funded by: Loans120.5106.7 Deferred grants and provisions123.0121.6 Endowments10.68.2 Pension liability11.715.7 Reserves84.371.4 Minority Interest0.50.4 350.6324.0

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

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

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

10. Key Features from the 5 Year Review 2011 £m 2010 £m 2009 £m 2008 £m 2007 £m Income255243226211187 Expenditure249237221205184 Surplus66563 Cash Inflow2217 1213 Capital Expenditure52101673520 Net Worth218202158143144 Staff (fte)3,0653,0232,9562,8892,801 Students (fte)13,97312,82311,72211,08410,600

11. 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 Receipts445316 Net Capital Investment(45)(16)(10)(19)(90) Cash Generated from Operations1920222384 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 Balances18162421 Loan Account149147145143

12. 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