University Council has now approved the University’s financial statements for the year ended 31 July 2015. These have been published on the University website.
We print a small number of paper copies, and a printed copy can be obtained from Sue Granshaw.
The income generated by the University for the year to 31 July 2015 increased by £42.6 million to a record level of £527 million, an improvement of 8.8% compared with 2013/14. This substantial growth was driven by higher academic fees, the opening of the Mayflower halls of residence and the one-off gain to research income from claiming research and development expenditure tax credits (RDEC). The University achieved a surplus of £24.0 million (4.6% of income), which includes £8.9 million (after corporation tax) from these RDEC credits. Our underlying surplus before the RDEC claim is £15.1 million (2.9% of income), a reduction of £0.3 million on 2013/14.
Our strategic financial target is to deliver a surplus of 5% of turnover, effectively replacing HEFCE capital grants which no longer exist, enabling us to continue to invest in capital infrastructure. The challenges for 2015/16 and beyond in a volatile environment for student recruitment are significant, however the University can continue to make good progress against its strategic goals from a position of financial strength.
Sarah Pook
Director of Finance