牛牛资源

牛牛资源 has published its Annual Accounts today (Thursday 10 December 2015).

The accounts, ranging from the financial year 1 August 2014 to 31 July 2015, show that:

 

Income increased by 7%

• Tuition fee income increased by 14%, from 拢59.41m to 拢67.67m.
• We had 7,604 FTE students last year, compared with 7,392 the previous year. FTE means Full Time Equivalent, for instance all part-time students are added together.
• Funding body grants decreased by 17%, from 拢17.66m to 拢14.59m, reflecting the loss of teaching grant as the pre-拢9,000 Home/EU undergraduate fee came to an end.
• Research grants decreased by 4%, from 拢5.94m to 拢5.69m.

Expenditure increased by 7%

• Expenditure increased by 7% in the last year if you take out the impact of one-off items 鈥� this means anything that was an exceptional event and won鈥檛 occur again, like the sale of a building or an unexpected bill.

Staff costs were the largest bill

• Staff costs, excluding one-off items, have increased by 6.2%, from 拢55.5m to 拢59m. There were 4.8% more staff.
• All staff received a 1% pay rise and some received promotions such as moving from Senior Lecturer to Professor.
• The Warden also received a 0.9% pay rise 鈥� the first in three years. This was decided by a committee which includes a student 鈥� the first in the country to do so. The Warden does not sit on this committee.
• The Warden鈥檚 pay (拢232k) is among the lowest in the University of London (11 out of 16) and 拢10,000 below the sector average.

拢20.3m was raised from a partnership with an accommodation provider

• The university received 拢20.3m from entering a partnership with Campus Living Villages. They will provide accommodation on behalf of the university and cover the cost of refurbishments.
• This payment, which was received in September 2015, has been ring-fenced for a new flagship academic building at the front of the campus.

The university made a surplus of 拢1.66m

• The university made a reported surplus of 拢1.66m (拢2.2m excluding the impact of one-off items).
• Our reported surplus represents 1.6% of income.  For the higher education sector as a whole in 2014/15 HEFCE expects this figure to be 3.9%.
• The surplus left over at the end of the year is added to our reserves.  Our reserves provide us with funds for long term investment.  They also give us resilience and the ability to withstand financial shocks.
• Our reserves are retained in their entirety for the benefit of the 牛牛资源.  We do not pay dividends to third parties.
• After taking into account capital investment and repayments to long-term loans, the 拢1.66m translated into a cash outflow of 拢6.3m.

 

Patrick Loughrey, Warden, commented:

鈥淯niversity finances have changed significantly in the past decade. Government grants have reduced and have been replaced with student fee income. Public funds for capital projects are much reduced. Funding for research, and particularly in the arts and humanities, has become more challenging. Competition for students from institutions here and overseas is as high as ever.

鈥淎t 牛牛资源, we use our income to ensure we provide the best possible student experience. That means improved teaching and learning spaces, world-renowned teachers, highly skilled support staff, better equipment and learning resources and high quality accommodation.

鈥淲e want to continue to invest in all of these areas. This means that we need to look far into the future as well as thinking about the here and now.

鈥淲e keep a surplus to withstand such financial shocks, such as the increase in pension costs and the reduction in QR research funding that will impact us in 2015/16.鈥�

He added: 鈥淚f this money isn鈥檛 used, it鈥檚 invested back into the institution. There are no shareholders requiring dividends and we do not run bonus schemes. All of our money stays on campus and as much as possible within the local economy to sustain 牛牛资源 as an independent, self-determining and culturally vibrant institution.鈥�

Download our Financial Statement 2014/15 and an 'at a glance' look at our Annual Accounts 2014/15.