Annual Report and Accounts published
The University’s 2011-12 Annual Report & Accounts show that whilst income has declined slightly year on year, our reported surplus of £67.5million is an increase against prior year.
"This is a good result, and it's particularly helpful to have posted a strong surplus last year given the volatility and uncertainty of income in future years," said the Vice-Chancellor Michael Arthur. "It should be noted that some £30m of the surplus is due to a number of 'one off' benefits such as the profit on the sale of a student residence and reductions in the level of provisions previously required for specific repairs and maintenance costs and local structurings."
The surplus strengthens our balance sheet and hence provides us with some cushion. Of course, we must continue to be prudent but it enables us to move ahead with confidence and implement planned strategic investments, such as the new undergraduate Library.
More details of the results, together with an analysis from Finance Director Jane Madeley, can be found in the December issue of the Reporter, due out week commencing 10 December.