Annual Review 2009-10
Financial summary
A 13 per cent increase in
turnover to £139 million and a surplus for the year of £7
million was generated as a result of strong growth in
student demand, the benefits of earlier cost reduction
exercises and the containment of costs in the face of
increased activity. University Campus Suffolk, a joint
venture with the University of East Anglia, also made a
contribution to the improved performance.
While student demand, low pay
inflation and the benefits from previous exercises to reduce
costs have played an essential part in the University's
financial performance last year, underpinning this are the
new management structures introduced in August 2008. These
structures have matured and 2009/10 represents the first
year in which budget managers have owned their budgets and
taken full accountability for their outturn. This has led to
costs being contained in the face of stiff pressures and to
new developments being proposed that will further strengthen
the University's future financial performance.
The University's record surplus
was also matched by a record level of capital investment of
nearly £40 million with the completion of the University
Square student accommodation in Southend, an innovative
conversion of a former boiler house into high quality
teaching space on the Colchester campus and the commencement
of the Knowledge Gateway project which aims to link academia
to business, non-governmental organisations and government.
Financial highlights
Turnover for the year grew by 13.2
per cent to stand at £139 million, an increase driven by:
- 16 per cent increase in home/EU tuition
fees to £20.2 million
- 31 per cent increase in overseas tuition
fee income to £25.2 million
- 16 per cent rise in research grant and
contract income to £21.1 million
- 74 per cent increase in NHS contract
income to £5.6million
Last year the University
received a £1 million legacy from the estate of the late
John Silberrad from Loughton to fund postgraduate research
scholarships. A further distribution from the estate of £1
million was received during 2009/10. This £2 million
endowment will be a great help in supporting students to
undertake research at the University.
The University's student body
has increased by 18 per cent over the year on a full time
equivalent basis. Growth has been balanced across all
categories with increases in the number of undergraduates
(+15 per cent), postgraduates (+25 per cent), Home/EU funded
students (+16 per cent) and overseas students paying full
tuition fees (+22 per cent).
|
|
£000 |
|
Income 2009-10
|
|
|
Funding council
grants
|
35,775
|
|
Tuition fees and
educational contracts
|
54,853
|
|
Research grants
and contracts
|
21,103
|
|
Other income
|
26,893
|
|
Endowment and
investment income
|
336
|
| |
|
|
Total |
138,960 |
| |
|
|
Expenditure
2009-10
|
|
|
Staff Costs
|
75,811
|
|
Other operating
expenses
|
48,164
|
|
Depreciation
|
5,702
|
|
Interest payable
|
3,046
|
| |
|
|
Total
(excluding staff severance)
|
132,864 |
| |
|
|
Surplus for the
year |
7,038 |
| |
|
|
Profit on joint
ventures |
801 |
| |
|
|
Surplus for the
year |
7,038 |
Further information: