Strategic Review and Financial Statements

The reported operational surplus of £7.9m is stated after the unwinding of the USS pension provision and FRS102 pension income of £2.0m and restructuring costs of £1.1m thereby resulting in an underlying surplus of £7.0m. The cash position remains strong at £115.1m with cash being generated from operations of £12.0m, capital investment £22.7m and loan repayments at £1.8m.

This overall performance reflects a positive operational result which has included an increase in investment income of £1.9m due to higher interest rates and a modest increase in tuition fees of £2.8m.

The cash generated from operating activities totalled £12.0m which ensures that the University can continue to invest in its Town House Strategy to transform students' education through the embedding of Future Skills, and to invest in the future infrastructure of the University.