Financial statements published by the University of Gloucestershire show that the University has ended the 2011-12 financial year with a substantial surplus.
Despite challenges arising from higher education reforms, the University continued to strengthen its financial position, reporting an operating surplus for the year of £6.9 million, equating to 9.8% of its turnover of £70.8 million. This performance builds on two previous years of strong operating performance.
The surplus reflects the University’s success in student recruitment during 2011-12, including a 10% growth in fee income and the development of additional income streams such as business development, applied research, collaborative partnerships and consultancy. Careful management of costs kept expenditure well within budget. A strong year end liquidity position has been maintained, with cash and short term investments of over £12 million and a further reduction of long-term debts which have reduced by 30% over the past few years.
Vice-Chancellor, Stephen Marston said: “These accounts demonstrate how much progress the University has made in recent years in improving management of our budgets. They are a tribute to the hard work of staff across the University. These are challenging and turbulent times for higher education, but these results show that the University of Gloucestershire is in good financial shape.”
In June this year, the Higher Education Funding Council conducted an “assurance review” looking at the robustness of the University’s financial and governance systems in securing accountability for public funds. We achieved the highest outcome in the HEFCE rating scale.
Other highlights for the University in 2011-12 included:
• a significant increase in the number of students engaging in employability activities such as internships following the launch of the Degreeplus initiative;
• continuing success in securing external accreditations for healthcare courses, media courses and the Cheltenham International Language School (CILC);
• graduate progression into employment or further training increased from 90.8% to 91.7% placing
the University ahead of its benchmark and the majority of its competitors.
The full annual report and financial statements for the year ending 31 July 2012 can be viewed at
The University of Gloucestershire gained official university status in 2001 but has existed as an educational establishment for nearly 200 years. Today, we have three thriving campuses, Francis Close Hall and The Park in Cheltenham, and Oxstalls in Gloucester, which are occupied by approximately 10,000 students. In 2010, the University invested £5 million in teaching facilities including a new, state-of-the-art media and art and design studios. For more information, visit www.glos.ac.uk
Source: University of Gloucestershire