Middlesex University


Financial Statements 2015/16


Financial Review for the year ended 31 July 2016


The only change that significantly affects 2015—2016 total net assets value on the balance sheet is £2.5m of government capital grant income deferred awaiting release to income as result of the University adopting the Performance model for government source capital grants. These grants where previously only reported as part of balance sheet reserves.


All figures for 2014-15 have been restated to ensure that all information is presented on a comparable basis.


The presentation includes disclosure of Middlesex University Higher Education Corporation as a standalone entity alongside the consolidated figures for the first time.


Full details of all the changes to the financial statements as a result of the transition to FRS102 are given in the notes to the accounts (see note 37)


Results for the year


The University recorded a consolidated surplus for the year of £2.6m which was achieved after charging £0.7m of restructuring costs, with the underlying surplus on normal operations before this one-off item being £3.3m, or 1.8% of turnover. The University surplus was higher for the year at £9m due to a dividend payment of £6.6m made from overseas campuses paid from surpluses made in previous years.


In 2015-16, the University had a positive student recruitment round particularly foundation year but faced continued pressure on overseas student recruitment, cost inflation pressures as wage costs increase and fees for undergraduate students remaining capped at £9k.


Surplus on Normal Operations £m 10 8 6 4 2 0


2014-15 Surplus on normal operations


-2 -4


Surplus on normal operations before one-off items & FRS102


27


Total income this year was £189.2m, an increase of £13.6m or 7.7% against the prior year. This was due in the main to increased home and EU foundation year students.


Expenditure in the year (excluding restructuring costs) totalled £185.7m, a 4% increase over the previous year. The increase reflects wage cost inflation and strict controls on non-staff costs, coupled with lower bad debt write- downs due to improved credit control procedures.


Consolidated 2015-16


Results for the year Income


Expenditure


(excluding restructuring costs) Taxation and other items


Surplus/(deficit) on normal operations before one-off items


Staff restructuring costs


Statutory surplus/(deficit) for the year


£m 189.2 (185.7)


(0.2) 3.3


(0.7) 2.6


Consolidated 2014-15


£m 175.6 (178.5)


(0.2) (3.1)


(0.9) (4.0)


2015-16


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