Middlesex University
Financial Statements 2015/16
Financial Review for the year ended 31 July 2016
Tuition Fees and Education Contracts now account for 75.8% of the University’s total income (compared to 75.6% in 2014-15), Funding Body grants make up 8.5%, Research Grants and Contracts 2.8% and other income (including investment and endowments) equates to 12.9%. In 2016-17, the University expects to maintain the specialist funding it currently receives through the HEFCE teaching grant to support the widening participation agenda.
Expenditure
Staff costs increased by £6m to £105.5m, an increase of 6%; an additional £0.7m was incurred relating to the restructuring of academic and administration provision across the University. Staff costs (excluding restructuring costs) represent 55.7% of total income.
Spend on other operating expenses remained unchanged over last year’s reduction, reflecting the close control over expenditure in our continuing drive for efficiency, particularly in administration.
With the net book value of tangible fixed assets reflecting the University’s estate now fully consolidated onto one campus at Hendon, the total depreciation charge on these assets increased by 2.8%, primarily due to ongoing investment in new and existing buildings.
Interest costs increased by £600k (or 6.9%) on last year, reflecting the higher net charge on pension scheme liabilities. The ongoing interest expense relates to bank loans to fund the building works at Hendon.
Balance Sheet
The University completed the fourteenth year of its Estates Development Strategy and invested a further £20.2m in infrastructure. In consolidating the University’s operations onto one campus in London, investment was made during the year in the new Ritterman building and a number of building reconfigurations to develop and improve student and staff facilities.
Capital Spend £m 50
40 30 20 10 0
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
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