Financial Statements 2017/18


Financial review For the year ended 31 July 2018


Results for the Year and Outlook


The year to 2017/18 continues to build on the good financial performance of the University from the previous year, recording a surplus for the year of £5.5m after allowing for restructuring costs of £1.1m. This was achieved in spite of it being a challenging year due to the demographic dip in 18 year-olds in the UK and the related increase in competition for student recruitment. The impact of this was more than compensated by above-target recruitment from overseas, improved retention and prudent cost control.


Looking ahead, the University is forecasting for reduced surpluses as a result of the impact of reduced Home/ EU student recruitment until 2021/22 as well as inflationary and pension cost pressure which may not be matched by increases in our tuition fee rates. Beyond this, we expect recruitment to pick up in line with increases of the number of 18 year-olds, along with increases in income streams from other sources such as Partnerships. Strong planning and cost control would mitigate against the impact of our cost base increasing.


Restated


Consolidated Year ended 31 July 2018


Results for the Year Income


Expenditure (excluding restructuring costs) Taxation and other items


Surplus on normal operations Staff restructuring costs Surplus for the year


£m 204.6


(198.0) –


6.6


(1.1) 5.5


Consolidated Year ended 31 July 2017


£m 203.6


(193.9) (0.1) 9.6


(0.8) 8.8


42


Middlesex University


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