Financial Statements 2018/19


Financial Review for the year ended 31 July 2019


Results for the Year and Outlook


The year to 2018/19 sees Middlesex University continue to build on the good financial performance from the previous year, recording a consolidated surplus for the year of £5.8m after allowing for restructuring costs of £2.0m. In a challenging environment, heightened by increased competition, the ongoing demographic dip in 18 year-olds in the UK and uncertainty over Brexit, the University managed to improve its surplus from the previous year. The main drivers for this were above-target recruitment of Home and EU Undergraduate students, improved student 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 it is anticipated will 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 and Degree Apprenticeships. Strong planning and cost control will mitigate against the impact of our cost base increasing.


Consolidated Year ended 31 July 2019


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 212.2


(204.3) (0.1) 7.8


(2.0) 5.8


Consolidated Year ended 31 July 2018


£m 204.6


(198.0) (0.1) 6.6


(1.1) 5.5


50


Middlesex University


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