City, University of London summary results 2018/19
The 2018/19 reported financial operating performance results for City show an operating loss of £35.4M:
This year’s reported operating performance results were skewed by large and volatile accounting adjustments relating to the movements on pension provisions for our two pension schemes (USS and LPFA). These are outside of City’s control and influence and do not reflect our operational or cash generating performance. These movements totalled £46.3M and removing these accounting adjustments indicates that we made an operating surplus of £10.9M:
|Expenditure (excluding movement on pension provisions)||233.2|
|Operating surplus (excluding movement on pension provisions)||10.9|
These results are more reflective of our operational performance and are the key lines we refer to when we report our financial performance.
Where our income came from in 2018/19
What our income was spent on in 2018/19
Income £244.1M - Expenditure £233.2M = Operating surplus £10.9M
What undergraduate fees were spent on in 2018/19
Why City needs to make an operating surplus
To generate the necessary level of funds to:
- Ensure activities remain financially sustainable in the long term
- Ensure we have sufficient resources available to replace, improve and invest in assets and infrastructure to achieve our strategic aims
- Allow for investment in items such as additional staff, facilities and services
- Mitigate against unforeseen events that might jeopardise our financial health in the short term.