The University of Cumbria Board met this week and approved the financial statements for the 2010/11 financial year which sees the university’s financial plan ahead of schedule and its Vice Chancellor bullish about the future of the institution.
Building on last year's surplus the university has again achieved an operating surplus of £6.6m and an overall surplus after exceptional items of £9.4m.
This follows the completion of a number of cost saving measures including prudent management of budgets within various departments, restructuring of faculties and services as well as streamlining management systems and processes. The ambition of the plan is to ensure the university continues to operate in surplus year on year while starting to invest in estate and IT to enhance student and staff facilities and technology supporting the university as it moves forward with its strategic ambitions over the next phase of development.
“The financial plan that was put in place gave us a solid platform to invest in our future," notes Vice Chancellor Professor Strike. "There are still many challenges ahead with the changes in the fee regime for 2012/13 however I believe that the University of Cumbria is in good place to face these new challenges and continue to build on the successful turnaround of the last 18 months.
"Despite the significant financial challenges and major change programme to support the turnaround of the financial performance, our staff have continued to focus on our core business," he added. "As we witnessed at our graduation ceremonies last week our students continue to deliver great achievements that build on our national and international reputation.
"Interest in studying at the University of Cumbria continues to be high, this year's National Student Survey saw us improve student satisfaction in almost all categories compared to last year's results and our reputation for delivering high quality degree programmes has been acknowledged through our latest Ofsted reports and Quality Assurance Agency for Higher Education assessment.
"With such good foundations to build on, and working together, I am confident that the University of Cumbria will go from strength to strength whilst maintaining the student experience, the quality of our academic programmes and continuing to meet the needs of the communities which we serve."
• The full set of the financial statements can be found at: www.cumbria.ac.uk/AboutUs/Services/Finance/Home.aspx