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Financial Strategy 2010-2015
Financial Strategic Map
VISION: To provide long-term financial sustainability to enable the University to be one of the UK’s leading campus-based University communities.
MISSION: To provide financial leadership and guidance to the University.
VALUES: The provision of financial information and guidance based on the following principles:
- Relevance – understanding and delivering the needs of University management
The Financial Strategy will support the strategic plan, 2010 to 2015, in particular strategic aim 6: to manage and develop resources effectively to ensure the University’s sustainability and development.
Financial Strategic Aims
STRATEGIC AIM 1: To generate surpluses which produce sufficient cash to support the University’s strategic objectives and provide institutional sustainability
- To deliver the medium term aim of achieving a minimum annual surplus of 5% of income.
- To achieve an income and expenditure reserve balance of in excess of 10% of income by 31.7.16.
- To achieve the annual monitoring targets as agreed with HEFCE .
- To ensure cash flow after debt service is sufficient to fund capital expenditure programmes and strategic development projects.
STRATEGIC AIM 2: To grow and diversify income
- To grow student numbers to 10,000
- To reach an international students target of international student recruitment being 15% of total student intake by 2015.
- To grow research income and PGR students in line with agreed targets.
- To grow commercial income and contribution to deliver financial benefit to the University
STRATEGIC AIM 3: To operate efficiently and effectively - managing the cost of operations and delivering value for money.
- To seek continuous improvement in all key processes and to minimise the cost of delivery.
- To reduce staff costs to less than 58% of income.
- To further reduce the % staff cost to income in line with the sector median.
STRATEGIC AIM 4: To manage capital and other strategic investment projects to deliver future financial benefit to the University.
- To ensure the University investments and external loan facilities are managed so as to sufficiently provide funding for capital and strategic development projects
- All capital and strategic development projects will be fully appraised to ensure they deliver clear benefit
STRATEGIC AIM 5: To assess and manage risk in all University growth and development activities
- All proposed growth and development projects to be supported by business plans and subject to rigorous sensitivity and risk analysis.
- To monitor the overall risk to the University of all growth and development activities
- To monitor the performance of activities undertaken through subsidiary companies and joint ventures
STRATEGIC AIM 6: To operate sound treasury management
- To efficiently manage the University funding through bank accounts and loan facilities.
- To provide actual, forecast and budget cash flow data to support financial planning.
- To work with investment advisers to obtain maximum benefit from its investments
STRATEGIC AIM 7: To closely monitor the external environment and its impact on the University
- To routinely monitor the external environment affecting Higher Education and the University’s position and take appropriate action to ensure continued sustainability and quality of education and research activity.