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The University made a surplus in 2004-05 of £1.4m. After allowing for restructuring costs of some £1.9 million, this is comparable with the results for the previous year.
Income has grown to £120m, with growth shown in most of the main categories. Funding council grants have benefited from additional special initiative funding, for example Aim Higher, whilst tuition fee income includes strong growth in income from overseas students.
Schools and Departments have achieved growth in income from externally funded projects, and Residences and Catering operations have had another successful year.
Expenditure has risen, partly due to pay awards and price inflation and partly to meet the needs of some of the increased income streams mentioned above. The University continues to seek efficiency savings and to ensure expenditure in Schools and Departments is continually monitored and balanced to reflect changing demands and priorities.
The Capital programme continues and either during or shortly after the year end three significant schemes were completed, that is the Student Residences at Walsall, the new Technology Centre at Wolverhampton and the E-Innovation Centre at Telford. They represent a significant addition to the University’s estate.
Taken with a positive cash flow for the year, these results represent a strong financial base on which to continue the work of the University.