Record financial surplus for University

The University of Teesside recorded its biggest financial surplus ever last year, according to the Governors’ Report and Financial Statements for 2005/06.

The campus finances at the Middlesbrough-based university were boosted by a one-off gain for accounting retirement benefits and a 12% rise in income due to a rise in teaching and other grants from the Higher Education Funding Council for England (HEFCE) and an increase in the value of education contracts with outside organizations.

This resulted in an operating surplus of £5.16m, compared with £2.11m for 2004-05.

Alan Oliver, Director of Finance, said: 'It is a very pleasing outcome, but we need to continue to generate surpluses so that we have sufficient funds to create a high quality campus that is able to meet the increased demand for study at Teesside”

The number of students will rise to over 22,000 in 2006-07 – up from 21,354 last year.

Current investments include building a £12m Institute of Digital Innovation and a £10m Centre for Creative Technologies on Woodlands Road, Middlesbrough. Both the new buildings are due to open this autumn.

Professor Graham Henderson, the University’s Vice-Chancellor, said: “Despite the turbulent times facing the higher education sector, the University of Teesside continues to be recognised as a financially robust and stable institution. Our plans include investing £50m over the next decade in the campus following the £100m worth of capital investments we have made since Teesside became a university in 1992”.

---