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Uni's record £7m in profit
The University of Derby has reported a record annual operating profit of £7.2m – despite the current global economic climate.
That's the headline finding from the University's annual accounts, which are published this week and represent a 4.5m increase on the operating result posted last year.
And it means investigations will go ahead into providing more sports facilities at Buxton.
Robust financial planning, stable growth and an increase in student numbers have all played their part in the healthy financial position.
While the operating result for the current year includes a number of one-off benefits, the underlying trend is very positive.
It builds on last year's progress which saw the University announce it had undergone a multi-million pound transformation in its financial fortunes over the previous six years – from a 2.2m deficit in 2001 to a 2.7m operating profit in 2007.
This has boosted reserves enabling the institution to re-invest in continuing with its significant development programme. This is aimed at improving and enhancing the learning and physical environment and sports facilities for the benefit of students, staff and other stakeholders.
These include major investments at the University's Derby centres, but also investigations into new sports facilities in Buxton.
Pro Vice-Chancellor and Finance Director Hari Punchihewa said: "We are delighted to have recorded our best ever financial position, particularly in the current challenging financial environment."
And the good financial news comes despite the postponement of the proposed sale of the former High Peak College site at Harpur Hill in Buxton in view of the present poor economic climate.
But Mr Punchihewa warned of a future net liability of 29m relating to the Local Government Pension Scheme.
He said: "This current shortfall is in line with most other public sector bodies and shows a significant increase on the 15m reported last year. This is the result of a number of global factors affecting the economy and in this respect beyond our immediate control. The University does not expect this funding shortfall to have any major impact on its activities.
"In the year we have increased our pension contributions by 1% and future contribution rates may have to increase if the deficit gap continues."
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Weather for Buxton
Wednesday 08 February 2012
Today
Sunny spells
Temperature: -3 C to 0 C
Wind Speed: 12 mph
Wind direction: South east
Tomorrow
Light sleet
Temperature: 1 C to 2 C
Wind Speed: 8 mph
Wind direction: South west
