About the University

Summary of accounts

The full report and financial statements for the year ending 31st July 2008 were approved by the board in October 2008. Copies may be obtained from the Director of Finance.

The University adopted the provisions of FRS17 Retirement Benefits for the first time in 2005/06. FRS17 has resulted in an increase in staff costs of £673K (2007: £1,351k), an increase in finance costs of £467,000 (2007: £325,000) and a decrease in surplus for the year of £1,140,000 (2007: £1,676,000).

The FRS17 adjustments relate only to those members of staff who are members of the Dorset County Superannuation Scheme (DCSS) – essentially the non-academic staff of the University. The DCSS is a defined benefit scheme and the assets and liabilities relating to University staff are identifiable. The majority of academic members of staff belong to the Teachers Pension Scheme. This is also a defined benefit scheme but as the assets and liabilities of the Scheme are not separately identifiable the University is not required to adjust its accounts to reflect its share of them.

The deficit for the year prior to the FRS17 adjustments was £3,374,000 (2007: restated deficit £877,000).

The University has continued to invest substantially in its estate to improve its physical infrastructure. At the Talbot campus there has been further refurbishment of Poole House, including the development of the Atrium and new sports changing facilities and general refurbishment in Christchurch House and Dorset House. At the Lansdowne campus there has been ongoing refurbishment within Royal London House and the ground floor of Bournemouth House.

Summary consolidated income and expenditure account for the year ended 31st July 2008

Income

	2007/08	2006/07
	£000	£000
Funding Council grants	43,279	39,874
Academic fees and support grants	41,755	35,541
Research grants and contracts	1,767	2,121
Other operating income	11,588	11,442
Interest receivable	189	190
Total	98,578	89,168

Expenditure

	2007/08	2006/07
	£000	£000
Staff costs	51,607	46,637
Depreciation	4,265	5,719
Other operating expenses	45,694	37,990
Interest payable	1,526	1,375
Total	103,092	91,721
Surplus/(Deficit) for the year (after excluding FRS17)	(3,374)	(877)

Summary consolidated balance sheet as at 31st July 2008

Net assets

Fixed assets	65,907	62,332
Current assets	8,667	8,898
Creditors: Amounts falling due within one year	(22,321)	(19,806)
Total assets less current liabilities	55,268	55,729
Creditors: Amounts falling due after more than one year	15,219	10,431
Pension liability	19,818	8,861
Total net assets	20,231	36,437

Represented by:

Deferred capital grants	17,093	17,088
Revaluation reserves	7,721	8,121
Revenue	15,235	20,089
Total funds	20,231	36,437

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