Management Accounts
Faculty Financial Statements

The Faculty Financial Statement represents the activities of the University in financial terms. They are produced quarterly at the end of January, April and July detailing the financial position at that point in time.

The Faculty Financial Statement is tabled at VCAG (Finance) and provides information as to the Universities financial performance.

The report is populated based on the below:

Income:

1.      Teaching block grant, DHSSPS grant and ITT grant:

These are allocated to schools using the student load system from Planning and the actual grant receivable. Student load system includes students recorded at 1 December, plus assumed “lates”, less projected figures for early leavers, based on historical information.

The Block grant per student is based on the subject Price Group and certain student premiums (e.g. part-time students) less assumed fees and finally pro-rata to actual Block Grant received by the University.

2.      Tuition fees:

Tuition fees due for the year are extracted from the on-line student fees system and allocated to Faculty/School level using the student load system from the Planning Department. Tuition fees are taken directly from the student fees system, so that actual fees due are used rather than an assumed fee. Note that the system does not at this stage use fees actually paid rather than fees due, thus at present there is nothing built into the system for bad debts.

3.      Research block grant

Allocated to Faculty/school level by the Research Office based on input into each Unit of Assessment. 

4.      Other DEL grants

These are sundry grants receivable from DEL, which cannot be allocated directly.  Examples are Health and Safety and HR strategy monies.  These are allocated on the basis of student FTEs.

5.      Other income

This is extracted directly from the Integra system at cost centre level.

6.      Widening access

This is allocated to school level based on participation rates of students with non-standard entry levels.

7.      Validation fees

These are allocated based on the supervising school. 

8.      Research grants and contracts and self-financing income

This is extracted directly from the Integra system at cost centre level. Income should fully recover all expenditure incurred to date including overheads. Thus the surplus will be equal to the overheads posted for the grant. 

Expenditure

9.      Payroll & non-payroll

These figures are extracted directly from the Financial System at cost centre level and should agree with information available via the Web, Impromptu reports and monthly budget reports.

Non-payroll expenditure excludes overheads.

It also excludes capital costs (analysis code 25600), but does include the resulting depreciation charge for Faculty/School assets. 

10. Depreciation

Is calculated from the Fixed Asset Management System. There are two categories, which are allocated as follows:

§         Depreciation on administrative departments’ equipment is allocated to Faculties/schools on the basis of student FTEs.

§         Depreciation on land and buildings is allocated on the basis of space occupied as recorded in the Property Database.

11. Accommodation costs

This is allocated to schools based on space occupied extracted from the Property Database. An additional allocation is made in respect of centrally booked rooms.

12. Library Materials

Information is provided by the Information Services Department of allocation by school based on costs/usage of library materials. 

13. Running costs

This includes the cost of all other administrative departments, and includes their share of accommodation costs.  Departments are divided into four broad categories and costs allocated accordingly:

·        Services relating to students – allocated on the basis of student FTEs

·        Services relating to staff – allocated on the basis of staff FTEs

·        Services relating to Research – allocated on the same basis as QR

·        General services – allocation partly by student FTEs and partly by staff    FTEs based on the same proportions as the University receives income from these sources.

Surplus/(Deficit)

14. Net Surplus / (Deficit)

This is calculated as total income less total expenditure before the re-allocation of Faculty general costs.

Faculty general costs are re-allocated on the basis of student FTEs.

15. Re-allocated Surplus / (Deficit)

This is calculated as the net surplus/deficit less the schools share of the Faculty general costs.

Financial Performance Indicators

16. At the bottom of each report financial performance indicators have been included to allow meaningful comparisons to be made between the schools within the Faculty. These figures are annualised where appropriate.

These are formulated from the above data & are as follows:

·        Teaching income per FTE student

·        Payroll as % of core income

·        Staff costs per FTE student

·        Accommodation costs per FTE student

           ·   Other running costs per FTE student

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