City University London Finance Office

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City University London Finance Office

Our Financial Statements comprise the consolidated results of City and its subsidiary undertakings.

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The maintenance and integrity of City, University of London’s website is the responsibility of City; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

Financial Summary

City University London’s financial year runs from 1st August to 31st July. In this summary, ‘2012’ refers to the financial year from 1st August 2011 to 31st July 2012, while ‘2013’ refers to the financial year from 1st August 2012 to 31st July 2013.

The University is reporting an operating deficit of £16.2 million, compared to a £1.0 million deficit in the previous year. The surplus including the surplus on the sale of Finsbury, Heyworth and Pear-Tree Court halls of residence was £6.5 million, compared to the deficit of £1.0 million reported in the previous year. The majority of the operating deficit this year related to one-off investments associated with the Strategic Plan 2012- 2016, in particular the investment in new academic posts, the estate, IT and library infrastructure and restructuring costs associated with the Professional Services Review.