Cranfield University Financial Statements

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Cranfield University Financial Statements

FINANCIAL STATEMENTS

for the year ended 31st July, 2016

FOR THE YEAR ENDED 31ST JULY, 2016

The activities of the University include teaching, research, design and development work in the themes of Aerospace, Defence and Security, Energy and Power, Environment and Agrifood, Manufacturing, Transport Systems, Water and Management. Operations are primarily carried out on campuses at Cranfield in Bedfordshire and Shrivenham in Oxfordshire. The University is an exempt charity subject to the Charities Act 2011.

The financial statements comprise the consolidated results of the University and its subsidiaries. Subsidiary companies undertake activities which, for legal and commercial reasons, are more appropriately channelled through a limited company and include the development of activities emanating from Cranfield University. This is the first year that the University has produced its statutory accounts in accordance with the Financial Reporting Standard 102 and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education 2015. This has required the 2015 accounts to be restated as though they had been prepared under the same basis. A full reconciliation between the original 2015 accounts and the restated 2015 accounts can be found in note 25.

Results for the year and position at year end

The consolidated results for the year ended 31st July, 2016 are summarised below:-

 20162015
  Restated
 £’000£’000
Income176,243167,989
Expenditure(176,135)(162,866)
   
Operating surplus for the year1085,123
   

 

INCOME 2016

Donations and

investment

income

Funding Council

5.3%

grants 12.9%

Other income 20.1%

Tuition fees and education contracts

39.5%

Research grants and contracts

22.2%

CRANFIELD UNIVERSITY

OPERATING AND FINANCIAL REVIEW

FOR THE YEAR ENDED 31ST JULY, 2016

Results for the year and position at year end (continued…)

EXPENDITURE 2016

Interest payable  Depreciation 1.9%

5.9%