Dear colleague,
At its meeting yesterday our governing body University Court approved our Annual Report and Accounts for 2023/24 following the final stages of the external audit process.
You may recall that the University’s accounts for 2022/23 contained a clause suggesting ‘material uncertainty’ regarding the university’s status as a going concern. This is because there were external risks and financial uncertainties at that time, not least because of acute pressures facing universities across the UK regarding international student recruitment.
We are very pleased to be able to share with you that, following the strong progress made with our financial recovery, the material uncertainty clause has now been removed from the 2023/24 accounts.
This is a strong vote of confidence in the University’s financial stabilisation by our external auditors and University Court.
We must emphasise that the University still needs to have an unrelenting focus on growing our income and controlling costs so that we continue to be financially stable and sustainable.
That said, this is perhaps a moment to take stock that the University’s financial position and outlook has significantly improved because of swift and effective action in the face of severe financial pressures for the sector. This follows the recent news that we are in the top 15 in the UK and 2nd in Scotland in both the Guardian and the Times & Sunday Times, as well as top 15 in the National Student Survey. All that and a 30% increase in research awards means we are well placed to grow our income to become an ever-stronger organisation delivering world class research and education.
As our budgets for this year and next currently stand, we have no plans for a further early retirement scheme or voluntary severance. Our financial priorities remain to increase revenue and maintain costs at current levels.
In a statement to the media, the Principal has highlighted the need for the Scottish Government to at least match the 3.1% increase in revenue per student for universities in England, as a first step towards the funding Scottish universities require to be financially sustainable.
Best wishes,
Karl and Mark
Karl Leydecker
Senior Vice-Principal
Mark White
Chief Financial Officer