36 City of Glasgow College Annual Report & Accounts 2020-21
Financial Performance.
For the financial year 2020-21 the College made an
underlying surplus of £0.1m - (n.b.2019-20 £0.4m
deficit).The surplus was achieved despite the impact
of Covid on the College's activities. The College was
forecasting a substantial deficit but took action to reduce
the loss as much as practically possible. Additional
government support through grants and furlough support
helped the College achieve a small surplus The College
continues to operate in a challenging financial climate with
the continuing impact of Covid.
The College had net current liabilities of £2.4m at the year
end, mainly due to the inclusion of NPD contract liability;
however, the College continues to operate with a healthy
cash balance of £12.25m at the year end.
Underlying operating position:
Revenue 2020-21
£'000
2019-20
£'000
(Deficit) before other gains &
losses
(4,145) (4,720)
Add back:
Depreciation (net of deferred
capital grant release) on both
government funded and privately
funded assets including NPD
assets
4,807 6,379
Exceptional non-restructuring
costs (e.g. impairment)
0 0
Non-cash pension adjustment -
Net service cost
4,347 2,259
Non-cash pension adjustment -
Net interest cost
350 174
Non-cash pension adjustment -
Early retirement provision
36 248
Donation to Arms-Length
Foundation (ALF)
0 0
Deduct:
Non-Government capital grants
(e.g. ALF capital grant)
(312) 0
Exceptional income (if disclosed
as exceptional in accounts)
0 0
CBP allocated to loan
repayments and other capital
items
0 0
NPD income applied to reduce
NPD balance sheet debt
(5,011) (4,700)
Adjusted operating Surplus 72 (360)