Glasgow College - MERGED
INCOME & EXPENDITURE ACCOUNT
Actual
2008-09
Forecast
2009-10
Forecast
2010-11
Forecast
2011-12
Forecast
2012-13
£000 £000 £000 £000 £000
INCOME
Funding council grants 37,362 38,062 38,456 38,474 38,493
Tuition fees and education contracts 12,542 13,049 13,696 13,878 14,029
Research grants and contracts 0 0 0 0 0
Other income 5,777 4,747 4,449 4,174 4,158
Endowment and investment income 1,008 365 548 684 855
Total income 56,689 56,223 57,149 57,210 57,536
EXPENDITURE
Staff costs 39,165 39,942 40,676 41,018 41,388
Exceptional restructuring costs 79 101 0 0 0
Non-restructuring exceptional costs 0 0 0 0 0
Other operating expenses 12,655 12,290 12,313 12,326 12,409
Depreciation 3,557 3,572 3,681 3,598 3,598
Interest payable 0 0 0 0 0
Merger Savings 0 0 0 0 0
Total expenditure 55,456 55,905 56,670 56,942 57,395
Surplus/(deficit) on continuing operations after depreciation of
tangible fixed assets at valuation
1,233 318 479 269 141
FRS 17 Pension adjustment (315) (530) 0 0 0
Surplus/(deficit) on continuing operations after depreciation of
tangible fixed assets at valuation and after FRS17
918 (212) 479 269 141
Gain on sale of fixed assets or sale/termination of an operation 0 0 0 0 0
(Loss) on sale of fixed assets or sale/termination of an operation 0 0 0 0 0
Surplus/(deficit) on continuing operations after depreciation of
assets at valuation and disposal of assets and tax
918 (212) 479 269 141
Transfer (to)/from revaluation reserve 1,195 1,192 1,192 1,192 1,192
Transfer (to)/from pension reserve 315 530 0 0 0
Transfer (to)/from accumulated income within specific
endowments
0 0 0 0 0
Transfer (to)/from restricted funds 0 0 0 0 0
Amount carried forward to I&E account 2,428 1,510 1,671 1,461 1,333
Appendix 6: Financial Projections
100