Glasgow Metropolitan College
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 19,809 20,644 20,862 20,877 20,893
Tuition fees and education contracts 4,510 4,538 4,620 4,691 4,762
Research grants and contracts 0 0 0 0 0
Other income 2,588 1,978 1,717 1,467 1,502
Endowment and investment income 546 230 288 359 449
Total income 27,453 27,390 27,487 27,394 27,606
EXPENDITURE
Staff costs 18,167 18,628 18,936 19,060 19,251
Exceptional restructuring costs 0 0 0 0 0
Non-restructuring exceptional costs 0 0 0 0 0
Other operating expenses 6,151 5,964 5,924 5,883 5,942
Depreciation
2,292
2,323
2,323
2,323
2,323
Interest payable 0 0 0 0 0
Merger Savings 0 0 0 0 0
Total expenditure 26,610 26,915 27,182 27,266 27,515
Surplus/(deficit) on continuing operations after depreciation of
tangible fixed assets at valuation
843 475 304 128 91
FRS 17 Pension adjustment (15) (231) 0 0 0
Surplus/(deficit) on continuing operations after depreciation of
tangible fixed assets at valuation and after FRS17
828 244 304 128 91
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
828 244 304 128 91
Transfer (to)/from revaluation reserve 707 704 704 704 704
Transfer (to)/from pension reserve 15 231 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 1,550 1,179 1,008 832 795
Appendix 6: Financial Projections
103