22
To assist merger integration and to enable sustainable i nancial
health, funding assistance from the Funding Council is required
for merger restructuring. The request for grant assistance is
solely for the purpose of funding the essential costs associated
with merger. Any grant funding would not contribute to the
College's operating position. The following table provides a
summary of the request for Funding Council grant assistance.
The following table provides a summary of the projected
i nancial position of the merged College, which does not
incorporate the merger related costs and savings discussed
above. It should also be noted that these i gures are unaudited
as the accounts have been adjusted for consistency of
application across the 3 colleges of FRS15 Revaluation of
Assets and FRS17 Pension Costs.
SECTION 6: Supporting Evidence Base
6.3 Financial Benefi ts
Expenditure Area Estimated Cost £K
ICT 2,154
HR / Staf Development 1,239
Marketing 740
Stai ng / Pension Costs 12,715
Other e.g. Fees, VAT 2,318
Total 19,166
2008-09
Actual
2009-10
Projected
2010-11
Projected
2011-12
Projected
2012-13
Projected
Income
& Expenditure
Income 56,689 56,223 57,149 57,210 57,536
Expenditure 55,456 55,905 56,670 56,942 57,395
Operating
Surplus
1,233 318 479 269 141
Balance Sheet
Fixed Assets 59,433 62,746 62,038 61,413 60,788
Net Current
Assets
16,981 17,481 18,314 18,700 19,013
Less pension
provisions
-6,621 -7,151 -7,151 -7,151 -7,151
Total Net
Assets
65,709 69,256 69,612 69,604 69,523
To assist merger integration and to enable sustainable
i nancial health, funding assistance from the Funding
Council is required for merger restructuring.