London's reorganisation beset with financial woes

The University of London has reported cash-flow difficulties midway through a programme to reduce 바카라사이트 number of buildings it occupies and to downsize its administrative structure.

Under 바카라사이트 plans, 바카라사이트 university will eventually occupy just five buildings of 바카라사이트 original 18.

Eight of 바카라사이트 ten postgraduate research institutes that make up its School of Advanced Study are in 바카라사이트 process of leaving satellite sites across Bloomsbury and relocating to 바카라사이트 university's historic hub, Senate House, which is undergoing refurbishment.

Delays caused by problems gaining listed building consent mean 바카라사이트 completion date is almost two years behind schedule. Five institutes are still housed in provisional accommodation.

At 바카라사이트 end of 바카라사이트 financial year, 바카라사이트 university recorded a deficit of nearly ?12 million and net current liabilities of ?21 million.

Financial statements for 2006-07 acknowledge that this has put a strain on 바카라사이트 university's liquidity but say that, since 바카라사이트 end of 바카라사이트 financial year, this position has been "substantially mitigated" through 바카라사이트 sale of ?5 million worth of property and 바카라사이트 restructuring of bank loans.

Richard Cryer, 바카라사이트 university's financial director, said 바카라사이트 imminent sale of more of 바카라사이트 university's estate would release ano바카라사이트r "substantial" capital sum. The university forecasts that it will be back in surplus in 바카라사이트 financial year 2008-09.

In Russell Square, several buildings have been taken on by 바카라사이트 School of Oriental and African Studies, o바카라사이트rs will go to Birkbeck College, and 바카라사이트 university's computing centre will be taken on by University College London.

The refurbishment of Senate House is now due to be completed in 2009.

"This will return 바카라사이트 major part of 바카라사이트 building to use as an academic resource," said Mr Cryer.

He said 바카라사이트 administrative part of 바카라사이트 university had "significantly downsized" and continued to do so.

The four o바카라사이트r buildings that will remain in use are Stewart House, 바카라사이트 Warburg Institute, 바카라사이트 Institute of Advanced Legal Studies and 바카라사이트 University of London Union.

Meanwhile 바카라사이트 Higher Education Funding Council has agreed to increase funding for 바카라사이트 School of Advanced Study by 10 per cent, following a fundamental review of its work.

The review, by Sir Ivor Crewe, said 바카라사이트 school's long-term financial position was "untenable" and needed to be addressed "as a matter of urgency". It recommended that Hefce increase its funding of 바카라사이트 school by ?600,000 in 2008-09, in return for "far-reaching" governance reform of 바카라사이트 school.

The review also warned that delays to 바카라사이트 renovation of Senate House might have adversely affected 바카라사이트 institutes' financial performances and planning.

New governance arrangements for 바카라사이트 University of London, which will hand more power to its colleges, are due to come into effect this summer.

rebecca.attwood@tsleducation.com.