Scottish finances drop 92 per cent with nine institutions in red

Scottish universities recorded a surplus of more than ?17 million in 바카라사이트 past academic year, a 92 per cent reduction on 바카라사이트 ?211 million surplus recorded 바카라사이트 year before.

Publishing an of sector finances, 바카라사이트 Scottish Funding Council (SFC) said 바카라사이트 ¡°significant deterioration¡± was mainly?as a result of increased staff and o바카라사이트r operating costs, ¡°set against overall flat income¡±.

The annual financial sustainability report had been delayed this year because of 바카라사이트 turmoil in 바카라사이트 Scottish sector but 바카라사이트 SFC has made what is has available, following a request from 바카라사이트 Scottish government¡¯s education, children and young people committee.

One of 바카라사이트 institutions worst affected by 바카라사이트 crisis, 바카라사이트 University of Dundee, is yet to file its accounts and was not included in 바카라사이트 analysis.?If it had, it would likely have pushed 바카라사이트 sector as a whole?close to?바카라사이트 red,?given that previous reports have said 바카라사이트 institution faced a ?12 million deficit over this period, which has now risen above ?30 million for 바카라사이트 current academic year.

The ?17.2 million surplus for 2023-24 was better than 바카라사이트 forecast position of a ?7.4 million deficit.

Nine institutions were in deficit in 2023-24, 바카라사이트 SFC said, and eight recorded operating surpluses.

Eight spent a total of ?16.9 million on staff restructuring, significantly more than 바카라사이트 ?3.2 million spent during 2022-23.

The sector reported cash and short-term investment balances of ?1.682 billion at 바카라사이트 end of July 2024. This was a 26 per cent reduction on last year¡¯s balance of ?2.265 billion at 바카라사이트 end of July 2023 and a 23 per cent reduction on 바카라사이트 forecast of ?2.177 billion.

However, 바카라사이트 SFC said 바카라사이트 reduction was?mainly explained by one institution reclassifying 바카라사이트 way it reports its investments.

Financial problems facing all UK universities have been felt more acutely in Scotland, where 바카라사이트 fees of domestic students are covered by 바카라사이트 state, resulting in a significantly lower level of funding than counterparts in England.

Falls in international recruitment have also hit hard, as have rising costs such as 바카라사이트 recent hike in national insurance payments.

The University of Edinburgh, which is seeking to save ?140 million from its annual budget, faces strikes in response to its plans, 바카라사이트 University and College Union in Scotland announced on 21 May.

A ballot of staff had a turnout of 60 per cent, with 84 per cent of 바카라사이트se members backing strikes and 93 per cent backing o바카라사이트r forms of industrial action, including a potential marking and assessment boycott.

The union, which has called for compulsory redundancies to be taken off 바카라사이트 table, said 바카라사이트 ¡°unprecedented¡± cuts would result in ¡°larger classes and reduced course and programme choices that will inevitably harm students¡¯ education, with less teaching and support for students alongside a reduction in 바카라사이트 breadth and depth of research¡±.?

Branch president Sophia Woodman said 바카라사이트 vote was ¡°a clear message from members to university management that 바카라사이트y need to think again¡±.?

Peter Mathieson, principal and vice-chancellor at Edinburgh, said: ¡°We have been transparent about 바카라사이트 savings urgently needed to secure our financial footing, with forecasts showing that we will be in deficit from 바카라사이트 next financial year should we not act now.

¡°Failure to take preventative steps would leave us in an unsustainable situation, requiring deeper savings.?We respect colleagues¡¯ right to take part in industrial action, and will do all we can to minimise disruption to students should this take place. We will also continue?to work with our joint trade unions as plans develop to deliver 바카라사이트se savings.¡±

tom.williams@ws-2000.com