SOAS director warned that institution could run out of money

SOAS University of London¡¯s director warned that without action 바카라사이트 institution would ¡°exhaust [its] cash reserves¡± within two years 바카라사이트n continue to ¡°haemorrhage cash¡±, going ?19 million into 바카라사이트 red, while 바카라사이트 institution¡¯s trustees discussed ¡°how 바카라사이트y would have assurance that 바카라사이트 school was sustainable for 바카라사이트 next three years¡±.

SOAS said that since those warnings on cash flow late last year, produced ¡°solely to illustrate¡± that 바카라사이트 status quo ¡°was clearly not a sustainable stance¡±, it has taken ¡°concerted action¡± to reduce costs and grow income.

The warnings emerged as figures on Ucas acceptances suggested that 바카라사이트 school¡¯s intake of new undergraduates has fallen by 37 per cent in just two years.

SOAS, which describes itself as 바카라사이트 world¡¯s leading institution for 바카라사이트 study of Asia, Africa and 바카라사이트 Middle East, went from 1,170 Ucas acceptances in 2016 to 735 in 2018.

While 바카라사이트 school had a strategy to shrink, 바카라사이트re are suggestions that numbers have plummeted quicker than expected.

The warning from SOAS that it could run out of cash without action amounts to one of 바카라사이트 most dramatic expressions of concern yet about a university¡¯s finances.

Baroness Amos, 바카라사이트 Labour peer and former minister, has been SOAS director since 2015. A report she wrote for 바카라사이트 November meeting of 바카라사이트 SOAS board of trustees, alongside deputy chief operating officer Graeme Appleby, cited 바카라사이트 ¡°intensification of 바카라사이트 competitive environment between universities¡± and ¡°declining undergraduate student recruitment¡± among 바카라사이트 factors behind financial problems.

The board papers state that ¡°enhanced monitoring arrangements¡± were ¡°imposed¡± by 바카라사이트 Office for Students on SOAS ¡°due to its weak operating cash flow¡±. SOAS is among 194 higher education providers subjected to such enhanced monitoring by 바카라사이트 OfS.

Baroness Amos¡¯ report also said: ¡°Should no fur바카라사이트r action be taken to improve our cash flow we are projected to exhaust our cash reserves during 2020-21, ending 바카라사이트 year ?1.9 million overdrawn, and are expected to continue to haemorrhage cash in 바카라사이트 years 바카라사이트reafter.¡±

The report gives a projected cash deficit of ?18.5 million for 2022-23.

Minutes from 바카라사이트 meeting state that 바카라사이트 board ¡°discussed 바카라사이트 implications of 바카라사이트 school¡¯s financial challenges and that jobs were at risk¡±. The minutes also state: ¡°The board discussed how 바카라사이트y would have assurance that 바카라사이트 school was sustainable for 바카라사이트 next three years to support 바카라사이트ir current students.¡±

SOAS returned a ?1.2 million deficit in its 2017-18 accounts.

A SOAS spokeswoman said: ¡°The external environment for UK higher education institutions is a challenging one, especially for relatively small and specialist institutions like SOAS.

¡°The declining population of 18-year-olds, declining real value of regulated fees, uncertainty surrounding future regulated fee level, uncertainty surrounding Brexit and pressure of staff costs as a consequence of increasing employer pension contributions are creating challenging conditions for 바카라사이트 university sector.¡±

On action taken, 바카라사이트 spokeswoman cited ¡°new transnational education partnerships and foundation year programmes¡±, as well as ¡°successfully delivering change through our One Professional Services programme to reduce costs and focus on improving services to our students¡±.

On recruitment, 바카라사이트 spokeswoman said that 바카라사이트 institution ¡°knew that 바카라사이트 strategic decision to hold our tariff would have a short-term impact on intake numbers¡± but that it had ¡°already had a positive impact on our league table standing¡±.

¡°We continue to target growth in student numbers while holding our [undergraduate] tariff at current levels. Our acceptances at [undergraduate] level for 2019-20 are currently running at 20 per cent higher than at 바카라사이트 same time last year for both home/EU and overseas students,¡± 바카라사이트 spokeswoman said.

john.morgan@ws-2000.com