Court 10 December 2010Financial Statements for the year ended

31st July 2010

Review of the Financial Statements for the year ended 31st July 2010

Highlights from the accounts for the year ended 31st July 2010

Results for the year to 31st July 2010 Cash Flow for the year to 31st July 2010 Balance Sheet at 31st July 2010 Financial Indicators Key Features from the 6 year review Summary of our projected cash flow for the 4 year period

to 31st July 2014

Highlights from the Accounts for the year ended 31st July 2010

2010 2009

Income growth 7% 4%

Retained Surplus £7.5m £6.7m

Operating Cash Flow £17.0m £17.0m

Gross Capital Expenditure

£100.5m £67.1m

Net Cash Position £20.7m £30.1m

University of York Pension Fund improvement/ (deterioration) in net value

£9.6m (£11.1m)

Net Worth £201.6m £158.4m

Results for the Year

2009/10

£m

2008/09

£m

2007/08

£m

Income 242.9 226.0 210.8

Expenditure 237.0 220.6 204.6

Surplus pre tax 5.9 5.4 6.2

Surplus as % of Income 2.4% 2.4% 2.9%

Cash Flow

2009/10

£m

2008/09

£m

Net cash generated from Operating Activity 17.0 17.0

Returns on investment and servicing of finance (3.2) (1.4)

Capital grants, sale of fixed assets, endowments 37.6 20.1

Other receipts 0.1 (1.1)

Loans received 35.0 0.2

Total Inflow 86.5 34.8

Expenditure on fixed assets and investments 94.6 62.2

Loans repaid 1.3 1.2

Total outflow 95.9 63.4

(Decrease) in cash (9.4) (28.6)

Balance Sheet

31 July 2010

£m

31 July 2009

£m

Fixed Assets 336.0 252.8

Investments & Endowments 11.1 11.5

Cash and deposits 20.7 30.1

Other net current (liabilities) (43.8) (36.7)

Total assets less current liabilities 324.0 257.7

Funded by:

Loans 106.7 73.9

Deferred grants and provisions 121.6 97.5

Endowments 8.2 8.7

Pension liability 15.7 25.3

Reserves 71.4 51.8

Minority Interest 0.4 0.5

324.0 257.7

Financial Indicators

Operating Surplus as a Percentage of Income

2009/10 7.0%

2008/09 5.6%

2007/08 5.5%

2006/07 3.2%

Financial Indicators

Gearing Ratio

2009/10 28.4%

2008/09 19.4%

2007/08 9.3%

2006/07 14.9%

Financial Indicators

Annualised Debt Servicing as a Percentage of Income

2009/10 3.3%

2008/09 3.0%

2007/08 3.2%

2006/07 3.9%

Key Features from the 6 Year Review

2010

£m

2009

£m

2008

£m

2007

£m

2006

£m

2005

£m

Income 243 226 211 187 167 152

Expenditure 237 221 205 184 167 153

Surplus 6 5 6 3 -- (1)

Cash Inflow 17 17 13 13 11 5

Capital Expenditure 101 67 35 20 27 32

Net Worth 202 158 143 144 136 127

Staff (fte) 3,023 2,956 2,889 2,801 2,767 2,655

Students (fte) 12,823 11,722 11,084 10,600 10,339 9,767

Review of Projected Cash flow over the next 4 years

Capital Expenditure

2010/11

£m

2011/12

£m

2012/13

£m

2013/14

£m

Total

£m

Heslington East 56 17 2 0 75

Heslington West 25 22 11 7 65

81 39 13 7 140

Grants 10 6 2 1 19

Net Investment 71 33 11 6 121

Operating Cash 20 22 24 24 90

51 11 (13) (18) 31

Fund by cash/investments (7) (4) (13) (18) (42)

EIB 30 15 45

Asset disposal 28 28

51 11 (13) (18) 31

Summary

Consistent surpluses

Improving operating margins and cashflow

Strong performance in the first quarter of 2010/11

Excellent year providing strong base