full report - Higher Education Academy
full report - Higher Education Academy
full report - Higher Education Academy
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Summary financial results for the year ended 31 July 2012<br />
2012 2011<br />
Income<br />
£000 £000<br />
Funding body grants 19,395 24,357<br />
Other income 3,273 3,196<br />
Investment income 52 55<br />
Total income 22,720 27,608<br />
Expenditure<br />
Staff costs (6,955) (4,528)<br />
Subject centres (1,482) (11,372)<br />
Other operating expenses (14,127) (9,532)<br />
Restructure (513) (1,059)<br />
Depreciation (183) (76)<br />
Interest and other finance costs (7) (4)<br />
Total expenditure (23,312) (26,571)<br />
Deficit for the year deducted (592) 1,037<br />
within the Income and<br />
Expenditure reserve<br />
Opening reserves 3502 2465<br />
Closing reserves 2910 3502<br />
Cash flow 332 171<br />
Our <strong>full</strong> financial statements can be obtained from www.heacademy.ac.uk. They show<br />
a positive cash flow and a planned deficit. Future plans will lead to increased reserves.<br />
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