Is University of kent going to crSH AND BURN AFTER MORE ROUNDS OF REDUNDANCIES

Repeated poor financial management and amateurish attempts to cut their way out of problems over a number of years have left the university of Kent in a very precarious position, what will happen if the banks foreclose

Reply 1

Admit-One

Universities Forum Helper

For those as tedious as me, their financial accounts can be found here:

https://www.kent.ac.uk/finance/financial-statements

For 21/22:

"The University has a reported total deficit for the year of £65.4m. However, this includes a significant one-off movement to the pension provision as a result of the changes in the schedule of contributions for USS following the completion of the 2020 valuation. Excluding this movement, the performance is in line with the budget set for the year, which included additional investment to support future growth, and additional costs arising from a return to on-campus operations. This follows on from the progress being made over the past few years against the Financial Improvement Plan, and the move to a Financial Sustainability Plan for future years. [The table below], shows the reported statutory deficit for the year, adjusted for the pension provision movement as well as a number of other non-operational, significant one-off items which, when excluded, show the underlying financial operational performance for the year."

"The underlying financial performance [shown in the table above], is a deficit equivalent to 5.9% of underlying income (2020/21: +1.0%), which is below the 2% minimum surplus required level set in the University’s Financial Framework, designed to ensure that sufficient cash is generated for the maintenance of the estate and new capital investment to meet the estates strategy. The associated Adjusted Net Operating Cashflow as a percentage of income (see Financial Highlights, earlier) of 0.5% (2020/21: 5.0%) also falls below our internal target of 9%, and has decreased since last year, as a result of the return to normal operations, with higher levels of expenditure, and as a result of £5.2m of additional investment into services and facilities in the year, funded from 2020/21’s performance. The University’s Financial Sustainability Plan aims to improve surplus and cash generation over the next three years."