FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY

FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGYFINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY

Objective 1 – Activities & Targets Targets 2012/13 To generate adequate cash surpluses to fund reinvestment (3% of turnover)

• Move to historical cost surplus of 3% of turnover (break-even

on an operating basis) in order to generate around £8M of

cash for re-investment. Increase at a rate reflecting the

financial and economic environment.

• Further develop monthly cash forecasts and continue to

update/progress 10 year plan. Work within borrowing levels

currently approved by Court.

Ongoing annually

December 2012 & June 2013

Achieved

Complete

2012/13 – Out Turn


Objective 2 – Activities & Targets Targets 2012/13To grow income

• Diversify income from international activities, working with

SRAS, Colleges and University Secretary.

• Undertake a review of earned income to establish

opportunities to replace income from government sources.

• Work with DT to further develop fundraising opportunities.

March 2013

January 2013

Ongoing

Ongoing

Outstanding

Ongoing

2012/13 – Out Turn


Objective 3 – Activities & Targets Targets 2012/13To manage costs• Continue to transfer suppliers onto ePS, and reduce

suppliers on Cedar.• Contribute to the OneSource implementation and take an

active role within the project, with commencement of

Finance project planned for early 2013.• Improve processes across the University using ‘Lean’ and by

use of new technology. e.g. OneSource.• Continue to train buyers and improve procurement practices

across the University.• Review and update the Fraud policy.• Work with Estates on environmental projects to reduce

consumption of energy and mitigate against carbon tax.• Implement APUC Contracts Database across the University.• Implement Corporate Procurement cards.• Preparing for the implementation of International Financial

Accounting Standards.

Ongoing

Ongoing

Ongoing

July 2013

December ‘12

Ongoing

March 2013

January 2013

August 2013

Ongoing

Complete

Ongoing

Complete

Outstanding

Ongoing

Outstanding

Outstanding

Ongoing

2012/13 – Out Turn


Objective 4 – Activities & Targets Targets 2012/13

To manage working capital

• Continue to tighten debt collection procedures to improve

cash flow.

• Work with Barclays to ensure the loan facility is available to

meet capital spend, and that all Covenants are adhered to.

• Invest cash across the counter party list to achieve best

return and limit any exposure.

• Full review of all prepaid income to ensure accounting is

accurate and truly reflects working capital position.

Ongoing

Ongoing

Ongoing

December 2012

Ongoing

Ongoing

Ongoing

Complete

2012/13 – Out Turn


Objective 5 – Activities & Targets Targets 2012/13

To identify and manage risks

• Continue to review controls across all processes to ensure

appropriate segregation of duties and no exposure.

• Review the deficit within UASLAS Pension Scheme and

determine affordability of Scheme.

• Review sector wide benchmarking to ensure appropriate

group (working with PPG) and data/analysis still appropriate

• Implement auto-enrolment in relation to all Pension

Schemes.

Ongoing – qtrly meetings

March 2013

January 2013

April 2013

Ongoing

Complete

Complete

Complete

2012/13 – Out Turn


Staffing Targets 2012/13

• Develop core training for specific Finance roles.

• Ongoing support for those taking professional exams.

• Use appraisal system to encourage/identify career

development opportunities.

• Complete all staff appraisals in a timely manner.

January 2013

Ongoing

December 2012

December 2012

Outstanding

Ongoing & review Aug 13

Complete

Complete

2012/13 – Out Turn

Documents

FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY