financial sustainability - finance resources strategy objective 1 – activities &...
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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
FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGYFINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY
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
FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGYFINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY
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
FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGYFINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY
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
FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGYFINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY
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
FINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGYFINANCIAL SUSTAINABILITY - FINANCE RESOURCES STRATEGY
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