This year’s results show Imperial’s financial resilience during turbulent times as we stay focused on our mission to achieve enduring excellence in research and education in science, engineering, medicine and business for the benefit of society.
In the last year we have navigated the introduction of a new government regulatory regime, uncertainty and concern over the funding of the Universities Superannuation Scheme (USS) pension scheme and the threat of Brexit to both staff and student mobility, as well as research funding and collaboration.
We see no signs of this external turbulence reducing, and we know that we will face difficult trade-offs around investment priorities in the coming years. Continued financial resilience will be essential.
Despite these challenges, the cash Imperial generated from operations in 2017–18 remained relatively steady at £111.9 million and annual income exceeded £1 billion for the first time.
Our surplus before other gains and losses improved by 8.2% to £88.9 million, as costs grew slower than revenues. The overall surplus for the year was reduced to £79.7 million due to volatility in the value of our investments and the absence of gain from asset disposals seen in the previous year.
Not all of this surplus is available for the College to invest at its discretion; £11.9 million is restricted and £15.4 million is endowed to fund specific activities.