background image
82 RCSI Annual Report 2012/13
YEAR ENDED 30 SEPTEMBER 2012
2012
2011
INCOME & EXPENDITURE
MILLIONS MILLIONS
Income
Core Activities (Education, Research, Surgery)
115
103
Endowments & Fundraising
11
11
Total income
126
114
Expenditure
Operating Costs
(97)
(96)
Operating surplus
29
18
Property impairment (net)
(3)
(12)
Pension loss (net)
(9)
9
Net gain for the year
17
15
Balance Sheet
Net assets
50
34

Activities Overseas
The College operates Education & Training programmes in a number of overseas locations
including Malaysia, Bahrain, United Arab Emirates (UAE) and Africa.
The RCSI Medical University of Bahrain, continues to operate in line with business plans.
2012 saw the 3rd year of medical graduates since its inception in 2004/5. Student numbers
continue to grow at the University and during the year an investment of just under 1m was
undertaken in the library facilities to support increased numbers.
In Malaysia in 2011/12, the College delivered the first year of a medical education
programme in conjunction with Perdana University in Kuala Lumpar in 2011/12. A number
of staff were seconded from the Dublin office to support the delivery of this programme. In
Penang, the joint venture between RCSI and University College Dublin operated in line with
expectations.
In the UAE, the Institute of Leadership continues to increase its portfolio of healthcare
education offerings and is considering new premises to support its growth plans in Dubai. In
Africa, the College supports surgical education and training activities, with funding assistance
from the Irish Aid programme.
Prospects for the Future
We recognise both the progress made in improving the organisation's financial performance
over the last number of years and the challenges that still remain. Many of these challenges
are external in nature and work continues to monitor the key business risks of market
FInanCe