A $45 million earthquake insurance settlement allowing work on significant campus improvements to begin is a key highlight of Lincoln University’s 2018 Annual Report.
The report also reflects the continuing benefits of changes that the university instituted two years ago.
Lincoln University Acting Vice-Chancellor Professor Bruce McKenzie said the finalisation of the insurance pay-out from damage sustained in the Canterbury earthquakes was in April, but was listed in the report’s financial statements.
It would allow prioritised campus rebuild projects, such as new science facilities, to get under way.
Professor McKenzie said the benefits of “Refreshing Lincoln”, the agenda of change and financial discipline that began in 2016 and resulted in a better performing institution in 2017, continued into last year.
“The university had a better-than-expected financial result, due to good enrolment numbers, successful research funding bids, and operational restraint.
“Tauira (students) continue to be at the heart of the institution and it has been pleasing to see that 2018 concluded with our enrolment targets met and student satisfaction measures on track.
“We are also in the strongest financial position in Lincoln’s history, with cash reserves, including the insurance settlement, now in excess of $80m and group equity now at $265m.”
Professor McKenzie said the implementation of the recommendations from the 2017 Transformation Board Report also continued last year.
The board recommended that Lincoln University be imbued with “a clear purpose that delivers for Aotearoa New Zealand”.
To initiate this, senior management and the Lincoln University Council developed a new strategic framework and maintained a clear focus on the operational viability of the institution. They also outlined how the university would collaborate with the land-based business and educational ecosystems in order to achieve its purpose.
A further recommendation of the Transformation Board was an academic reorganisation initiative designed to focus research and teaching efforts on some of Aotearoa New Zealand's key challenges, which Lincoln University could address through a cross-disciplinary approach.
This resulted in three Centres of Excellence being established: Designing Future Productive Landscapes; Sustainable Tourism for Regions, Communities and Landscapes; and Food for Future Consumers. Each centre draws on expertise across the university and from external collaborations with other organisations.
A Memorandum of Understanding between the University of Canterbury and Lincoln University was also signed last August, with a steering group charged with considering how the institutions might partner to deliver better outcomes for students. A formal partnership proposal was submitted to the Minister of Education in mid-December.
Lincoln’s subsidiaries continued to contribute strongly to the university’s strategy in 2018, with both Lincoln Agritech and the LU Property Joint Venture Limited company, in partnership with Ngāi Tahu, delivering good results.
The Lincoln University Annual Report 2018 can be viewed here.