Lincoln University Annual Report 2020
28 May 2021 | Corporate News
Lincoln University continues to make good progress despite a year of unparalleled challenges.
The 2020 Annual Report provides information on the University’s financial and service performance and importantly the progress it has made towards its strategic goals.
The University’s Strategy 2019-2028 has been particularly significant following the outbreak of the COVID-19 pandemic, as it has provided a robust framework, balancing the here and now with a long-term view. It remains the key driver for the University’s growth, financial sustainability and ultimate realisation of its vision.
Despite COVID-19 impacts and the reduction in numbers of international students, new domestic student enrolments increased by 7.4% in 2020, and the University ended the year only 8.3% less than its pre-COVID target. The notable increase in domestic student numbers can be attributed to the University’s nimble ability to move swiftly in a profoundly altered COVID-19 employment market, removing barriers for students to study, and providing a range of options to meet the needs of the thriving food and fibre sector for skilled and qualified graduates.
Acting Vice-Chancellor Professor Bruce McKenzie says that the University was proud of its role in supporting New Zealand’s economic and environmental recovery in a COVID-19-impacted world.
“Our commitment to the Māori economy continues through the development of trained and skilled thought leaders, supporting the performance and growth of Māori assets.”
Lincoln’s financial performance in 2020 was very satisfactory. Earnings before interest, depreciation and amortisation (EBITDA) was 10.8% and its cash cover 61.3%. New cost-savings initiatives were implemented early in the year in consultation with staff, to ensure the University’s financial viability in 2020. These cost-saving initiatives contributed significantly towards offsetting the adverse impact of the pandemic on its revenue.
Professor Bruce McKenzie says that throughout this year of unprecedented challenges including fluctuating between alert levels, academic staff persevered in providing teaching and research of the very highest quality and a student experience exemplifying the University’s value of Manaakitaka.
“Our unique contribution to research continued, and the University remains intimately connected to the quality of our research programmes and their application to real-world problems.
I am deeply proud of how all our Lincoln University whānau rose to the challenges that confronted them in a year like no other.
Ministerial endorsement for the University’s new science facilities' Single Stage Business Case and the release of funding to progress the construction provided a welcome boost for the Campus Development Programme.
“We also received an allocation of $4.6 million from the Government’s $200m Clean Powered Public Service Fund, allowing us to begin converting our fossil fuel-powered steam heating network to 100% electric and to decommission and demolish our boiler plant and stack by mid-2024,” said Professor McKenzie.
Lincoln remains committed to building collaborative partnerships with other universities and research providers, industry, private enterprises and iwi to achieve innovative solutions to some of the world’s most pressing land-based challenges.