Insurance settlement launches campus rebuild

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 instituted two years before at Lincoln.

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 is listed in the report’s financial statements.

It would allow prioritised campus rebuild projects to get underway, such as new science facilities.

He also said the benefits of “Refreshing Lincoln”, the agenda of change and financial discipline that commenced at Lincoln University in 2016 and resulted in a better performing institution in 2017, continued into 2018.

“The University had a better than expected financial result, the result of 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 $265m.”

The Acting Vice-Chancellor said the implementation of the recommendations from the 2017 Transformation Board Report continued last year.

The Board recommended that Lincoln University be imbued with “a clear purpose that delivers for Aotearoa New Zealand”.

To initiate this, management and the Lincoln University Council developed a new strategic framework and maintained a sharp focus on the institution being operationally viable, as well outlining 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 the challenges confronting Aotearoa New Zealand that 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, which draw upon 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 and a steering group initiated to consider how they might usefully partner to deliver better outcomes for students and both institutions. 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 and results 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 at

http://dotnetrest.lincoln.ac.nz/O365flowClient/cache/sites/www-content/Lincoln%20WWW//Documents/Brochures/Corporate/Annual%20Report%202018_WEB.pdf

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