Lincoln College Group adds significant social and economic value to the region.
Our impact on society
Our education and training achieve the following things:
Although some of our learners sacrifice income and need to buy learning materials while they are studying with us, the impact on their wages later in life means they get a big return on that investment – that means they are spending more on goods and services throughout their lives
We get more people into work, paying taxes and contributing to the welfare state
We reduce the burden on the welfare state by ensuring more people are in work, therefore claiming less benefits
We help plug critical skills pages to maintain and improve productivity in local businesses
We employ more than 700 people, who in turn spend their income locally
An external company has measured our impact and you can find the detail below.
BENEFITS TO SOCIETY
Society as a whole invests £130.7 million on average in Lincoln College through direct outlays and the loss of potential output from learners who spent time at the College rather than working.
In return, society in the UK will receive a present value of £490.0 million over the course of the learners' working lives, in the form of an expanded tax base and a variety of social benefits related to reduced crime, lower unemployment, and increased health and well-being.
Society will receive £3.70 in benefits in return for every £1 invested in Lincoln College. The average annual return on investment is 16.1%
IMPACT OF STAFF AND COLLEGE EXPENDITURE
Lincoln College currently employs 764 staff with a 651 full-time equivalent (FTE) and engages between 150 and 200 Associates at any one time via its in-house employment agency, FE Resources. Staff costs amounted to £29.8 million.
The College is itself a buyer of goods and services and spends around £12.5 million to support its operations. This expenditure further benefited many local suppliers in the Lincoln College Service Area.
The net impact of staff and College expenditure in the Lincoln College Service Area comes to approximately £42.0 million in added income in the regional economy each year.
IMPACT OF ADDED WORKFORCE SKILLS
Many of Lincoln College's learners stay in the Lincoln College Service Area. Their enhanced skills and abilities bolster the output of local employers, leading to higher regional income and a more robust economy.
The accumulated impact of former Lincoln College learners who are currently employed in the regional workforce amounts to £141.7 million in added income in the Lincoln College Service Area's economy each year.
IMPACT OF LEARNER EXPENDITURE
Lincoln College learners who relocate to the Lincoln College Service Area from outside of the area spend money at local shops to buy books and supplies, purchase groceries, rent accommodation, pay for transport, attend sporting events, etc.
The expenditure of Lincoln College’s non-local learners annually adds approximately £1.8 million in income to the Lincoln College Service Area's economy
BENEFITS TO TAXPAYERS
Taxpayers in the UK pay on average £39.7 million to support the operations of Lincoln College.
The net present value of the added tax revenue stemming from the learners' higher lifetime incomes and the increased output of businesses amounts to £76.0 million in benefits to taxpayers. Avoided costs to the public sector adds another £7.5 million in benefits due to a reduced demand for government-funded social services in the UK.
Taxpayers see an average annual return of 9.6% on their investment in Lincoln College. The corresponding benefit-cost ratio is £2.10 in benefits returned for every £1 in costs.
TOTAL IMPACT ON LOCAL BUSINESS COMMUNITY
Altogether, the economic contribution of Lincoln College to the local business community in the Lincoln College Service Area is £185.5 million each year.
Total added income created by the College and its learners is equal to 0.5% of the total economic output of the Lincoln College Service Area and represents roughly 8,612 average wage jobs
CASE STUDIES
Feed the 5000
Both Catering & Hospitality and Hospitality & Tourism students prepared delicious pumpkin dishes kindly donated from a local Nettleham farmer and Waitrose & Partners, serving to the public at Thors Tipi in the Lincoln Cornhill. This included over 150 pumpkins, which were turned into 750 portions of soup, 650 muffins and 400 portions of pumpkin traybake! The students gained great work experience paired with lessons in sustainability; using surplus food to reduce waste.
Charity Hair Fundraiser
Travel & Tourism students raised money for an array of charities with different purposes. The dedicated team raised £600 for St Barnabas, the Little Princess Trust also received two hair donations and a £15 donation whilst Mind received £30. The students also raised £30 for the RSPCA which enabled 8 shoeboxes to be filled for an animal shelter in Radcliffe On Trent. These projects were supported cross disciplinary – hairdressing students’ skillsets were utilised to cut and colour donating student’s hair. Construction students supplied wood and paint for the placards whilst computing and digital marketing students designed promotional posters.
