The College of Law has posted 2010-11 income of £74.4m in the wake of its recent private equity takeover, with the College's accounts also revealing a £100,000 drop in pay for chief executive Nigel Savage.

This year's total income marks an increase of around 2% on the 2009-10 figure of £73.1m, with the total comprising £72.3m in course fees and subscriptions from legal education, plus an additional £1.3m in investment income.

The accounts, which cover the year up to 31 July 2011, also show that Savage took home £100,000 less than the previous year.

The College's remuneration committee, which meets quarterly and takes advice from Deloitte on compensation for senior staff, agreed that Savage would receive a pay package of £340,000 for 2010-11, down from the previous year's figure of £440,000.

Savage receives a base salary of £260,000, with an additional annual bonus corresponding to the College's student number and profitability targets.

The accounts also reveal that the College spent approximately £1.1m in relation to last year's restructuring, which resulted in several voluntary redundancies.

A total of 1,038 College of Law students graduated with an LLB degree in 2011, a 6% increase on the previous year, when 982 students completed the degree. The number of students studying law at the Open University on the modules created by the College has also increased, with 3,250 students studying in 2010-11 compared to 3,000 in 2009-10.

The number of students studying for a law conversion at the College remained static at 2,000, while the institution's overall market share increased from 38% to 43%.

The news comes a month after the College agreed a £200m sale of its legal education and training business to buyout house Montagu Private Equity, with its charitable activities set ot be spun off into a separate entity to be known as The Legal Education Foundation.

With proceeds of the sale contributing to funds of more than £200m, the Foundation will be used to fund bursaries, scholarships and grants for future law students as well as other charitable purposes. It is understood that the fund will invest around £7m a year.

The College also recently confirmed details of a new strategic collaboration with the Singapore Institute of Legal Education ahead of the establishment of a permanent presence on the ground in the country.