Consolidated and University Statement of Comprehensive Income

For the year ended 31 July 2020.

Consolidated University
Note 2020 2019 2020 2019
£m £m £m £m
Income
Tuition fees and education contracts 1 174.6 169.9 174.6 169.9
Funding body grants 2 36.3 34.9 36.3 34.9
Research grants and contracts 3 37.1 39.6 37.1 39.6
Other 4 46.1 53.0 46.1 53.0
Investment income 6 1.4 3.2 1.4 3.2
Donations & endowments 7 2.2 9.2 2.1 9.1
Total income 297.7 309.8 297.6 309.7
Expenditure
Staff costs 8 177.9 166.6 177.9 166.6
Change in USS pension provision 8 (33.7) 50.7 (33.7) 50.7
Other operating expenses 9 86.8 97.3 86.7 97.3
Depreciation 13 34.3 29.3 34.3 29.3
Interest and other finance costs 11 11.4 10.3 11.4 10.3
Total expenditure 276.7 354.2 276.6 354.2
Surplus/(Deficit) before gains and losses 21.0 (44.4) 21.0 (44.5)
Loss on disposal of fixed assets (0.5) (0.5)
Decrease in market value of non current asset investments 14 (0.8) - (0.8) -
Increase in market value of current asset investments 16 1.4 5.1 1.4 5.1
Surplus/(Deficit) for the year 21.1 (39.3) 21.1 (39.4)
Actuarial loss in respect of pension schemes 26 (22.3) (22.5) (22.3) (22.5)
Change in the fair value of tangible fixed assets (15.4) 84.5 (15.4) 84.5
Change in the fair value of derivatives 20 0.5 (2.7) 0.5 (2.7)
Total Comprehensive (Expense)/Income in the year (16.1) 20.0 (16.1) 19.9
Represented by
Endowment comprehensive income for the year (0.3) 0.6 (0.3) 0.6
Restricted comprehensive income for the year 0.1 - 0.1 -
Unrestricted comprehensive expense for the year (0.5) (65.1) (0.5) (65.2)
Revalaution comprehensive (expense)/Income for the year (15.4) 84.5 (15.4) 84.5
Total Comprehensive (Expense)/Income in the year (16.1) 20.0 (16.1) 19.9

Consolidated and University Statement of Changes in Reserves

For the year ended 31 July 2020.

Consolidated Endowment Reserve Restricted Reserve Unrestricted Reserve Revaluation Reserve Total
£m £m £m £m £m
At 1 August 2018 6.9 2.1 232.2 320.1 561.3
Surplus/(deficit) for the year 0.5 - (65.1) - (64.6)
Depreciation on revalued assets - - 10.7 (10.7) -
Other comprehensive income - - - 84.5 84.5
At 31 July 2019 7.1 2.1 177.8 393.9 581.2
At 1 August 2019 7.4 2.1 177.8 393.9 581.2
(Defecit)/Surplus for the year (0.3) 0.1 (0.5) - (0.7)
Depreciation on revalued assets - - 12.8 (12.8) -
Other comprehensive expense - - - (15.4) (15.4)
At 31 July 2020 7.1 2.2 190.1 365.7 365.7
University Endowment Reserve Restricted Reserve Unrestricted Reserve Revaluation Reserve Total
£m £m £m £m £m
At 1 August 2018 6.9 2.1 232.5 320.1 561.5
Surplus/(deficit) for the year 0.5 - (65.2) - (64.7)
Depreciation on revalued assets - - 10.7 (10.7) -
Other comprehensive income - - - 84.5 84.5
At 31 July 2019 7.4 2.1 178.0 393.9 581.4
At 1 August 2019 7.4 2.1 178.0 393.9 581.5
(Defecit)/Surplus for the year (0.3) 0.1 (0.5) - (0.7)
Depreciation on revalued assets - - 12.8 (12.8) -
Other comprehensive expense - - - (15.4) (15.4)
At 31 July 2020 7.4 2.2 190.3 365.7 565.3

Consolidated and University Balance Sheets

As at 31 July 2020.

Consolidated University
Note 2020 2019 2020 2019
£m £m £m £m
Non-Current Assets
Fixed Assets 13 840.0 826.8 840.6 827.4
Investments 14 0.8 1.3 0.8 1.3
Total 840.8 828.1 841.4 828.7
Current Assets
Stock 0.6 0.7 0.6 0.6
Trade and other Receivables 15 26.7 25.0 26.7 25.0
Investments 16 191.1 214.5 191.1 214.5
Cash and cash equivalents 3.3 4.0 2.9 3.7
Total 221.6 244.2 221.3 243.8
Creditors : Amounts Falling Due Within One Year 17 (99.7) (70.1) (99.7) (70.1)
Net Current Assets 122.0 174.1 121.7 173.7
Total Assets Less Current Liabilities 962.8 1,002.2 963.0 1002.4
Creditors : Amounts Falling Due After More Than One Year 18 (253.9) (273.2) (253.9) (273.2)
Provisions
Pension provisions 21 (143.8) (147.8) 143.8 (147.8)
Total Net Assets 565.1 581.2 565.3 581.4
Restricted Reserves
Income & expenditure reserve - endowment reserve 22 7.1 7.4 7.1 7.4
Income & expenditure reserve - restricted reserve 23 2.2 2.1 2.2 2.1
Unrestricted Reserves
Income & expenditure reserve - unrestricted reserve 190.1 177.8 190.3 178.0
Revaluation Reserve 365.7 393.9 365.7 393.9
Total Reserves 565.1 581.2 565.3 581.4

Consolidated Cash Flow Statement

For year ended 31 July 2020.

Consolidated
2020 2019
Note £m £m
Cash flow generated from operating activities
Surplus/(Deficit) for the year 21.1 (39.3)
Adjustment for non-cash items
Depreciation 13 34.3 29.3
Impairment of Tangible Fixed Assets - (1.0)
(Decrease)/Increase in USS pension provision 21 (33.7) 50.7
LGPS pension costs less contributions paid 26 4.4 4.1
Loss on disposal of fixed assets 0.5 -
Loss on non-current asset investments 14 0.8 0
(Gain) on current investments 16 (1.4) (5.1)
Loss on hedging arrangements 11 1.2 1.1
LGPS pension interest 1.4 1.2
(Decrease) in stock - (0.2)
(Increase) in operational debtors 15 (1.7) (7.6)
(Decrease)/Increase in operating creditors 17 (7.7) 10.2
Adjustment for investing or financing activities
Investment income 6 (1.4) (3.2)
Interest payable 11 7.3 7.5
New endowment income 7 - (0.6)
Capital grant income 2 & 7 (2.6) (9.3)
Net cash inflow from operating activities 22.6 37.8
Cash flow from investing activities
Investment income 6 1.4 3.2
Payments made to acquire fixed assets (62.6) (48.2)
Capital grant receipts 23.6 19.2
Net disposals (acquisitions) of current asset investments 24.1 (4.4)
Proceeds from the sale of Fixed Asset Investments 13 2.9 -
Net cash outflow from funding activities (10.6) (30.2)
Cash flow from funding activities
Interest paid 11 (7.3) (7.5)
New endowment cash received 7 - 0.6
Repayments of amounts borrowed 19 (5.4) (5.0)
Net cash outflow from funding activities (12.7) (11.9)
Decrease in cash and cash equivalents in the year (0.7) (4.3)
Cash and cash equivalents at the beginning of the year 4.0 8.3
Cash and cash equivalents at the end of the year 3.3 4.0
(0.7) (4.3)