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) |