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) |