Consolidated and University Statement of Comprehensive Income

For the year ended 31 July 2021.

Consolidated University
Note 2021 2020 2021 2020
£m £m £m £m
Income
Tuition fees and education contracts 1 173.6 174.6 173.6 174.6
Funding body grants 2 39.3 36.3 39.3 36.3
Research grants and contracts 3 37.2 37.1 37.2 37.1
Other 4 34.2 46.1 34.2 46.1
Investment income 6 2.9 1.4 2.9 1.4
Donations & endowments 7 2.3 2.2 2.3 2.1
Total income 289.5 297.8 289.5 297.6
Expenditure
Staff costs 8 174.4 177.9 173.7 177.9
Change in USS pension provision 8 (3.5) (33.7) (3.5) (33.7)
Other operating expenses 9 88.1 86.7 88.0 86.7
Depreciation 13 53.7 34.3 53.7 34.3
Interest and other finance costs 11 8.8 11.4 8.8 11.4
Total expenditure 321.5 276.6 320.7 276.6
(Deficit)/Surplus before gains and losses (32.0) 21.0 (31.2) 21.0
Loss on disposal of fixed assets - (0.5) - (0.5)
Increase/(Decrease) in market value of non current asset investments 14 0.9 (0.8) 0.9 (0.8)
Increase in market value of current asset investments 16 9.2 1.4 9.2 1.4
(Deficit)/Surplus for the year (21.9) 21.1 (21.1) 21.1
Actuarial gain/loss in respect of pension schemes 26 9.5 (22.3) 9.5 (22.3)
Change in the fair value of tangible fixed assets 32.3 (15.4) 32.3 (15.4)
Change in the fair value of derivatives 20 3.5 0.5 3.5 0.5
Total Comprehensive Income/(Expense) in the year 23.5 (16.2) 24.3 (16.3)
Represented by
Endowment comprehensive income/(expense) for the year 1.0 (0.3) 1.0 (0.3)
Restricted comprehensive (expense)/income for the year (0.4) 0.1 (0.4) 0.1
Unrestricted comprehensive expense for the year 3.9 (0.6) 4.7 (0.6)
Revaluation comprehensive income/(expense) for the year 19.0 (15.4) 19.0 (15.4)
Total Comprehensive Income/(Expense) in the year 23.5 (16.2) 24.3 (16.3)

Consolidated and University Statement of Changes in Reserves

For the year ended 31 July 2021.

Consolidated Endowment Reserve Restricted Reserve Unrestricted Reserve Revaluation Reserve Total
£m £m £m £m £m
At 1 August 2019 7.4 2.1 177.8 393.9 581.2
(Deficit)/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 2.2 190.1 365.7 565.1
At 1 August 2020 7.1 2.2 190.1 365.7 565.1
Surplus/(Deficit) for the year 1.0 (0.3) (9.5) - (8.8)
Depreciation on revalued assets - - 13.4 (13.4) -
Other comprehensive income - - - 32.3 32.3
At 31 July 2021 8.1 1.9 194.0 384.6 588.6
University Endowment Reserve Restricted Reserve Unrestricted Reserve Revaluation Reserve Total
£m £m £m £m £m
At 1 August 2019 7.4 2.2 178.0 393.9 581.5
(Deficit)/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 2.3 190.3 365.7 565.4
At 1 August 2020 7.1 2.3 190.3 365.7 565.4
Surplus/(Deficit) for the year 1.0 (0.4) (8.7) - (8.1)
Depreciation on revalued assets - - 13.4 (13.4) -
Other comprehensive income - - - 32.3 32.3
At 31 July 2021 8.1 1.9 195.0 384.6 589.6

Consolidated and University Balance Sheets

As at 31 July 2021.

Consolidated University
Note 2021 2020 2021 2020
£m £m £m £m
Non-Current Assets
Fixed Assets 13 858.1 840.0 858.6 840.6
Investments 14 1.8 0.8 1.8 0.8
Total 859.9 840.8 860.4 841.4
Current Assets
Stock 0.7 0.7 0.7 0.6
Trade and other Receivables 15 36.0 26.6 37.5 26.7
Investments 16 182.1 191.1 182.1 191.1
Cash and cash equivalents 4.2 3.3 3.2 2.9
Total 223.0 221.7 223.5 221.3
Creditors : Amounts Falling Due Within One Year 17 (116.2) (99.7) (116.2) (99.7)
Net Current Assets 106.8 122.0 107.3 121.6
Total Assets Less Current Liabilities 966.7 962.8 967.7 963.0
Creditors : Amounts Falling Due After More Than One Year 18 (240.0) (253.9) (240.0) (253.9)
Provisions
Pension provisions 21 (138.1) (143.8) (138.1) (143.8)
Total Net Assets 588.6 565.1 589.6 565.3
Restricted Reserves
Income & expenditure reserve - endowment reserve 22 8.1 7.1 8.1 7.1
Income & expenditure reserve - restricted reserve 23 1.9 2.2 1.9 2.2
Unrestricted Reserves
Income & expenditure reserve - unrestricted reserve 194.0 190.1 195.0 190.3
Revaluation Reserve 384.6 365.7 384.6 365.7
Total Reserves 588.6 565.1 589.6 565.3

Consolidated Cash Flow Statement

For year ended 31 July 2021.

Consolidated
2021 2020
Note £m £m
Cash flow generated from operating activities
(Deficit)/Surplus for the year (21.9) 21.1
Adjustment for non-cash items
Depreciation and impairments 13 53.7 34.3
(Decrease)/Increase in USS pension provision 21 (3.5) (33.7)
LGPS pension costs less contributions paid 26 5.4 4.4
Loss on disposal of fixed assets - 0.5
(Gain)/Loss on non-current asset investments 14 (0.9) 0.8
(Gain) on current investments 16 (9.2) (1.4)
(Gain)/Loss on hedging arrangements 6/11 (1.4) 1.2
Pension scheme interest charges 11 1.9 1.4
Decrease/(Increase) in operational debtors 15 1.0 (1.7)
Increase/(Decrease) in operating creditors 17 8.9 (7.6)
Adjustment for investing or financing activities
Investment income 6 (1.5) (1.4)
Interest payable 11 6.9 7.3
Capital grant income 2 & 7 (4.2) (2.6)
Net cash inflow from operating activities 35.2 22.6
Cash flow from investing activities
Investment income 6 1.5 1.4
Payments made to acquire fixed assets (48.2) (62.6)
Payments made to acquire fixed assets investments 0.1 0.2
Capital grant receipts 6.2 23.6
Net inflows from current asset investments 18.2 24.1
Proceeds from the sale of Fixed Asset Investments 13 - 2.9
Net cash outflow from funding activities (22.1) (10.6)
Cash flow from funding activities
Interest paid 11 (6.9) (7.3)
Repayments of amounts borrowed 19 (5.2) (5.4)
Net cash outflow from funding activities (12.2) (12.7)
Increase/(Decrease) in cash and cash equivalents in the year 0.9 (0.7)
Cash and cash equivalents at the beginning of the year 3.3 4.0
Cash and cash equivalents at the end of the year 4.2 3.3
0.9 (0.7)