Consolidated and University Statement of Comprehensive Income
For the year ended 31 July 2022.
Income | Note | Consolidated 2022 | Consolidated 2021 | University 2022 | University 2021 |
---|---|---|---|---|---|
Tuition fees and education contracts | 1 | £188.8m | £173.6m | £188.8m | £173.6m |
Funding body grants | 2 | £67.1m | £39.3m | £67.1m | £39.3m |
Research grants and contracts | 3 | £40.5m | £37.2m | £40.5m | £37.2m |
Other | 4 | £59.1m | £34.2m | £59.1m | £34.2m |
Investment income | 6 | £4.0m | £2.9m | £4.0m | £2.9m |
Donations & endowments | 7 | £2.3m | £2.3m | £2.3m | £2.3m |
Total income | £361.8m | £289.5m | £361.8m | £289.5m | |
Expenditure | |||||
Staff costs | 8 | £180.2m | £174.4m | £179.1m | £173.7m |
Change in USS pension provision | 8 | £67.1m | (£3.5m) | £67.1m | (£3.5m) |
Other operating expenses | 9 | £98.6m | £88.1m | £98.2m | £88.0m |
Depreciation and impairment | 12 | £35.2m | £53.7m | £35.2m | £53.7m |
Interest and other finance costs | 11 | £8.7m | £8.8m | £8.7m | £8.8m |
Total expenditure | £389.8m | £321.5m | £388.3m | £320.7m | |
(Deficit) before gains and losses | (£28.0m) | (£32.0m) | (£26.5m) | (£31.2m) | |
Loss on disposal of fixed assets | £0m | £0m | (£13.3m) | £0m | |
Increase in market value of non current asset investments | 13 | £0m | £0.9m | £0m | £0.9m |
(Decrease)/Increase in market value of current asset investments | 15 | (£1.1m) | £9.2m | (£1.1m) | £9.2m |
(Deficit) for the year | £29.1m | (£21.9m) | (£40.9m) | (£21.1m) | |
Actuarial gains in respect of pension schemes | 25 | £60.9m | £9.5m | £60.9m | £9.5m |
Change in the fair value of tangible fixed assets | £92.5m | £32.3m | £92.5m | £32.3m | |
Change in the fair value of derivatives | 19 | £1.6m | £3.5m | £1.6m | £3.5m |
Total Comprehensive Income in the year | £125.9m | £23.5m | £114.1m | £24.3m | |
Represented by | |||||
Endowment comprehensive income/(expense) for the year | (£0.5m) | £1.0m | (£0.5m) | £1.0m | |
Restricted comprehensive (expense)/income for the year | £0.1m | (£0.4m) | £0.1m | (£0.4m) | |
Unrestricted comprehensive income for the year | £50.5m | £3.9m | £38.8m | £4.7m | |
Revaluation comprehensive income for the year | £75.8m | £19.0m | £75.7m | £19.0m | |
Total Comprehensive Income in the year | £125.9m | £23.5m | £114.1m | £24.3m |
Consolidated and University Statement of Changes in Reserves
For the year ended 31 July 2022.
Consolidated | Endowment Reserve | Restricted Reserve | Unrestricted Reserve | Revaluation Reserve | Total |
---|---|---|---|---|---|
At 1 August 2020 | £7.1m | £2.2m | £190.1m | £365.7m | £565.1m |
Surplus/(deficit) for the year | £1.0m | (£0.3m) | (£9.5m) | £0m | (£8.8m) |
Depreciation on revalued assets | £0m | £0m | £13.4m | (£13.4m) | £0m |
Other comprehensive expense | £0m | £0m | £0m | £32.3m | £32.3m |
At 31 July 2021 | £8.1m | £1.9m | £194.0m | £384.6m | £588.6m |
At 1 August 2021 | £8.1m | £1.9m | £194.0m | £384.6m | £588.6m |
Deficit/(surplus) for the year | (£0.5m) | £0.1m | £38.8m | £0m | £33.4m |
Depreciation on revalued assets | £0m | £0m | £16.8m | (£16.8m) | £0m |
Other comprehensive income | £0m | £0m | £0m | £92.5m | £92.5m |
At 31 July 2022 | £7.6m | £2.0m | £244.6m | £460.3m | £714.5m |
University | Endowment Reserve | Restricted Reserve | Unrestricted Reserve | Revaluation Reserve | Total |
---|---|---|---|---|---|
At 1 August 2020 | £7.1m | £2.3m | £190.3m | £365.7m | £565.4m |
Surplus/(deficit) for the year | £1.0m | (£0.4m) | (£8.7m) | £0m | (£8.1m) |
Depreciation on revalued assets | £0m | £0m | £13.4m | (£13.4m) | £0m |
Other comprehensive expense | £0m | £0m | £0m | £32.3m | £32.3m |
At 31 July 2021 | £8.1m | £1.9m | £195.0m | £384.6m | £589.6m |
At 1 August 2021 | £8.1m | £1.9m | £195.0m | £384.6m | £589.6m |
(Deficit)/surplus for the year | (£0.5m) | £0.1m | £22.0m | £0m | £21.6m |
Depreciation on revalued assets | £0m | £0m | £16.8m | (£16.8m) | £0m |
Other comprehensive income | £0m | £0m | £0m | £92.5m | £92.5m |
At 31 July 2022 | £7.6m | £2.0m | £233.8m | £460.3m | £703.7m |
Consolidated and University Balance Sheets
As at 31 July 2022.
Note | Consolidated 2022 | Consolidated 2021 | University 2022 | University 2021 | |
---|---|---|---|---|---|
Non-Current Assets | |||||
Fixed Assets | 12 | £940.0m | £858.1m | £922.8m | £858.6m |
Investments | 13 | £1.6m | £1.8m | £5.7m | £1.8m |
Total | £941.6m | £859.9m | £928.5m | £860.4m | |
Current Assets | |||||
Stock | £0.5m | £0.7m | £0.7m | £0.7m | |
Trade and other Receivables | 14 | £36.1m | £36.0m | £39.1m | £37.5m |
Investments | 15 | £185.7m | £182.1m | £185.7m | £182.1m |
Cash and cash equivalents | £4.7m | £4.2m | £3.9m | £3.2m | |
Total | £227.0m | £223.0m | £229.4m | £223.5m | |
Creditors : Amounts Falling Due Within One Year | 16 | (£75.8m) | (£116.2m) | (£75.8m) | (£116.2m) |
Net Current Assets | £151.2m | £106.8m | £153.5m | £107.3m | |
Total Assets Less Current Liabilities | £1,092.8m | £966.7m | £1,082.1m | £967.7m | |
Creditors : Amounts Falling Due After More Than One Year | 17 | (£228.5m) | (£240.0m) | (£228.5m) | (£240.0m) |
Provisions | |||||
Pension provisions | 20 | (£149.9m) | (£138.1m) | (£149.9m) | (£138.1m) |
Total Net Assets | £714.4m | £588.6m | £703.7m | £589.6m | |
Restricted Reserves | |||||
Income & expenditure reserve - endowment reserve | 21 | £7.6m | £8.1m | £7.6m | £8.1m |
Income & expenditure reserve - restricted reserve | 22 | £2.0m | £1.9m | £2.0m | £1.9m |
Unrestricted Reserves | |||||
Income & expenditure reserve - unrestricted reserve | £244.5m | £194.0m | £233.8m | £195.0m | |
Revaluation Reserve | £460.3m | £384.6m | £460.3m | £384.6m | |
Total Reserves | £714.4m | £588.6m | £703.7m | £589.6m |
The Financial Statements and notes were approved by the Council on 24 November 2022 and signed on its behalf by:
- Professor Ian White, Vice-Chancellor and President
- Mr Calum Mercer, Treasurer
Consolidated Cash Flow Statement
For year ended 31 July 2022.
Note | Consolidated 2022 | Consolidated 2021 | |
---|---|---|---|
Cash flow generated from operating activities | |||
(Deficit) for the year | (£29.1m) | (£21.9m) | |
Adjustment for non-cash items | |||
Depreciation and impairments | 12 | £35.2m | £53.7m |
Increase/(decrease) in USS pension provision | £69.6m | (£3.5m) | |
LGPS pension costs less contributions paid | 25 | £3.7m | £5.4m |
(Gain) on non-current asset investments | 13 | £0m | (£0.9m) |
Loss/(gain) on current investments | 15 | £1.1m | (£9.2m) |
(Gain) on hedging arrangements | 6 | (£2.3m) | (£1.4m) |
Pension scheme interest charges | 11 | £1.9m | £1.9m |
(Increase)/decrease in operating debtors | 14 | (£0.7m) | £1.0m |
Increase in operating creditors | 16 | £6.2m | £8.9m |
Adjustment for investing or financing activities | |||
Investment income | 6 | (£1.8m) | (£1.5m) |
Interest payable | 11 | £6.8m | £6.9m |
Capital grant income | 2 & 4 | (£41.3m) | (£4.2m) |
Net cash inflow from operating activities | £49.3m | £35.2m | |
Cash flow from investing activities | |||
Investment income | 6 | £1.6m | £1.5m |
Payments made to acquire fixed assets | (£27.4m) | (£48.2m) | |
Payments made to acquire fixed assets investments | (£0.2m) | £0.1m | |
Capital grant receipts | £2.4m | £6.2m | |
Net inflows from current asset investments | (£8.1m) | £18.2m | |
Net cash outflow from funding activities | (£31.7m) | (£22.1m) | |
Cash flow from funding activities | |||
Interest paid | 11 | (£6.8m) | (£6.9m) |
Repayments of amounts borrowed | 18 | (£10.3m) | (£5.2m) |
Net cash outflow from funding activities | (£17.1m) | (£12.2m) | |
Increase in cash and cash equivalents in the year | £0.5m | £0.9m | |
Cash and cash equivalents at the beginning of the year | £4.2m | £3.3m | |
Cash and cash equivalents at the end of the year | £4.7m | £4.2m | |
Increase in cash and cash equivalents in the year | £0.5m | £0.9m |