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 |