Consolidated and University Statement of Comprehensive Income
For the year ended 31 July 2023.
| Income | Note | Consolidated 2023 | Consolidated 2022 | University 2023 | University 2022 |
|---|---|---|---|---|---|
| Tuition fees and education contracts | 1 | £205.9m | £188.8m | £205.9m | £188.8m |
| Funding body grants | 2 | £46.7m | £67.1m | £46.7m | £67.1m |
| Research grants and contracts | 4 | £45.0m | £40.5m | £44.8m | £40.5m |
| Other Income | 5 | £58.4m | £59.1m | £58.4m | £59.1m |
| Investment income | 7 | £5.5m | £4.0m | £5.6m | £4.0m |
| Donations & endowments | 8 | £1.5m | £2.3m | £1.5m | £2.3m |
| Total income | £363.0m | £361.8m | £362.9m | £361.8m | |
| Expenditure | |||||
| Staff costs | 9 | £192.2m | £180.2m | £190.8m | £179.1m |
| Change in USS pension provision | 9 | (£16.1m) | £67.1m | (£16.1m) | £67.1m |
| Other operating expenses | 10 | £126.7m | £98.6m | £124.8m | £98.2m |
| Depreciation and impairment | 13 | £46.7m | £35.2m | £44.9m | £35.2m |
| Interest and other finance costs | 12 | £12.4m | £8.7m | £12.4m | £8.7m |
| Total expenditure | £361.9m | £389.8m | £356.8m | £388.3m | |
| Surplus/(deficit) before gains and losses | £1.1m | (£28.0m) | £6.1m | (£26.5m) | |
| Loss on disposal of fixed assets | £0m | £0m | £0m | (£13.3m) | |
| Increase in market value of non current asset investments | 14 | £0.1m | £0m | £0.1m | £0m |
| Decrease in market value of current asset investments | 16 | (£0.1m) | (£1.1m) | (£0.1m) | (£1.1m) |
| Surplus/(deficit) for the year | £1.1m | (£29.1m) | £6.1m | (£40.9m) | |
| Actuarial gain in respect of pension schemes | 26 | £36.6m | £60.9m | £36.6m | £60.9m |
| Change in the fair value of tangible fixed assets | £135.7m | £92.5m | £135.7m | £92.5m | |
| Change in the fair value of derivatives | 20 | £0m | £1.6m | £0m | £1.6m |
| Total Comprehensive Income in the year | £173.4m | £125.9m | £178.4m | £114.1m | |
| Represented by | |||||
| Endowment comprehensive (expense) for the year | (£0.8m) | (£0.5m) | (£0.8m) | (£0.5m) | |
| Restricted comprehensive (expense)/income for the year | (£0.2m) | £0.1m | (£0.2m) | £0.1m | |
| Unrestricted comprehensive income for the year | £59.9m | £50.5m | £64.9m | £38.8m | |
| Revaluation comprehensive income for the year | £114.5m | £75.8m | £114.5m | £75.7m | |
| Total Comprehensive Income in the year | £173.4m | £125.9m | £178.4m | £114.1m |
Consolidated and University Statement of Changes in Reserves
For the year ended 31 July 2023.
| Consolidated | Endowment Reserve | Restricted Reserve | Unrestricted Reserve | Revaluation Reserve | Total |
|---|---|---|---|---|---|
| At 1 August 2021 | £8.1m | £1.9m | £194.0m | £384.6m | £588.6m |
| (Deficit)/surplus for the year | (£0.5m) | £0.1m | (£27.2m) | £0m | (£27.6m) |
| Depreciation on revalued assets | £0m | £0m | £16.8m | (£16.8m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £60.9m | £0m | £60.9m |
| Other comprehensive expense | £0m | £0m | £0m | £92.5m | £92.5m |
| At 31 July 2022 | £7.6m | £2.0m | £244.5m | £460.3m | £714.4m |
| At 1 August 2022 | £7.6m | £2.0m | £244.5m | £460.3m | £714.4m |
| Deficit/(surplus) for the year | (£0.7m) | (£0.3m) | £2.1m | £0m | £1.1m |
| Depreciation on revalued assets | £0m | £0m | £21.2m | (£21.2m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £36.6m | £0m | £36.6m |
| Other comprehensive income | £0m | £0m | £0m | £135.7m | £135.7m |
| At 31 July 2023 | £6.9m | £1.7m | £304.4m | £574.8m | £887.8m |
| University | Endowment Reserve | Restricted Reserve | Unrestricted Reserve | Revaluation Reserve | Total |
|---|---|---|---|---|---|
| At 1 August 2021 | £8.1m | £1.9m | £195.0m | £384.6m | £589.6m |
| (Deficit)/surplus for the year | (£0.5m) | £0.1m | (£38.9m) | £0m | (£39.3m) |
| Depreciation on revalued assets | £0m | £0m | £16.8m | (£16.8m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £60.9m | £0m | £60.9m |
| Other comprehensive expense | £0m | £0m | £0m | £92.5m | £92.5m |
| At 31 July 2022 | £7.6m | £2.0m | £233.8m | £460.3m | £703.7m |
| At 1 August 2022 | £7.6m | £2.0m | £233.8m | £460.3m | £703.7m |
| (Deficit)/surplus for the year | (£0.7m) | (£0.3m) | £7.1m | £0m | £6.1m |
| Depreciation on revalued assets | £0m | £0m | £21.2m | (£21.2m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £36.6m | £0m | £36.6m |
| Other comprehensive income | £0m | £0m | £0m | £135.7m | £135.7m |
| At 31 July 2023 | £6.9m | £1.7m | £298.7m | £574.8m | £882.1m |
Consolidated and University Balance Sheets
As at 31 July 2023.
| Note | Consolidated 2023 | Consolidated 2022 | University 2023 | University 2022 | |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Fixed Assets | 13 | £1,054.4m | £940.0m | £1,033.2m | £922.8m |
| Investments | 14 | £2.0m | £1.6m | £6.0m | £5.7m |
| Total | £1,056.4m | £941.6m | £1,039.2m | £928.5m | |
| Current Assets | |||||
| Stock | £0.6m | £0.5m | £0.7m | £0.7m | |
| Trade and other Receivables | 15 | £32.5m | £36.1m | £44.3m | £39.1m |
| Investments | 16 | £209.6m | £185.7m | £209.6m | £185.7m |
| Cash and cash equivalents | £2.7m | £4.7m | £1.6m | £3.9m | |
| Total | £245.4m | £227.0m | £256.2m | £229.4m | |
| Creditors : Amounts Falling Due Within One Year | 17 | (£87.4m) | (£75.8m) | (£86.8m) | (£75.8m) |
| Net Current Assets | £158.0m | £151.2m | £169.4m | £153.5m | |
| Total Assets Less Current Liabilities | £1,214.4m | £1,092.8m | £1,208.6m | £1,082.1m | |
| Creditors : Amounts Falling Due After More Than One Year | 18 | (£224.1m) | (£228.5m) | (£224.1m) | (£228.5m) |
| Provisions | |||||
| Pension provisions | 21 | (£102.4m) | (£149.9m) | (£102.4m) | (£149.9m) |
| Total Net Assets | £887.8m | £714.4m | £882.1m | £703.7m | |
| Restricted Reserves | |||||
| Income & expenditure reserve - endowment reserve | 22 | £6.9m | £7.6m | £6.9m | £7.6m |
| Income & expenditure reserve - restricted reserve | 23 | £1.7m | £2.0m | £1.7m | £2.0m |
| Unrestricted Reserves | |||||
| Income & expenditure reserve - unrestricted reserve | £304.4m | £244.5m | £298.7m | £233.8m | |
| Revaluation Reserve | £574.8m | £460.3m | £574.8m | £460.3m | |
| Total Reserves | £887.8m | £714.4m | £882.1m | £703.7m |
The Financial Statements and notes were approved by the Council on 23 November 2023 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 2023.
| Note | Consolidated 2023 | Consolidated 2022 | |
|---|---|---|---|
| Cash flow generated from operating activities | |||
| Surplus/(deficit) for the year | £1.1m | (£29.1m) | |
| Adjustment for non-cash items | |||
| Depreciation and impairments | 13 | £46.7m | £35.2m |
| (Decrease)/increase in USS pension provision | 21 | (£9.3m) | £69.6m |
| LGPS pension costs less contributions paid | 26 | £0.3m | £3.7m |
| Gain on non-current asset investments | 14 | (£0.1m) | £0m |
| Loss on current investments | 16 | £0.1m | £1.1m |
| Gain on hedging arrangements | 7 | £0m | (£2.3m) |
| Pension scheme interest charges | 12 | £4.9m | £1.9m |
| Increase in stock | (£0.1m) | £0m | |
| Increase in operating debtors | 15 | (£4.1m) | (£0.7m) |
| Increase in operating creditors | 17 | £11.3m | £6.2m |
| Adjustment for investing or financing activities | |||
| Investment income | 7 | (£5.5m) | £1.6m |
| Interest payable | 12 | £7.4m | £6.8m |
| Capital grant income | 2, 3 and 4 | (£5.5m) | (£41.3m) |
| Net cash inflow from operating activities | £47.2m | £49.3m | |
| Cash flow from investing activities | |||
| Investment income | 7 | £3.4m | £1.6m |
| Payments made to acquire fixed assets | (£21.9m) | (£27.4m) | |
| Payments made to acquire fixed assets investments | £0.2m | (£0.2m) | |
| Capital grant receipts | £5.5m | £2.4m | |
| Net inflows from current asset investments | (£24.0m) | (£8.1m) | |
| Net cash outflow from funding activities | (£36.8m) | (£31.7m) | |
| Cash flow from funding activities | |||
| Interest paid | 12 | (£7.1m) | (£6.8m) |
| Repayments of amounts borrowed | 19 | (£5.3m) | (£10.3m) |
| Net cash outflow from funding activities | (£12.4m) | (£17.1m) | |
| (Decrease)/increase in cash and cash equivalents in the year | (£2.0m) | £0.5m | |
| Cash and cash equivalents at the beginning of the year | £4.7m | £4.2m | |
| Cash and cash equivalents at the end of the year | £2.7m | £4.7m | |
| (Decrease)/increase in cash and cash equivalents in the year | (£2.0m) | £0.5m |