Consolidated and University Statement of Comprehensive Income
For the year ended 31 July 2024.
| Income | Note | Consolidated 2024 | Consolidated 2023 (Restated) | University 2024 | University 2023 (Restated) |
|---|---|---|---|---|---|
| Tuition fees and education contracts | 1 | £219.5m | £205.9m | £219.5m | £205.9m |
| Funding body grants | 2 | £41.2m | £46.7m | £41.2m | £46.7m |
| Research grants and contracts | 4 | £50.6m | £45.0m | £49.2m | £44.8m |
| Other income | 5 | £68.2m | £58.4m | £69.6m | £58.4m |
| Investment income | 7 | £7.4m | £5.5m | £7.6m | £5.6m |
| Donations and endowments | 8 | £4.3m | £1.5m | £3.4m | £1.5m |
| Total income | £391.2m | £363.0m | £390.5m | £362.9m | |
| Expenditure | |||||
| Staff costs | 9 | £208.0m | £192.2m | £205.9m | £190.8m |
| Change in USS pension provision | 9 | (£98.2m) | (£16.1m) | (£98.2m) | (£16.1m) |
| Other operating expenses | 10 | £137.6m | £126.7m | £133.6m | £124.8m |
| Depreciation and impairment | 13 | £57.4m | £46.7m | £55.6m | £44.9m |
| Interest and other finance costs | 12 | £11.2m | £12.4m | £11.2m | £12.4m |
| Total expenditure | £316.0m | £361.9m | £308.1m | £356.8m | |
| Surplus before gains and losses | £75.2m | £1.1m | £82.4m | £6.1m | |
| Loss on disposal of fixed assets | (£0.1m) | £0m | (£0.1m) | £0m | |
| Increase in market value of non current asset investments | 14 | £0m | £0.1m | £0m | £0.1m |
| Increase/(Decrease) in market value of current asset investments | 16 | £8.0m | (£0.1m) | £8.0m | (£0.1m) |
| Gain/(Loss) on valuation of loan notes | 18, 27 | (£2.1m) | £17.5m | (£2.1m) | £17.5m |
| Surplus for the year | £81.0m | £18.6m | £88.2m | £23.6m | |
| Actuarial gain in respect of pension schemes | 25 | £0.3m | £36.6m | £0.3m | £36.6m |
| Change in the fair value of tangible fixed assets | £145.2m | £135.7m | £145.2m | £135.7m | |
| Total comprehensive income in the year | £226.5m | £190.9m | £233.7m | £195.9m | |
| Represented by | |||||
| Endowment comprehensive income/(expense) for the year | £1.5m | (£0.8m) | £1.5m | (£0.8m) | |
| Restricted comprehensive expense for the year | (£0.4m) | (£0.2m) | (£0.4m) | (£0.2m) | |
| Unrestricted comprehensive income for the year | £111.4m | £77.4m | £118.6m | £82.4m | |
| Revaluation comprehensive income for the year | £114.0m | £114.5m | £114.0m | £114.5m | |
| Total comprehensive income in the year | £226.5m | £190.9m | £233.7m | £195.9m |
Consolidated and University Statement of Changes in Reserves
For the year ended 31 July 2024.
| Consolidated | Endowment reserve | Restricted reserve | Unrestricted reserve (Restated) | Revaluation reserve | Total (Restated) |
|---|---|---|---|---|---|
| At 1 August 2022 (as previously reported) | £7.6m | £2.0m | £244.5m | £460.3m | £714.4m |
| Prior year adjustment | £0m | £0m | £12.3m | £0m | £12.3m |
| At 1 August 2022 (as restated) | £7.6m | £2.0m | £256.8m | £460.3m | £726.7m |
| Surplus/(deficit) for the year | (£0.7m) | (£0.3m) | £19.6m | £0m | £18.6m |
| 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 (as restated) | £6.9m | £1.7m | £334.2m | £574.8m | £917.6m |
| At 1 August 2023 (as restated) | £6.9m | £1.7m | £334.2m | £574.8m | £917.6m |
| Surplus/(deficit) for the year | £1.5m | (£0.4m) | £79.9m | £0m | £81.0m |
| Depreciation on revalued assets | £0m | £0m | £31.2m | (£31.2m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £0.3m | £0m | £0.3m |
| Other comprehensive income | £0m | £0m | £0m | £145.2m | £145.2m |
| At 31 July 2024 | £8.4m | £1.3m | £445.6m | £688.8m | £1,144.1m |
| University | Endowment reserve | Restricted reserve | Unrestricted reserve (Restated) | Revaluation reserve | Total (Restated) |
|---|---|---|---|---|---|
| At 1 August 2022 | £7.6m | £2.0m | £233.8m | £460.3m | £703.7m |
| Prior year adjustment | £0m | £0m | £12.3m | £0m | £12.3m |
| At 1 August 2022 (as restated) | £7.6m | £2.0m | £246.1m | £460.3m | £716.0m |
| Surplus/(deficit) for the year | (£0.7m) | (£0.3m) | £24.6m | £0m | £23.6m |
| 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 (as restated) | £6.9m | £1.7m | £328.5m | £574.8m | £911.9m |
| At 1 August 2023 (as restated) | £6.9m | £1.7m | £328.5m | £574.8m | £911.9m |
| Surplus/(deficit) for the year | £1.5m | (£0.4m) | £87.1m | £0m | £88.2m |
| Depreciation on revalued assets | £0m | £0m | £31.2m | (£31.2m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £0.3m | £0m | £0.3m |
| Other comprehensive income | £0m | £0m | £0m | £145.2m | £145.2m |
| At 31 July 2024 | £8.4m | £1.3m | £447.1m | £688.8m | £1,145.6m |
Consolidated and University Balance Sheets
As at 31 July 2024.
| Note | Consolidated 2024 | Consolidated 2023 (Restated) | University 2024 | University 2023 (Restated) | |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Fixed assets | 13 | £1,195.7m | £1,054.4m | £1,716.3m | £1,033.2m |
| Investments | 14 | £2.1m | £2.0m | £6.1m | £6.0m |
| Total | £1,197.8m | £1,056.4m | £1,182.4m | £1,039.2m | |
| Current assets | |||||
| Stock | £0.8m | £0.6m | £0.8m | £0.7m | |
| Trade and other receivables | 15 | £29.7m | £32.5m | £47.3m | £44.3m |
| Investments | 16 | £196.8m | £209.6m | £196.8m | £209.6m |
| Cash at bank | £2.7m | £2.7m | £2.0m | £1.6m | |
| Total | £230.0m | £245.4m | £246.9m | £256.2m | |
| Creditors: amounts falling due within one year | 17 | (£81.7m) | (£87.5m) | (£81.7m) | (£86.8m) |
| Net current assets | £148.3m | £157.9m | £165.2m | £169.4m | |
| Total assets less current liabilities | £1,346.1m | £1,214.3m | £1,347.6m | £1,208.6m | |
| Creditors: amounts falling due after more than one year | 18 | (£194.4m) | (£194.3m) | (£194.4m) | (£194.3m) |
| Provisions | |||||
| Pension provisions | 20 | (£7.6m) | (£102.4m) | (£7.6m) | (£102.4m) |
| Total net assets | £1,144.1m | £917.6m | £1,145.6m | £911.9m | |
| Restricted reserves | |||||
| Income & expenditure reserve - endowment reserve | 21 | £8.4m | £6.9m | £8.4m | £6.9m |
| Income & expenditure reserve - restricted reserve | 22 | £1.3m | £1.7m | £1.3m | £1.7m |
| Unrestricted reserves | |||||
| Income & expenditure reserve - unrestricted reserve | £445.6m | £334.2m | £447.1m | £328.5m | |
| Revaluation reserve | £688.8m | £574.8m | £688.8m | £574.8m | |
| Total reserves | £1,144.1m | £917.6m | £1,145.6m | £911.9m |
The financial statements and Notes to the financial statements were approved by the Council on 12 December 2024 and signed on its behalf by:
- Professor Phil Taylor, Vice-Chancellor and President
- Mr Calum Mercer, Treasurer
Consolidated Cash Flow Statement
For year ended 31 July 2024.
| Note | Consolidated 2024 | Consolidated 2023 (Restated) | |
|---|---|---|---|
| Cash flow generated from operating activities | |||
| Surplus for the year | £81.0m | £18.6 | |
| Adjustment for non-cash items | |||
| Depreciation and impairments | 13 | £57.4m | £46.7m |
| Decrease in USS pension provision | 20 | (£98.2m) | (£9.3m) |
| LGPS pension costs less contributions paid | 25 | £1.3m | £0.3m |
| Gain on non-current asset investments | 14 | £0m | (£0.1m) |
| (Gain)/Loss on current investments | 16 | (£7.5m) | £0.1m |
| Gain on fair value of loan notes | 18 | £2.1m | (£17.5m) |
| Pension scheme interest charges | 12 | £2.5m | £4.9m |
| Increase in stock | (£0.2m) | (£0.1m) | |
| (Increase)/Decrease in operating debtors | 15 | £4.1m | (£4.1m) |
| (Increase)/Decrease in operating creditors | 17 | (£1.4m) | £11.3m |
| Adjustment for investing or financing activities | |||
| Investment income | 7 | (£7.4m) | (£5.5m) |
| Interest payable | 12 | £8.7m | £7.4m |
| Loss on sale of tangible fixed assets | £0.1m | £0m | |
| Capital grant income | 2 | (£2.1m) | (£5.5m) |
| Net cash inflow from operating activities | £40.4m | £47.2m | |
| Cash flow from investing activities | |||
| Investment income | 7 | £6.1m | £3.4m |
| Payments made to acquire fixed assets | (£58.3m) | (£21.9m) | |
| Payments made to acquire fixed assets investments | 14 | (£0.1m) | £0.2m |
| Capital grant receipts | 2 | £2.1m | £5.5m |
| Net inflows/(outflows) from current asset investments | 16 | £20.3m | (£24.0m) |
| Net cash outflow from investing activities | (£29.9m) | (£36.8m) | |
| Cash flow from funding activities | |||
| Interest paid | 12 | (£8.7m) | (£7.1m) |
| New finance leases | £0.6m | £0m | |
| Repayments of amounts borrowed | 19 | (£2.1m) | (£5.3m) |
| Capital element of finance lease payments | (£0.3m) | £0m | |
| Net cash outflow from funding activities | (£10.5m) | (£12.4m) | |
| (Decrease) in cash in the year | £0m | (£2.0m) | |
| Cash at the beginning of the year | £2.7m | £4.7m | |
| Cash at the end of the year | £2.7m | £2.7m | |
| (Decrease) in cash in the year | £0m | (£2.0m) |