Consolidated and University Statement of Comprehensive Income
For the year ended 31 July 2025.
| Income | Note | Consolidated 2025 | Consolidated 2024 | University 2025 | University 2024 |
|---|---|---|---|---|---|
| Tuition fees and education contracts | 1 | £238.5 m | £219.5m | £238.5m | £219.5m |
| Funding body grants | 2 | £43.7m | £41.2m | £43.7m | £41.2m |
| Research grants and contracts | 4 | £50.6m | £50.6m | £49.1m | £49.2m |
| Other income | 5 | £71.2m | £68.2m | £72.2m | £69.6m |
| Investment income | 7 | £9.4m | £7.4m | £9.9m | £7.6m |
| Donations and endowments | 8 | £4.3m | £4.3m | £3.4m | £3.4m |
| Total income | £417.7m | £391.2m | £416.8m | £390.5m | |
| Expenditure | |||||
| Staff costs | 9 | £215.4m | £208.0m | £212.9m | £205.9m |
| Change in USS pension provision | 9 | £0m | (£98.2m) | £0m | (£98.2m) |
| Other operating expenses | £135.6m | £137.6m | £132.5m | £133.6m | |
| Depreciation and impairment | 13 | £76.2m | £57.4m | £73.8m | £55.6m |
| Interest and other finance costs | 12 | £9.0m | £11.2m | £9.0m | £11.2m |
| Total expenditure | 10 | £436.2m | £316.0m | £428.2m | £308.1m |
| (Deficit)/Surplus before gains and losses | (£18.5m) | £75.2m | (£11.4m) | £82.4m | |
| Loss on disposal of fixed assets | £0m | (£0.1m) | £0m | (£0.1m) | |
| Decrease in market value of non current asset investments | 14 | (£0.1m) | £0m | (£0.1m) | £0m |
| Increase in market value of current asset investments | 16 | £2.8m | £8.0m | £2.8m | £8.0m |
| Gain/(Loss) on valuation of loan notes | 18 | £6.1m | (£2.1m) | £6.1m | (£2.1m) |
| (Deficit)/Surplus for the year | (£9.7m) | £81.0m | (£2.6m) | £88.2m | |
| Actuarial gain in respect of pension schemes | 25 | £5.9m | £0.3m | £5.9m | £0.3m |
| Change in the fair value of tangible fixed assets | £66.7m | £145.2 m | £66.7m | £145.2m | |
| Total comprehensive income in the year | £62.9 m | £226.5m | £70.0m | £233.7m | |
| Represented by | |||||
| Endowment comprehensive income for the year | £1.0m | £1.5m | £1.0m | £1.5m | |
| Restricted comprehensive expense for the year | (£0.2m) | (£0.4m) | (£0.2m) | (£0.4m) | |
| Unrestricted comprehensive income for the year | £39.0m | £111.4m | £46.1m | £118.6m | |
| Revaluation comprehensive income for the year | £23.1m | £114.0m | £23.1m | £114.0m | |
| Total comprehensive income in the year | £62.9m | £226.5m | £70.0m | £233.7m |
Consolidated and University Statement of Changes in Reserves
For the year ended 31 July 2025.
| Consolidated | Endowment reserve | Restricted reserve | Unrestricted reserve | Revaluation reserve | Total |
|---|---|---|---|---|---|
| At 1 August 2023 | £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 |
| At 1 August 2024 | £8.4m | £1.3m | £445.6m | £688.8m | £1,144.1m |
| Surplus/(deficit) for the year | £1.0m | (£0.2m) | (£10.5m) | £0m | £9.7m |
| Depreciation on revalued assets | £0m | £0m | £43.6m | (£43.6m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £5.9m | £0m | £5.9m |
| Other comprehensive income | £0m | £0m | £0m | £66.7m | £66.7m |
| At 31 July 2025 | £9.4m | £1.1m | £484.6m | £711.9m | £1,207.0m |
| University | Endowment reserve | Restricted reserve | Unrestricted reserve | Revaluation reserve | Total |
|---|---|---|---|---|---|
| At 1 August 2023 | £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 |
| At 1 August 2024 | £8.4m | £1.3m | £447.1m | £688.8m | £1,145.6m |
| Surplus/(deficit) for the year | £1.0m | (£0.2m) | (£3.4m) | £0m | (£2.6m) |
| Depreciation on revalued assets | £0m | £0m | £43.6m | (£43.6m) | £0m |
| Actuarial gain in respect of pension schemes | £0m | £0m | £5.9m | £0m | £5.9m |
| Other comprehensive income | £0m | £0m | £0m | £66.7m | £66.7m |
| At 31 July 2025 | £9.4m | £1.1m | £493.2m | £711.9m | £1,215.6m |
Consolidated and University Balance Sheets
As at 31 July 2025.
| Note | Consolidated 2025 | Consolidated 2024 | University 2025 | University 2024 | |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Fixed assets | 13 | £1,226.7m | £1,195.7m | £1,209.6m | £1,176.3m |
| Investments | 14 | £1.8m | £2.1m | £5.8m | £6.1m |
| Total | £1,228.5m | £1,197.8m | £1,215.4m | £1,182.4m | |
| Current assets | |||||
| Stock | £1.1m | £0.8m | £1.1m | £0.8m | |
| Trade and other receivables | 15 | £36.1m | £29.7m | £59.6m | £47.3m |
| Investments | 16 | £226.2m | £196.8m | £226.2m | £196.8m |
| Cash at bank | £4.4m | £2.7m | £2.2m | £2.0m | |
| Total | £267.8m | £230.0m | £289.1m | £246.9m | |
| Creditors: amounts falling due within one year | 17 | (£85.4m) | (£81.7m) | (£85.0m) | (£81.7m) |
| Net current assets | £182.4m | £148.3m | £204.1m | £165.2m | |
| Total assets less current liabilities | £1,410.9m | £1,346.1m | £1,419.5m | £1,347.6m | |
| Creditors: amounts falling due after more than one year | 18 | (£203.9m) | (£194.4m) | (£203.9m) | (£194.4m) |
| Provisions | |||||
| Pension provisions | 20 | £0m | (£7.6m) | £0m | (£7.6m) |
| Total net assets | £1,207.0m | £1,144.1m | £1,215.6m | £1,145.6m | |
| Restricted reserves | |||||
| Income & expenditure reserve - endowment reserve | 21 | £9.4m | £8.4m | £9.4m | £8.4m |
| Income & expenditure reserve - restricted reserve | 22 | £1.1m | £1.3m | £1.1m | £1.3m |
| Unrestricted reserves | |||||
| Income & expenditure reserve - unrestricted reserve | £484.6m | £445.6m | £493.2m | £447.1m | |
| Revaluation reserve | £711.9m | £688.8m | £711.9m | £688.8m | |
| Total reserves | £1,207.0m | £1,144.1m | £1,215.6m | £1,145.6m |
The financial statements were approved by the Council on 20 November 2025 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 2025.
| Note | Consolidated 2025 | Consolidated 2024 | |
|---|---|---|---|
| Cash flow generated from operating activities | |||
| (Deficit)/Surplus for the year | (£9.7m) | £81.0m | |
| Adjustment for non-cash items | |||
| Depreciation and impairments | 13 | £76.2m | £57.4m |
| Decrease in USS pension provision | 20 | £0m | (£98.2m) |
| LGPS pension costs less contributions paid | 25 | (£2.0m) | £1.3m |
| Loss on non-current asset investments | 14 | £0.1m | £0m |
| (Gain) on current asset investments | 16 | (£2.8m) | (£7.5m) |
| (Gain)/Loss on fair value of loan notes | 18 | (£6.1m) | £2.1m |
| Pension scheme interest charges | 12 | £0.3m | £2.5m |
| Increase in stock | (£0.3m) | (£0.2m) | |
| (Increase)/Decrease in operating debtors | 15 | (£8.4m) | £4.1m |
| Increase/(decrease) in operating creditors | 17 | £3.9m | (£1.4m) |
| Adjustment for investing or financing activities | |||
| Investment income | 7 | (£9.4m) | (£7.4m) |
| Interest payable | 12 | £8.7m | £8.7m |
| Loss on sale of tangible fixed assets | £0m | £0.1m | |
| Capital grant income | 2 | (£2.1m) | (£2.1m) |
| Net cash inflow from operating activities | £48.4m | £40.4m | |
| Cash flow from investing activities | |||
| Investment income | £11.4m | £6.1m | |
| Payments made to acquire fixed assets | (£22.2m) | (£57.7m) | |
| Payments made to acquire fixed assets investments | 14 | £0m | (£0.1m) |
| Receipts from fixed asset investments | 14 | £0.2m | £0m |
| Capital grant receipts | 2 | £2.1m | £2.1m |
| New current asset investments | 16 | (£147.2m) | (£75.8m) |
| Disposal of current asset investments | 16 | £120.5m | £96.1m |
| Net cash outflow from investing activities | (£35.2m) | (£29.3m) | |
| Cash flow from financing activities | |||
| Interest paid | (£8.0m) | (£8.6m) | |
| Repayments of amounts borrowed | 19 | (£2.1m) | (£2.1m) |
| Interest element of fnance lease payments | (£0.7m) | (£0.1m) | |
| Capital element of finance lease payments | (£0.7m) | (£0.3m) | |
| Net cash outflow from financing activities | (£11.5m) | (£11.1m) | |
| Increase in cash in the year | £1.7m | £0m | |
| Cash at the beginning of the year | £2.7m | £2.7m | |
| Cash at the end of the year | £4.4m | £2.7m | |
| Increase in cash in the year | £1.7m | £0m |