A message from Sarah Pook, Executive Director, Finance & Planning
Dear Colleagues,
Our University financial statements for 2021-22 are published today and are available here. The University delivered a strong financial performance, as we emerged from two years of financial pressures presented by the COVID-19 pandemic.
The University ended the year on 31 July 2022 with a deficit after tax of £77.4M, mostly accounted for by actuarial losses from pension schemes and the Universities Superannuation Scheme (USS) accrual. Our underlying surplus in that period, a more meaningful measure, was £63.7M, compared with £11.4M the previous year. The significant increase is in part explained by a one-off payment of £17.5M from a tenant breaking a long-term lease, as well as fee income from students starting in January 2021, an increased number of students overall and the opening up of our campuses after the Covid lockdowns.
The net cash inflow from operating activities in 2021-22 was £89.4 M, an increase of £2.8M on the prior year. Total expenditure for the University, not including the increase in the USS deficit accrual, was £596.8M, an increase of £43.8M compared to the prior year. The increase in expenditure is largely due to an increase in staff costs and agents’ fees relating to higher numbers of international students, and an increase in other costs as the University resumed normal operational activities when Covid restrictions ended and our campuses opened up again in full.
These results are encouraging, and our strong financial performance will ensure we are able to continue to invest in our education, research and enterprise, and continue to invest in our people and our student and staff facilities, as we deliver on our ambitious new University Strategy.
I would like to thank all our staff for their support and contribution to our strong financial management.
Best wishes,
Sarah Pook
Executive Director, Finance & Planning
The following report has also been published today:
