A message from Julie Fielder, Executive Director, Finance & Planning (Interim)
Dear Colleagues,
Our University financial statements for 2022/23 are published today and are available here. The report carries our financial statements in full, together with a strategy and performance overview and a summary of the activities contributing to our Public Benefit.
The University ended the year on 31 July 2023 with a surplus after tax of £83.0 million, which compares to a deficit of £77.4 million for 2021/22. Last year’s deficit was mostly accounted for by actuarial losses from pension schemes and the Universities Superannuation Scheme (USS) accrual, and movement in the accrual is also reflected in this year’s results.
Our adjusted surplus after tax excluding the movement in the USS deficit funding accrual was £51.2 million in the year to 31 July 2023, compared to an adjusted surplus of £63.7 million for 2021/22.
The high level of surplus is a very good result and whilst higher tuition fee income was a major contributor, it also demonstrates strong financial management. The net cash inflow from operating activities in 2022/23 was £92.5 million, an increase of £3.1 million on the prior year. This is a good outcome and above the current strategic Key Performance Indicator (KPI) target of £70.0 million.
Total expenditure for the University, not including the increase in the USS deficit accrual, was £676.0 million, an increase of £79.2 million (13.3%) compared to the prior year. This included an increase of £22.8 million relating to staff costs due to a combination of growth to support higher student numbers and pay increases. Other operating expenditure increased by £49.8 million. The increase relates to international agents’ fees linked to growing numbers of international students alongside a combination of inflationary pressures and a return to pre-pandemic activities.
The University has again delivered a strong financial performance, with surplus being ahead of budget expectations. Sound financial management has allowed the University to emerge strongly following the disruption caused by the pandemic, and to be able to work towards delivery of the University Strategy with confidence, supported by significant cash reserves.
I would like to thank all our staff for their support and contribution to our strong financial management.
Best wishes,
Julie Fielder