Financial information
The University retained an underlying operating deficit of £12.7m in 2022/23, before the change in USS pension provision.
2022/23 saw our total income grow to £636m, up from £634m in 2021/22. Our expenditure was £639m including non-cash pension fund credits of £10m.
Annual Report and Financial Statements 2023
Year ended 31 July 2023.
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Underlying deficit
| Operating costs | (£m) |
|---|---|
| Expenditure | 639 |
| Add back non-cash pension fund credits | 10 |
| Underlying operating costs | 649 |
| Income | 636 |
| Underlying operating costs | -649 |
| Underlying deficit | -13 |
We generated £30m cash from operating activities and invested £57m to acquire premises and equipment for staff & students.
Cash and cash equivalents
| Cash and cash equivalents | (£m) |
|---|---|
| Opening cash | 96.4 |
| Operating activities | 30.3 |
| Investment (see below) | -76.2 |
| Financing | -13.9 |
| Closing cash | 36.6 |
Investment
| Investing activities | £m |
|---|---|
| Investment in land and buildings | 33.5 |
| Investment in equipment | 23.0 |
| Other investments | 19.7 |
| Total | 76.2 |
Investment in buildings
| Investment in buildings | £m |
|---|---|
| TRH | 7.42 |
| Healthcare relocation | 8.79 |
| Investment in other buildings | 8.79 |
| Total | 33.50 |
Investment in equipment
| Investment in equipment | £m |
|---|---|
| Research equipment | 9.49 |
| Computers | 5.36 |
| Other equipment | 8.15 |
| Total | 23.00 |
The financial year ending 31st July 2023 continued to challenge us, with new economic headwinds of inflation at levels not seen since the 1980s, especially in energy costs.
We experienced losses in the value of our investment portfolio but higher interest rates resulted in positive changes to our pension liabilities.
The challenge of inflation meant that both staff and students were impacted and we assisted through (amongst other things) one-off payments, accelerated pay awards and more student hardship payments.
We also experienced a reduction in tuition fee income largely as a result of not delivering our overseas recruitment targets offset by increases in research income.
Where our money comes from
We received 4.0% less than last year in tuition fees and education contracts, this was offset by higher research and income relating to commercial services. Research activity continued to grow during this financial year generating £134m of income.
Total income
| Total income | £m |
|---|---|
| Tuition fees and education contracts | 310.6 |
| Funding body grants | 90.2 |
| Research grants and contracts | 133.6 |
| Other income | 90.9 |
| Investment income | 9.7 |
| Donations and endowments | 1.4 |
| Total income | 636.4 |
What we spend our money on
In 2022/23, we spent £639m compared to £607m the previous year, the increase of £32m is largely due to increased premises expenditure and academic spend.
Average staff full time equivalent (fte) numbers increased by 3%, mainly in academic areas, as we strove to improve student experience and to deliver our research commitments. Staff cost as a proportion of income was 57.1% which is an increase on the previous year (54.2%).
Operating expenses increased by £13.4m to £226.3m in the year. We are investing further in supporting staff and students as well as maintaining a safe campus whilst Covid-19 variants still circulate in the general UK population.
Total activity spend
We opened our Translational Research Hub officially in May. The core purpose of this hub is to deliver scientific research that be translated rapidly into new products and processes that benefit society.
The hub will also create high-quality, graduate-level jobs and boost economic growth in our region.