Financial information
The University retained an underlying operating deficit of £31.2m in 2023/24, before impairments and the change in the pension scheme provisions.
2023/24 saw our total income grow to £649m, up from £636m in 2022/23. Our expenditure was £680m excluding changes in USS pension scheme provision of £163m and non-cash pension fund credits of £6m.
Annual Report and Financial Statements 2024
Year ended 31 July 2024.
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Underlying deficit
| Operating costs | (£m) |
|---|---|
| Expenditure per financial statements | 512 |
| Add back decrease in USS provision | 162 |
| Add back non-cash pension fund credits | 6 |
| Underlying operating costs | 680 |
| Income per financial statements | 649 |
| Underlying deficit | (31) |
| Pension movements | 165 |
| Gain on investments | 37 |
| Sale of non-current investments | 7 |
| Other movements | (1) |
| Comprehensive Surplus for the year | 177 |
We generated £1.8m cash from operating activities and invested £54m to acquire premises and equipment for staff & students.
Cash and cash equivalents
| Cash and cash equivalents | (£m) |
|---|---|
| Opening cash | 36.6 |
| Operating activities | 1.8 |
| Investment (see below) | 73.4 |
| Financing | (-6.0) |
| Closing cash | 105.8 |
Investment
| Investing activities | £m |
|---|---|
| Investment in land and buildings | 33.4 |
| Investment in equipment | 20.3 |
| Capital grant receipts | (9.8) |
| Investment income | (11.7) |
| Decrease in deposits | (106.7) |
| Other investments | 1.0 |
| Total | (73.4) |
Investment in buildings
| Investment in buildings | £m |
|---|---|
| Translational Research Hub (TRH) | 5.02 |
| Heath Park West | 8.10 |
| Aberconway | 3.43 |
| 50/51 Park Place | 3.66 |
| Main Building | 3.40 |
| Residential | 3.15 |
| Investment in other buildings | 6.65 |
| Total | 33.4 |
Investment in equipment
| Investment in equipment | £m |
|---|---|
| Research/Laboratory | 7.55 |
| Computers/IT Infrastructure | 8.13 |
| Other equipment | 4.66 |
| Total | 20.33 |
We have continued to face acute economic challenges in the financial year ending 31st July 2024.
Rising costs have continued to strain the university budget and despite inflation reducing during the year, the earlier high levels have had a lasting impact.
Growth in tuition fee revenue was lower than anticipated, hindered by the international student market being impacted by new visa restrictions and continued global economic uncertainty.
Interest rates have remained high during the year which has resulted in higher investment income and the value of our investment portfolio also increased reflecting global market performances.
Where our money comes from
We received 6.0% more than last year in tuition fees and education contracts (following a decline in 2022/23), and saw further growth in investment income, donations and endowments. This was partly offset by a reduction in research income and funding body grants.
Total income
| Total income | £m |
|---|---|
| Tuition fees and education contracts | 328.3 |
| Funding body grants | 83.2 |
| Research grants and contracts | 126.5 |
| Other income | 95.2 |
| Investment income | 11.7 |
| Donations and endowments | 4.2 |
| Total income | 649.1 |
What we spend our money on
In 2023/24, (before pension credits) we spent £680m compared to £649m the previous year, the increase of £31m is largely due to increased staff costs and Premises expenditure (largely driven by utility cost inflation).
Average staff full-time equivalent (FTE) numbers increased by 1.3%, mainly in academic areas, reflecting changes to employment practices for our Post-Graduate researchers. Staff costs as a proportion of income was 59.0% which is an increase on the previous year (57.1%). Recruitment controls and a voluntary severance scheme have been introduced to 2024/25 to manage and reduce staff costs.
Operating expenses increased by £8.3m to £234.6m in the year, predominantly due to rising utility and maintenance costs. Spend has been restricted to business-critical areas where possible to ease financial pressures.
Total activity spend
