OFFICE OF FINANCE
The academic year 2022/2023 marked the beginning of the execution of the 2022–2027 Strategic Plan of The University of the West Indies (The UWI). During the year, the Office of Finance and Campus Bursaries continued to provide careful stewardship of the University’s resources to improve the financial health of the University. The UWI continued to experience funding challenges throughout the academic year. This was partly due to challenges faced by some contributing governments in honouring their financial commitments to pay subventions and tuition fees to the University. We are immensely grateful to the contributing governments who provided ongoing support. Grappling with the global economic crisis, several students had outstanding liabilities for fees which remained as receivables at the end of the 2022/2023 academic year. In an effort to improve its financial position, The UWI developed innovative initiatives and strategic partnerships to aid with funding the enterprise and to support the teaching, learning and research activities. The University continued to boost its entrepreneurial thrust, expanded its offerings of online programmes, and implemented further cost containment measures to maintain its viability. AGILITY FINANCIAL HEALTH A summary of the financial performance of The UWI for the year ended July 31, 2023 is provided below. The audited financial statements for the financial year 2022/2023, showed that the operations of the University resulted in a deficit of BDS$37.2 million (2022: BDS$26.3 million, deficit), after finance costs, depreciation and post- employment pension and medical benefits expense. The government funded activities (UGC) resulted in a deficit of BDS$98.2 million (2022: BDS$74.7 million) while
OFFICE OF FINANCE
Mrs. Andrea McNish University Bursar/ Chief Financial Officer
the income generating initiatives provided a surplus of BDS$61million (2022: BDS$48.4 million). Prior to the inclusion of finance costs, depreciation and post-employment pension and medical benefits expense, the operations showed a surplus of BDS$46.4 million (2022: BDS$65.2 million). Other comprehensive income was BDS$15.5 million (2022: BDS$31.7 million), comprising currency translation gain of BDS$11.3 million (2022: BDS$1.1 million loss) and a gain of BDS$8.5 million (2022: BDS$34.7 million gain) from the actuarial re-measurement of the employee benefits liability. The key contributing factor was the increase in discount rates used to measure the liability, resulting in financial gains. The loss from changes in fair value of debt instruments amounted to BDS$4.3 million (2022: BDS$1.9 million loss). Total comprehensive income for the year, therefore, showed a loss of BDS$21.7 million (2022: BDS$5.4 million gain). Total income for 2023 was BDS$860.9 million, an increase of 2.4% over BDS$840.6 million in 2022. The
sources of income for the year were: Government Contributions 47% (2022: 47%), Tuition and Other Student Fees 14% (2022: 16%), Special Projects and Other Projects 30% (2022: 30%), Commercial Operations 5% (2022: 3%) and Other Income 4% (2022: 4%). For the year ended July 31, 2023, government contributions (net of capital grants), the most significant source of income, totalled BDS$403.9 million, an increase of 2.6% over BDS$393.6 million in 2022. Income from tuition and other student fees for UGC funded programmes totalled BDS$122.3 million in 2023, and showed a decrease of 6.2% from BDS$130.4 million in 2022. There was an overall decline by 6.7% in student enrolment in 2022/2023. Tuition fees increased by 5% at the Mona Campus and the Open Campus (now the Global Campus); and remained unchanged at all of the other campuses. Income from commercial operations showed an increase of 52.8% when compared with the results for 2022, as activities were returned to full capacity
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