Finances
The academic year 2021/2022 was the second year of full COVID-19 protocols, using remote teaching, with limited student face to face interactions for labs and some exams. As the pandemic waned, the Campus geared up for the full return of physical classes from August 2022, with significant levels of maintenance expenditure in preparation to receive students who had not been on campus for two years. Meanwhile, the Government of Trinidad & Tobago also reduced the subvention for the Campus Grants Committee-funded programmes by $51.7 million. This plus the increased maintenance resulted in a consolidated deficit for the year of $10.4 million, of which $6.7 million was directly related to campus operations. The Government also indicted that this reduced level of funding would hold for the new academic year of 2022–2023 along with student tuition fees remaining the same. This report on the Campus’s consolidated financial position and results for the fiscal year ending on 31 July 2022 covers the operation of the St Augustine Campus, UWI ROYTEC and the St Augustine Campus Enterprises Co. Ltd. (SACEL). The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) on the accrual basis as required by IFRS. These financial statements have been reviewed by our auditors PwC. On 10 October 2022, the Campus’s Audit Committee gave approval for the dissemination of these financial statements.
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