Finances
Income Total consolidated income for the year ended 31 July 2022 totalled $931.7 million reflecting a decrease of $57.9 million or 5.8 % below the previous year. Funding from Government subventions at $485.1 million declined by $44.5 million, reflecting the decreased funding of $51.7 from the Government of Trinidad and Tobago. Tuition and Other student fees of $83.2 million declined by $4.2 million (4.8%), primarily due to the declining enrolment of students in postgraduate programmes. Changes to the Government Assistance for Tuition Fee Expenses (GATE) programme are negatively impacting the number of postgraduate applications being received. Special projects income for 2022 was $52.2 million. The $6.7 million increase over the previous year reflects increased activity as the COVID-19 pandemic subsided. Net Special Projects balances in 2022 stood at $150.2 million, an increase of $ 8.6 million over 2021. Other teaching activity captures the performance of the Faculty of Medical Sciences, the self-financing and summer/mid-year school programmes programmes at the Campus, as well as the performance of ROYTEC and SACEL. At $159.4 million, the funding for the Faculty of Medical Sciences increased by $6.3 million over the previous year as a second cohort of full fee paying students enrolled into the MBBS programme. The $12 million decline in the Self-Financing programmes and Other Teaching Activities income was mainly because of declining postgraduate enrolment. The $12 million dollar decline in the Self-Financing programmes and Other Teaching Activities
income was mainly because of declining postgraduate enrolment. Tuition and other revenue for ROYTEC at $25.7 million was 3.6% lower than the previous year. The Campus continues to wind down the operations of SACEL with the closure of the University Inn & Conference Centre. Those premises were utilised by Government as a Step-Down facility during the pandemic. Commercial Operations cover the operations of the Bookshop, Central Stores, Multi-media Production Centre, Students’ Halls of Residence and the rental of commercial spaces on campus. Revenue of $9.8 million represents a 14.4% increase over the previous year with the reopening of the Campus and Halls of residence. There should be further pick up in this activity in 2023. Of the $42.9 million of miscellaneous income, $32.4 million represents amortisation of capital grants, which is the funding received directly from external parties for specific building projects or from grant funding used to purchase particular capital items for research projects. When the relevant asset is brought into use, the asset is capitalised, and the value of the grant registered as a capital inflow on the Balance Sheet. The grant is then amortised to the income statement over the life of the asset at a rate equivalent to the depreciation charge reflecting the use of the asset. Funding from Government subventions at $485.1 million declined by $44.5 million, reflecting the decreased funding of $51.7 from the Government of Trinidad and Tobago.
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