ANNUAL REPORT 2021/22
Statement of Financial Position Gross assets now stand at $2,521.3 million, compared to $2509.9 million last year. Campus maintains a stable cash buffer, above the 90-day target. GATE receivables due, at $222.9 million, are at the same level as the previous year. The overall level of government receivables at $603.2 million remains high and the Campus’s ability to meet its financial obligations is inextricably linked to the receipt of advances from the relevant governments. Of note on the Campus’s Statement of Consolidated Financial Position, is the cumulated unfunded liability of $488.5 million needed to cover the future cost of post-retirement health, pension and pension supplementation for its employees.
The Campus is obligated to provide for costs associated with post-retirement health, pension and pension supplementation for its employees. The charge for the year 2021/2022 was $18.3 million compared to $23.6 million for 2020/2021. This 22.4% reduction in cost, determined by the actuaries, was influenced by a combination of factors including a higher discount rate due to movement in the yield curve. These liabilities are unfunded and not budgeted and are paid for on an as-you-go basis. In accordance with IAS 19 the cost of re-measurement of the defined benefit contributions for this year resulted in a write back of $17.8 million to ‘Other Comprehensive Income’, influenced by the same factors outlined above. This write back resulted in total comprehensive income reflecting a surplus for the year of $9.4 million, compared to $203.1 million last year.
PHOTO: ANEEL KARIM
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