The UWI, Mona Campus_Annual Report 2021-2022

Mona Campus FY2022 Expenditure by Type (J$’000)

Statement of Consolidated Comprehensive Income (Profit or Loss Statement)

Campus to contain costs and restore financial health within the ‘Triple A’ strategic targets.

Statement of Consolidated Financial Position for Mona

The largest contributor to the Campus’ consolidated income of J$19.9B was J$7.7B of contributions from the Governments of the West Indies. Consolidated Gross Revenue increased by J$1.2B or 6% over 2021 to J$19.9B. This was due in part to increases in government subventions, project donor income, and MSBM professional services unit fees. Consolidated (excluding exchange losses, finance charges, pension and depreciation) increased year over year by J$413M or 2.3% to J$17.7B. The increases in consolidated costs year over year (YoY) were mainly in: • Academic and professional services -J$136M or 56% increase YoY • Local and foreign travel - J$40.7M or 94% increase YoY • Non-capital furniture - J$70.9M or 85% increase YoY Operating expenses

The consolidated results mirrored the Campus’ results and were enhanced by the solid performance of its subsidiaries, most notably the Mona School of Business and Management (MSBM). The Mona Campus consolidated current assets increased year over year by J$1.1B or 13% to J$9.99B, due mainly to increases in cash and cash equivalents and investments mostly in MSBM, partially offset by a consolidated decline in accounts receivable. Consolidated Current Liabilities increased by J$781M or 3% to J$12.5B due mainly to the increase in deferred tuition income by 69% to J$1.261B offset by a decline in accounts payable of 2% to J$8.7B. Long-term assets on consolidation such as property, plant, equipment, and the Pelican lease, all declined due mainly to the annual depreciation charges and reduced capital investments in 2021.

Statement of Cash Flow – Mona Campus Cash flow management and collections remained a 2022 priority. The Mona Campus generated net cash from operations of J$1.58B, a slight decrease from 2021 levels. This positive cash flow was offset by small investments in fixed assets and the repayment of short-term loans (overdraft) and finance interest costs, resulting in an increase of J$691M in cash and cash equivalents. The results of the 2022 financial period was reflective of the hard work of the entire

T he Mona Campus again reduced annual operating expenses by J$422M or 2%, mostly through reductions in central overhead expenses and commercial operational costs, as these endeavours continued to be reduced due to the pandemic conditions. These savings created a surplus before depreciation and post-employment benefit expenses of J$1.5B. These two expenses reduced this surplus to an operational loss of J$287M in 2022, which was 79% better than the 2021 loss of J$1.3B.

Consolidated FY2022 Income by Source

Mona Campus Income Performance 2018-2022 (J$’000)

UWI Mona Annual Report 2021 - 2022 108


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