12 | LEADERSHIP
FINANCIAL HIGHLIGHTS | 13
Financial Highlights
Surplus before other gains
Staff costs
(Deficit) / surplus before other gains/ losses – excluding the actuarial movement in staff costs, the consolidated operating (deficit) / surplus before other gains/losses reduced in 2021/22 to a £2.7m deficit from a £13.3m surplus in 2020/21. Whilst income improved, non-pay costs have increased incorporating a one-off impairment charge of £10.3m and the additional costs of capital investment with higher depreciation and interest charges supporting the leases for the Vet School and the Energy Park.
Staff costs – on-going staff costs (see note 8) totalled £91.1m for 2021/22, equalling 52% of total income (£89.4m and 52% in 2020/21).
Key data from our 2021/22 Accounts
£2.7m from £13.3m
Capital expenditure
£176.8m Total income – income for the year totalled £176.8m, an increase of a£5.8m in income compared to 2020/21. This is mainly due to increased tuition fees from additional student numbers and significantly improved other income due to accommodation income benefitting from a full year on campus compared to a Covid-19 hit 2020/21. Total income of
Tuition Fee Income – tuition fee income increased by £5.7m, to £92.5m. This was primarily due to strong overseas UG recruitment, and encouragingly was supported by improvements in PG Taught fee income. £92.5m Tuition fee income
Cash Generation – the University improved its cash generation from operating activities in the year from £14.1m to £22.5m as shown in the Consolidated Statement of Cash Flows. At year end, the Group had cash and cash equivalents of £36.5m and fixed asset investments of £34.8m (2020/21: £26.1m and £39.4m respectively). The University also has access to further undrawn bank borrowing (Revolving Credit Facilities) of £14m that can be used flexibly as required to support liquidity and cash flow. An element of the fixed asset investments could also be drawn down and be available to the University at short notice if required. £36.5m Cash generation
Capital Expenditure – the University improved its cash generation from operating activities in the year from £14.1m to £22.5m as shown in the Consolidated Statement of Cash Flows. At year end, the Group had cash and cash equivalents of £36.5m and fixed asset investments of £34.8m (2020/21: £26.1m and £39.4m respectively). The University also has access to further undrawn bank borrowing (Revolving Credit Facilities) of £14m that can be used flexibly as required to support liquidity and cash flow. An element of the fixed asset investments could also be drawn down and be available to the University at short notice if required.
Further information can be found keele.ac.uk/finance/key-accounts
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