The University reported a £12.0m deficit in 2021-22, which included £20.8m of pension accounting adjustments, therefore achieving an underlying surplus of £8.8m. The overall performance reflects a positive operational result which has included growth in tuition fees of £16.9m and an increase in residential halls and catering income of £2.4m. Operational costs increased, which supported student growth and activities such as travel and catering returning to pre-covid levels.
The cash generated from operations of £44.1m and the cash balance at the year-end of £135.0m reflects the strength of the University's financial position. These cash balances allow the University to invest in its Town House Strategy which will transform students' education through the embedding of future skills, and to invest in the infrastructure of the University.