University Financial Performance 2019-20
Our accounts for the last financial year ending 31 July 2020 are now available to read online. The results are good in very difficult operating circumstances. See the key points on our financial performance:
- We report an underlying surplus of £28.8m. Remaining in surplus during the Covid-19 pandemic reflects concerted effort across all departments to reduce expenditure on key activities like planned building work and operational costs. It also reflects downturn in income streams due to Covid-19, especially in the University’s commercial activities.
- In our published accounts, you will see we show a reported surplus of £119.1m. This reflects technical accounting adjustments all universities who are members of the Universities Superannuation Scheme (USS) are required to make to reflect annual movements in the USS deficit – any change in the USS deficit can technically increase or decrease our reported surpluses significantly from year to year and this can give a misleading impression of our real performance - at £28.8m.
- Our financial year-end of 31 July 2020 has fallen relatively early in the pandemic timeline and so our financial statements do not capture the full extent of the impact on the University, which is primarily expected to affect the coming financial year. We are currently forecasting an underlying deficit of £10m before returning to surplus in subsequent years. We also anticipate that the 2020 USS valuation will have an adverse impact on next year’s published financial statements, which would further increase this £10m deficit.
- The University has developed a clear, robust strategy to navigate through this challenging period, with long-term financial sustainability and the continued delivery of our strategic goals being a key feature.
Auditors' Disclaimer on Web Based Accounts
The maintenance and integrity of the University of Warwick Finance Office website is the responsibility of the University of Warwick; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occured to the financial statements or audit report since they were initially presented on the website.
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The University's Financial Statements for the last 5 years are available for download in PDF format below.
Copies of the Statutory Accounts from the first 50 years were made available online as part of the University's 50th Anniversary and can be accessed here.
Financial information for students is available at the Finance page of the University Profile