The pdf link below provides the University of Warwick’s financial statements for the year ended 31 July 2019 which were published on 29 November 2019. Like many other universities, Warwick is reporting a technical deficit in its accounts this year because of a requirement to account for a large increase in the deficit for the USS pension scheme arising from the scheme’s 2017 valuation. There of course remains considerable debate about USS finances, and the second Joint Expert Panel was yet to report on its findings before our accounts were published. However, our accounts are required to reflect the current formal understanding of the deficit as of the 2017 valuation and the resultant level of liability.
This liability shows up as a large technical one-off accounting charge to the Income & Expenditure Account, causing many universities to post exceptionally large deficits for that year. Those deficits are not a reflection of the cash or day-to-day spending position of universities, nor do they mean that spending has been significantly higher than income. They are simply a reflection of accounting for the increase in USS pension liabilities.
Without this one-off large accounting charge the vast majority of universities would report a surplus for the year. Universities generally remain in a strong financial position, although they are facing significant increases in their pension liabilities and in the cost of funding future pension benefits. Warwick’s own financial statements report a deficit of £74.8m but if the impact of our increased USS liability is removed then there would be an underlying surplus of £59.8m. Overall it remains a good financial outcome that supports our strategy goal of achieving sustainable growth.
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