University of Liverpool reports improved annual results
The University of Liverpool has reported better financial results for its latest fiscal year to July 31, 2023, including a £151m turnaround in its surplus levels.
Its accounts show that its total income increased by £60.2m to £675.1m, mainly due to higher tuition fees and funding body grants as it grew both its teaching and research portfolios.
The level of surplus improved by £151.5m to £10.3m. This compares with a £141.2m deficit in 2022 when results were materially impacted by an increase of 142.3m in the Universities Superannuation Scheme (USS) pension provision following implementation of the 2020 actuarial valuation.
Tuition fee income increased by £34.3m (11.1%) to £342.5m. Overall student numbers are up 4.1% compared with last year, reflecting increased demand from overseas students.
Research grants and contracts income also increased by £4.4m (3.9%) to £118m. This reflects increases in awards over recent years.
Staff costs decreased by £135.3m (28%) to £347.4m. Prior year staff costs included a large non-cash cost of £141.6m in relation to the USS pension provision.
Excluding pension movements and compensation payments, staff costs increased by £29.6m (9.1%) year on year reflecting cost of living increases along with some investment in additional posts.
Total institution reserves stood at £679.8m, up from £662.2m.
Vice-Chancellor, Prof Tim Jones, who took over the role in January, said: “I feel enormously privileged to be leading this fantastic institution and our international community of staff, students and alumni, into 2024.
“As an anchor institution in the city region, we share many characteristics with the city of Liverpool as well as many of its priorities. We are at the heart of the city region’s future ambitions, which will bring the university’s research in areas including advanced materials, digital, health and sustainability to the fore.”
He added: “Our cuttingedge expertise across a remarkable breadth of research activities has seen us jump into the top 20 of the Entrepreneurial Impact Rankings, thanks to significant progress across our growing spin-out portfolio, which includes PhenUtest Diagnostics and ReNewVax.
“In addition, we are a core partner in a new Innovate UK-funded Microbials (Microbiome, Biofilms & Phage) Accelerator which provides SMEs with a programme of support to help scale their businesses and secure funding for the commercialisation of innovative microbial technologies.”
The university employs around 7,000 staff.
