Cambridge University Reporter Special No 4 (2023-24) - Financial Management Information for the year ended 31 July 2023

This Financial Management Information report is intended to provide a source of information for members of the University and has been prepared to complement the University’s Financial Statements for the year ended 31 July 2023 (Reporter, 6731, 2023–24, p. 298). This report does not form part of the Financial Statements and is unaudited.

In 2022–23 the Academic University’s costs grew significantly more than its income, leading to a materially worse financial position (as best seen in Appendix 1 to the Financial Statements for the year ended 31 July 2023, Reporter, 6731, 2023–24, p. 386). The cost increases derived both from the high level of inflation and an increase in activity post Covid. Revenues were constrained as regulated tuition fees were frozen and the value of other government grants fell in real terms. Furthermore, the University has generally increased tuition income from international students materially less than other leading higher education institutions in the UK. To improve the situation all institutions within the University have been asked to develop plans to increase revenues and constrain costs.

To avoid duplication, the financial statements and investment performance information for the Cambridge University Endowment Fund (CUEF), previously included as Sections N and O of the Financial Management Information reports, are no longer reproduced in this report. The information is published as part of the CUEF Annual Review and is available from the University of Cambridge Investment Management Ltd website at https://www.ucim.co.uk/menu-pages/all-annual-reports.

This FMI report is divided into the following sections: