More than 150 jobs have been lost at Aberystwyth University over the course of a two-year plan to cut costs at the institution by £11m, accounts have revealed.

The university’s annual report and accounts for 2019/20, released last month, show that the equivalent of 159 full-time employees were shed in cost-cutting measures as part of the Sustainability Implementation Plan.

As reported in the Cambrian News earlier this month, the university said that total losses reported at the institution for 2019/20, which reached £5m, will not lead to further job losses.

Vice chancellor Prof Elizabeth Treasure, writing in the annual report, said: “Over the course of two years, £11.7 million was saved on a recurring basis as we worked collaboratively to ensure that the university’s expenditure matched its income.

“All operations were examined over the term of the project, with many areas restructured to ensure appropriate staff-to-student ratios and embedding the faculty structure using a business partner model between professional services and academic units.

“This was a difficult process for some areas of our institution, with a total reduction in staff numbers by 159 FTE during this whole process.

“However, this was a hugely significant development for Aberystwyth University.

“It balanced the books, enabling us to grow from a sustainable base, and this hard work fixed the roof prior to the COVID-19 storm which hit the whole sector during the year.”

The annual report shows that the number of staff earning over £100,000 grew from five in 2018/19 to nine in 2019/20, even as the number of staff were cut.

Over the course of 2019 to 2020, the university paid out £873,000 to staff in redundancy packages as part of the restructure.

The university now employs 1,379 people, the report shows.

The accounts also show that Prof Treasure’s total pay package rose from £234,000 to £260,000.

Restructuring through the two year plan, to cut costs and jobs to match falling income had set the university on course for its first operating profit in seven years, but the coronavirus pandemic and associated costs led to the £5m operating loss.

“The university has achieved its budget in the last two years and again was on target to do so

in 2019-2020,” Prof Treasure said.

“This would have been the first year it had achieved an operating surplus since 2013-14.

“However, the Covid-19 pandemic has had a major effect on the financial outcome of the university.

“Students were refunded their third term accommodation fees; commercial services and the Arts Centre lost income.

“Given the circumstances, we also planned for further losses beyond the year, such as lost income

from summer conferences and summer courses, additional costs for introducing safety measures

across campus, as well as ensuring students were able to access educational material and to participate in learning and teaching remotely.”