THE new head of Aberystwyth University has said that the institution will “need to adapt to some of the financial challenges that it currently faces” as it posts a £2.5m deficit.

In freshly released accounts for 2022/23, a £2.5m deficit was posted at the university “following high levels of inflation and interest rate rises that have affected the wider higher education sector”, a report said.

Jon Timmis, who took over the role of vice-chancellor at the university in January following the retirement of Elizabeth Treasure, said “it is clear that the higher education sector needs to adapt to the challenges every single university faces.”

“It needs to invest, while controlling costs,” he said.

“It needs to prioritise student recruitment, but in a sustainable way.

“It needs to embrace the opportunities that technology like artificial intelligence can deliver, new kinds of teaching delivery and new areas of growth, all while staying true to what makes an institution special.

“Universities need to adjust to the changing world.

“Aberystwyth University is no different.

“The financial performance of our institution shows how wider influences are impacting us, and these are influences that will continue to impact us this year, and potentially beyond.

“So we need to continue to change how we do things.

“We can do so by using the university’s many strengths in teaching and research as its foundation but also by challenging ourselves to find new areas of growth, to innovate, and to deliver for our students and wider society in a sustainable way that reflects our changing times.

“The role of this university within our town and mid-Wales more widely is incredibly important to me.

“I’m ambitious to bring about even more benefits for this community, while continuing to make an impact on a global level.

“The achievements of Aberystwyth University that are illustrated in the Annual Report show that the institution is built upon solid ground. It is rightly respected and recognised for the quality of its teaching and research, and the important role it plays both in Wales and beyond.

“The coming years will be a period of change for the higher education sector but I have every confidence that Aberystwyth’s history and successes, coupled with its desire to embrace new approaches, new areas of growth and new strands of research will safeguard its future and benefit us all.”

The new Chair of Aberystwyth University Council Meri Huws said: “It has been clear from the start that Professor Timmis knows that the higher education sector needs to evolve and can see what our institution needs to do in order to foster a culture of innovation.

“As council members, we are looking forward to capitalising on his vision for Aberystwyth University.”