Income from tuition fees is our largest source of income, but it only makes up around half of our total income. The rest comes from grants from the Office for Students, research grants (UKRI) and other income which includes things like accommodation and catering income. investments and donations.
|Source of income||Income|
|Funding council grants||£35m|
|Residences, retail and catering operations||£40m|
We use our income to pay for high quality academic staff and provide facilities for research that has impact across the world.
Our expenditure also includes financing all the academic and student services that students use, such as the Library, IT facilities, student services, teaching support, sports and arts facilities, bursaries and placements as well as the buildings that all these services are housed in.
We seek to achieve value for money(VfM) in all its activities and securing optimum VfM is embedded within our procurement and operating practices.
|What it is spent on||Expenditure|
|Residences, retail and catering operations||£36m|
|Student and staff facilities||£14m|
|General educational activities||£21m|
|USS pension provision||£51m|
|Financial statements 2018/2019|
|(Deficit) before gains and losses||(£44.4m)|
In the 2018/19 academic year, we made a deficit of £44.4m as reported in our Annual Report & Accounts. This was after a one-off charge of £50.7m for an increased USS pension provision which would have resulted in the surplus of £6.3m.
It's important to remember that the University is a charity; it has no shareholders or owners that it has to pay money to. All the surplus is reinvested to further improve our University. We need to make a surplus so that we can pay for new buildings and for the refurbishment of the older buildings as well as to continue to invest in our academic staff and facilities to improve the experience of our students and other stakeholders.