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 from UK Research and Innovation (UKRI), and other income which includes things like accommodation and catering income, investments, and donations.
|Source of income||Income|
|Funding council grants||£36m|
|Residences, retail and catering operations||£32m|
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, including:
- the Library
- IT facilities
- student services
- teaching support
- sports and arts facilities
- bursaries and placements
- the buildings that all these services are housed in
We seek to achieve value for money (VfM) in all our activities and securing optimum VfM is embedded within our procurement and operating practices.
|What it is spent on||Expenditure|
|Residences, retail and catering operations||£37m|
|Student and staff facilities||£14m|
|General educational activities||£22m|
|USS pension provision||£32m|
|Financial statements 2018/2019|
|(Deficit) before gains and losses||(£21m)|
In the 2019/20 academic year, we made a surplus of £21m as reported in our Annual Report & Accounts. This was after a one-off benefit of £32m for a decreased USS pension provision which would have resulted in a deficit of £11m.
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.
Find out what your tuition fees pay for.