The University is open and transparent about where its money comes from and how it is spent. Each year, full audited accounts are published which show how much income was received, where it came from and what it was used for. You can access the accounts for 2019/20 and for previous years here. The 2020/21 accounts will be published towards the end of 2021, once they are independently audited.
Where Does The University’s Money Come from?
The University’s total income for 2019/20 was £56.4m. The majority of this (79%) came from our students, their employers or sponsors, as payments of tuition fees.
A further 9% came from Government agencies that distribute public money to universities, including from the Office for Students and Research England. These grants have a range of purposes including providing supplementary funding for resource-intensive courses, such as those within healthcare and science areas, supporting the University’s efforts to widen participation in higher education and helping to fund research projects.
How Does The University Spend Its money?
In total, we spent £63.3m in 2019/20. This included £8.5m of technical accounting adjustments relating to staff pension schemes and the value of the University’s land and buildings. Excluding these adjustments, our total costs were £54.8m.
The difference between our income and our costs was £1.6m. This “surplus” was used to invest in buildings, equipment, IT infrastructure and facilities.
Our financial results in 2019/20 were affected by the Covid pandemic, with lower than expected income from areas such as contracts with some employers, conferencing and student accommodation, where the University chose to waive all fees for students who could not use their rooms in halls of residence. While some budgeted costs were not incurred as a consequence of the pandemic, additional investment was made in facilitating online learning and supporting students during this period, including in providing the required IT resources and systems.
The chart below shows how, overall, we used each £1 received in 2019/20.