Student financial information 2015-16

This information and the pie-charts below are designed to explain the University's recent history and current financial position to readers unfamiliar with formal accounts and reports.

The money values have been taken from the published and audited University Financial Statements, but are presented so as to highlight the implications of the University’s financial planning and achievement for current and prospective students and other stakeholders. Particular attention is paid to the frequently-asked question; “How is my tuition fee spent?”

Income and expenditure analyses

Figure 1 sets out the elements of the University’s income by money value and proportion. Funding Councils provide grant support for both Higher and Further Education but have been reducing it in recent years and will continue to do so, to be replaced by tuition fees. The proportion of total income provided by such fees increased from 64% in 2014/15 to 69% in 2015/16 and will continue to do so as grants are reduced further. The University’s response is to target over 60% of the income (and specifically tuition fee income) to teaching, learning and academic support (as shown by Figures 3 and 4) as an integral part of its on-going Strategic Plan.

Category £'000 %
Funding council grants 9,266 16%
Tuition fees 40,331 69%
Research grants and contracts 104 1%
Other operating income 8,418 14%
Transfer from reserves 0 0%
Interest receivable 52 0%
Total 58,171 100%

 

 


 

Figure 2 sets out the expenditure analysis by payment categories, identifying that staff-related costs absorb 56% (2014/15 53%) of the available income, a typical proportion in the staff-intensive creative sector: the increase arises entirely in the ‘Employer Contributions’ (to National Insurance and Pension funds), a situation replicated in the ‘Pension Provisions’ charges shown in Figure 3 resulting from sector-wide circumstances outside the University’s control. The detail of the “Investment” value of over £4.4 million (2014/15 £5.6million) shows the University’s preparations for major building developments commenced in 2015/16 and to be funded by medium-term loans.

Category £'000 %
Staff salaries & wages 24,754 42%
Employers' contributions 7,485 13%
Staff development 384 1%
Premises including residences 9,184 16%
Investment 4,425 8%
Learning support and IT services 3,748 6%
Academic consumable costs 3,611 6%
Student welfare including bursaries 1,534 3%
Recruitment and marketing 2,389 4%
Professional services 657 1%
Total 58,171 100%

 

 

 Investment analysis

Category £'000 %
Infrastructure 1,871 42%
IT equipment 616 14%
General equipment 436 10%
Loan repayments 1,421 32%
Loan interest 81 2%
Total 4,425 100%

 

 


 

Figure 3 shows the division of expenditure by activity. At first glance, “Running the Estate” looks high in proportion to the other costs at 16% (2014/15 18%), but this includes provision for the future replacement of equipment assets and is a further proportionate reduction since 2013/14 (20%). It should also be remembered that the University consists of four campuses spread across two counties, limiting the scope for the most efficient deployment of resource but improving the opportunity for students to access higher education through the provision of higher education in their locality, an important source of undergraduate recruitment to the University.

Category £'000 %
Academic including research 22,418 39%
Library & IT services 9,551 16%
Academic support including bursaries 6,091 11%
Residences and trading areas 5,104 9%
Running the estate 9,536 16%
Corporate services 4,247 7%
Financial services inc pension provisions 1,224 2%
Total 58,171 100%

 

 


 

Figure 4 analyses the use to which tuition fees are put, with 67% allocated directly to teaching and learning facilities (including Financial Support) in every financial year since 2013/14 and a further 9% towards investment. These proportions are expected to be maintained when the regulated fee increases to £9,250 in 2017/18.

Category £'000 %
Academic including research 12,359 36%
Library, student spupport & IT services 5,896 17%
Marketing & recruitment 3,288 9%
Financial support (bursaries) 1,795 5%
Estate management 3,210 15%
Investment including annual surplus 3,210 9%
Corporate services 3,127 9%
Residences and trading areas (net) 0 0%
Total 34,800 100%

 

 

2015/16 Budget Summary: % £'000 £'000
Operating income: . 56,780 .
Transfer from reserves: . 1,650 58,430
. . . .
Less surplus . . (982)
Total expenditure . . 57,448
. . . .
New regime tuition fee income 60% 34,800 .
Funding body grants         16% 9,164 .
Other earnings 22% 12,816 .
Transfer from reserves 3% 1,650 58,430

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