The money values have been taken from the published and audited University Financial Statements but are presented in a format to provide useful information to students and stakeholders.
The University’s Results for the year 1 August 2019 to 31 July 2020
The surplus is ploughed back into the University to fund improvements.
The University received income of £70.6m in the year ended 31 July 2020. Tuition fees are by far the highest proportion of income and have now almost fully replaced Funding Body grants. The proportion of total income provided by such fees increased to 78% this year from 74% last year. Other income includes income from residences, catering, shop and class sales and is lower than last year due to the COVID-19 pandemic.
The University recorded spend of £68.7m split between: staff costs; non-staff costs for courses, student welfare and student union grant, campuses and departments; charges for improvements and investments in buildings, equipment; and interest and finance charges. 57% of the University’s spend is incurred on staffing costs, in addition to direct staff costs the University pays the government national insurance contributions, apprenticeship levy and contributes to the University’s pension funds.
The same £68.7m spend can be shown in a different format to better understand how the University manages its spend. The University regularly reviews its spend and future budget to enable it to make decisions to achieve best value for students.
In addition to annual on-going charges, the University invests in its estate by making improvements to buildings and infrastructure and purchasing new equipment, last year we also invested £6m in new student residences. In the year to 31 July 2020 this amounted to a total of £11.3m.
For more information on our finances, visit our What we Spend information.