Student financial information 2016-17

This information and the charts below are designed to explain the University’s financial position for the year 1 August 2016 to 31 July 2017 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 in a format to provide useful information to students and stakeholders.

The University's Results for the year 1 August 2016 to 31 July 2017

Figure 1 for 16-17 financial statement

Income

The University received income of £61.4m in the year ended 31 July 2017.   Tuition fees are by far the highest proportion of income and have now almost fully replaced Funding Council grants. The proportion of total income provided by such fees increased to 71% this year from 69% last year. Other income includes income from residences, catering, shop and class sales.

Category £'000 %
Tuition fees 43,578 71%
Funding council grants 8,770 14%
Research grants and contracts 147 0%
Other income 8,934 15%
Total 61,429 100%

Figure 2 for 16-17 financial statement

Expenditure

The University recorded spend of £61m 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. 

Category £'000 %
Staff salaries & wages 26,354 43%
Employer national Insurance and pension contributions and apprenticeship levy 8,571 14%
Course, student welfare, student union grant, campus and departmental expenses 24,985 41%
Interest and finance charges 1,117 2%
Total 61,027 100%

Figure 3 for 16-17 financial statement

The same £61m 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.

Figure 4 for 16-17 financial statement

The direct cost of running courses are shown within the Academic department section.  The University could not operate the courses without substantial support; a more detailed analysis of how the University allocates its spend is shown below.

Figure 5 for 16-17 financial statement

Investment 

In addition to annual on-going charges, the University invests in its estate by making improvements to buildings and infrastructure and purchasing new equipment. In the year to 31 July 2017 this amounted to a total of £5.7m. The modest surplus achieved this year and in previous years is used to fund this spend.

Figure 6 for 16-17 financial statement