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
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.
|Funding council grants||8,770||14%|
|Research grants and contracts||147||0%|
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.
|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%|
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.
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.
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.