Our financial information explained

Key numbers from 2015-16

Our financial information explained

Our income in 2015-16

  Tuition fees £82.4m
  Funding body grants £15.4m
  Research grants and contracts £1.2m
  Other income £6.7m
  Investment income £0.8m
  Donations and endowments £0.1m

The University derives its income from a number of sources.

Tuition fees are received either directly from students or via student loans. They make up the largest proportion of income at 77% (2014-15: 71%).

Funding body grants includes money from the government (via the Higher Education Funding Council for England (HEFCE)) for teaching, research and student support. This has reduced in recent years and now accounts for 14% (2014-15: 20%) of our income.

The University derives income from a number of other sources including consultancy, rental income and hire of facilities.

The University also generates income from its research activities and from endowments and other investments.

Our financial information explained

Our expenditure in 2015-16

  Academic departments £40.2m
  Academic services including libraries and computers £6.9m
  Administration and central services including student facilities, bursaries and scholarships, careers guidance, student services and students' union grants £34.3m
  Premises (building running costs) £20.9m
  Research grants and contracts £1.3m
  Other expenditure £10.6m

The University prioritises expenditure in our academic departments but it also has to ensure that essential central services are funded, including registry, student academic and support services, student facilities, information systems and services, finance and human resources. It must also ensure that buildings are repaired and maintained and that IT hardware and software is kept up-to-date.

Included in the cost of administration and central services are bursary and scholarship payments made to students. Our bursary and scholarship schemes are designed to encourage students from diverse backgrounds to study at the University and 1,827 students were awarded bursaries or scholarships during the year. We were able to offer bursaries and scholarships to students totalling £2m.

The University spent around £40m (2014-15: £45m) on its academic departments and a further £7m (2014-15: £7m) on academic services including libraries and student IT services.

We aim to provide a high-quality working environment for our students and staff. £7m (2014-15: £8m) of the £34m administration and central services cost was spent on staff and student facilities.

The premises cost includes repairs and maintenance of the University's campuses. It also includes depreciation of £3m, which represents the annual effect of spreading the cost of the University's buildings over their economic life. In addition to this, we spent £10m improving buildings and on new equipment and furniture.