Financial information

Financial report and key financial statistics for 2023/24

The 2023–24 financial year has been an extraordinary year. The continuing frozen UK undergraduate tuition fees coupled with impact of rising inflation on energy, food costs and consumables, and on household budgets, presented significant challenges. Working with our Students' Union, we continued several measures which were implemented in the previous year to help mitigate the costs of living for our students and staff.

For the University’s financial sustainability, we took steps to make some £16m savings during the year, with minimal impact on our academic and services endeavours by discrete pay cost management measures, reducing some non-pay costs and pausing a number of our capital projects.

On final analysis, strong student recruitment numbers, high interest rate environment leading to lower pension charges and higher interest income, and good cost control have enabled the University to deliver a better-than-budgeted outcome with an operating surplus for the year of £7.3m (2023: £4.0m)

You can view the full annual report and financial statement as a PDF. For information about how to alter your view of the document see Adjusting PDF views.

Annual Report and Financial Statement (PDF)

What we spent our money on during 2023/24

The following pie chart highlights the University's financial expenditure per pound of income for the year. You can also view in text format.

Income by type 2023/24 (£m)

Total income for 2023/24 was £383.5m. The following pie chart indicates the University's income by type during 2023/24 (see income by type in text format).

Expenditure by type 2023/24 (£m)

Total expenditure for 2023/24 was £379.0m. The following pie chart indicates the University's expenditure by type during 2023/24 (see expenditure by type in text format).

Income and expenditure overview (text format)

What we spent our money on during 2023/24

• Academic and student experience – 56p in the pound
• Research grants and contacts – 2p in the pound
• Administration and central services – 17p in the pound
• Premises – 15p in the pound
• Residencies and catering – 6p in the pound
• Other income generating activities – 2p in the pound
• For investments in our future – 2p in the pound

Income by type 2023/24

• Tuition fees and education contracts – £287.8m
• Funding body grants – £30.5m
• Research grants and contracts – £14.2m
• Other income – £61.1m
• Investment income – £9.9m

Expenditure by type 2023/24

• Staff costs – £216.0m
• Other operating expenses – £145.5m
• Depreciation – £31.6m
• Interest and other finance costs – £2.8m

Financial reports and statements for previous years

• Report and Financial Statements year ended 31 July 2023 (PDF) 
• Report and Financial Statements year ended 31 July 2022 (PDF)
• Report and Financial Statements year ended 31 July 2021 (PDF)
• Report and Financial Statements year ended 31 July 2020 (PDF)
• Report and Financial Statements year ended 31 July 2019 (PDF)
• Report and Financial Statements year ended 31 July 2018 (PDF)
• Report and Financial Statements year ended 31 July 2017 (PDF)