Year ended 31 July 2013
The University continues to deliver excellent results with a surplus of £22m, consistent with the level achieved last year. Income grew by £41m, costs by £38m and the contribution by the overseas campuses fell by £4m as additional costs were incurred to fund both campuses’ continued expansion. Cash generation also remained strong with year-end debt less cash improving from £11m to £7m, despite continued investment being made in the University’s campuses to further improve the student experience.
2012 saw the introduction of increased HEU undergraduate tuition fees of up to £9,000. This created considerable uncertainty across the Higher Education sector. Encouragingly the number of applications to The University of Nottingham remained robust and the targeted intake was achieved and the level of income budgeted met. The increase in the fees that institutions can charge is countered by the reduction in the grants from the government funding bodies, with the grant cuts taking effect from April and increased fees from September there is a consequential funding lag. Extra pressure is placed on University finances by the increased fees coming from the Students Loans Company being received in three tranches, October, February and May as opposed to monthly grant receipts. Despite these challenges the University still delivered a good surplus, generated significant cash and invested strongly in its students and infrastructure.
Turnover £561 million
Tuition fees and education contracts £220 million
Funding body grants £125 million
Research £112 million
Other £104 million
Surplus £22 million
Year ended 31 July 2012
The University posted a surplus of £33 million last year, the University continues to deliver excellent results with a surplus of £24 million. Whilst this is down from last year it reflects a reduction in grant funding of £9 million from what would have been expected prior to the reduction in grant funding in advance of the new fees regime.
The University continues to deliver strong financial results whilst still investing in its core activities and its students. Nottingham has maintained its status as one of the most popular universities securing the required student in-take despite the changes to the fees regime which has seen greater uncertainty in the higher education market and resulted in some Institutions failing to recruit to target. The University recognises the challenges and the opportunities faced within the sector and is confident that it has the strategies to meet the challenges and to continue to deliver excellence in teaching, research
Turnover £520 million
Tuition fees and education contracts £185 million
Funding body grants £139 million
Research £100 million
Other £96 million
Surplus £24 million
Annual Financial Statements
The University of Nottingham's accounts for the latest available year end on 31 July and are available from the Annual financial statements page on the Finance website.