| | 2025
£ million | 2024
£ million |
|---|
|
Total income
|
862.1
|
849.4
|
|
Underlying Expenditure
|
(861.3)
|
(852.6)
|
|
Underlying financial performance
|
0.8
|
(3.2)
|
|
Restructuring Costs
|
(11.3)
|
(13.8)
|
|
Asset impairment
|
(74.8)
|
0.0
|
|
Adjusted (deficit) /surplus
|
(85.3)
|
(17.0)
|
Reasons for Adjusted deficit
Restructuring costs
In year, we have been through a reorganisation to improve efficiency, primarily in non-academic teams, as part of our Future Nottingham strategy. This resulted in a voluntary redundancy programme that concluded in the 2024/25 financial year. This will help to reduce our ongoing pay bill in the future but has meant upfront costs.
Asset impairment
The university is working to reduce the size of our estate, helping us to improve the condition and quality of our campus for our students and staff. We work across multiple campuses and have one of the largest estates in the sector. As part of the plan to reduce the size of our estate, the university sought updated valuations on assets that we are looking to sell, namely King’s Meadow Campus and Castle Meadow Campus.
The surveyor valuations showed that the values on our balance sheet were higher than they should be and we chose to make the adjustment in year to reflect updated valuations. This is an accounting impairment, meaning a paper adjustment rather than money physically leaving the organisation.
Previous reviews and financial statements
Contact the Finance team if you require copies of the university's financial statements from before 2016.
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