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Our income and how we spend it

Universities are complex, and different sources of income fund and support various activities. 

The financial information on this page relates to the financial year that ended on 31 July 2025. We refer to this as “2024/25” in the text. 

This year, we made an operating deficit of £8 million as we experienced a reduction in income. Like many UK universities, this is due to lower international student recruitment. 

We are focused on operating as efficiently as possible, while continuing to invest in student experience, teaching and research excellence, digital capability and our campus infrastructure. 

We use this income to support a wide range of activities, including teaching and learning, cutting-edge research, knowledge exchange and community engagement. Research-based teaching and learning excellence, a high-quality student experience and successful student outcomes are at the centre of everything we do. 

Note: all percentages have been rounded to the nearest percentage point for clarity.

Breakdown of income

Decorative
 

 Income in 2024/5 totalled £999 million. 

We have several income sources:

  • £511 million from student fees and education contracts (other funding for teaching).
  • £186 million from research grants and contracts.
  • £63 million from government grants for research.
  • £30 million from government grants for teaching.
  • £73 million from residences, catering and conferences.
  • £135 million from other income streams such as our income from hospitals and health authorities, our National Institute of Health Research (NIHR) Delivery Network Coordinating Centre, capital grants from funding bodies and donations. 

Breakdown of expenditure

Decorative
 

Expenditure in 2024/25 totalled £1,007 million. This includes:

  • £813 million for teaching and supporting the student experience (this spending is broken down in the next section of this page).
  • £127 million direct research expenditure.
  • £66 million on residences, catering and conferences. These are not funded by student tuition fees. 

How do student fees contribute to the costs of running our University? 

We invest more per student than we receive in tuition fees. 

Student fees and education contracts totalling £511 million contribute to the £813 million of costs necessary to support teaching and research-based teaching.  

We want to ensure our students get the best possible education. We provide this by investing in teaching facilities and attracting teaching staff who are actively engaged in pioneering research.    

Breakdown of costs supporting teaching excellence and student experience

Decorative
 

This includes: 

  • £341 million for faculties and schools, including lecturers and other academic staff, teaching equipment and laboratories. 
  • £55 million for student support, such as counselling, disability support and financial advice. 
  • £149 million for IT, library and academic services. 
  • £57 million for scholarships and bursaries to ensure all students have an opportunity to realise their potential, regardless of background. 
  • £211 million to keep our University running, including utilities, insurance, maintenance, non-teaching staff and other general running costs.