BUSINESS REVIEW
INCOME Total University income has grown by 8.4% in the year to £246.2 million. This income growth is split between Funding Council income growth of 4.4% and growth of 10.1% in non-Funding Council incomes. Overall the University received some 30% (31% in 2009/10) of its income from the Funding Council, in 2006/07 the Funding Council constituted some 38% of University incomes. This trend of falling Funding Council revenues as a proportion of total income will continue into the future with the Government reducing its support for teaching, by 2015/16 Funding Council income is forecast to be under 20% of University revenues. NET INCOME (excluding exceptional income)
Other income (including share of joint venture)
Residences and catering 8.9%
Research grants and contracts 18.8%
8.1%
Funding Council grants 30.4%
Endowment and investment income 0.8%
Funding Council grants have remained largely static in the year with the exception of the teaching grant which rose by 5.6% due to increases in student numbers in Cornwall of 10%. The single largest business activity of the University is tuition fees and educational contracts with a total teaching income of some £81.3 million. Overall this has grown by some 9.5% from 2009/10 with particular increases of 12.2% in postgraduate income, 7.0% in undergraduate and 12.5% in international student fees. This growth is largely due to increases in student numbers of 9% and 3% with respect to international and home/EU numbers respectively. The increase in postgraduate student numbers is partially as a consequence of the University’s investment to encourage greater numbers of postgraduate research students. Research grants and contracts grew by 22.8% in the year to £46.3 million. It reflects the University’s intention to promote
International/other tuition fees 13.5%
Home/EU tuition fees 19.5%
The level and excellence of research have been actively promoted by an in-year investment of £3.6 million in the Science and Research and Knowledge Transfer Strategies. This was further enhanced in the year by a new strategy to further promote research in humanities and social sciences. The University is on target to grow its research income to £60 million annually (excluding the Funding Council’s research funding) by 31 July 2015. The University continued to invest in high calibre, research active staff in preparation for the 2014 Research Excellence Framework. Other income continued to be dominated by residences, catering and conferences, although this declined by 0.1% to £21.8 million as some historic student residences are now operated by our partner University Partnership Programme Limited, who receive the student rental income. The University continued to partner with reputable third party organisations to deliver non-core activities so allowing the University to focus its investment in educational and research activities.
excellent world-leading research and to increase the scale of research activity at the University.
6
UNIVERSITY OF EXETER:
F I N A N C I A L S TAT E M E N T S F O R T H E Y E A R E N D E D 3 1 J U LY 2 0 1 1