University Announce £57m Surplus
The University’s Annual Report and Accounts has been revealed in the University of Leeds has made a surplus of £57 million in the 2014-2015 financial year, an increase of £18 million compared to 2013-2014. The University’s accounts were boosted by a £15 million one off-benefit from an exceptional tax credit for research and development expenditure supplementing the £42 million operating budget. A record amount of income has also been generated through tuition fees.
In the last five years, has seen income from Funding Council grants drop from £161 million to £97 million, a decrease that has been offset by increasing income from tuition fees. At £268 million, tuition fee income now accounts for 42% of total income for the university.
Making record profits does, however, appear to be coinciding with improvements in the University’s reputation, particularly in the National Student Survey’s rankings where The University of Leeds has moved from joint 11th position to joint 3rd position within Russell Group universities, scoring 92% against an overall national average of 69%. The University has also jumped to 14th place in The Times’ Good University Guide, up from 30th three years ago.
A spokesperson for the University told The Gryphon: “Students will directly benefit from the significant investments the University is making to help deliver the ambitious targets in its strategic plan. With an underlying operating surplus of £42m, our healthy financial position provides a secure base from which to do this. This investment includes £500m to provide new and refurbished buildings, facilities and equipment that will transform campus.”
The University’s healthly financial state also appears to be coinciding with improvements in the University’s reputation. In the National Student Survey’s rankings Leeds has moved from 11th to 3rd of the Russell Group universities, scoring 92% against a national average of 69%, and 94% for libraries compared to a national average of 88%. The University has also jumped to 14th place in the Times Good University Guide, up from 30th three years ago.