The wage of the Vice Chancellor has increased from £318,000 to £325,000 while the University’s overall surplus has decreased by more than half.
A report on University finances has revealed a surplus of £20 million for the last financial year – £27m lower than last year – despite a 2 per cent increase in total income.
Overall the University’s profit has increased by approximately £15,000 since the last financial year. The report also reveals the total cost of the new library, recently named the Laidlaw Library, to be £26 million.
LS recently revealed that a £9 million donation had been made toward the library by alleged tax avoider and Tory peer Lord Laidlaw. According to the University, the £11m reduction in surplus is the start of a new “strategic investment programme.”
Campaigners have previously highlighted the University’s surplus when pushing for the living wage and fair pay, despite the University itself stating the surplus was low. Tom Follet, a Politics student and campaigner for the living wage said: “Since the number of staff who are paid less than the living wage is fairly low, the bill would be small, probably smaller than the margin of uncertainty over tuition fee income which is already factored into the University budget.” He added: “if the contractors agreed to absorb any increase themselves it could even cost the University nothing. In any case, it is a small price to pay for the dignity of fair pay.”
A spokesperson for the University said: “The benefits of these investments will be delivered largely in future years, the programme as a whole is critical to securing our targeted intake of high quality students.” They added: “£16m of the reduction is simply because last year’s reported surplus included one-off benefits resulting from the release of provisions that were no longer required.”
The report also shows a drop in the income gained from international students’ tuition fees over the last financial year, and that more staff have retired early.