Value for Money Statement
At the University of Central Lancashire the governing body ensures that there are adequate and effective arrangements in place to provide transparency about value for money for students and for taxpayers. We are in a strong position to add value to the fees that students pay – not just for their tuition – but for their whole experience of being at a large civic university in a small, safe city, creating positive change in their lives and in their working and living environment.
We take great pride in our role as a financial anchor in the region. Our students and graduates support the sustained impact and value the University offers as a significant driver of economic, cultural and social development, offering value for money back to the taxpayer as well as to the student. As the largest employer in Preston we provide many work opportunities for our students and our local community.
The University’s Mission is “to create positive change in our students, staff, business partners and wider community”. We believe that this mission creates value for students in the following ways:
- Adding value through our innovative teaching and industry links
- Adding value through work experience opportunities and creating employability
- Adding value through student support
- Adding value through student engagement and governance
- Value for money from the learning environment and external engagement
- Travel opportunities add value to the student experience
- Adding value in the local context
The following information sets out how the University finances work, where our income comes from, what we spend our money on and shows how a typical undergraduate student fee is used.
Where does our money come from?
Two thirds of our income is from student fees (including UK, international, undergraduate and postgraduate students) and education contracts. Around 13% of our income is from funding body grants – this comes from the Office for Students and the Education & Skills Funding Agency. The remainder of our income comes from a variety of sources including research grants, investments, accommodation and business activities.
Our breakdown of income for the year in 2018/19 was £235million, which came from the following areas:
- Tuition fees and educational contracts – £160m
- Funding body grants – £32m
- Other income – £20m
- Accommodation and commercial services – £14m
- Research grants – £8m
- Investments – £1m
How do we spend our money?
All of our income is spent on the University to deliver teaching and learning, undertake research, deliver support services, and provide teaching, learning and research spaces as well as recreational space for our students.
Over the last 5 years we have increasingly invested in the things we know matter to our students, the academic experience, support services, accommodation and research which delivers real world impact. Examples of these investments are:
- Additional student support for mental health and wellbeing.
- Our new Student Centre which will be completed in 2021. The Student Centre will be the gateway of the University and will provide all key student services within a dedicated and purpose-built space to ensure our students get the best experience possible.
- Creation of the Engineering Innovation Centre. The Engineering Innovation Centre acts as a hive of innovation, creating a spirit of collaboration and knowledge transfer between University researchers, industry experts, businesses and the very best student.
Our total expenditure for the year in 2018/19 was £250million, which was spent in the following ways:
- Core specific academic expenditure – 166m
- Support services – 36m
- Premises – 25m
- Accommodation and commercial services – 12m
- Research expenditure – 8m
- Other expenditure – 4m
How is my student fee spent?
A typical undergraduate student fee (currently £9,250 per year) is spent in the following ways:
- IT and library – 6%
- Student support and campus life – 8%
- Bursaries – 3%
- Estate running costs – 11%
- Teaching – 48%
- Other support services – 24%