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 one of the largest employers in Preston, we provide many work opportunities for our students and our local community.
Summary of 2021/22
In 2021/22, the University was able to provide a much more familiar experience to students following the previous two years that were heavily affected by the global COVID-19 pandemic and associated restrictions. Despite this, COVID-19 continued to present challenges for both students and staff, which the University rose to with innovative approaches to blended learning building on significant investment in IT infrastructure, as well as enhancing the built environment through improved ventilation, signage and sanitation facilities. The University is continuing to review operating arrangements to ensure that we offer the best possible experience for students and all of our people.
University finances
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.
Pie chart showing the income breakdown in 2021/22 More than two thirds of our income is from student fees (including UK, International, undergraduate and postgraduate students) and education contracts. Around 14% of our income is from funding body grants – this comes predominantly from the Office for Students, the Education & Skills Funding Agency and from Research England. The remainder of our income comes from a variety of sources including research grants, investments, accommodation and commercial activities.
Our total income for the year 2020/21 was just under £278m and came from the following sources:
- Tuition fees and education contracts - £197m
- Funding body grants - £38m
- Other income - £19m
- Accommodation and commercial services – £13m
- Research grants - £10m
- Investments - £1m
Pie chart showing expenditure analysis in 2021/22 All of our income is spent on the University to deliver teaching and learning, undertake research, deliver support services and to provide teaching, learning and research spaces as well as recreational space for our students.
Over the last five years we have increasingly invested in the things we know matter to our students: the academic experience; support services; accommodation; and research that delivers real-world impact. Some examples of these investments are:
- Additional student support for mental health and wellbeing resulting in being ranked first in the 2020 Student Welfare League Table, in recognition of the money we've invested in our student wellbeing services, and third in the UK for the mental health support we give to our students;
- Our new Student Centre, which is a central hub for our second-to-none support services, and a gateway to the University, which provides all key student services within a dedicated and purpose-built space to ensure that our students have the best experience possible; and
- The Engineering Innovation Centre, which acts as a hive of innovation, creating a spirit of collaboration and knowledge transfer between University researchers, industry experts, businesses and students, contributing to the very best student experience.
Our total expenditure for the year 2021/22 was just over £277m, which was spent in the following ways:
- Core academic expenditure - £181m
- Premises - £40m
- Support services - £34m
- Accommodation and commercial services - £12m
- Research expenditure - £7m
- Other expenditure - £3m
Pie chart showing tuition fee spend in 2021/22 A typical undergraduate student fee (currently £9,250 per year) is spent in the following ways:
- Teaching – £5,043 (55%)
- Other support services – £1,248 (13%)
- Estate running costs – £1,098 (12%)
- Student support and campus life – £833 (9%)
- IT and library – £819 (9%)
- Bursaries - £173 (2%)
- Investment - £36 (0%)
