The University recorded a surplus for the year of £41.5m (7% of income). Our surpluses are fully reinvested in the University and whilst this result was lower than the previous year’s surplus of £54.2m it represents a positive outcome which was above budget. This additional surplus enabled further investment to be made in the University, such as contributing £4m to the Faculty of Arts Building project, plus additional funding for other priority activities such as supporting work to enhance the quality of the University's teaching and learning provision, increased scholarships, bursaries and awards, additional welfare and mental health support and investment to further strengthen our research quality.
It remains essential for universities to generate annual surpluses to underpin sustainable growth in a highly competitive global environment. The cash generated from our surpluses provides much of our available funding for investment in buildings and infrastructure, such as the Mathematical Sciences Building and the new Sports Hub which are both currently under construction and the recently-approved plans for the new Faculty of Arts Building.
Maintaining the ability to invest in the University’s strategic objectives is dependent on consistently delivering strong financial outcomes. Our financial statements report that this required strong performance was achieved in 2016/17 and that the University is facing the future, with all its uncertainties, from a position of financial strength.