University Financial Performance 2023-24

We’ve now shared with the University Council our annual accounts for the financial year ending 31 July 2024. They are available to read online.

The University has delivered another robust financial performance for the year, despite facing a very challenging environment. We are reporting an underlying surplus of £46.8m (£73.5m in 2022/23) – the overall reported surplus after adjusting for USS pension movements was £298.0m (surplus of £105m in 2022/23).

Here is an overview of our financial performance for 2023/24 in more detail:

• The University’s total income has grown by £20.6m to £860.0m despite the home undergraduate fee continuing to remain at £9,250. This rise in income is primarily due to additional student fee income and interest received.
• The University remains a highly popular destination for both home and international students, buoyed by continuing impressive rankings in league tables. Warwick maintained its strong position in the 2025 QS World University Rankings placing 69^th globally and among the top 10 UK institutions in the Guardian University Guide 2025. The University has also excelled in the latest Knowledge Exchange Framework (KEF) assessment, surpassing the sector average in several key areas of knowledge exchange and last year was awarded gold in the Teaching Excellence Framework (TEF), coupled with high ranking in the Research Excellence Framework. This underscores its sustained strength across key performance areas including teaching quality, research environment, international outlook, and industry collaboration and illustrates why Warwick remains so popular with students.
• Research grants and contracts income continues to grow achieving £146.5m, up from £144.1m in 2022/23, with strong performance from WMG reflecting its excellent relationships with industry partners, as demonstrated by WMG being one of the UK’s High Value Manufacturing Catapult Centres.
• Other income was £151.1m, up from £148.5m in 2022/23 building on the return to pre-pandemic levels of activity for our commercial group achieved last year. The University’s income has also benefitted from rising interest rates with investment income of £24.1m up from £14.6m in 2022/23.
• Rising prices have hit the University’s expenditure, although total expenditure was lower than planned because of slower staff recruitment and associated lags in project expenditure. Staff costs are once again distorted by the impact of changes in the USS deficit provision, with reported staff costs of £214.5m compared with £398.1m in 2022/23. On a more comparable basis, by excluding the impact of the USS pension scheme adjustment, staff costs increased from £439.0m to £471.5m. The year-on-year movement reflects annual pay rises and increments, one off payments and increasing staff numbers. Staff costs when adjusted to exclude USS movements as a percentage of expenditure remained the same as last year at a constant at 57.5% above the target of 55%. Note that the USS pension adjustment of £251m in 2023/24 (£32m in 2022/23) is a non-cash movement and does not impact the University’s day to day operations.

Our ability to deliver strong financial results is a key enabler, and the underlying surplus of £46.8m (with cash generated from operating activities of £52.3m) adds to the foundations from previous years. It is to be noted almost half of this amount was raised through interest earned. It does however support us to continue with our ambitious future capital plans that will transform the campus with the development of The Connect Programme, including new facilities for STEM and Social Sciences.

Financial Statements for the Year Ended 31st July 2024

Full archive of financial statements

This includes copies of the Statutory Accounts from the first 50 years, which were made available online as part of the University's 50th Anniversary.

Financial information for students