Example value for money statement

Like most universities that receive public funding, University A is a charity, and raises income from a wide range of sources. This income is spent on day-to-day running costs, providing teaching and other student services, undertaking research and enterprise activities and engaging with businesses and local communities. Any surplus income is reinvested back into improving facilities.

Fees from UK and EU students: These fees are currently capped at £9,250 a year, and students can take out a loan to cover this cost. Fee loans are only repaid when a graduate is earning above a certain amount, currently £25,725 . The actual amount a student will pay for their course will therefore depend on how much they earn after graduating.

Government teaching grants: Some subjects cost more to deliver than the fees that UK and EU students pay. For these courses the government provides income to fill some, but not all, of this funding gap. Universities receive around £1,500 from the government for courses that involve laboratory and studio work, and up to £10,000 for medicine and dentistry courses.

Fees from international students: Unlike home and EU students, universities receive no government support for international students. The fees for these students are unregulated and are often higher than those to UK and EU students.

Other sources of income: These include government grants for research, and new teaching and research facilities. Our research also generates some income from EU governments, charities, industry and public corporations. Finally, we receive income from investments, charitable donations and business activities.

University A’s main expenditure is on teaching and research, but it also spends money on a range of other areas that benefit students.

• As well as maintaining existing facilities we have recently carried out a range of upgrades to the campus (for example we refurbished the university library, so students now have 24-hour access).
  
  
• Investment in our research facilities has also benefitted students – we recently spent £15 million upgrading our medical school, which, as well as enabling cutting-edge research, means that those studying healthcare disciplines can access a clinical skills centre and a high-tech medical simulation centre.
  
  
• Our spending can also benefit students’ future employment – our new enterprise centre will enable students to develop workplace skills, and take advantage of placements, internships and networking opportunities.
  
  
• Our spending on outreach was at its highest level in 2017–18, enabling us to hold 25 access events at schools across the country, reaching over 400 students.
  

Further information on University A income and spending can be found in our financial statements.