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Financial statements

The University incurred an operational deficit of £11.2m; after charging pension charges of £9.9m and adjustments relating to costs/income due to Covid-19 of £3.9m, the underlying result was a surplus of £2.6m (1.4% of turnover). This modest surplus reflects a sustainable position for the University moving forward, which is also supported with cash generated from operations reported at £30.3m. This result was achieved in a difficult year where Covid-19 restrictions were in place and we successfully moved most of our teaching online, while ensuring that every student had access to teaching on campus. The costs associated with Covid-19 to operate safe campuses totalled £9.4m (and included providing students in our managed halls of residences with some refunds for the licences during the lockdown).

2020-21 also saw the permanent removal of London weighting from university funding along with the loss of funding for some higher cost subject areas. This resulted in a recurring loss of £2.2m per annum. In addition, costs of pensions, NI, pay awards and rising inflation has put pressure on the financial result but has been managed in year. Further cost pressures are being managed for cybersecurity and increasing compliance requirements across the estate. Pending the outcome of the Government's response to the Auger review, we cannot imagine that the undergraduate fee will increase beyond £9,250 thereby further diminishing its value over time as inflation increases. Therefore, it is important that we continue to generate a moderate surplus to remain financially sustainable. The closing cash balance of £109.2m reflects the strength of the University's financial position and enables us to invest such that we stay ahead of policy dangers and are able to continue to support our students in the future.

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Kingston University
Tel: +44 (0)20 8417 9000