Falmouth University Finance Figures 2023-24

How your fees are spent A guide for students

2023 - 2024

We know that tuition fees represent a major investment in your future. We also know that at a time when the cost of living is a real challenge for many, value for money is important.

We’re committed to being as transparent as possible about our university finances. This document provides a clear breakdown of how Falmouth University, the Students’ Union and FX Plus manage their funds.

Did you know?

The University is a charity Falmouth University has charitable status.

This means it has no shareholders or owners expecting a return on investment, and any surplus income is re-invested back into Falmouth University, supporting students,researchers, staff and our community.

We’ve worked together to provide you with a detailed look at how our income is generated, where the money is spent and how this benefits your experience at Falmouth. Our goal is to ensure that all spending is done carefully, responsibly, and in line with our values, supporting our student community now and in the future.

By sharing this information, we hope to build trust and show you that every penny is invested in making your time at Falmouth as valuable and impactful as possible.

Jadelle Luckman SU President Falmouth Rob Holmes Executive Director of Finance, Audit and Risk

Contents 2 How do we manage our cash?

4 Where our money comes from 6 How we spend our money 8 How your tuition fee is broken down 10 What does the SU spend its money on?

12 FX Plus Financial Transparency 14 Financial support and cost of living 16 Glossary

How do we manage our cash?

The University balances the safety of your money with getting the best return we can. For the past year, we did this by banking with Barclays who hold our day-to-day cash and supplement this with deposits placed with other high street banks. At the year end, we had cash balances of £27m which were with Barclays (£2m), Barclays Green Deposit (£4m), Bank of Scotland (£1m) and Santander (£20m). In addition, we’re reviewing how we manage our finances to ensure we’re making ethical choices, with input from the Treasury Management Group, which includes the Student Union President. The aim of this group is to make sure that our money is managed safely, responsibly and in line with our values as a university. Right now, we don’t have investments and only earn interest from our banks, including some cash in Green Deposits which support sustainable projects worldwide.

£3.7m invested in our facilities

(check out page 6 for more)

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As a charity we only make a surplus to generate funds for re-investment in the organisation, and for meeting unforeseen adverse circumstances, such as large one-off unexpected costs. This reinvestment of surplus funds supports new academic development, improving the quality of buildings and facilities, and enhancing our information technology. Without surpluses we will not have the funds to make that investment. At the end of each year, the surplus is added to our reserves. The reserves are then used to fund investment that cannot be met from our normal recurrent sources of revenue.

End of year surplus of

£0.9m

Total income

£76.9m

What happens to surplus funds?

Total number of enrolled students

7,689 (on campus, online and partnership)

£0.9m

spent on bursaries and hardship funds for students

£1.9m

received by Falmouth to fund important research

5%

cost inflation (£3m)

Total income: £76.9m 2023/2024 financial year

Most of our funding - over two-thirds - comes from tuition fees paid by students. The rest is made up of funding from the government, research grants, and other sources.

During the financial year 2023/2024 income rose due to higher overall student numbers compared with the previous year whilst costs were higher through staffing costs and partnership franchise fees (increased partner student numbers).

Government funding (Office for Students)

£3.5 M

Where our money comes from

Tuition fees £65.3 M

85%

Did you know?

Tuition fees have been frozen since 2017-18. They have not risen in line with inflation, which means that it’s estimated that they’re worth less than £6,000 in real terms. Universities have had to manage their income carefully to make sure they continue to deliver a high-quality student experience while prices have risen but their income has not.

What counts as ‘other income’?

This includes £1.9m of external funding (mainly Government grants) for projects, capital grants towards buildings and equipment and the Turing Scheme grant that helps students fund study and work abroad opportunities. Income from student catering is also included here (although provided by FX Plus).

Other income £5.1 M

7%

What do research grants fund?

Research grants support our pioneering research, making our campuses a dynamic hub of learning. These grants help our academics and researchers tackle big global challenges, driving change that has an impact within Cornwall and beyond.

Research funding and grants £1.9 M

2%

Interest While we don’t have investments, a small percentage of our income is earned from interest from bank holdings, just like any regular savings account. This helps us to fund university projects and services, ultimately supporting student life and campus improvements. This has gone up compared to last year due to the higher Bank of England base rate.

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5%

Interest receivable from bank deposits £1.1 M

1%

Total expenditure: £76.6m 2023/2024 financial year

The University operates within a carefully managed budget, which has led to a year-end surplus of £0.9m. While the Higher Education sector is facing challenges, we’re proud to have kept our finances stable. When there are significant pressures on university finances, while tightening our belts, we have also continued to invest in improving the student experience, supporting academic excellence, and securing the long-term sustainability of the University.

Operating expenses

How we spend our money

(teaching materials, premises costs, bursaries)

£37.4 M

Staff costs

How we’ve invested in the student experience over the last year:

(salaries, tax and pension contributions)

Investing in facilities

£34.6 M

• Refurbished Falmouth Campus library and seminar rooms, and the creation of a new Fine Art studio.

• 316 new desktops (both Apple and Windows) purchased for student suites supporting cutting-edge gaming and media technologies.

• Specialised equipment included Nikon underwater cameras, 3D Printers, VR headsets and motion capture suits.

Investing in sustainability: • Solar PV panels installed on the AMATA building set to save 30 tonnes of carbon and an estimated £30,000 in bills each year.

• Enhancing energy efficiency through major LED lighting and electrical upgrades in Glasney Village and AMATA. Investing in student support: • Expanded access and new pathways for non-clinical needs and Sexual Violence/Domestic Abuse support.

• Secured NHS funding for Wellbeing Coaching and enhanced psychological therapies, alongside strengthened external partnerships.

• Improved communication, awareness campaigns, and leadership training to support student wellbeing.

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49%

Interest on loans £0.8 M

1%

Depreciation £3.9 M

5%

45%

Teaching and research

Tuition fee: £9,250

undergraduate degree 2023/2024 The university uses its income from tuition fees to provide the best student experience it can. They are spent in a way that we believe will best enable the delivery of world-class education, maintain operations, and support the future prospects of our students. Actual costs vary slightly by department, but the University aims to give all students an equal service for the same fee. Cross-subsidisation between each course is minimal.

(e.g. salaries of teaching and technical staff, visiting speakers, costs of workshops and materials):

£4,140

How your tuition fee is broken down

45%

Estates and facilities

(e.g. cost of maintaining campus infrastructure, such as media labs, performance facilities, studios and technical facilities):

£1,660

18%

Administration

(e.g. student registration, academic records, HR and finance operations):

£1,190

IT and AV services

Students’ Union

(e.g. digital resources and infrastructure such as campus wide Wi-Fi, virtual learning environments, enhanced cyber security and classroom equipment such as projectors and TV screens):

(e.g. clubs, societies, student representation, events and welfare support):

£70

1%

£760

Careers and employability

(e.g. recruitment, applicant services, advertising and outreach activities that support access to Higher Education):

1%

£750 Welfare

£180

(e.g. student dining and residences, including subsidies):

1%

Bursaries

(e.g. supporting students in need, e.g. with tuition or living costs):

£130 8

8%

(e.g. accessibility and disability services, mental health support, counselling and chaplaincy):

Residences and catering

£130

8%

Marketing and engagement

(e.g. access to employability coaching, Handshake platform, workshops and events):

£70

13%

1%

2%

Library and academic skills

(e.g. physical and digital resources, books, journals and study spaces):

£170

2%

Students’ Union Financial Transparency

What does the SU spend its money on?

Total expenditure: £887,237 2023/2024 financial year

As a service-based operation, the vast majority of expenditure is used for staff costs to run the many services delivered to students.

Engagement £174k

The SU’s income primarily comes from Falmouth University and the University of Exeter through a ‘block grant’ model, which allows the SU to plan long-term and provide free or low-cost services to students. This funding is managed by the Senior Leadership Team and approved by Trustees. While the SU works closely with both universities, it is an independent, student-led charity.

All of the Students’ Union’s banking activities, including deposits and transfers, are managed through The Co-operative Bank, due to its ethical approach to finance.

What is the SU doing to support students with the cost of living?

• Introduced a free food pantry on both campuses to support students with food prices • Student Project Fund available to support the set up and running of events and campaigns focusing on building student community • Gender Expression Fund to access gender-affirming items or fund travel to appointments • Free period products in toilets across campus • Organising free or low-cost events • Lobbying for increases in financial support for students You can find out more about your Students’ Union at thesu.org.uk or follow them on Instagram @thesufalexe

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32%

(e.g. payroll, insurance and professional fees for operating on a day-to-day basis.)

The SU is an educational charity that acts in the benefit of Falmouth and Exeter students, advocating for their needs and enhancing their university experience. Through initiatives like Make a Change and Student Forum, students can shape campus life, access support and get involved in social activities and career-building opportunities.

In the last financial year, the SU generated a small surplus, which will either be reinvested into the student experience or added to reserves to ensure financial stability.

Central costs £289k

(e.g. communications and Union democracy.)

Advocacy £147k Sabbaticals and governance £136k (Sabbaticals (i.e. your Presidents) are paid officers elected by students to represent the student voice.)

15%

Communities £141k (e.g. sports clubs and societies, volunteering, fundraising and events.)

16%

(e.g. advice and academic representation)

17%

20%

Falmouth Exeter Plus Financial Transparency 2023/2024 financial year

Falmouth Exeter Plus (FX Plus) is the organisation jointly owned

by Falmouth University and the University of Exeter Cornwall to provide essential services on the Falmouth and Penryn campuses.

Its structure allows Falmouth and Exeter to pool resources for a better, more efficient campus experience while keeping FX Plus accountable to both universities and their students.

Myth: “FX Plus is a profit-driven organisation”

FX Plus is a limited company with charitable status and spends any surplus cash on the students and staff of the two institutions. It is owned by both universities and is a core part of how we work, providing essential services for staff and students, such as mental health support, university accommodation, library facilities and IT.

Where does the surplus cash go?

Like Falmouth University and the Students’ Union, FX Plus also needs surpluses to invest in the future, particularly the replacement of residences.

The reality of rising costs Like many organisations, FX Plus also faces rising costs and supply chain challenges, particularly in areas such as food and accommodation.

Despite these pressures, FX Plus is dedicated to finding solutions to ensure that services remain accessible and affordable for students.

For example, offering budget-friendly meals, drinks, and entertainment, including £2 Vegan Hot Pots, a £1 Breakfast Club, pizza deals and drink discounts like BOGOF hot drinks and Happy Hour specials. Initiatives like reusable cup schemes and the Too Good To Go app support sustainability alongside affordable options.

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Residential income £13.3m

FX Plus total income: £37.6m

35%

Falmouth University £12.3m

(e.g. student rent in halls of residence)

33%

Other income £2.0m (e.g. accessibility grants such as Disabled Students’ Allowance (providing essential support and resources for students with disabilities), car park income)

5%

Campus services (wholly FX Plus) £14.6m

41%

Other campus services £2.9m (e.g. catering, retail, bar, nursery)

8%

19%

FX Plus total expenditure: £36.0m (e.g. residences, catering, retail, nursery)

Property and management services £13.4m

37%

University of Exeter £7.1m

IT and AV services £3.7m

(Darker sections show Falmouth expenditure)

Student Services £2.3m (e.g. wellbeing and accessibility services)

10% 6%

Library and academic skills £2.0m

5%

Financial support and cost of living We understand that managing the cost of living alongside being a student can be a challenge. That’s why we offer a range of financial support services to help students navigate these financial pressures and make their university experience as affordable and stress-free as possible.

Student bursaries and financial support We want our students to achieve their full potential, and we have several bursaries and awards aimed at helping you do just that.

This includes the Hardship Fund which is open to any student who is experiencing unforeseen financial challenges. You can find out more about all our bursaries and additional funding options at: falmouth.ac.uk/study/student-funding Have a question or want to talk to someone about your finances?

• Student Finance Team: They can provide advice on things like how to apply for student finance and additional funding, debt support, as well as general money management and budgeting.

Get in touch at: student.finance@falmouth.ac.uk • Students’ Union Advice Team: Their professional team of advisors offer confidential and impartial advice on a range of topics, including finance, hardship, budgeting and student funding entitlement. Get in touch at: advice@thesu.org.uk or visit thesu.org.uk/advice

Money Matters Hub

With increases in prices putting pressure on the cost of living, knowing what support is available and where to get value for money is more important than ever. Our Money Matters Hub brings together key information to help you find the latest student deals, manage your money with confidence and get the right support if you need it.

Visit student.falmouth.ac.uk/pages/money-matters or scan the QR code.

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Glossary Assets Valuable resources owned by the University, such as buildings, equipment, and cash, which are used to support its operations and long-term sustainability.

Base rate The interest rate set by the Bank of England that influences how much the University can earn on savings or pay on loans.

Block Grant A lump sum of funding allocated to the Students’ Union by the University, allowing it to manage its services and initiatives for students.

Bursaries Financial aid provided to students based on need or specific criteria, intended to support their education and living expenses without requiring repayment.

Depreciation The reduction in value of assets like buildings or equipment over time, factored into financial planning to account for wear and tear or obsolescence.

Expenditure The total costs the University incurs in running its operations, such as staff salaries, campus maintenance, and student support services.

Financial Year The 12-month period used by the University for budgeting and financial reporting. Typically runs from August 1st to July 31st in the UK higher education sector.

Grants Financial awards given to support specific projects or needs, often provided by the government or charitable organisations. These funds don’t need to be repaid.

Green Deposits Environmentally conscious savings investments where the University places some surplus funds in accounts supporting sustainable and eco-friendly projects.

Income The total money the University receives from sources like tuition fees, government funding, research grants, and other revenue streams.

Inflation A continuous rise in the price of everyday goods and services.

Over time, inflation reduces the value of money, requiring universities to manage costs carefully to maintain quality.

Interest The income earned from bank-held funds or the cost paid on borrowed money. For universities, interest from savings contributes to funding projects, while loan interest is part of operating expenses.

Office for Students The independent regulator for higher education in England. The Office for Students ensures that universities deliver quality education, support student interests, and provide value for money. It also oversees access, participation, and student outcomes.

Surplus The leftover funds after all income is used to cover the University’s expenses, which are reinvested into improving facilities, services, or reserves for unforeseen challenges.

Treasury Management The process of overseeing the University’s finances, ensuring cash flow is managed responsibly, safely, and ethically, including investments and debt repayment.

Trustees Individuals responsible for overseeing the financial and operational management of charitable organisations like the Students’ Union, ensuring funds are used effectively.

UK Research and Innovation (UKRI) A government-funded organisation that supports research and innovation across the UK. UKRI provides grants and funding to universities and researchers, helping to drive advancements in science, technology, arts, and humanities.

Falmouth University Falmouth Campus Woodlane, Falmouth, Cornwall TR11 4RH 01326 211077 Penryn Campus Treliever Road, Penryn, Cornwall TR10 9FE 01326 370400 falmouth.ac.uk @falmouthuni