Financial position

These are due to a combination of factors largely outside of our control which means that our income is lower than forecast while overall costs continue to increase. We have been taking steps to reduce costs and increase income where possible, to ensure a sustainable financial future for the University.

Cost-saving measures

Our 2024/25 budget required us to save over £40m, 12% of our £330m turnover. We met this target through a series of cost-saving measures including reductions in budgets and voluntary severance schemes which enabled us to reduce staff numbers without any compulsory redundancies. During 2024, around 500 people left the University through voluntary severance – over 10% of our workforce.

We also streamlined our University Executive Board structure, with the removal of four posts,to create more integrated and efficient leadership of academic and professional services.

We have always been clear that there would be more to do to reduce costs and increase income in future years.

Our 2025/26 budget requires us to save a further £30m and we are on track to achieve this through reduced budgets and targeted change in some areas. We have committed to making no compulsory redundancies during this academic year and we continue to engage with our staff and trade union representatives throughout.

Looking ahead

It is vital that we look to increase and diversify our income through student recruitment and investment in our facilities. This is why we have recently launched a new programme of Online masters-level courses,delivered remotely and flexibly, which have recruited hundreds of new students in 2025. And, our new flagship Howard Street development opened in September, providing a modern, efficient, and environmentally sustainable addition to City Campus with outstanding facilities for students and staff. We also have plans for a London campus from 2026, where we will be the Higher Education partner in the new Brent Cross Town development, a regeneration project being financed by a private developer and Barnet Council. 

Throughout this period, we are working to ensure that we maintain the high-quality and award-winning teaching, learning and research that we are well known for.Furthermore, we remain a committed anchor institution in the city and region, seeking to improve the lives of local people through various activities that deliver significant civic impact.