£16.9 billion income for the HE sector
2003/04 HESA Finance Data Released
The higher education sector had a total income of £16.9 billion in the 2003/04 academic year. This compares to £15.7 billion in 2002/03. In contrast higher education institutions reported an expenditure of £16.6 billion in 2003/04 and £15.5 billion 2002/03. The surplus3 of income over expenditure increased from £218 million in 2002/03 to £241 million in 2003/04.
When analysing sources of income in more detail, grants from funding councils contributed the largest proportion of income at £6.5 billion. This marks a rise of 7.7 per cent on the £6.0 billion from funding council grants in 2002/03. Income from tuition fees and education grants & contracts saw the largest year-on-year increase at 8.9%, from £3.75 billion in 2002/03 to £4.08 billion in 2003/04.
|Sources of income 2002/03 and 2003/04|
|Funding council grants||6516597||6049216||7.7%|
|Tuition fees & education grants & contracts||4078976||3747081||8.9%|
|Research grants & contracts||2714591||2597074||4.5%|
|Endowment & investment income||236438||235945||0.2%|
Income from “other” sources rose by 8.4 per cent to £3.32 billion. Examples of income sources included in this category are: UK central government bodies, local authorities, health & hospital authorities; UK industry, commerce & public corporations; and residences and catering operations. Expenditure rose by 7.4% or £1.2 billion. This rise is fairly even across the various types of expenditure as shown by the table below, with the exception of interest payable which showed a small increase.
|Expenditure by type 2003/04 and 2002/03|
|Other operating expenses||5904120||5513683||7.1%|
The data is released in HESA’s annual CD-ROM product, HE Finance Plus 2003/04.4
Notes to editors
- Press enquiries should be directed to:
- HESA Press Officer
- 01242 211133
- [email protected]
- 95 Promenade, Cheltenham, GL50 1HZ.
- Where comparisons are made between the latest financial year 2003/04 and the previous year 2002/03, the previous year’s figures are those reported in the re-stated financial statements.
- The deficit/surplus is on continuing operations after depreciation of fixed assets at valuation and before exceptional items, tax and minority interest.
- HE Finance Plus 2003/04 is an annual CD-ROM published by HESA. It is available to the public from HESA Customer Services, telephone 01242 211155 for more information. The HESA reference volume Resources of Higher Education Institutions 2003/04, due to be published in May, also contains data on HE finances as well as detailed data on HE staff.