Increasing the transparency of Falmouth University’s Financial Information
This joint publication is prepared by the University and The Students’ Union, so that all students, staf and key stakeholders understand how Falmouth University generates revenues and how that money is spent. The fgures used throughout this document are those for the 2020/21 fnancial year.
It also shows how The Students’ Union spends the money it receives from its students and the University and includes details of the joint venture, Falmouth Exeter Plus.
Falmouth University is a Higher Education Corporation and has charitable status. All surpluses generated are reinvested for the purposes of teaching and research. The Students’ Union is a registered charity, number 1145405.
Keeping safe
As a community, we are learning to live with Covid. While a long-awaited return to campus allowed us to socialise and once again embrace face-to-face learning and teaching, necessary precautions to ensure the safety of staf and students have required signifcant fnancial investment.
The University continues to adapt and maintain controls to mitigate the risk posed by the spread of Covid-19, including secure building management and operating systems, enhanced cleaning procedures and sanitising stations and signage to promote robust hygiene. Further material costs have included the organisation of a dedicated testing centre on campus, a Rapid Response Team to ofer support for suspected cases, pop-up vaccination clinics and the distribution of LFD tests and face masks.
We have adapted our learning and teaching to respond to the evolving situation and to ensure a quality student experience, providing the widest possible range of academic, support and social opportunities – in-person or virtually.
Graduation plans
We are excited to be making plans for in-person summer graduation ceremonies for our alumni from 2020, 2021 and 2022. After the disruption of the pandemic, we know how much it will mean for Falmouth alumni and their guests to get together and celebrate their achievements.
Gowns, hoods and hats will be the order of the day in mid-July, when degrees will be awarded by our Chancellor, Dawn French, during special ceremonies on Penryn campus. We look forward to hosting one of the highlights of Falmouth University’s academic year.
Outgoings in summary
Buildings
£3.9M
£31.3M
Our charity status
Falmouth University is a charity whose purpose is teaching and research. We need to cover our costs and investment needs to support students now and in the future. We plan to generate a surplus of income over expenditure to aford investment needs.
Recent investments include the Collaborative Link and Knowledge Vault at Penryn (£1m), the construction of shared academic and social spaces at Penryn (£3.2m), IT network, replacement and security (£2m), plus £1 million spent each year on equipment across all areas.
“I appreciate the transparency of the Falmouth yearly fnance report. The clear explanation of the use of tuition fees shows the services and opportunities that are cultivated across the University. Explaining where students’ money is used is vital in keeping the University accountable and ensuring students remain the top priority in all decision making. With this year seeing more changes to university life and the adoption of hybrid working, it is more important than ever to connect students with the inner workings of their institution. If you have any questions or comments on this report, please feel free to contact the SU.”
Ben Statham Wilkins, SU President
2020-2021 Key facts
Information based on the annual return to the Higher Education Statistics Agency (HESA). hesa.ac.uk
Falmouth 1,364 - Partners (e.g. Fashion Retail Academy, Waterbear, CEG, Fourth Monkey)
(Falmouth)
Our income and expenditure
Where our money comes from and what it is spent on Income
£58.8 M
Income fell due to a fall in student numbers, lower research grant income and a fall in other income, primarily due to the third national Covid lockdown, which impacted rents receivable. 1%
RESEARCH GRANTS
Research projects undertaken by academic staf
£0.6 M
Where does Falmouth University’s money come from? 82% 7 % 8%
STUDENT FEES
£48.1 M
M INCOME FROM VENTURING Charges for services, catering, Launchpad, etc. £4.8 M
Our income and expenditure
Where our money comes from and what it is spent on Expenditure
EXPENDITURE
£65.8 M
Costs rose during the year with staf costs increasing through pay and pensions while other costs remained static as costs were controlled in line with the lower income.
What does Falmouth University spend its money on?
46%
OTHER OPERATING EXPENSES
E.g. teaching materials, premises costs, IT costs, running costs, bursaries, etc.
£30.0 M BUILDINGS AND EQUIPMENT
E.g. costs of construction/ acquisition, utilities, maintenance, etc. , £3.9 M
Our income and expenditure
Where our money comes from and what it is spent on
Where does the student
£3,840
TEACHING AND RESEARCH
41% Lecturers, technicians, course admin, course materials
ESTATES AND FACILITIES*
17% Building running costs – maintenance, light, heat, power fee go each year if I am a £1,540 home/EU undergraduate?
Undergraduate fees
The adjacent information is based on the standard undergraduate fee of £9,250 for the year 2020/21.
This amount is determined by the Government which sets a maximum fee that the University can charge for UK and EU students. Other fees are reviewed annually and set against the cost of delivery, demand and competitor information.
Actual costs vary by course but the University has targets such that all students get an equal service for the same fee. Cross subsidisation between courses is minimal and all Academic Departments have to be fnancially convergent over the life of the University’s 2030 Strategic Plan.
ADMINISTRATION
15% Quality Ofce, Student Records, HR, Finance and Funding, £1,390 Vice Chancellor s Strategic Support
£820
IT AND AV SERVICES*
9% IT support, including Education Technology
MARKETING
6% Applicant Services, Sales, Events and £570 Communications, Ambassadors
RESIDENCES AND CATERING
4% Including subsidies for refectories and some £380 student accommodation
LIBRARY AND ACADEMIC SKILLS*
£240 and related skills support
£190
£140
£80
£60
2% Running costs for Penryn and Falmouth libraries
WELFARE*
2% Counselling, living support, chaplaincy, etc.
BURSARIES
2% Paid in cash to eligible students
STUDENTS’ UNION
1% For full breakdown see page 18
CAREERS
1% Employability advice, placements, etc.
Note: for an International student, approximately £1,000 is spent on additional recruitment costs (included in Marketing and Bursaries) with another £1,000 spent on additional support costs such as international admissions, visas, foreign exchange, etc. Across the HE
subsidises research activity – a necessary element to keep teaching up to date. * the
Our income and expenditure
Where our money comes from and what it is spent on
Where does the student
£3,580
TEACHING AND RESEARCH
42% Lecturers, technicians, course admin, course materials
ESTATES AND FACILITIES*
17% Building running costs – maintenance, light, heat, power fee go each year if I am a £1,430 home/EU postgraduate?
Postgraduate fees
ADMINISTRATION
15% Quality Ofce, Student Records, HR, Finance and £1,300 Funding, Vice Chancellor s Strategic Support
£770
-’
The adjacent information is based on the standard full time, campus based postgraduate fee for the year of £8,500.
Actual costs vary by course but the University has targets such that all students get an equal service for the same fee.
IT AND AV SERVICES*
9% IT support, including Education Technology
MARKETING
6% Applicant Services, Sales, Events and £530 Communications, Ambassadors
RESIDENCES AND CATERING
£350 student accommodation
4% Including subsidies for refectories and some
LIBRARY AND ACADEMIC SKILLS*
3% Running costs for Penryn and Falmouth libraries and £220 related skills support
£180
WELFARE*
2% Counselling, living support, chaplaincy, etc.
STUDENTS’ UNION
1% For full breakdown see page 18 £80
£60
CAREERS
1% Employability advice, placements, etc.
Note: for an International student, approximately £1,000 is spent on additional recruitment costs (included in Marketing and Bursaries) with another £1,000 spent on additional support costs such as international admissions, visas, foreign exchange, etc.
Across the HE sector, income from International students subsidises research activity – a necessary element to keep teaching up to date.
* the majority of support services are provided by our joint venture partner, Falmouth Exeter
Our income and expenditure
Where our money comes from and what it is spent on Academic departments
These charts show how each academic department allocates its annual funding and primarily relate to the teaching and research funds shown in previous pages.
Our income and expenditure
Where our money comes from and what it is spent on
The Students’ Union Financial
Transparency The Falmouth and Exeter Students’ Union is a registered charity acting as the joint students’ union for Falmouth University and the University of Exeter in Cornwall.
INCOME
Our income and expenditure
Where our money comes from and what it is spent on
The Students’ Union
Financial Transparency
6% ADVICE SERVICE
£64,000
£5 per student
Funding two professional advice workers opening cases for student clients throughout the year.
TOTAL EXPENDITURE
£1.0M
As a service based organisation, the vast majority of The Students’ Union expenditure is used for stafng costs to run the many services delivered to students. 10% STUDENT VOICE DEPARTMENT
£95,000
£8 per student
Maintaining efective student led democracy through elections, support and representation.
£106,000
£9 per student
Employment of four full time Presidents as Trustees of The Students’ Union. 14% COMMS AND RESEARCH
£139,000
£11 per student
This is the cost of Freshers Week on campus, our digital presence, engagement and information for students.
23% STUDENT OPPORTUNITIES
£225,000
£18 per student
Supported student clubs, societies, volunteering and other student activities.
36% CENTRAL COSTS
£352,000
£29 per student
This includes all travel costs, insurances, training, depreciation, bank charges and staf to run the central support.
Our income and expenditure
Where our money comes from and what it is spent on
£31.5 M
Falmouth Exeter Plus (FX Plus) is the organisation jointly owned with the University of Exeter to provide services on the Falmouth and Penryn campuses.
FX Plus is a limited company with charitable status and spends any surplus on the students and staf of the two institutions.
Where does the money come from for Falmouth Exeter Plus?
M
Financial support
Falmouth University employs a Student Funding Team and The Students’ Union has a team of advisers who operate across both campuses and are available to provide advice and support on student money matters. The Students’ Union also holds funds to support student led activities.
Student support ranges from Student Loans from Student Finance England to Falmouth bursaries and awards.
Falmouth’s funding and bursary pages: falmouth.ac.uk/study/student-funding
Awards include:
- Materials Award
- to pay for course-related costs
- Pendennis Bursary
- Dependants’ Bursary
The Students’ Union also holds funds to support student-led activities:
- The Students’ Union Student Led Event and Project Funding
- The Students’ Union Green Fund
- The Students’ Union Sport Bursary Scheme
Hardship support: falmouth.ac.uk/study/student-funding/ hardship-fund
Further details on course costs can be found on Falmouth’s tuition fees pages: falmouth.ac.uk/tuition-fees
Other resources include:
Student Finance England: Introduction to student fnance and application portal: gov.uk/student-fnance
Search for private funding, budget planner, loan repayment and wage predictor: grants-search.turn2us.org.uk
The Students’ Union advisory service, which can be accessed by appointment, ofers independent, impartial advice: thesu.org.uk/advice
In addition, independent advice on Student Finance is available at other sources such as: moneysavingexpert.com/students
For further information please email: fnancefacts&fgures@falmouth.ac.uk
Full details on Falmouth University’s fnances can be found in the Annual Financial Statements which can be accessed at: falmouth.ac.uk/corporate/regulatory-information
The Students’ Union Finances are available at: thesu.org.uk
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