The main expenditure areas for the University were within academic teaching departments (£497 million), research (£211 million), and maintaining building estates (£191 million).
The largest proportion of expenditure, totalling £624 million each year, or £52 million per month, is spent on university staff.
The University explained that expenses have increased in recent years, due to rising pay rates influenced by inflation, automatic salary increases, and higher pension expenditures.
The financial statement highlighted an £18 million support package for staff and students for the cost of living. During the 2022-2023 fiscal year, the University paid out £11 million in one-time cost-of-living payments to all its employees. Of the entire £18 million allocated for living support, payments totalling £7.4 million were given to over 40,000 students.
