University reports growth as accounts published for 2023/24

The University of Reading has published its annual financial statement for 2023/24, showing resilience in a challenging higher education landscape. 

The University's total income grew to £353.7m, a 5% increase from the previous year, and signalling a strong recovery after the COVID-19 period in which income remained flat.

While operating expenditure reached £375.3m, reflecting ongoing inflationary pressures, particularly due to costs such as utilities, the University maintained control over its outgoings. Staff costs are the largest source of outgoings and careful management saw costs remaining stable at £203.2m.

Professor Robert Van de Noort, Vice-Chancellor, said: "The higher education sector faces ongoing challenges, we will continue to remain focused on delivering exceptional value for our students. 

"We are taking care to improve our organisational structure and teaching programmes, which will deliver the university experience that today's graduates and employers demand, while allowing us to operate more efficiently in the years ahead."

The University's balance sheet remains robust, with consolidated net assets of £544.7m, up from £463.2m in 2023. Investment performance was particularly strong, with the total investment asset portfolio now reaching £314m. The University's investments showed positive gains of £4.7m during the year, despite challenging global market conditions.

The University made a strategic £16m investment in Tanners Farm, acquiring land near its existing holdings south of Reading. This purchase, funded from investment assets, aims to advance future research in food and farming innovation - a key part of the University's long-term plans to be a global leader in this area of research.

The annual financial statement for 2023/24 is published in full on the University website.