The Financial Summary below provides an overview of the income and expenditure for City St George’s (formed from legacy City, University of London, and legacy St George’s, University of London) for the financial year to 31 July 2024. This captures the period immediately prior to the merger, which took effect on 1 August 2024.
Legacy St George’s financial summary
St George's 2023/24 annual report and financial statements show a total reportable surplus of £18M, made up as follows:
| Reported operating surplus 2023/24 | £M |
|---|---|
| Income | 95.9 |
| Expenditure | 97.8 |
| Reportable surplus | 18 |
The movement on the pension provision was a decrease of £19.9M, creating a surplus of £18M. An unrealised loss on investments and disposal of fixed assets of £0.1M gives an overall surplus of £17.9M.
Legacy City financial summary
City's 2023/24 annual report and financial statements show a total reportable surplus of £80.2M, made up as follows:
| Reported operating surplus 2023/24 | £M |
|---|---|
| Income | 301.07 |
| Expenditure | 221.5 |
| Reportable surplus | 80.2 |
This result was again skewed however by changes in the valuation of the University’s pension provisions (and USS in particular) which are expressed as significant, non-cash accounting adjustments.
These movements are outside of City St George’s direct control and influence and do not reflect on operational performance or cash generation.
In the case of USS – and following a shift in the scheme’s funding position from deficit to surplus – the provision has been removed in full and this accounts for the significant majority of a total £81.5m adjustment.
Excluding these non-cash adjustments, City St George’s underlying operating performance is shown to be a deficit of £1.3m, which was in line with expectation and reflects planned investment in the merger with St George’s:
| Adjusted operating deficit 2023/24 | £M |
|---|---|
| Income | 301.7 |
| Expenditure | 303.0 |
| Operating deficit | (1.3) |
In line with our longer-term financial plans, City St George’s will move back into surplus in the coming years as merger costs wind down and the growth opportunities enabled by the new, combined institution start to take effect.
Income £301.7M - Expenditure £303.0M = Operating deficit £1.3M
Where our income came from in 2023/24
- Fees and education contracts: £242.5M, 80%
- Funding body grants: £25.2M, 8%
- Research grants and contracts: £12.2M, 4%
- Other income, including donations and investment income: £21.8M, 7%
Total income: £301.7M.
How our income is spent
As a student of City St George’s, we want to share how the University invests its income to support your education.
The majority of our income comes from fees and education contracts and this, along with our other income, is used in a number of ways to deliver your educational experience. Any University surplus that is generated is invested back into the University in support of its strategic priorities, such as enhancing the student experience and improving both teaching and research facilities.
People and places
The people who work here and the estate itself are essential to keeping the University running, and these are two of the key areas where we spend our income.
We employ a fantastic team of staff to support you throughout your time at City St George's, which includes the academics who teach your classes, the administrative staff in Schools, staff in the many support and development services such as Careers and the Student Centre and those who you may not come into contact with, but are important to ensuring the University operates effectively, such as HR and Finance. Staff pay makes up a significant amount of the spend on ‘education’ which you’ll see in the graphs below.
City St George’s campuses are over 125 years old, so a significant amount of our income is spent on ‘estates’ -maintaining our buildings and developing the campus to make sure it is fit for students and staff. This includes a range of things from cleaning costs and electricity, to new building projects such as the refurbishment of the Bayes Business School buildings at Finsbury Square and Bunhill Row and the Student Gateway project which centralises all student support services within one central location.
What our income was spent on in 2023/24
- People: £180.1M, 59%
- Operating costs and depreciation: £122.9M, 41%
Total expenditure: £303.0M
How money was spent in 2023/24
- Academics in Schools: 29%
- Paying salaries for the Academic staff who teach your classes and carry out world-leading research.
- Student services in Schools: 12%
- Paying salaries for staff who help run the Schools and support you, such as Course Officers.
- School administration: 3%
- Providing the resources needed to support teaching, such as course materials and examinations.
- Research and Enterprise: 9%
- Supporting high quality research and enterprise activities through funding research projects and supporting PhD students.
- Student services: 5%
- Providing guidance and development opportunities to enhance your experience throughout your student journey. This includes support services such as the Student Centre and Mental Health, Counselling and Neurodiversity team, as well as activities from teams in Learning Support and Careers, Student Development and Outreach, such as careers fairs, volunteering, mentoring and study skills workshops.
- Library: 2%
- Providing books, journals and subscriptions to support your studies, along with the staff to help you find and access the resources you need.
- Marketing and Recruitment: 4%
- Promoting City St George's and providing information for prospective and current students and staff. This includes maintaining City St George's website, producing marketing materials and delivering Graduation, alongside recruitment activities, such as attending universities fairs and hosting open days.
- Fundraising and Alumni: 0%
- Maintaining and developing relationships with partners who donate to the University and staying in contact with our alumni to offer support and learn about their achievements.
- IT: 8%
- Ensuring we have excellent IT services to deliver teaching and research. This includes supporting the IT network, providing equipment for students and staff and ongoing investment in new IT services and products.
- Estates 16%
- Maintaining and developing City St George’s campuses to ensure they remain fit for purpose. This includes regular day-to-day costs such as heating and power, cleaning, catering and timetabling, development projects for new and renovated buildings and spaces and our sustainability work.
- University oversight and corporate governance: 3%
- Covering costs associated with operating as a University. This includes salaries for our Senior Leadership Team, Strategic Planning, Office for Students terms and conditions of registration and our share of the UCAS costs.
- HR and people management: 2%
- Recruiting and developing our excellent teams of staff who lead on key initiatives, including our Equality and Diversity agenda.
- Finance and Commercial: 4%
- Covering activities associated with our Finance and Commercial teams, as required in all large organisations, including procurement, legal services and insurance. This also includes debt servicing.
- Merger related costs: 1%
- Covering the in-year costs relating to City St George’s merger.