University of Sunderland's latest financial report shows strong position to press ahead with £250m investment

The University of Sunderland has published its latest financial report which shows in the last academic year (2022/23) it brought in an income of £227.2million, a £100million increase compared to 2016/17.

The strong financial performance saw the university generate an operating £8.4million surplus, down from the £11.5million surplus of 2021/22 but up on the £6.3million surplus of 2020/21 and £5million in 2019/20.

Commenting on the latest financial figures, the university's vice-chancellor, Sir David Bell, said: “Once again, we ended the last academic year in an advantageous position financially. This continues the improvements we have seen over recent years.

“At the same time, we have continued to invest in the development of our campuses, while enhancing the ways in which our students learn and are supported.

“In summary, we can look back on a highly successful 12 months, reflecting the work we have done together as a university community.”

Last year's financial performance saw the university increase its cash reserves to £56.5million compared to £51.5million in 2021/22 and £37.3million in 2020/21.

In the financial report, Sir David also vowed to press ahead with the plan to develop the university's estate with £100m to be invested over the next five years as part of a £250million investment over the next decade.

He said: "While new premises in London and revitalising the Prospect building – including creating a new ‘main’ library for the University – on the St Peter’s Campus in Sunderland are early priorities, a far-reaching development plan will be put together in the coming months."

Sir David also defended the decision to close the National Glass Centre (NGC).

He added: "While the decision was bound to be controversial, it was the right thing to do, not least when it comes to the stewardship responsibility we have to future generations. "We are making good progress in finding alternative locations for many of the facilities within the NGC but there remains a degree of uncertainty over the future of academic work in glass and ceramics. "Decisions will be made about this area of work in the coming months."

The report also highlighted the massive economic benefit that international students are having on the city. Last year saw the number of international students increase by 98% with the most recent study showing this benefited the local economy by "more than £153million".

With tuition fees accounting for 84.5% of the university's 2022/23 income, increasing international student numbers and the higher fees they pay is pivotal to the university's financial success with fees for UK students capped at £9,250 per year.

As Sir David explained: "We know that the home UK undergraduate tuition fee is not going to rise anytime soon, and by ‘anytime soon’, I think we could be talking about the next three to four years.

"Because of inflation, the current £9,250 is now worth nearer £6,000 compared to when this was set. Worse than that, unlike most other businesses, we cannot put up our prices to defray rising costs."

2022/23 saw the opening of the John Dawson Drug Discovery and Development Research Institute thanks to a £5million donation from the former University of Sunderland graduate.

Work has also commenced on the £8million transformation of Murray Library at City Campus and £1.6million has also been invested in the Reg Vardy building at St Peter’s Campus to create new esports and market research laboratories as well as a mock law court.