The University of Bath saw a record income of £222 million in the 2013/2014 academic year, thanks primarily to an increase in tuition fee income from both home/EU and international students.
The University received just over £106 million in income from tuition fees and education contracts, with research and funding grants adding around £70 million to the University’s accounts. Accommodation and catering also brought in over £22 million to the University
According to the University of Bath’s financial statement, released this week, the University is operating on a £16.9 million surplus, representing 7.6% of the University’s income.
The Vice-Chancellor Professor Dame Glynis Breakwell, the chief executive of the University, received an £11,000 pay rise, taking her salary and benefits in kind to £395,000.
Last year, the University and College Union (UCU) Bath branch, which represents over 400 of the University of Bath’s academic and academic-related staff, issued a scathing condemnation of the University’s high earners, claiming that the Vice-Chancellor is now the highest paid University head in the country in relation to size.
Meanwhile, the number of staff receiving salaries over £100,000 a year has increased from 51 in 2012/13 to 58 in the last academic year.
Reacting to the news, the Bath Students Against Fees and Cuts called for a maximum 5 to 1 pay ratio between the highest and lowest earners and a living wage for all in-house and out-sourced staff, calling the current situation “morally indefensible”.
The group claims that of the 80 hourly-paid job titles listed by the University, 28 pay less than the Living Wage.
Staff costs represented the largest expenditure for the University this year, with £93 million spent on wages and salaries. The University also used the financial statement to defend its position on changes to the University Superannuation Scheme (USS), the pension plan currently serving 1,702 active members at the University of Bath.
Universities UK (UUK), on behalf of employers such as the University, claims that the USS has faced significant deficits in recent years, putting the entire scheme’s stability at risk. The UCU, however, argues that staff risk “losing thousands in retirement”.
On Friday 16th, UCU members were due to continue an assessment boycott, but this was cancelled after negotiations on the pension plan were met.
Also mentioned in the report was the value of the University’s assets, which increased by 147% to £474.5 million on the previous year largely as a result of a revaluation to depreciated replacement cost or market value.
A University spokesperson said: “As a consequence of the large reductions in capital funding from Higher Education Funding Council for England (HEFCE) and the Research Councils from 2011 onwards, it is estimated that surpluses of at least 5% of turnover are now needed to fund the bank borrowings that have replaced this capital funding and to fund investment in the physical and intellectual development of the University. The surpluses generated in recent years have given the University confidence to commit to new buildings and facilities and to investment in staff.”