COVID-19 impact on University`s finances

By Teo Coroiu

Student`s Union got hold of student fees data from the Finance team after asking the University in early January.  

The main impact on the University`s finances, in academic year 2019-2020 was the loss of £8.1m of income from Campus Services with £6.7m accounting for students, being released from their accommodation licenses as they returned home to study online.  

For the identical reasons, income from Campus Services is forecast to be down with £13.3m for 2020-2021 academic year.  

The University`s finances were stretched further by £10.4m of investments to make all three campuses COVID-19 secure and to ensure students and staff can work and learn remotely.  

The University spent £1.5m to ensure asymptomatic testing facilities on all campuses. £1.7m investment in Zoom technology to enable dual mode teaching delivery, £1.1m investment in soft facilities management and cleaning, £3.4m investment in online learning resources. 

Also, the University spent £1m in technical and infrastructure works to support business continuity and remote learning, including classroom modifications.  

As well, the University more than doubled the funds available to support students in financial hardship this year, from £188k to £430, provided additional funding to the SU to support activities for students.  

Overall, the impact of the pandemic resulted in the University having to renegotiate financial covenants with its principal leader, Lloyds Bank, and its capacity to offer further financial support, short of making staff redundant, is significantly constrained.