Falmouth University Finance Figures 2020
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FALMOUTl-1 TI-IEFALMOUTH & EXETER UNIVERSITY STUDENTS' UNION ' SEE HOW YOUR STUDENT FEES ARE SPENT 0 5 0 04 03 02 1 FALMOUTH UNIVERSITY Increasing the transparency of Falmouth University’s Financial Information This joint publication is prepared by the University and The Students’ Union, so that all students, staff and key stakeholders understand how Falmouth University generates revenues and how that money is spent. The figures used throughout this document are those for the 2019/20 financial year with the Contents exception of the opening pages on Covid costs and the impact of the global pandemic on the University between March 2020 and March 2021. 2 The cost of COVID-19 It also shows how The Students’ Union spends the money it receives from 6 Outgoings in summary its students and the University and includes details of the joint venture, 8 Key facts Falmouth Exeter Plus. 10 Income The University and Students’ Union agreed that it was important to recognise 14 Expenditure the financial impact of Covid on the institution which have been significant 16 Student fees and have meant that fee income has been spent in responding to this event. 18 Academic departments Falmouth University is a Higher Education Corporation and has charitable 20 The Students’ Union Financial Transparency status. All surpluses generated are reinvested for the purposes of teaching and 24 Falmouth Exeter Plus research. The Students’ Union is a registered charity, number 1145405. 28 Financial support _ y The cost of COVID-19 As the UK headed towards lockdown in Spring 2020, the University made swift and Waiving accommodation rent signifcant measures to ensure the safety of staf and students, to mitigate the impact for those directly and indirectly afected by COVID -19 and to create the best possible We waived rent for all University- owned and managed accommodation from Study student experience in unprecedented circumstances. Block Three for a total of seven weeks. Blended and online delivery Dedicated support The University has heavily invested in technology to accelerate the development of Our Living Support Team carried out welfare outreach calls to around 470 students digital platforms and create high quality digital learning experience where students who remained in the local community during lockdown. This enabled us to can continue their studies online. To support the shift to remote delivery and the understand if students had any welfare issues, and to then provide advice, solutions production of new asynchronous digital content, the University employed the use and regular check-in calls where needed. of Digital Interns. Support for students included food packages, medicine and meal deliveries, as well In addition, signifcant investment has been made to ensure that the university’s two as signposting to resources like mental health and study support. campuses are as COVID -safe as possible and to facilitate the use of specialist and technical spaces when government guidance allows. Adapting student assessments Student assessments were revised to ensure that they could be undertaken online, removing the need for access to physical resources while increasing access and availability of online resources. Both the redesign of assessment and the adjustment of marks were undertaken in discussion with the University’s external examiners to ensure that the right balance was achieved between supporting students and maintaining academic standards. Extending the University’s Financial Hardship Fund We extended and extensively promoted the University’s Financial Hardship Fund availability to support students adversely afected by the pandemic and the move to remote learning. In total, £100,000 of funds were provided to students to help facilitate remote learning and cover the cost of tech such as laptops, smartphones and other course -specifc equipment. As part of our commitment towards access and participation, we are also working on a collaborative project to evaluate the efectiveness of the fund and how we can provide the best support to our students. 2 Online support services All of the University’s specialist support services, including Living Support, The cost of COVID-19 Wellbeing Support, ASK:Academic Skills, language classes and the Multifaith In fnancial terms, the following key investments, made in conjunction with partners Chaplaincy, successfully moved online in the spring and, as a consequence, have Falmouth Exeter Plus (FX Plus) and the University of Exeter, total just under £3 M: seen engagement with booked sessions increase signifcantly and an improvement in the service’s efciency. The pandemic has also enabled us to accelerate digital services provision and we have launched two new initiatives to support wellbeing Total investment and resilience as a result. Rent waiver for students in University Accommodation for the Summer Term 2020 £1,000,000 Students’ Union activities Rent waiver for students in University Accommodation for The Students’ Union also adjusted its activities so that engagement continued seven weeks in Spring 2020 £800,000 throughout the COVID -19 lockdown, with online activities and events, as well as an online forum event attended by more than 40 groups to approve new societies. Enhanced cleaning across campuses £300,000 Signifcant progress is now being made on developing digital solutions to support students over the next year and beyond, including a 2020 Welcome Microsite, Campus works to make COVID -Safe (signage, marquees, temporary toilets, etc) £300,000 a Virtual Welcome Fayre, improved digital democracy systems and streamlined student processes. Converting content to online (inc digital interns) £250,000 5,000 free Adobe licences for home use £200,000 Rapid Response Team Over the summer period, the University worked extensively with its delivery Digital hardship fund and temporary loan IT equipment £100,000 partner and other stakeholders to introduce a Rapid Response Team to support the TOTAL £2,950,000 implementation of a private COVID -19 testing contract and support for students self-isolating. This included information on practical help and support (including hot food and/or grocery deliveries, postal deliveries and medical supplies), a referral and signposting process to Student Support Services, and a wellbeing assessment. 4 Outgoings in summary Our charity status Falmouth University is a charity whose purpose is teaching and research. We need to cover our costs and investment needs to support students now and in the future. We plan to generate a surplus of income over expenditure to aford Buildings investment needs. and equipment 6% 3.9M Recent investments include Launchpad and the Creative Bridge (£5m), the Collaborative Link and Knowledge Vault at Penryn (£1m), the construction of shared academic and Other social spaces at Penryn (£2.2m), IT network, replacement expenses* 42% and security (£2m), plus £1 million spent each year on 26.7M equipment across all areas. Staff 45% “I highly commend the fnance transparency that Falmouth provides us with every year, because it really does give 28.9M students an understanding to how their money is spent. I feel that this year, in particular, has been an obscure year COVID 5% to say the least. Money has been the forefront of students mind, and a document that openly expresses where their 2.9M money has been used to keep students safe, and adapt to the circumstances, is very honest and admirable. If you have any comments or concerns regarding how your money is being spent, please communicate it to your student reps SU Grant 1% or straight to the Union.” 0.6M Lizzy Marshall, Falmouth President, 2020/2021 *e.g. teaching materials, premises costs, IT costs, running costs, Finance 1% bursaries, welfare etc. 0.6M 6 2019-2020 Key facts Information based on the annual return to the Student numbers Student gender Staff professions Higher Education Statistics Agency (HESA). 6,212 480 hesa.ac.uk 79% 21% 58% 41% 35% 65% 1% 4,887 - Falmouth 3,591 - Female 166 - Professional Services 1,325 - Partners 2,558 - Male 314 - Academic Departments (e.g. Academy of Contemporary 63 - Trans, non-binary, Music, Fashion Retail Academy) other or not specified Student origins (Falmouth) Staff numbers 6,212 480 86% 14% 48% 52% 5,316 - UK 233 - Male 896 - International 247 - Female 8 Our income and expenditure Where our money comes from and what it is spent on 0% OTHER INCOME Income 0.2 M % . TOTAL INCOME 1 62.3 M RESEARCH GRANTS Research projects % Income decreased through lower tuition undertaken by 7 fee receipts, primarily from on -campus academic staff courses, lower research grant income and 0.7 M GOVERNMENT redcutions in other income following the GRANTS closure of our campuses in response to the Teaching COVID -19 pandemic. and research . Where does 4.3 M Falmouth University’s money come from? % 10 INCOME FROM VENTURING Charges for services, % catering, Launchpad, etc. 82 6.3 M STUDENT FEES 50.8 M 10 Our income and expenditure Where our money comes from and what it is spent on Expenditure 48% TOTAL EXPENDITURE OTHER OPERATING 63.8 M EXPENSES E.g. teaching materials, premises costs, IT Overall costs rose during the year with costs, running costs, staff costs increasing due to pay award and bursaries, etc. pension increases together with the cost 30.4 M of summer term rent waiver for University Owned and Managed Accommodation. This was partly offset by lower expenditure on bursaries and estates running costs. What does Falmouth University spend its money on? 45% STAFF E.g. wages and salaries,