University of Northampton increases income by £17 million after introduction of £9,000 student fees

The University of Northampton, Park Campus, Boughton Green Road, Northampton. NNL-150427-173852009

The University of Northampton, Park Campus, Boughton Green Road, Northampton. NNL-150427-173852009

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The University of Northampton increased its revenue to almost £127 million last year thanks to a £12 million rise in income from student’s tuition fees.

The accounts for the university’s last financial year show income from tuition fees and education contracts went up £76.6 million in 2014 to £88.9 million.

The rise comes a year after the university increased its fees to the maximum £9,000 a year.

The university’s total revenue was up from £110 million to £126.9 million.

The accounts also reveal that staff costs increased from £53 million to £56.7 million.

However, the number of employees earning more than £100,000 has decreased from 11 to eight.

The salary of the university’s vice-chancellor, Professor Nick Petford, increased from £184,000 to £188,000. He also received a £20,000 bonus and £28,000 in pension contributions.

The university is currently building a new £330 million town centre campus that has been partly funded by a £231.5 million bond, secured against the assets of the university.

The money will be paid back over a 40-year period starting in 2024/25.

A spokesman for the university said: “In line with other Higher Education providers, the university can charge up to £9,000 tuition fees, and we took the decision to increase the level of tuition fees to £9,000 for the 2014/15 academic year. This investment has been reflected in the 2015 National Student Survey results, where the University of Northampton achieved an 86 per cent overall satisfaction rate.”

“Student experience is at the heart of what we do, which is why we continually invest in the areas that matter most to our students. Reflecting on our recent annual report, we are pleased to be in a strong financial position so we can move forward with our five-year strategic plan and strive to meet the expectations of our students, staff, stakeholders and the wider community.

“We aim to maintain our income, while managing efficiency and effectiveness, as this is core to our ability to remain competitive.”