UK higher education institutions earned £1 billion more in 2003-04 than they did the year before, figures released this week show.
Total income stood at £16.9 billion in 2003-04 compared with £15.7 billion in 2002-03, according the Higher Education Statistics Agency.
Expenditure rose in the same period from £15.5 billion to £16.6 billion, which meant institutions saw surplus income grow by £23 million to £241 million.
Grants from funding councils, worth a total £6.5 billion, accounted for the largest slice of income, growing by 7.7 per cent. The biggest percentage increase came from tuition fees and education grants and contracts, rising by 8.9 per cent.
Funding from endowments and investments grew by just 0.2 per cent.
Meanwhile, staffing costs grew by 7.7 per cent to more than £9.7 billion.
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