The university is committed to providing transparency and clarity on its finances and how the income we earn is used to further King’s services and ambitions.

• All comparisons with 2023/24 EXCLUDE the exceptional movement in the USS provision for future deficit contributions
• King’s income increased by £107m to £1.377 billion and expenditure increased by £64m to £1.337 billion – producing a Surplus before other Gains and Losses of £40m compared with a small loss of £3m on the same basis in 2023/24. This is the best measure of the operational financial performance.
• The Total Consolidated Income figure was £71m (this includes any changes in Endowment Fund investments, and changes in the values of land or buildings assessed by professional valuers) compared with £18m in 2023/24.
• Cash and short term deposits were £321m on 31 July 2025 compared with £323m on 31 July 2024.
• Spending on capital (long term) assets was £113m in 2024/25 compared with £101m in 2023/24.

The financial statements for the year ended on 31 July 2025 show a strong financial position, in a year when there was great uncertainty in UK higher education. Our income increased from the previous year by £107m to £1.377 billion (+8.4%) and expenditure – excluding the movement in the USS deficit provision – increased by £64m to £1.337 billion (+5%).

This leads to a Surplus before other gains or losses of £39.8m, compared with a very small deficit of £3.2m in 2023-24. It is this measure of Surplus which is the best indicator of King’s operational financial performance. The Surplus of £39.8m compares with a predicted surplus of £23.6m included in our Annual Finance Return (AFR) to the Office for Students submitted in December 2024.

The Total Comprehensive Income for 2024-25 was £70.7m, compared with £18.3m in 2023-24. This measure includes any change in the value of Endowment Fund investments and revaluations of our buildings and land.

The balance sheet shows cash and short-term cash investments at £321m (2023-24 £323m) after capitalised expenditure in year of £113m (2023-24 £101m). Even with a surplus of £39.8m, our cash balance is slightly reduced year on year, showing the need to generate a good operational surplus to sustain the cash needed for investment purposes.

Income

Tuition fees

The most important factor in the growth of £107m was an increase in tuition fee income of £81m. £67m of this was related to international student tuition fees, meaning that they now account for 30% of our total income.

We expect tuition fees to be the major engine of growth in the short to medium term, and for the proportion of income relating to international student tuition fees to continue to grow.

The last year was the first year of significant growth in tuition fee income since 2021/22.

Research income

Our research income increased by £3m to £260m (+1.4%). This includes a substantial increase of £9m (+12.5%) in funding from Research Councils (RCUK), which is now the largest funding source for research grants. Our new grants awarded during the year totalled £299m (+2% on 2023-24).

Relative income contributions from different sources:

• Tuition fees and education contracts: 52%
• Research grants and contracts: 19%
• Other: 15%
• Funding body grants: 11%
• Investment income: 2%
• Donations and endowments: 1%

Expenditure

Expenditure increased by £64m (+5%) in 2024-25. Expenditure was better controlled than the previous financial year, where expenditure rose by 8.8%.

Salary costs accounted for most of the increase in expenditure. Full time equivalent staff employed increased by 514 (+5.6% on 2023/24), including 150 full-time equivalent staff being transferred into King’s following the successful conclusion of a PFI facilities management contract. Overall salary costs grew by £60.4m (+8.1%) and other costs grew by £3.6m (+0.7%).

Distribution of expenditure:

Endowment funds

King’s Endowment Fund has been built up over our history from generous donations and benefactions. It is used in accordance with the wishes of donors to support specific initiatives or the activities of King’s in general,

At 31^st July 2025, the value of our Endowment Fund was £340.8m, an increase of £16m on 31^st July 2024.

King’s maintains and regularly reviews our ethical investment policy, which was most recently updated on 18 November 2024.

King’s invests in funds that proactively screen to avoid controversial and unethical sectors and industries – like tobacco, controversial weapons and fossil fuels. The investments are held in funds rather than direct investments in individual companies.

Past financial statements

Past expenses reports