King’s will maintain a sustainable financial foundation so that we can continue to be bold in our ambitions for education, research and our wider contribution to society. Strong financial stewardship gives us the confidence to invest in our people, our academic priorities and the physical and digital infrastructure that supports them. It is what enables us to plan for the long term, innovate and take opportunities when they arise.

Over the past 15 years, King’s has grown rapidly, supported by strong demand from students in the UK and around the world. In the years ahead, growth will be steadier as we consolidate our investments and ensure that quality and the student experience remain paramount. By the end of the decade, our on-campus student population is expected to reach around 40,000 full-time equivalent students. Beyond this point, we do not anticipate significant expansion of physical capacity, though we will remain open to opportunities that strengthen our mission.

To deliver our future ambitions, King’s must generate consistent operating surpluses. These surpluses are not an end in themselves; they are what allow us to invest in new academic initiatives, strengthen our areas of excellence, improve our campuses and enhance the experience of students and staff. They give us the ability to act with purpose and adapt to change with confidence.

Achieving this will require us to improve how we use our resources – making better use of space, simplifying processes and embracing digital transformation where it enhances quality and efficiency. Every decision will be guided by the principle that our resources should directly support high-quality education, research and service to society.

King’s enters this next phase from a position of strength, with solid cash reserves and a track record of responsible growth. Our approach will balance caution with ambition, protecting our financial resilience while enabling King’s to continue making a meaningful contribution to society.

1. Secure long-term investment capacity

By delivering a consistent real-terms surplus of at least 4% annually from 2027/28, enabling King’s to invest confidently in its strategic ambitions.

2. Grow in a balanced and sustainable way

Reaching an on-campus taught student population of around 40,000 FTE by 2030 while maintaining entry standards and enhancing the student experience.

3. Improve efficiency across King’s

Reduce non-academic cost by 3 percentage points as a proportion of income by 2027/28, freeing resources for academic and student priorities.

4. Maintain financial resilience and agility

Generating sufficient cash from operations to invest in our academic mission, our people and our infrastructure, while maintaining the cash reserves needed to manage risk and invest with confidence.