Have you ever wondered where your tuition fees are used? It is certainly interesting to look at how UCL raises and spends its money. UCL’s income mostly comes from the Academic fees that students pay every year (26%), as well as the research grants and contracts (36%). UCL’s research For 2012/13, UCL’s academic fee income was up £32m (16%) to £241m. The largest contributor was the fee income from full-time UK and EU students which increased by £17m and includes the impact of new undergraduates paying £9,000. This compensates for the loss of government grant funding for teaching. Fee income from international students was also up by 18% to £127m with the majority of this accounted for by increased numbers of students. In terms of the expenditure, not surprisingly, staff costs account for over 56% of the total expenditure. The average number of individuals paid through the payroll was 11,024, the highest number of any British university, and 377 of them are paid over £100,000, as the remuneration including distinction awards paid to clinical academic staff and payments relating to private consultancy work but excluding employers pension contributions. If you like to know more about UCL’s financials, detailed information is available on the UCL’s website https://www.ucl.ac.uk/finance/corporate/annual-report.