Are you sure about that? QMUL's
latest published financial statement gives a balance sheet at 31 July 2015 (on p.22) stating both total funds (reserves) and net assets of £332m. Surpluses (income minus expenditure) for 2014 and 2015 are stated on p.21 as £17m and £19m respectively.
I can think of organisations that are more hard up than QMUL.
Indeed, Mark, the figures are very large, but you have:
a) not quoted my next observation, viz "... - but financial arrangements with private industry can muddy the waters"
b) not looked at QMUL's expenditure
c) not looked to see how much difference those financial arrangements with private industry have made to their figures.
Universities now rely on outside sources of funding to keep them going - public funding is no longer anywhere near adequate. Some institutions are more successful in that regard than others. So I'm very grateful to whoever it was posted the link to QMUL's financial reports.
In 2014-5 QMUL made a profit of £37 million. But without the private grants and contracts that would have been a loss of £56 million. (Without overseas students the annual loss would be over £100 million, but let's not worry about the poor students.) So, indeed, QMUL would appear to be very successful in attracting private funds.
My question really concerns the pot from which the money for these appeals has come, if it is at all identifiable. The public grant is so mean that they surely couldn't justify taking the appeal costs out of that - that really was my point (it's often been said on these forums that they're wasting public money). I take UKXMRV's point that they almost certainly have something like professional indemnity or legal costs insurance, but I wonder whether any sensible insurance company would go on paying out for repeated appeals, and wouldn't QMUL find that by doing so their future insurance would become extremely expensive? These are just questions - I don't know the answers.
What I do notice in these figures is that QMUL has a sizeable reserve, so they could also have dipped into that.