University finance person here who did the annual costing return to office for students.
Lots of costs as many people have mentioned....
Biggest cost is staff, and those unis in the TPS are really crippled with the massive pensions.
Big fancy expensive buildings with loads of non teaching space financed by loans (needing interest repayments) with far too much office space. I am not sure why academics need individual large offices or why we need professional service space which is half used under hybrid working.
Increasing costs for student support (some of which are regulatory and some to fill gaps where nhs can't)
Research / Post graduate research - all basically done at a loss and that is before academics actually include the real time they spend doing it. More research = bigger losses.
Some academics & professional services work hard, others really don't but generally there is a lack of support to tackle this.
Selling off of accomm to fund new buildings that would have generated a reasonable surplus to reinvest.
All the above subsidised by overseas students who now are being lured by other countries or by better provision in country ( eg china) or had visa changes which make us less attractive.
All the above hoping to be solved by more people in very overpaid senior management delegating work downwards to more stretched faculties & professional services....
Big sigh ....
Finance not a fun place to be!