Sheffield is formed from 50 academic departments which are organised into five faculties and an international faculty. The annual income of the institution for 2023–24 was £887.9 million, of which £185.8 million was from research grants and contracts, with an expenditure of £651.4 million.[3] Sheffield is regarded as one of the top engineering universities in Europe. As of the latest HESA statistics, it had the highest engineering research income and expenditure among all the universities in the UK for two consecutive years.[11]