One of the oldest and largest colleges of the University of London, King's has nine schools of study that educate a student population of 13,800 undergraduate students and 5,300 postgraduates. In the last research assessment exercise, twenty-four of the College's subject-areas were granted the top rating of 5* and 5 for research quality, demonstrating excellence at an international level. With an income from grants and contracts of more than £101 million (2004-05) and an annual turnover of £364 million, King's is one of the top universities for research earnings. King's is a member of the Russell Group, a union of the UK's major research-based universities.