INTEGRATED REPORT 2025 Financial Statements for the year ended 31 July 2025
BECOME UNSTOPPABLE
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WELCOME
CONTENTS
Welcome to our 2024–25 Integrated Report.
03 Message from Nic Beech
Established in 1896, the University of Salford began as The Royal Technical Institute. We are deeply rooted within Salford, which is one of the world’s first industrial cities.
04 Strategy
Today we pride ourselves on our unbeatable links to industry, our state-of-the-art facilities and our award-winning academics. Our students and staff have now helped to build a campus which is a warm and welcoming place in which to live and study. Our portfolio of expertise and teaching covers arts, media, creative technologies, business, health, society, science, engineering and the environment.
06 Impact 10 Performance 11 Risk 14 Aspiration - Enable our students and colleagues to flourish and contribute to society 20 Aspiration - Develop new knowledge and advanced technology and practice
Our School of Health and Society is the biggest School in our University with over 8,000 students. We are one of the largest providers of nursing and midwifery training in the region, and we play a vital role in providing a talent pipeline for future NHS workers as well as wider health related professionals.
26 Aspiration - Be recognised as an outstanding partner
Our close links to industry and to major employers help us provide our students and graduates with the necessary skills, experience and confidence to go on to fulfilling careers.
40 Governance
Our academic teams are complemented by our professional services colleagues, who provide the expertise which keep our activities running. We work in partnership with the Students’ Union who represent over 26,000 students studying with us. Collaboration with the Students’ Union is vital to help us to remain focused on improving the student experience in every aspect of our work.
32 Thank you 34 Financial Performance 52 Independent auditor’s report 56 Statement of comprehensive income and expenditure 58 Statements of changes in reserves 60 Statements of financial position 61 Statement of cash flows 62 Accounting policies 68 Critical accounting estimates and judgements 70 Notes to the accounts
MESSAGE FROM NIC BEECH OUR VICE-CHANCELLOR
Launched at the end of last year, our strategy, Innovating to Enrich Lives, is driven by a clear purpose: to have a profound and positive impact on individuals and communities in Salford as well as nationally and globally. At its core, this strategy is underpinned by a commitment to social justice. We see ourselves as a connected community, bringing together students, researchers, businesses, policymakers, charities, and youth groups to create collaborative advantage. Our approach is inclusive by design, embracing diversity of thought and experience to drive excellence. We place enquiry, learning, and action at the heart of all we do, ensuring our work has real-world impact. Our commitment to teaching, research and knowledge exchange ensures we deliver public value, and unlocks the innovative results on which we pride ourselves. You’ll see more about what this looks like in practice as you move through this report. This year, the University Leadership Team has evolved with three strong appointments. In December, Professor Simon Green joined the team from Aston University, Birmingham, as our Pro Vice-Chancellor Research and Enterprise. He brings over 10 years of executive leadership experience.
Our approach is inclusive by design, embracing diversity of thought and experience to drive excellence.
December also saw the arrival of Professor Katy Mason as Dean of our Business School. She was formerly Professor of Markets and Management at Lancaster University Management School, where she was Associate Dean for Research from 2020-2023. Katy is at the heart of our plans to launch a groundbreaking Social Innovation Institute which will showcase collaborative social science driven research with the explicit aim of enriching lives in ways that are good for people and the planet. Professor Carol Evans, our new Pro Vice-Chancellor Education and Student Experience, joined us in June. She was previously at the Office for Students (OfS), where she held a prominent leadership position in Quality, Compliance and Student Protection, focussing on improving the quality of higher education and ensuring that the most rigorous standards were applied across the sector. Alongside Deputy Vice-Chancellor and Provost Simone Buitendijk she is further developing our university-wide, evidence-based educational model in which students are active participants in their learning. By building on our foundations of collaboration, innovation, and creativity, we are evolving our model for how universities can support their regions - breaking down barriers and enabling individuals from all backgrounds to realise their full potential. 3
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STRATEGY INNOVATING TO ENRICH LIVES: OUR STRATEGY FOR 2025–2030 The University of Salford’s strategy for 2025-2030 is built around a clear and compelling purpose: Innovating to Enrich Lives. This reflects our long-standing commitment to social justice and our belief in the transformative power of education, research, and civic engagement. It sets out how we will work together to create a more sustainable, equitable, healthy, creative, and prosperous society. This approach includes a renewed focus on social mobility and sustainability, now embedded as core Key Performance Indicators (KPIs, page 10), reflecting the institution’s evolving priorities. At the heart of our strategy are three core aspirations that guide our work and structure this report:
ENABLE OUR STUDENTS AND COLLEAGUES TO FLOURISH AND CONTRIBUTE TO SOCIETY We are committed to delivering life-enhancing education that is inclusive by design and accessible to all who can benefit. Our educational model empowers students to succeed professionally, engage globally, and make meaningful contributions to their communities. Simultaneously we aim to create a staff environment which is empowering for all, where everyone has a voice.
DEVELOP NEW KNOWLEDGE AND ADVANCED TECHNOLOGIES AND PRACTICES Our research teams aim to address the most pressing challenges of our time—from climate resilience and public health to digital transformation and social inclusion. We work across disciplines and sectors to generate knowledge that drives progress and improves lives. Our ambition is to shape a world where people and economies thrive, communities flourish, and sustainability is a shared goal.
BE RECOGNISED AS AN OUTSTANDING PARTNER Collaboration is central to our approach. We work with local authorities, the NHS, businesses, cultural organisations, and charities to co-create solutions and deliver impact. By building collaborative advantage, we accelerate innovation and development, locally, nationally, and globally. Our partnerships are a testament to our role as a trusted and valued contributor across sectors.
LOOKING AHEAD Social justice is not just one aspiration among others—it is the thread that runs through everything we do. It informs our purpose, shapes our partnerships, and drives our commitment to inclusion and equity. Whether through supporting marginalised communities, promoting environmental sustainability, or improving health outcomes, we strive to be a university that makes a real and lasting difference.
OUR STRATEGY OUR PURPOSE
HOW WE WORK
OUR ASPIRATION
Our purpose is to enrich lives:
Collaborative, inclusive, purposeful culture:
/ Innovating towards a more sustainable, equitable, healthy, creative and prosperous society
/ Developing as a connected community to create collaborative advantage
Outstanding quality and world-changing outcomes:
/ Working for social justice
/ Being inclusive by design, where every student and colleague member know they matter / Setting enquiry, learning and action at the heart of all we do
/ Enable our students and
colleagues to flourish & contribute to society / Develop new knowledge and advanced technologies and practices / Be recognised as an outstanding partner
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OUR IMPACT At Salford our impact is broad, reflected in our students who graduate in large numbers every year into public-service and future-facing jobs; our staff, many of whom are employed from the region, and our alumni, who continue to shape us from across the globe. That impact is also at times deeply personal – something which cannot always be reflected in numbers.
OUTGOING STUDENTS’ UNION PRESIDENT ALVINA IMRAN SHARES HER JOURNEY My journey to Salford was far from ordinary. I came to the UK in 2013, seeking a better future and hoping to create a life with my family alongside my dad, who was already residing here. Growing up in Pakistan, I was a shy child and had little confidence. Family members were negative and as a child this took a significant toll on me. But despite this I excelled in my studies and academic success became the cornerstone of my identity, I started to feel proud that I was carving my own path and education became a safe haven for me. Moving to the UK and starting secondary school brought new challenges. I worked to prove myself week after week and was eventually moved to the highest set. I was so happy to end up achieving A’s and B’s in my GCSEs. The most important lesson I learnt was that through hard work and dedication I had successfully challenged assumptions, changed people’s perceptions of me and ultimately earnt their respect. College brought more challenges, our family faced immigration issues . I often stood in the first-tier tribunal and the Supreme Court thinking to myself “what does my future actually look like? I turned to charities for help and volunteered with organisations like the British Red Cross, British Heart Foundation, Revive, and others. These experiences gave me hope and shaped my character, teaching me resilience and compassion. and a determination to make the most of the opportunities I had.
In 2021, a turning point came when I applied for the Article 26 Scholarship at the University of Salford – a scholarship for students who face barriers to higher education due to their immigration status. The process required me to share deeply personal details about my journey, and I worried about whether my story was compelling enough or if I deserved this opportunity. When I received the call confirming I’d been awarded the scholarship, it was a moment of overwhelming relief, joy, and gratitude. That moment marked the beginning of my three years at the University of Salford, so far. During my time I embraced every opportunity—joining societies, engaging with the community, and building lifelong friendships. Alongside my degree in Biomedicine, I was proud to be elected President of Salford Students’ Union. In 2024 I had the opportunity to speak at the winter graduation and the core of the message that I passed on to my fellow alumni was this:
26,107
Full-time equivalent students
2,843
Full-time equivalent colleagues
No matter what challenges you face, use those experiences as fuel to rise above. Seize every opportunity, embrace every challenge, and trust in your ability to overcome. If I can stand here today, after all I’ve been through, so can you.
226,000+ Alumni
Life is a continuous journey of growth never stop challenging yourself to expand your knowledge and skills. Your relationships, both personal and professional, will play a crucial role in your journey. Nurture them, support others, and don’t be afraid to lean on your network when you need help. My family gave me strength during the toughest times, my friends reminded me to keep going when the path seemed impossible, and my peers and academic mentors at the University of Salford believed in me when I doubted myself. This journey isn’t one you take alone. It’s a shared effort, a testament to the power of connection and community.
4,542
International students
77%
of students from groups otherwise under-represented in HE
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SOME HIGHLIGHTS FROM 2024-2025 We aspire to enrich the lives of our students, staff and stakeholders whilst contributing to society through innovation and partnership. The following stories highlight just a few of the amazing ways in which we are achieving this, across research, education and through engagement with our community.
RECORD BREAKING YEAR FOR PHILANTHROPY
STUDENT MAKES DOC FOR VIRGIN RADIO
In a record-breaking year, we are proud to have received over £4.6 million in philanthropic funds and new pledges from our donors, volunteers and friends.
BA Television and Radio Production graduate Issy Brand interviewed current and past members of the rock band Kaiser Chiefs for her final project, which aired on Virgin Radio on Sunday 25 May.
These vital funds will be used to change the lives of our students, colleagues and community, through research, student support and access and civic and community programmes. University alumni support us generously through funding. They also give their time, skills, access to their networks and they volunteer to support current students. In addition, they take part in guest lectures, advise on the curriculum and make invaluable industry connections.
The documentary ‘A Record of Employment: The Kaiser Chiefs Story’ is a celebration of twenty years since Kaiser Chiefs released their multi-platinum award-winning album Employment, with key testimonies from lead singer Ricky Wilson, original drummer Nick Hodgson and bass player Simon Rix.
(full details on page 33)
DR PAUL COMFORT RECOGNISED Professor Paul Comfort received the 2025 William J. Kraemer Outstanding Sport Scientist Award from the National Strength and Conditioning Association (NSCA), recognising his global contributions to sport science, research, and professional leadership.
ADDRESSING FALLING LITERACY RATES
COLLEAGUES ATTEND KING’S GARDEN PARTY
Over 150 educators from across the city descended on our MediaCity campus this June for a landmark symposium to tackle falling literacy rates in Salford. Organised by the Northern School of Writing at Salford, the symposium saw schoolteachers, librarians and other literary professionals attend a full day of lectures, workshops and panels to explore steps the city could take as a collective.
Three University of Salford colleagues - Professors Lisa Scullion, Michelle Cornes, and Hannah Hudson - were honoured at the King’s Garden Party at Buckingham Palace for their exceptional contributions to education, social justice, and widening participation. Lisa, who has led a ground-breaking five-year study on veterans’ experiences with the UK welfare system, said “It was a real privilege to be there with colleagues who are all supporting the University’s commitment to social justice.”
PARTNERSHIP WITH GMCA BOOSTS DATA-SHARING The University of Salford and Greater Manchester Combined Authority (GMCA) have launched a two-and-ahalf-year Knowledge Transfer Partnership (KTP), backed by a £220k Innovate UK grant, to overcome barriers to information sharing. The KTP supports GMCA’s vision for a city-region that uses data responsibly to tackle challenges and benefit all communities.
CREATIVE THERAPY AS ALTERNATIVE TREATMENT Arts for the Blues is a creative group psychotherapy model developed to treat adults with depression. The ambition is to make creative therapy available to the widest number of people possible. Co-founded by our School of Arts, Media and Culture and Edge Hill University, Arts for the Blues provides treatment with creative methods such as movement, painting and creative writing.
GRADUATE TAKES HIGH OFFICE IN SOMALIA Salford graduate Mohamed Dore is fighting for educational equity as a government minister in Somalia. Dore, the Minister for Education, Culture and Higher Education in the Galmudug state, said “my degree from Salford was critical to me being selected for this position”. Mohamed is passionate about expanding access to education, particularly among girls and rural farming communities.
SALFORD EDUCATION LEADERS FOSTER COLLABORATION In January Professor Nic Beech and Salford City College Principal Rebecca Parks hosted a dinner at The Glasshouse Restaurant to strengthen relationships between Salford’s educators, with catering by Worsley College students.
SALFORD TO SALFORD ULTRAMARATHON Salford alumni Alfie Mulligan and Harry Warner ran a 124mile ultramarathon from Salford in Oxfordshire to Salford in Greater Manchester to raise funds for the mental health charity Mind. The charity supported them, following the tragic passing of friend and former course mate Daniel Sugrue. The duo completed six 20-mile stints over two days this May, raising over £3,000 in total for Mind. 9
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PERFORMANCE Our KPIs have been refreshed with our new strategy Innovating to Enrich Lives. They reflect a renewed focus on our impact on the world around us, including institutional KPIs for social mobility, People and Planet ranking, and the numbers of small to medium enterprises (SMEs) which we support annually.
INSTITUTIONAL KPIs KPI
2024
2025
Progress
National Student Survey (NSS) – Teaching on my course
83%
85%
On Track
NSS – Assessment & Feedback
81%
83%
On Track
NSS – Organisation & Management
71%
74%
On Track
Graduate employability (UK FT 1st degree / highly skilled employment)
77%
71% (internal data)
Work to do
£23,989k
£22,758k
Work to do
SMEs supported
1,457
1,163
Work to do
Total number of FTE students (incl. international)
24,189
26,107
On Track
Total number of international students (FTE)
4,553
4,542
On Track
Surplus as % of income / Underlying operating surplus as % of income
7.10%
4.80%
On Track
People & planet ranking
15th
8th
On Track
HEPI Social Mobility Index Ranking
12th
5th
Achieved
Number of distance learners
4,252
3,740
Work to do
Research & knowledge-exchange income
SUSTAINABILITY KPIs KPI
2024
2025
Progress
Reduction in absolute Scope 1 and 2 carbon emissions (2005/06 baseline)
71%
78%
On Track
Proportion of A & B-rated buildings (estate quality)
92%
92%
On Track
Reduction in energy use, kWh/m2 (2016/17 baseline)
25%
37%
Achieved
Reduction in total waste, Tonnes (excluding construction waste) (baseline year 2018/19)
27% 483t
32% 450t
Achieved
Recycling as proportion of waste
47%
48%
Work to do
Green Flag Status (biodiversity)
Achieved
Achieved
Achieved
MANAGING RISK The external operating environment for UK higher education remains especially challenging, marked by economic pressures, cybersecurity threats, and shifting student recruitment dynamics. At the University of Salford, we continue to monitor these developments closely, responding robustly and planning ahead with care. Cybersecurity remains a significant concern across the sector. In 2024, over 90% of higher education institutions reported incidents, with phishing attacks affecting 97% of them. Salford continues to train colleagues and invest in technical resilience to mitigate risks and protect our community. The economic environment has also presented risks to universities and students alike. Inflation has remained high, and as such the University has continued to innovate to provide the best value for our staff, students and wider stakeholders. This is also having a big impact on our student body who have seen only minor increases in financial support. We are adapting teaching and our campus to make studying as cost-effective for our students as possible. Student recruitment has been particularly competitive in 2025–26. The home student market has been as contested as ever, with universities looking to make up for uncertainty abroad. This made our traditional market especially crowded, through both offers and the clearing stage, whilst international recruitment has also seen challenges due to immigration policy changes. Despite these headwinds, Salford performed strongly, meeting undergraduate and postgraduate targets. Mitigation efforts included the launch of the CampusConnect app, allowing students to develop a bond with the University even before they get here, along with deeper analysis of offer declines and a refreshed brand proposition.
To manage these risks, and those that may emerge, we maintain a Risk Register at the Corporate level, reviewed regularly and updated in line with our Risk Management Policy. Risk management is then embedded through all that we do. Our risk appetite framework helps us to innovate whilst protecting our core activities. We adopt a cautious approach to strategic risk, while remaining open to opportunities aligned with our mission, values and objectives. This disciplined approach ensures we continue to create educational, economic and social value for our people and place, even in uncertain times.
PRINCIPLE RISKS AND UNCERTAINTIES: Pages 12 and 13 set out what we believe are our most significant risks and uncertainties. We provide relevant context and explain the main actions we are taking to mitigate potential adverse impact and take advantage of opportunities. Each risk is assigned a status based on our assessment of probability and impact. We also indicate whether the risk’s movement over the last year has increased, decreased or remained static.
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PRINCIPAL RISKS RISK
WHY IT MATTERS
Cyber security / information security The University’s reliance on digital infrastructure for teaching, research, and operations makes it vulnerable to cyber threats. These threats may arise from external attacks (e.g. ransomware, phishing), internal errors, or data leaks. The risk is heightened by the value of academic research and personal data, making the institution a target for malicious actors, including nation states.
Cybersecurity threats continue to intensify. According to the 2025 Cyber Security Breaches Survey, 91% of higher education institutions experienced a cyber breach or attack in the past year. Cyber threats pose a significant risk to universities due to the scale and sensitivity of data held. A breach could disrupt operations, compromise student and staff data, and damage institutional reputation and trust.
Economic Environment
Economic instability can erode the University’s financial resilience, limit its ability to invest in infrastructure and strategic initiatives, and increase pressure on students and staff. Rising costs and reduced public funding may also impact affordability and access to higher education, threatening recruitment, retention, and the overall student experience. Because the undergraduate fee cap did not increase between 2011 and 2024, institutions have had to grow to stand still to cope with the impact of increasing costs.
The UK’s economic landscape remains turbulent, with constrained public spending, persistent inflationary pressures—particularly on non-pay costs—and uncertainty in student recruitment. These factors create a volatile operating environment affecting our financial sustainability, in both the long and short term.
Student Recruitment The University operates in a highly competitive and increasingly volatile higher education market. A significant drop in student enrolments—among either home or international students—would directly affect income, disrupt financial planning, and constrain our ability to invest in strategic initiatives.
Tuition fees are the University’s largest income stream. In a competitive and volatile sector, underperformance in recruitment could threaten financial sustainability and limit investment in strategic priorities.
Research Standing The University’s reputation and funding in research are closely tied to performance in the Research Excellence Framework (REF). A failure to maintain or improve research quality or volume could impact funding, reduce attractiveness to top researchers, and weaken our reputation nationally and internationally.
Research excellence is critical to securing funding, attracting top talent, and maintaining institutional prestige. A decline in research performance could reduce income and hinder strategic ambitions in innovation and knowledge exchange.
Changes in Government Policy
Policy shifts can rapidly alter the funding landscape and regulatory expectations. Misalignment between institutional strategy and government priorities could lead to lost opportunities, reduced income, and increased compliance risk. The picture is complex, requiring careful monitoring. Whilst home tuition fees are now set to rise with inflation year-on-year, the Government is also introducing a levy on international student fees, applying contradictory pressures to universities’ bottom lines.
Sudden or significant shifts in UK government policy— such as changes to visa rules, funding models, or regulatory frameworks—can disrupt the University’s strategic direction. These changes may affect student demand, research funding, or compliance requirements, creating uncertainty and financial risk.
HOW WE MANAGE THE RISK
RISK STATUS
We take a proactive, multi-layered approach to cyber and information security, underpinned by robust risk management processes and alignment with the NIST (National Institute of Standards and Technology) Cyber Security Framework. Key controls include mandatory staff training, multi-factor authentication, secure system design, and 24/7 monitoring of digital infrastructure. We are strengthening governance, reducing our external attack surface, and embedding a culture of security through initiatives such as the Security Champions Network. Regular testing, supplier risk assessments, and incident response planning ensure we remain resilient in the face of evolving threats.
HIGH (unchanged from last year)
We actively monitor economic conditions and incorporate inflationary pressures and funding constraints into our financial planning and scenario modelling. Annual budget reviews ensure that staffing and resourcing plans align with projected income and student numbers. Alongside this, we continue to invest in staff wellbeing through our People Plan and maintain contingency plans to manage recruitment volatility.
HIGH (new risk)
We are implementing a multi-faceted strategy to strengthen student recruitment, informed by sector insights and feedback from prospective students. This includes outreach activity, targeted marketing campaigns, and improved conversion through CRM and digital tools such as Campus Connect.
HIGH (increase from last year)
We are actively developing our institutional research capacity in preparation for REF 2029 and beyond. Strategic investment in staff, infrastructure, and research culture is underway. Plans are in place to strengthen research environments, and we continue to refine workload models to protect research time.
HIGH (unchanged from last year)
We actively monitor and respond to changes in government policy through scenario planning, strategic engagement, and diversification of income streams. Our Public Affairs Plan supports proactive scanning and influence to develop policy at local, regional and national levels, while our international strategy and partnerships help mitigate risks to overseas recruitment. We continue to align our portfolio with government priorities—such as skills and technical education— through initiatives like the Greater Manchester Institute of Technology.
HIGH (decrease from last year)
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ASPIRATION
Enable our students and colleagues to flourish and contribute to society.
WELCOMING PROFESSOR CAROL EVANS PRO VICE-CHANCELLOR EDUCATION AND STUDENT EXPERIENCE In 2024-25 we commenced development of our new Education Delivery Plan to position the University of Salford as globally renowned for excellence in lifeenriching education, delivering social mobility for students and civic prosperity for society. We focused on exploring ways in which to best promote student engagement in learning. This includes, but is not limited to, active blended-learning, inclusive assessment, embedding sustainability and deploying technologies to support learning. The following case studies illustrate highly integrated and engaging pedagogies involving collaboration between students, staff, industry and community partners, enabling rich, authentic and inclusive educational experiences. Our staff have achieved outstanding awards for their work in education this year. Claire Mercer received a prestigious National Teaching Fellowship (NTF), marking the third consecutive
year that Salford colleagues have received national awards from Advance HE. Janine Archer, Gillian Rawlinson, Paul Wilson, and Louise Henstock were awarded Principal Fellowship, recognising their sustained impact and leadership in higher education. A further 73 colleagues received AdvanceHE fellowships thanks to the significant support from our Learning and Teaching Enhancement Centre. In the National Student Survey 2025, excellent performance was evident across all four Schools. We saw strong performances at a national level, particularly in English, which rose 44 places to rank 33rd out of 84; Social Work, which ranks 2nd out of 78; and Physiotherapy, which ranks 2nd out of 47 in the Guardian League Table. In the Sunday Times Good University Guide our subjects ranked in the top twenty included Building, Social Work, and Social Policy. Aligned with our Innovating to Enrich Lives Strategy, we are in the process of taking our education delivery plan ‘Realising Inclusive Education for All’ to the next level. Collaborating with Schools and teams across the University we are building fully inclusive learning environments that enable all students to thrive.
EDUCATION FOR SUSTAINABLE DEVELOPMENT EMBEDDING SUSTAINABILITY IN EDUCATION
Staff celebrate at the Health and Society School Awards
TEACHING GOES FROM STRENGTH TO STRENGTH AN AWARD-WINNING YEAR FOR OUR SCHOOL OF HEALTH AND SOCIETY This year has been full of highs for students and staff in the School of Health and Society. We’re incredibly proud that the Minoritised Ethnic Student Collective in the School of Health and Society has won a prestigious 2024 Collaborative Award for Teaching Excellence (CATE) from Advance HE. With 372 members, the Collective offers vital support to minoritised ethnic students, whilst also promoting decolonisation within and across the University. The Collective, formed in June 2020, is led by a dedicated team of lecturers in partnership with their students. This national recognition highlights its impact on teaching, learning, and equity within higher education.
The Collective is truly collaborative, working in partnership with students, staff and stakeholders to provide a dedicated space to debate, discuss and provide solutions to some of the challenges faced by our ethnic minority students. It is an outstanding example of co-creation aligning to the university’s commitment to equity, diversity, and inclusion.
The University of Salford is committed to Education for Sustainable Development (ESD), empowering students with the knowledge, skills, and values to address environmental, social, and economic challenges. In 2024/25, we’ve worked closely with Salford Students’ Union to advance our ESD agenda and progress towards Responsible Futures accreditation, a national programme led by SOS-UK (Students Organising for Sustainability). A student listening event highlighted strong support for embedding sustainability across all programmes, reinforcing the importance of student voice in shaping our approach. A key development is the launch of a Carbon Literacy programme, co-created by the Salford Business School and the University Sustainability Team. Accredited by The Carbon Literacy Project, the course is now part of all SBS postgraduate taught programmes, helping students understand and act on climate issues in their future careers. Innovative teaching is also reflected in the Environmental Justice module, developed by Dr Dave Beck. Designed for social science students, it explores the link between environmental and social inequalities through transformative pedagogy and a Living Lab-style assessment focused on campus sustainability. The module is a finalist in the 2025 Green Gown Awards. Embracing the spirit of partnership, we are working as part of the Greater Manchester Civic University Board to map green skills pathways across the region. This collaboration also led to the Green Careers Mission, where students from all GM universities tackled real-world sustainability challenges set by industry partners—aligned with the Greater Manchester Combined Authority’s Environmental Plan. These initiatives reflect our commitment to embedding sustainability in education and preparing students to lead positive change.
Jess Power, Director of the Learning and Teaching Enhancement Centre
Nursing and midwifery staff and students at the University of Salford took home a record-breaking five gongs at this year’s Student Nursing Times Awards – including the “Teaching Innovation of the Year” award for groundbreaking work to introduce podcasting as a new assessment tool. These awards recognise the very best nursing and midwifery education providers and students across the UK. This year saw the University, which is one of the largest providers of nursing and midwifery undergraduate education in the north, shortlisted 20 times across an exceptionally high number of categories. The University was shortlisted for a remarkable four prizes at the Times Higher Education Awards, the joint highest amount of any university in the country. Among these was a nomination for the prestigious ‘Research Project of the Year: Arts, Humanities and Social Sciences’ category, where our work on the four-day week – a bold policy to reduce weekly working hours without any loss in pay – was recognised.
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SOCIAL JUSTICE AND OPPORTUNITY Our commitment to reducing inequity and working for social justice is part of who we are, and these principles are now embedded as a pillar in the new university strategy. This year we have continued to focus on and strengthen our impact in these areas through our education, research and through our engagement with communities.
SALFORD AND MORSON GROUP POWER STUDENT FUTURES In supporting future ready skills, the Maker Space is widely recognised for contributing to strong educational outcomes, creating employment opportunities, and enabling the exploration and communication of complex research and innovation across the campus. It brings together students, staff and industry and community partners and supports the bridging of the gap between theoretical knowledge and practical application. The Maker Space, which will celebrate its 10th birthday next year, is an example of a powerful partnership between the University of Salford and the Morson Group, one of the world’s leading engineering recruitment firms. It is a dynamic hub where students from all disciplines apply theory to practice—gaining handson experience with advanced tools such as 3D printers, digital fabrication equipment, and CAD systems. Through project-based learning and collaborative problem-solving, students develop the critical skills demanded by tomorrow’s industries today. See the latest Maker Space Impact Report here. Morson Group also supports Salford Racing, the university’s Formula Student team. One stand-out story is that of Jonathan Wheater, who overcame early academic setbacks to pursue a Mechanical Engineering degree at Salford. Through his involvement with Salford Racing, Jonathan gained practical experience in car design and track performance. And thanks to all his hard work and taking advantage of extracurricular opportunities offered at Salford, Jonathan graduated last summer with a First Class Degree and has just been appointed as Graduate Manufacturing Engineer at Mercedes F1, working on developing the team’s new engine for next year’s car.
STUDENT SCOOPS RADIO 1 JOB SALFORD STUDENT MAKES HISTORY BY LANDING A PRESENTING ROLE AT BBC RADIO 1 WHILST STUDYING BA Television and Radio Production student Matt Hallsworth presented a run of shows for the national station’s spin-off stream Radio 1 Anthems. Matt became the first ever Salford student to sign a contract with the station whilst studying and is now part of our ever-expanding lineup of alumni that have become presenters at the station including Vicky Hawkesworth, Charley Marlow and Katie Thistleton. Matt is a multiple award winner and was one of the national station’s Christmas Presenters in December last year. He won the coveted slot after being crowned winner of the Best Presenter Award at last year’s Student Radio Awards and was the youngest out of the 27 that took to the airwaves.
The scholarship gave me freedom to take part in opportunities that enriched my student life, from volunteering to work experience, without worrying about finances. Philip Beswick, graduate in Aircraft Engineering with Pilot Studies, alongside Gerry Mason’s daughter, Natasha McCarthy, and son, Ged Mason
This year also marks a decade of the Gerry Mason Engineering Scholarships, a further success of the University’s partnership with Morson Group. Launched in 2015 by the Mason family, the programme has supported more than 65 students in STEM disciplines, providing funding, career opportunities, and skills development that set them on the path to successful careers. The scholarships are part of the broader Morson STEM Foundation, which backs initiatives including IntoUniversity, Go Beyond mentoring, IGNITE summer schools, and the Morson STEM Ambassador programme. Ged Mason, CEO of Morson Group, has pledged to support a further 50 students over the next 10 years through the Gerry Mason Scholarship bursary—an extraordinary commitment to widening access to STEM education. “The Mason family are proud to support the Gerry Mason Scholarship, which has already supported 65 students to date,” Ged said. “Our partnership with the University of Salford is delivering real change—attracting new talent to technical sectors, developing the next generation of engineers, and helping those from underprivileged backgrounds achieve their dream in STEM. I am proud to be continuing my father’s legacy.”
Clearly the BBC know a good thing when they hear it and to see that Matt is now presenting the Anthems show on BBC Radio 1 is just fantastic. BBC Radio 1 is one of the biggest radio stations in the world and to acquire a paid presenter contract with them in advance of graduation is an extraordinary achievement. Gary Morrisroe, Lecturer in TV and Radio Production
SOCIAL JUSTICE TRAILBLAZER IN ENGINEERING Dr Maria Stukoff, Director of Salford’s Maker Space, has been named the North West Engineering Excellence EDI Trailblazer of the Year - an award that recognises people who champion, advocate, and advance Equity, Diversity, and Inclusion in engineering. Presented at the iChemE and iMechE North West Engineering Excellence Celebration at the Lowry Theatre, the award recognises Maria’s outstanding leadership in creating inclusive and accessible STEM learning environments. Through her work with the Morson STEM Foundation and Salford’s Maker Space, Maria has championed a hands-on, welcoming hub where students from all backgrounds feel empowered to explore, innovate and build future-ready skills. Her work is a powerful example of how inclusive spaces can dismantle barriers and foster social mobility. Maria said: “I am truly honoured to receive this award, but this recognition is not just about me - it is about the collective effort to make STEM education more accessible and inclusive.” Her win reflects Salford’s broader commitment to inclusive education and the transformative impact of equity-driven leadership. It’s a moment of pride for the University and a call to continue building spaces where curiosity, creativity and opportunity are open to all.
This award is a reflection of that shared mission here at Salford, and I hope it inspires others to continue driving change. Dr Maria Stukoff
RACE EQUALITY CHARTER SUCCESS
SALFORD AWARDED UNIVERSITY OF SANCTUARY STATUS
In July, the University of Salford was awarded a Bronze Race Equality Charter (REC) award by Advance HE, marking the beginning of a bold and long-term commitment to tackling racial inequalities. The award recognises that we have taken an honest look at our race equity challenges and laid the groundwork for change through a robust five-year action plan.
In July, the University of Salford was officially recognised as a University of Sanctuary, demonstrating our commitment to supporting refugees and asylum seekers. Awarded by City of Sanctuary UK, the title honours our inclusive culture, pioneering Article 26 scholarships - now expanded to 10 annually - and impactful initiatives such as storytelling events, employability support, and critical research. Since 2012, Salford has awarded over 50 scholarships. We’re proud to join institutions like Leeds and Liverpool in this national movement, and continue working closely with Salford City Council to foster a welcoming city for all seeking sanctuary.
This milestone reflects the collaborative efforts of staff across the University, including the Race Equity Group, schools and services, and those who contributed to REC roundtables, pop-up stalls and evidence gathering. It’s a powerful signal that Salford is ready to move from reflection to action. Vice-Chancellor Professor Nic Beech said, “Advancing race equity is not easy, but the leadership team and I are committed to making the changes needed and supporting our community to learn from and with each other.” Anne Mwangi, Head of the Race Equality Charter, added, “REC Bronze is recognition of a strong foundation for eliminating racial inequalities and moving from commitment to bold, sustainable action.” The journey ahead requires collective effort. Through allyship training, EDI roadshows and department-level action, we’re beginning to embed race equity into everything we do, building a university where inclusion is a lived reality for all.
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PEOPLE In a challenging world our people are at the heart of everything we do and providing them with the environment and tools to be successful in their roles is central to our organisational culture. This year has seen significant progress in the digitisation of our services, increased support for those challenges outside work, and ongoing efforts with our wider community to provide access to and security of employment. Our long term commitment to the Real Living Wage has been complemented by the award of the Good Employment charter and the Living Pension accreditation, demonstrating our ambition to be the best employer we can be.
ORACLE HR AND PAYROLL SYSTEM IMPLEMENTATION In April 2025, the University of Salford achieved a major milestone in its digital transformation by going live with Oracle HR. The new platform replaced multiple legacy HR and Payroll systems, bringing together processes that had previously been fragmented and highly manual. For the first time, colleagues across the University gained access to self-service functionality, enabling them to securely view and update their personal data, manage HR and payroll transactions, and benefit from streamlined, automated processes. This has significantly reduced administrative effort, improved data accuracy, and supported the University’s commitment to continuous improvement and efficiency. The success of the implementation was underpinned by strong engagement from across the University. A network of more than 100 Change Champions was established, representing different schools and departments. These Champions played a crucial role in supporting colleagues, encouraging use, and building confidence in the new system. Looking ahead, the University is well positioned to take advantage of Oracle’s quarterly product updates, ensuring it stays at the forefront of HR technology. This future-proofed approach means colleagues will continue to benefit from evolving functionality, helping the University drive innovation, enhance employee experience, and deliver long-term value.
GOOD EMPLOYMENT CHARTER AND LIVING PENSION In line with our new strategy, Innovating to Enrich Lives, we are delighted that this year we have become a Member of the Greater Manchester Good Employment Charter and the first University in the U.K to commit to the Living Pension standard. Our application to the Good Employment Charter, which articulated the University’s commitment to each of the seven characteristics of good employment, was reviewed by an external board of members. The board were able to strongly support the University’s people policies and practices, resulting in being recognised as a full Member of the Charter. We are excited to be part of this initiative made up of over 130 Charter Members and look forward to working with our colleagues and Trade Unions, the Good Employment Charter, and other employers across Greater Manchester to champion better employment standards both within the University and across the region. Following our successful application to the Good Employment Charter, we then became the first University in the UK to commit to the Living Pension standard. The Living Pension is a voluntary savings target for employers which seek to help colleagues, especially those at the lower end of the pay scale, to build up a pension pot that will provide enough income to meet their everyday needs in retirement. Through committing to providing stability and security for colleagues now and in the future, we are continuing to support the financial wellbeing of our people. Meeting the high standards as set out by both the Living Pension initiative and the Good Employment Charter is an important landmark and demonstrates our commitment to enriching the lives and wellbeing of our people and that we are continuing to strengthen the University’s progress to becoming an employer of choice in Salford, across Greater Manchester and beyond.
POLICIES We’ve launched enhanced policies to support time off for a wide range of personal circumstances. This includes more time for volunteering, reservist duties, and support for parents attending antenatal, fostering, or adoption appointments. We also offer additional leave for those living with a terminal illness, arranging funerals, or coping with bereavement. Alongside our standardised 32 days of annual leave for all colleagues, these options reflect the complexities of life and our commitment to creating a supportive, inclusive working environment that meets the diverse needs of our community.
TRADE UNION STATEMENT The Trade Union (Facility Time Publication Requirements) Regulation 2017 1 April 2024 to 31 March 2025 The Trade Union ( Facility Time Publication Requirements) Regulations 2017 require the University to publish information on trade union Facility time annually and the table of data for the Reporting period 1 April 2024 to 31 March 2025 is as follows:
TABLE 1 - RELEVANT UNION OFFICIALS Number of employees who were relevant union officials during the relevant period:
8
Full-time equivalent employee number
3.6
TABLE 2 - PERCENTAGE OF TIME SPENT ON FACILITY TIME Percentage of time
Number of employees
0%
0
1 - 50%
4
51% - 99%
3
100%
1
TABLE 3 - PERCENTAGE OF PAY BILL SPENT ON FACILITY TIME Total cost of facility time Total pay bill The percentage of the total pay bill spent on facility time calculated as: (Total cost of facility time/Total pay bill) x 100
£227,256 £152,991,676 0.15%
TABLE 4 - PAID TRADE UNION ACTIVITIES Hours spent on paid facility time
6,786
Hours spent on paid trade union activities
204
Time spent on paid trade union activities as a percentage of total paid facility time hours calculated as: (Total hours spent on trade union activities by relevant union officials during the relevant period/Total paid facility hours) x 100
3%
Over the past year I have been working with colleagues across the University, our Unions and the Greater Manchester Good Employment Charter to collaboratively put together our application to become Members of the Good Employment Charter. I’ve thoroughly enjoyed the process and look forward to continuing to make the University an even better place for our people to work and study. James Walsh, Reward Business Partner 19
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ASPIRATION
Develop new knowledge and advanced technology and practice. WELCOMING PROFESSOR SIMON GREEN PRO VICE-CHANCELLOR RESEARCH AND KNOWLEDGE EXCHANGE Professor Simon Green joined the University a year ago as Pro-Vice-Chancellor Research and Knowledge Exchange.
1. What has been your priority since you started here in December?
I was immediately struck by the University’s commitment to making a positive impact in our city, our region and beyond. I was also gratified to see that Research and Knowledge Exchange (RKE) is central to our new strategy. My main aim since I started has been to define our RKE Delivery Plan. Working with leaders from across the University, we have focused on three key areas - quality, impact and financial stability. Research is a key driver of our external reputation and is the University’s second largest source of income after tuition fees. Our RKE activities are integral not only to our ambitions as an institution but also to the city of Salford’s economic prosperity. Insights generated at the University underpin the bold vision of regeneration set out by the Crescent Salford partnership, which the University is a founding member of, and the Greater Manchester Investment Zone. For these reasons we are committed to enhancing and expanding the quality of our RKE activities. They must continue to grow in excellence and relevance to society. Equally, the more financially sustainable our research and knowledge exchange is, the better positioned we are to translate our vision into measurable impact in the years ahead.
2. Can you elaborate on the University
of Salford’s success in the Knowledge Exchange Framework (KEF) results published in September 2024?
We are proud to have once again secured the highest possible rating of ‘very high engagement’ in both Intellectual Property and Commercialisation and Working with Business perspectives – demonstrating Salford’s role as a trusted and innovative partner for industry, SMEs and spin-out activity.
Overall, the University exceeds comparator institution benchmarks in four of the seven perspectives, with these results demonstrating our ambition to drive economic and societal benefit at scale through partnerships that create meaningful, measurable impact. I am pleased with the progress made so far and I am working with colleagues from across the University to look at how we can improve our results further in coming KEF exercises.
3. Can you talk us through the advances made
in our intellectual property development and commercialisation?
As our KEF results demonstrated, we have made significant strides in translating research into real-world impact through innovative intellectual property and commercialisation initiatives. A landmark achievement this year includes the spin-out of our first asset-locked Community Interest Company (CIC) - the Kidney Information Network (KIN). KIN has grown from a regional patient support platform into a nationally recognised CIC, underpinned by a diverse team and a pioneering leadership model with two female directors. Through the Research England-funded North West CyberComm programme, our innovation pipeline also continues to accelerate. Promising projects gaining market interest include Ensemble, a platform that analyses news using intelligence techniques to minimise the spread of misinformation.
Our performance in those perspectives is comparable to some of the most research-engaged institutions in the country and places us ahead of many in our KEF peer group.
In the health and digital education space, our Digital Skills Passport (DiSkPass) - originating in nursing and now expanding across Health and Society disciplines - has become a nationally recognised digital skills initiative.
The results also show a marked improvement in the Research Partnerships perspective, which has returned to a ‘high engagement’ rating. This recovery reflects the concerted effort to increase funding from partners for collaborative research and sets a strong foundation for the future.
This year, we have also taken a very important strategic step into institution-wide commercialisation through our participation in Innovate UK’s ICURe SURfACE pilot, part of the government’s flagship scheme for supporting researchers on a commercialisation pathway.
CENTRE FOR SUSTAINABLE INNOVATION AN IMPACTFUL FIRST YEAR Salford Business School’s Centre for Sustainable Innovation (CSI) explores how to balance economic growth with ‘green’ principles. Its outputs in its first 12 months have been impressive. The CSI has supported more than 260 businesses. It has generated £470,000 in research income and delivered 19 innovation projects which are driving ‘good business’ for green economy transitions. So how is the CSI helping the university innovate towards a more sustainable and equitable society – a key objective? One example shows CSI teams working with the construction sector to prove the cost-saving benefits of ‘industrial symbiosis’. Dr Silvia Tedesco, Associate Professor of Sustainability at the University explains: “For the creation of decarbonised materials, this idea that sustainability always adds cost is not necessarily true. Industrial symbiosis can be used - where one company’s waste becomes another’s input. So, rather than adding cost, this approach can actually reduce the cost of creating new, more sustainable materials.” CSI teams have also successfully networked across the university to bring curious academics and inspiring researchers together, uniting them with businesses who need coaching advice to help them get ideas to market. CSI Director Sara Boswell explains: “We ask businesses what their challenges are and figure out a plan for how we can support them. It could be that we hook them up with other teams in the university or with SMEs or other businesses they could work with. Engaging with academics allows businesses to really understand the bigger picture.”
CELEBRATING 50 YEARS OF KNOWLEDGE TRANSFER PARTNERSHIPS (KTPs) By working together, academia and industry are better positioned to realise the goals of the national modern industrial strategy. Our collaborations help businesses to solve their most pressing challenges, create jobs, and support growth across our region and beyond. The University’s legacy of fostering innovation with industry stretches back over half a century. In 1975, Salford was one of three universities to pilot the forerunner to what is now known as Knowledge Transfer Partnerships (KTPs) - with 2025 marking the 50th anniversary of the programme. This year we have secured several new awards which have further diversified our KTP portfolio. This includes our first KTP with Greater Manchester Combined Authority and we are working with a CIC for the first time (Addvanced Solutions) to develop digitalised resources suitable for interventions for neurodiverse young people and their families. These projects join a broad range of other KTP collaborations underway across the University, with academics working with business to solve challenges ranging from new product or service development, particularly in relation to the growth in AI, to embedding best management practice and new manufacturing processes.
SOME HIGHLIGHTS OF SUCCESSFUL CSI PROJECTS INCLUDE: / Centre for Digital Innovation (CDI): The CDI helps businesses turn their ideas into reality. The platform focusses on AI, cyber, immersive technology and industrial digitalisation, catering to both businesses and individuals looking to invest in skills. / HighFive: As part of the CDI’s technical assistance, CSI helped an insurance company develop an ethical AI solution that can spot fraudulent claims without succumbing to biases. / Innovation Labs: CSI teams have held 7 three day workshops to help SMEs turn research and development ideas into viable businesses. The CSI team supports them in developing proof of concept, then offers them one-to-one academic and technical support as well as providing help with product development and funding applications.
Oliver Farrell (CEO) and Sofia Lehmann Fernandez (Engineering Lead) of Farrat Isolevel Ltd who work regularly with our Acoustics Centre and Energy House teams
/ Creative Tech Labs: The CTLs support businesses developing creative tech projects, who want help on their journey from concept to building their go-to-market strategy. / Help to Grow Management Course: A 12-week programme designed for senior decision makers of SMEs, with a curriculum that develops new skills to overcome the challenges of building long-term growth. At June ‘25 show the CSI has delivered four cohorts, supporting 67 business leaders.
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LOCAL ROOTS, GLOBAL AMBITIONS WELCOMING A NEW GENERATION OF LEARNERS The past year has seen a further strengthening of partnership working with key stakeholders, regionally, nationally and also at the international level. Through working in partnership with key stakeholders the University has been able to deliver collaborative advantage, harnessing partner resources alongside those of the University to deliver shared objectives and strategic priorities. At a local level, the University has strengthened its partnership with Salford City College and Salford City Council to successfully support delivery of the Council’s Employment and Skills Strategy objectives. Following initial mapping and production of learner skills and employment pathways, the University, College and the Council through its Build Salford initiative have come together to maximise the learning and employment opportunities presented by the Construction sector for Salford residents. Through sharing knowledge, skills and resources, the Build Salford partnership is working with employers to assist in supporting the development and supply of local talent to meet their workforce needs and enable them to deliver some £2.6 billion of investment across the city over the next 3 years.
At a regional level, the university’s lead role in the GMIoT is continuing to successfully build technical education learning and employment pathways in construction, health, digital and manufacturing engineering. With new partners set to join the GMIoT over the next year, the University’s role in leading the development of a fit for purpose tertiary education system incorporating technical education learner pathways alongside academic pathways is progressing at pace. The GMIoT employer network has been growing and a workshop for HR / talent managers across Manchester was recently hosted by Amazon UK at their Manchester offices. This programme about Recruiting for Potential builds the understanding of and demand for level 4/5 graduates extending the career opportunities for our largely widening participation cohort. A learning experience that embraces new technology and extensive employer experience is what makes a GMIoT course distinctive and as a partner this approach dovetails into our own ambitions in terms of enabling students to leave us work ready. GMIoT centrally organised events this year included visits to Siemens digitally-twinned factory, Laing O’ Rourke Centre of Excellence factory for off-site builds, and Drax Power station.
APPRENTICESHIPS FROM CLASSROOM TO CLINIC: SALFORD’S CONTRIBUTION TO THE HEALTH WORKFORCE At the University of Salford, we continue to champion opportunities for learners from diverse backgrounds by expanding our apprenticeship portfolio, creating new pathways into high-demand professions and supporting workforce development across the region and beyond. In line with our commitment to widening participation and addressing critical skills gaps in the health sector, we are proud to introduce three new apprenticeship programmes: / Enhanced Clinical Practitioner (ECP): This programme supports experienced healthcare professionals in advancing their clinical expertise, enabling them to take on extended roles within multidisciplinary teams. It offers a flexible route to career progression while maintaining service delivery.
/ Occupational Therapy Degree Apprenticeship: Designed to meet growing demand in rehabilitation and community care, this course provides apprentices with the academic and practical foundation to become qualified occupational therapists while remaining embedded in their workplace. / Diagnostic Radiography Degree Apprenticeship: This innovative programme opens up access to a vital imaging profession, equipping apprentices with the technical and clinical skills needed to support accurate diagnosis and patient care across NHS and private settings. These new offerings reflect our strategic focus on inclusive education and real-world impact in health. By integrating academic excellence with professional practice, our apprenticeship programmes are not only transforming individual career trajectories but also strengthening the capacity of public services.
From classroom to construction site: In October 2024 Georgia Veevers, completing a BSc in Construction Project Management and a Construction Site Management Level 6 apprenticeship at Salford, took home a well-deserved ‘Ones to Watch’ award at the Women In Construction awards in London. Georgia is one of a number of female apprentices at Salford making waves in construction.
GLOBAL EXPERIENCES FOR GLOBAL SUCCESS As well as incoming international students, our internationalisation work focuses on creating global opportunities for all students. This includes study placements with our partner universities. Studying abroad can help to develop new skills from a broad range of practitioners, but it also helps to foster intercultural understanding – crucial at a time of such global uncertainty. One Television and Radio Production student, Thomas Chrisp, who held a placement at Humber College, Lakeshore Campus in Canada, explained what the study abroad experience had meant for him: ‘… looking back this is easily one of the best decisions of the decade, allowing me to look at the bigger picture of life, enjoy each moment as I live it, and welcome any opportunities
with open arms in the future. The socialisation of different cultures, ways of living, languages, made every day more interesting than the last, and taught me hundreds of things, from new words and sayings in different languages, to confidence and creative and technical skills.’ Thomas, who came away with a highscoring degree, and has since entered a successful career in his industry, believes the experience enhanced his employability. Through his experience he was able to learn new skills in media production , but also developed his intercultural understanding, communication and soft skills through engaging with new languages, people and industries. He said: ‘These experiences are a talking point in the future - something that stands out on a CV - and set me up to answer the question ‘Tell me a time when…’ 23
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SUSTAINABILITY SUCCESS AT SALFORD The University of Salford has embedded sustainability as a principle that touches every aspect of our work, going far beyond our previous mainly campus-based approach. In last year’s report we laid out how we are targeting a ‘whole institution’ approach to achieve this, and we have made significant steps towards that goal. Our wonderful Sustainability Team have continued to drive engagement with colleagues, students and the local community. We have also progressed with cultivating strong links with our student cohort, partnering with our Students’ Union to recruit our own graduates to support our sustainability strategy.
ACHIEVEMENTS: / We were proud to receive a first-class award and to be ranked 8th most sustainable university out of 149 institutions in the People and Planet University League 2024 rising from 15th place last year. Ambition: We are targeting a top five ranking in future. / Our green campus received its sixth Green Flag Award for the quality of our public spaces and biodiversity initiatives. Our team have implemented a programme to set up bird boxes, install bee posts and plant wildflower areas. One of our specialist graduate interns Skye Beauchamp (BSc Wildlife Conservation) has been gathering data to help develop our Biodiversity Delivery Plan aligned with our Campus Connectivity Plan. Ambition: Targeting a seventh Award.
/ Our Net Zero Carbon Plan case study was shortlisted in the 2025 Green Gown Awards. We’ve advanced climate risk management with support from another talented intern Saadan Hussain, MSc Sustainability, who worked with colleagues to identify risks and opportunities to inform strategic planning. Ambition: To continue to manage climate risk closely and implement adaptations. / Decarbonising our campus buildings is challenging due to their age and range – but remains fundamental to achieving our carbon reduction targets. We’ve reduced gas consumption by over 50% from our 2016/17 baseline through building optimisation, lighting upgrades, and heat decarbonisation. Ambition: The next phase includes solar panel installation and a major retrofit of the Mary Seacole Building, partfunded by the Public Sector Decarbonisation Scheme. / We entered the Times Higher Education Impact Rankings 2025 for the first time. Our activities are mapped to the UN Sustainable Development Goals (SDGs), which guide global efforts to promote prosperity while protecting the planet and people. We focused on SDGs 3 - Good Health and Wellbeing, 5 - Gender Equality, 7 - Clean Energy, 10 - Reduced Inequalities, and 17 - Partnerships for the Goals - providing a strong benchmark for future progress. Ambition: Progress further up the rankings. / As a signatory to the Concordat for Environmental Sustainability of Research and Innovation Practice, we are committed to conducting research responsibly and sustainably. This year, we evaluated our university-wide responsible procurement practices and embedded sustainability into high value purchasing. Ambition: We aim to expand supplier engagement to support decarbonisation and reduce scope 3 emissions. / We also achieved Gold EcoSmart certification for sustainable conferencing practices, and Two Stars in our first Food Made Good Awards assessment. Our Eat and Drink Team were recognised for initiatives such as sourcing local and seasonal produce, reducing waste, and promoting healthier, Fairtrade-certified options. Ambition: To achieve our Platinum EcoSmart certification and a Three Star Food Made Good rating this year
HANDS ON SUSTAINABILITY We organised a series of successful events to demonstrate our commitment to inclusive, hands-on sustainability, empowering individuals to take meaningful action for people and planet. / In the 2024 Green Impact cycle, seven teams led by 34 staff completed 406 actions, supported by 15 trained student auditors, reaching over 320 participants. MSc students also conducted sustainability audits of NHS practices, integrating real-world learning. / We have rolled out the Laboratory Efficiency Assessment Framework (LEAF) to improve our labs’ sustainability, with Bodmer and David Collins Labs achieving Bronze certification. All research labs aim to be certified by 2026. / Our biannual Go Green Salford Festival returned, offering nature walks, carbon literacy training, and creative workshops for colleagues and students.
CAMPUS DEVELOPMENT The University is in the process of undertaking large scale regeneration of its Peel Park and Frederick Road campuses. / Our sustainability team has worked alongside all project teams from the outset to embed our Sustainable Construction Framework, to ensure the projects consider embodied carbon and feature all-electric systems, green walls, solar panels and biodiversity enhancements. 25
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ASPIRATION
Be recognised as an outstanding partner. SALFORD’S CIVIC MISSION As a civic anchor institution, the University of Salford is deeply committed to expanding access to higher education and driving social mobility across our city region. This year, our efforts have been nationally recognised, with Salford ranked fifth in England in the Higher Education Policy Institute’s (HEPI) Social Mobility Index - up seven places from last year. This reflects our sustained work to ensure students from all backgrounds can access university, thrive whilst they’re here, and go on to great careers. Our civic mission is rooted in collaboration. Through the Greater Manchester Civic University Agreement, we work alongside regional partners to tackle shared challenges. Vice-Chancellor Professor Nic Beech now leads engagement with further education colleges on behalf of the Greater Manchester Civic University Board. This year, our leadership team visited colleges across the region, such as Hopwood Hall in Rochdale, to strengthen relationships and build clearer pathways into higher education. Just a stone’s throw from campus the new Salford Youth Zone has opened, offering young people a safe, vibrant space to develop skills and build their confidence. We are proud to be part of the wider regeneration partnership that helped bring it to life, working alongside Salford City Council, Muse, ECF and Empower Youth Zones. Through our programmes, connections and networks, we will continue to support the centre’s vital work in creating opportunities for young people and developing clear pathways into education, training and employment. We also hosted the National Education Opportunities Network (NEON) Summer Symposium 2025, bringing together national voices to explore the role of place in widening participation. Salford students shared their personal journeys, highlighting the transformative power of access routes and support. These achievements demonstrate our commitment to breaking down barriers through targeted outreach, strategic partnerships, and inclusive practice. Whether through mentoring, college engagement, or national leadership, Salford continues to play a vital role in making our region a place where opportunity is real and accessible for all.
SALFORD AT THE HOUSE OF LORDS In March Chair of Council Lord Bradley and Professor Nic Beech brought together alumni, business leaders, figures from politics and the arts and beyond at the House of Lords. At the heart of the event was a conversation about the role civic universities play in driving positive change, both regionally and nationally. Addressing the room Cat McCusker from PwC described Salford as “a national example of best practice” when it comes to innovation, civic leadership and collaboration.
FROM CAMPUS TO CLASSROOM: SALFORD’S NEW TUTORING MISSION We have stepped up our support for our local community with a new initiative that’s all about giving school pupils a boost and giving our students a chance to shine. In partnership with award-winning charity The Tutor Trust, for the past year, our students have provided tuition to Year 6 pupils in local schools, helping them build confidence and skills in maths and English as they prepare for secondary school. Pupils from the local area receive high-quality support from relatable role models, and our undergraduates gain valuable experience, training and financial remuneration for doing something meaningful. This initiative builds on Salford’s strong track record of supporting young people from disadvantaged backgrounds. In our first pilot year, we have successfully recruited 24 students as tutors and reached 429 school pupils. While we don’t have separate figures for the impact our Tutor Trust recruits are having, the Tutor Trust’s overall work in Salford is already making a real difference after just twelve months. In reading, 73.6% of socially disadvantaged pupils who received tuition achieved the expected standard in their SATS, compared to 62% of socially disadvantaged pupils the previous year, and 69% of pupils achieved the expected standard in Maths compared to 59% last year. Vice-Chancellor Professor Nic Beech says the programme is central to Salford’s mission: ‘We want to enrich lives and help people from all backgrounds achieve their academic and career ambitions. This partnership is a powerful way to do just that.’ The scheme is being led by Lynne Barrow, Director of Student Recruitment at Salford Business School. “I am exceptionally proud of all our students have achieved over the past year. It is clear our students feel much
more connected to their local community, have grown in confidence, developed teaching skills, and hugely benefited from their interaction with local primary school pupils.” We have exciting plans to scale this programme up next year by piloting a credit-bearing module for students who take up mentoring – watch this space! Thanks to generous support from the Donner Family and the Harrington Foundation, the programme is delivered at minimal cost to schools, making it even more accessible. If you would like to learn more about how you can support the project from September 2026, please get in touch at supporters@salford.ac.uk.
University Leadership Team visit Hopwood Hall college senior team at their Middleton campus in January to discuss learner pathways for students from the region
PUBLIC BENEFIT Vice-Chancellor Professor Nic Beech on the HEPI award: “This accolade reflects our commitment to widening opportunities and ensuring students from all backgrounds can succeed. I am proud of our staff and students for their dedication to making society fairer.” 27
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CAMPUS REGENERATION GATHERS PACE Since the last financial Report, the role that universities play in helping to advance the social and economic goals of the communities in which they are based has come into sharper focus. The Government has stated that universities need to act as anchor institutions, helping to drive economic growth through partnerships and strategic links. Our Campus Connectivity Plan (CCP) has been focused on exactly that agenda since 2020. It is central to our Innovating to Enrich Lives strategy, as we shape our campus and forge new alliances which will improve life chances for people from all backgrounds. This year has seen our plans quickly taking shape. Mark Wantling, Chief Infrastructure Officer says: “We are in the middle of a series of major new building projects with our partners, along with the regeneration of several buildings and areas of our campus. We want to create the right infrastructure to enable the best possible teaching and research to take place, as well as creating better public spaces which enrich lives for everyone to enjoy.” Mike Hardman, Professor of Urban Sustainability at the University adds: “Our vision is to create a people-focused environment which will enhance wellbeing, support biodiversity, and bring our community together through vibrant and accessible spaces, especially outdoors. All our decisions are geared to enhancing the student experience, and we’ve tried to consult our students at every stage to ensure their voices are heard.”
Design for our new Health and Wellbeing building
It is a mark of the University’s confidence in its partnerships and its prudent fiscal management, which make it able to continue investing and expanding. This at a time when many other institutions are cutting back. The CCP is linked to our partnership with Salford City Council and English Cities Fund in the wider Crescent Salford Masterplan, which will see the biggest redevelopment of this area of the city ever undertaken. Since 2022 we have developed at pace, opening three striking new buildings: the multi award-winning Energy House 2.0, the School of Science, Engineering and Environment (SEE) and the North of England Robotics Innovation Centre (NERIC). We have also refurbished Salford’s much loved Old Fire Station into a bustling café and bar, used by students, locals and colleagues.
New Acoustics building gets striking design
Here is an update on our latest major projects: / Acoustics Building Building started this Autumn on our state-of-the-art Acoustics Building. The world-class facility will be next to Salford Rise and will house the research, commercial and teaching activities of our globally recognised Acoustics department. It’s a flagship centre within the newly conceived Innovation Zone, part of the Crescent Salford masterplan. / Health and Wellbeing Building Our £54m new Health and Wellbeing Building is well underway and set to open in Autumn ’26. It will be the University’s most prominent new building, with a frontage on the A6 next to Salford Crescent train station. It will house some of the University’s most popular health and wellbeing courses. It will also eventually be a focus for clinics run with health partners from the region, and will welcome NHS and private patients, building on our existing very popular Podiatry and Sports Injury public clinics. Cutting edge research will take place in a new Human Movement Analysis Centre, thanks to a generous grant from the Wolfson Foundation. / Greater Manchester Institute of Technology The building is nearing completion and will officially open early in 2026. The £14m Greater Manchester Institute of Technology (GMIoT) will be a hub for teaching people real-world skills to help get them learning and earning.
/ Salford Business School Crescent House site is earmarked as the potential location for the new Salford Business School. Concept design work for the new Building has been undertaken, engaging closely with the School to translate vision into design. / Top urban design practice Planit to help shape University’s public spaces We’re always looking for new ways to open the University’s inner world up to our Salford community. In June we appointed NW based urban designers Planit to help present a new vision for our public spaces across all our campuses. Planit’s recent work in Greater Manchester includes landscape architecture and design for Ancoats Green, as well as MMU’s (Manchester Metropolitan University) All Saints Park and public realm. Keep eyes peeled as their creative flair maximises the potential of our beautiful grounds. Sustainability is a key priority in the CCP and the University is committed to meeting net zero carbon emissions by 2038. All new buildings will be fully electric and low-carbon and will be targeting BREEAM Excellent plus WELL Gold in some cases. Each building will support Salford City Council’s vision for a fairer, greener, healthier, and more inclusive city. As part of the wider Crescent Salford Masterplan the University’s development will help to deliver up to 7,000 full time jobs and an estimated annual Gross Value Add of £350m by 2040, over the lifetime of the Crescent regeneration.
The range of courses on offer will include new Higher Technical Qualifications, Higher National Diplomas and apprenticeships, as well as digital and technical skills boot camps and short courses designed to fast-track learners into jobs in growth sectors for Greater Manchester. 29
30 Photo Credit: Breige Cobane
SOUNDS FROM THE OTHER CITY The Founder of Sounds from the Other City (SFTOC) festival says its loyal fans have dubbed the Chapel Street knees-up “Salford’s Christmas”. Mark Carlin talks fondly about the day-long music and arts festival he founded two decades ago, and the University has been proud to support it with increasing commitment as it has grown and taken shape. “There is far more to it than simply hosting music and gigs,” says Art Collection Curator Lindsay Taylor who has helped cultivate the collaboration between the University, the Council and From The Other; the year- round organisation that runs the festival. Sam Ingleson from the School of Arts Media and Technology has also been a firm champion of the Festival over the years. The event started in 2005 as a day of live music in four pubs on Chapel Street and Bloom Street and has grown into a joyous day of music, art and dancing across more than 20 stages around the Chapel Street end of Salford Crescent. Anyone who attended this year’s SFTOC will confirm that the University’s grounds and various buildings were very much “party-central”. A giant marquee on the Green hosted a stage, a bar and dancefloor until 10pm. The big 20th birthday moment was celebrated when drag queen Lill jumped out of a giant birthday cake, in front of the Victorian grandeur of Peel Hall. Performances were also staged in the Old Fire Station, the Acoustics Laboratories, Peel Hall and Maxwell Hall, which the University decided to revive last year as one of Manchester’s most iconic concert spaces. Lindsay explains: “In the 1980s Maxwell Hall was one of the city’s best loved venues, hosting bands like Blondie and The Smiths. The live music element had drifted away over the
Photo Credit: Breige Cobane
years. In 2024 we decided to resurrect the Hall as a cultural gem in the heart of our campus.” “The Maxwell Hall story shows the power of local arts organisations working together,” says Lindsay. “This is what we are so good at in Salford. By working with the hugely talented festival team at From The Other and with the support of the city council, we were able to bring live music back to Maxwell Hall and make the magic happen.” It’s now firmly on the roster of venues for SFTOC. The festivities also provide invaluable student placement opportunities – 33 volunteers were recruited last year alone as event supporters. And it’s not just great music that has resulted from the University’s partnerships. In 2024 the University’s evercreative Art Collection team brokered conversations with our revered Acoustics team, to stage the finale of artist Mishka Henner’s residency at Energy House 2.0 with a premiere of his performance The Conductor. Mishka’s work has since been presented at Castlefield Gallery in Manchester in association with Open Eye Gallery Liverpool, and versions of both commissions are being acquired into the University’s Art Collection as a legacy of the programmes. “We love opening up our unique facilities to wider audiences in a completely new way,” said Lindsay. “One of our key roles here at the University is to enrich lives in our community, as well as to nurture talent. It’s a great time to be making things happen here in Salford.”
OUTSTANDING COLLEAGUES DELIVERING QUALITY The University’s catering and cleaning teams deserve special praise this year for their input and sheer hard work. We took the decision last Summer that our food offering needed a radical refresh, and all catering provision was moved back in-house. The Eat and Drink service now delivers more local and seasonal food as well as offering greater choice and a wider variety of dishes to meet religious and dietary needs. Sustainability also underpins everything. Sharron Murray, Catering Manager has led the team throughout the potentially tricky ‘TUPE’ period of overseeing the change in her teams’ contracts from working with an external provider, back to being in-house University staff. Around 40 staff were impacted, and Sharron pays tribute to them all. “It is always unsettling when major changes like this are introduced, and everyone has been brilliant as we have adapted to new ways of working,” says Sharron. For Sharron and colleague Anne Doran who is a Catering Assistant and have both worked for Salford since 1999 – they are much happier to be ‘back in the fold’. “It’s great to be back on the University’s payroll as University staff under the same roof,” Anne says. “Salary and holidays are better as we now have much more choice. We can also take holidays in October when it wasn’t allowed previously. We can also find out quickly and easily where to direct queries about everything from holidays to pensions,” she adds. Sharron’s skill looking after her team was recognised when she won Hiring Manager of the Year in the University’s UniTemps Awards – quite a feat at a time of great change and upheaval. Another member of staff going above and beyond is one of our cleaning team Karen Dutton, who won a rising star Award in March 2025 when she was recognised for what she brings to the workplace. The Women’s Voice Awards were organised by a collection of our employee networks and Karen collected her award in front of a 100-strong audience. Karen balances her job with looking after grandchildren. Says Karen: “It was lovely to get the Award, and nice to attend the event. I like the job at Salford because the people I work with are great and there’s never a dull day. You feel respected and I really like that.”
Karen Dutton has worked as a Deep Cleaner at the University for 20 years, and won a Women’s Voice Award this year
I like the job at Salford because the people I work with are great and there’s never a dull day. 31
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THANK YOU TO ALL OUR SUPPORTERS We are proud to have a diverse community of supporters who share our vision for creating a better future for our students, colleagues and local communities. This year, we celebrated a record-breaking achievement, receiving over £4.6 million in philanthropic gifts and pledges from alumni, volunteers, donors, corporate partners and charitable foundations, some of which will be received and accounted for in future years. These vital funds will transform lives through research, student support, outreach and community programmes. The University is proud to nurture lifelong connections with our graduates and supporters. Our 220,000+ alumni community are our largest stakeholder group and most powerful ambassadors, giving back not only through funding but also through volunteering, mentoring, guest lectures, curriculum advice and professional networks. We now have almost 70 scholarships per year - a significant growth over the past few years. Securing this level of support takes collaboration across the University, from academic leaders to professional services and local organisations. This year also saw our largest single philanthropic gift ever, demonstrating the impact of alumni and philanthropy in helping us deliver our Innovating to Enrich Lives strategy. Sophie Thorp, Head of Philanthropy, Alumni and Supporter Engagement, said: “This success reflects years of relationship building and is a clear endorsement of our commitment to sustainable growth, social impact and inclusive innovation.” You can see all our scholarships here: Donor funded scholarships and bursaries | University of Salford
SALFORD’S GREEN LEAP FORWARD One such philanthropic gift - a generous £600k donation from the Garfield Weston Foundation - is helping Salford take a big step toward greener homes. The gift will support Energy House Labs in building one of two traditional-style houses inside their world-leading Energy House 2.0 facility where researchers can simulate everything from snowstorms to heatwaves. This marks the Foundation’s largest donation to Salford to date and will help launch a brand-new Centre for Retrofit, focused on making older homes more energy efficient. With 80% of the homes we’ll live in by 2050 already built - and most before 1990 - this research couldn’t be more timely. Energy House 2.0 already features two modern new-build homes, tested in extreme conditions to improve energy performance. Now, the team is turning its attention to the UK’s older housing stock, aiming to find practical, affordable retrofit solutions that help people stay warm and cut carbon. Professor Will Swan, Director of Energy House Labs, said: “This work is vital. If we’re going to tackle fuel poverty and hit Net Zero, we need to know what really works.” The new Centre for Retrofit will put Salford at the heart of the UK’s green housing revolution.
TRANSFORMATIVE SCHOLARSHIPS GO GREEN Since 2021, our partnership with the Harrington Foundation and Hg has supported students from disadvantaged backgrounds to study STEM degrees. 14 students have already benefited, including Benjamin Lowe from Boothstown, Salford, the first in his family to go to university. Benjamin, who is dyslexic, studied Biological Sciences with a year in the USA. “When I got picked, it felt like the first time anyone had ever noticed me,’ he said. ‘It’s no exaggeration to say it’s been life-changing.” Fiona Humphries, Managing Director at the Harrington Foundation, was inspired by Benjamin’s story to expand the programme to include environmental sustainability scholarships. “After seeing the positive impact on students, we decided to expand. I got talking to Benjamin and we identified an opportunity to create a more specialist environmental programme. Environmental studies are increasingly relevant, it feels like the right next step.” In 2025/26, ten new scholarships will be offered, five in tech and five in environmental degrees. Each scholarship includes funding, mentoring, paid internships and career support. Benjamin, now working at RHS Bridgewater and studying a master’s in wildlife conservation, will help shape the programme as a student ambassador. Discover how you can support the next generation of talent and make a lasting impact through Salford scholarships, by contacting us at supporters@salford.ac.uk.
When I got picked, it felt like the first time anyone had ever noticed me, it’s no exaggeration to say it’s been life-changing.
FAMILY FOUNDATION FUNDS RESEARCH TO SUPPORT CHILDREN WITH FETAL ALCOHOL SPECTRUM DISORDER A generous £50,000 donation from The Mohapatra Family Foundation is funding vital research to help children with Fetal Alcohol Spectrum Disorder (FASD) succeed in mainstream education. FASD is a lifelong condition caused by prenatal alcohol exposure. It can affect memory, attention, speech, planning and decision-making, making learning in a typical classroom especially challenging. Salford is home to the UK’s largest research team dedicated to FASD. Thanks to this new funding, researchers will study The Animation Curriculum, a strengths-based, multi-sensory teaching approach designed to support children with FASD and other neurodivergent behaviours. Created by Dr Jessica Rutherford through over a decade of research and lived experience, the curriculum helps teachers deliver lessons in ways that highlight children’s strengths and support their needs. The study will trial the curriculum in a Year 3–4 class where at least one pupil has diagnosed or suspected FASD. Dr Alan Price, Lecturer in Psychology, said: “Many children with FASD are misdiagnosed or undiagnosed, and don’t get the support they need. This project will help us understand how the curriculum works in practice, and how it might benefit all pupils.” Dr Surya Mohapatra, Salford alumnus and founder of The Mohapatra Family Foundation, said: “We’re proud to support this novel intervention. FASD research is severely underfunded, and I’m delighted my alma mater is leading the way in raising awareness and understanding. We look forward to seeing how this can be scaled further.”
MAJOR GRANT FROM WOLFSON FOUNDATION FOR LIFECHANGING RESEARCH The University of Salford has secured a landmark £700,000 grant from the Wolfson Foundation to support the development of REMEDY – a cutting-edge centre for research into human movement and rehabilitation. Located within the University’s forthcoming £54 million Health and Wellbeing Building, REMEDY will be equipped with state-ofthe-art technology to advance world-leading work in gait analysis, prosthetics, and mobility solutions. This is the largest grant Salford has ever received from the Wolfson Foundation and reflects the University’s global reputation for impactful research. The new centre will provide dedicated lab and clinic space to support patients with conditions such as diabetes, limb loss, and mobility challenges, helping improve care and long-term outcomes. The Wolfson Foundation’s support marks a major step forward in Salford’s mission to enrich lives through research and innovation in healthcare. 33
34
FINANCIAL PERFORMANCE KEY FINANCIAL HIGHLIGHTS 2024-25
£11.8m
Underlying Operating Surplus
£12.4m
£12.1m
£26.3m
£297.5m
£83.4m
£80.1m
£21.4m
£285.5m
Surplus for the Year
Comprehensive Income for Year
Cash flow from operating activities
Net assets
2023-24
£20.1m
Underlying Operating Surplus
Surplus for the Year
Comprehensive Income for Year
Cash flow from operating activities
Net assets
STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE UNDERLYING OPERATING SURPLUS FOR THE YEAR The University Council’s process for reviewing the performance of the University is primarily to consider the underlying operating surplus (the controllable surplus) as well as the cashflow generated from operating activities. These measures exclude the impact of movements on long term pension liabilities including Universities Superannuation Scheme (USS) and the Greater Manchester Pension Fund (GMPF) and movements on the early retirement provision in respect of former Teachers Pension Scheme (TPS) members and loan hedge movements which while significant cannot be controlled by management in the short term. In 2024-25 the University made an underlying operating surplus of £11.8m
NON-CONTROLLABLE MOVEMENTS The overall impact of these non-controllable movements is to increase the surplus to £12.4m.
COMPREHENSIVE INCOME FOR YEAR The Total Comprehensive income is £12.1m after an adverse movement of £0.5m on the GMPF scheme and a hedge gain of £0.2m on the financial instruments.
INCOME AND EXPENDITURE IN £m
2024-25 and 2023-24 actuals and key variances to prior year
2024-25
2023-24
Change to Prior Yr
Tuition fee and educational contracts
222.1
221.0
1.1
Funding body grants
24.4
25.1
(0.7)
Research grants and contracts
7.9
8.2
(0.3)
Other income
21.3
21.2
0.1
Investment and donations income
9.3
9.1
0.2
Controllable operating income
285.0
284.6
0.4
Staff costs
(159.0)
(151.5)
(7.5)
Less non controllable gain / add back non controllable charge
(0.6)
0.1
(0.7)
Other operating expenses
(94.0)
(93.1)
(0.9)
Depreciation
(17.9)
(16.8)
(1.1)
Interest and other finance costs
(1.7)
(3.2)
1.5
Controllable operating expenditure
(273.2)
(264.5)
(8.7)
Day to day operating surplus
11.8
20.1
(8.3)
Loss on disposal of fixed assets
0.0
0.0
0.0
Gain on disposal of investments
0.0
0.0
0.0
Underlying operating surplus
11.8
20.1
(8.3)
Change in USS Deficit recovery plan
0.0
63.4
(63.4)
Other non controllable movements
0.6
(0.1)
0.7
Surplus / Deficit for the year
12.4
83.4
(71.0)
Change in fair value of hedging financial instuments
0.2
(0.7)
0.9
Actuarial loss / gain in respect of pension movements
(0.5)
(2.6)
2.1
Total comprehensive income for the year
12.1
80.1
(68.0)
INCOME
STAFF COSTS
IMPACT OF NON CONTROLLABLE AND EXCEPTIONAL ITEMS
CONTROLLABLE INCOME In 2024-25 total income increased slightly by £0.4m (0.1%) to £285m. Total tuition fees and educational contracts increased by £1.1m (0.5%) to £222.1m due to an increase in full time international students income of £2.1m (3.9%) and Full time home and EU fees of £0.2m (0.1%) offsetting falls of £1m (33.7%) in Short Courses and £0.2m (1.1%) in Part time and Teaching Contracts income. Funding body grants fell by £0.7m (2.8%) to £24.4m due to INCOME ANALYSIS £’m
a reduction in recurrent grants of £0.2m, specific grants of £0.3m and a fall in the release of Deferred Capital Grants of £0.2m. Research grants and contracts fell by £0.2m (2.5%) to £7.9m while Other Income increased by £0.1m (0.5%) to £21.3m. Investment, donations and endowment increased by £0.2m (2.2%) to £9.3m due to an increase in investment income of £0.5m offsetting the £0.3m reduction in donations. The rise in investment income reflects the increase in investment and cash holdings.
2024-25
Full time home and EU students fees
2023-24 148.7
148.8
Full time international student fees
54.1
56.2
Other including part time and teaching contracts
18.2
17.1
Funding body grants
24.4
25.1
Other income
21.3
21.2
Research grants and contracts
7.9
8.2
Investment, donations and endowment
9.3
9.1
35
36
CONTROLLABLE EXPENDITURE In 2024-25 total expenditure increased by £8.7m (3.3%) to £273.2m. Staff costs increased by £8.2m (5.4%) to £159.6m reflects a number of factors including; an increase in staff numbers of 90 as vacancies were filled, a nationally agreed pay rise of £900 per employee from August 2004 with a further rise from 1 March 2025 to increase salary by a minimum of 2.5% since 31 July 2024 and more for lower scales, and from April 2025 the impact of an employers National Insurance EXPENDITURE ANALYSIS £’m
increase of 1.2% and scale increases. Recurrent staff costs now account for 56.0% of income compared to 53.2% in 2023-24. Other operating expenses rose by £0.9m (1.0%) to £94.0m. Depreciation has increased by £1.1m due to writing down the value of Adelphi and Centenary buildings to zero in preparation for demolition and land disposal. Interest has fallen by £1.5m due to the release of the USS deficit provision in 2023-24.
2024-25
2023-24
Staff costs
159.6
Other operating expenses
94.0
Depreciation
Interest payable
151.4
93.1
17.9
1.7
16.8
3.2
STATEMENT OF FINANCIAL POSITION At the 31 July 2025 our Total net assets had increased by £12m to £297.5m reflecting the total comprehensive income outturn for 2024-25. We continue to have healthy net current assets of £117.3m (£129.3m at 31 July 2024), with cash and short-term net investments of £165.2m and investments greater than one year, included within Non-current assets of £19.6m, resulting in total available investments of £184.8m (£168.8m at 31 July 2024). This is equivalent to 265 days of day-today expenditure cover (2024: 249 days). In 2024-25 we have placed funds for longer than previously which is why £19.7m of investments are included in non-current assets; the rationale for this was to lock in the higher interest rates that were available earlier this financial year. The rise in cash holding is required to fund the substantial capital expenditure needed to complete the current phase of the Campus Connectivity Plan. The waterfall chart below explains the rise in cash and investments over the last 12 months by analysing the cash flow statement. The increase in creditors less than one year is mainly due to increases in level of deferred income for students who registered in year, international student deposits for 2025-26 and capital creditors. At the 31 July we have borrowing including derivatives and finance leases of £24.4m (£26.2m at 31 July 2024) which represents 8.6% (9.2% at 31 July 2024) of income and is below the sector average. Our plan is to continue to finance future capital expenditure through our current cash holdings, internally generated resources including land sales, grants and external donations.
We have pension provisions totalling £10.1m (£11.2m at 31 July 2024). The university still has obligations to fund Teachers’ Pension liabilities but currently has no obligation to fund the USS pension scheme. Affordability of pensions remains a financial risk and since 1st August 2019 colleagues appointed on grades 1 to 6 are only eligible to join the University of Salford Pension plan which is a defined contribution scheme.
EXTRACT OF THE STATEMENT OF FINANCIAL POSITION IN £m
AS AT 31 JULY 2025
AS AT 31 JULY 2024
NON-CURRENT ASSETS
255.9
221.6
Trade and other receivables and stock
38.0
37.2
Investments and cash and equivalents
165.2
168.8
CURRENT ASSETS
203.2
206
Less creditors falling due within one year
(85.9)
(76.7)
Net current assets
117.3
129.3
TOTAL ASSETS LESS CURRENT LIABILITIES
373.2
350.9
Creditors amounts falling due within one year
(61.3)
(51.6)
Pension provisions
(10.1)
(11.2)
Other provisions
(4.3)
(2.6)
TOTAL NET ASSETS
297.5
285.5
Actuals at 31 July 2025 and 31 July 2024
The increase in creditors greater than one year reflects the capital grants received to help fund the Health and Institute of Technology buildings. MOVEMENTS IN ACTUAL CASH AND INVESTMENT (INCLUDING SHORT AND LONG TERM) BALANCES £m IN 2024-25
240.0 220.0 200.0 180.0 160.0 140.0 120.0 100.0
Opening
Operating cashflow
Investment income
Capital grants
Capital exp
Financing
Closing
37
38
CASH FLOW
CASH INFLOW FROM OPERATING ACTIVITIES (£m) 60.0
Cash flow generation continues to be one of our key financial metrics, particularly in a tough financial environment. Cashflow from operating activities was £26.3m (202324 £21.4m) which is 9.2 % of income. The increase in cashflow in 2024-25 reflects one off favourable working capital movements including increases in student deposits in advance and accruals and deferred income.
50.0 40.0 30.0 20.0 10.0 0.0 2020-21
2021-22
2022-23
2023-24
2024-25
Cash flow from operating activities (£m)
52.4
48.5
30.1
21.4
26.3
Cash flow as % of income
22.7
19.6
11.2
7.5
9.2
3 year average cashflow (£m)
32.7
42.7
43.7
33.3
25.9
CAPITAL EXPENDITURE
CAPITAL EXPENDITURE (£m)
Tangible and Intangible
50.0
We continue to invest in our estate, equipment and intangible assets spending £32.5m. Schemes in 202425 included further expenditure on the Institute of Technology, Health and Acoustics buildings, commencement of building a new car park facility as well as expenditure on One Digital Campus and equipment.
40.0 30.0 20.0 10.0 0.0 Capital Expenditure
2020-21
2021-22
2022-23
2023-24
2024-25
41.9
44.2
22.3
11.5
32.5
PAYMENT OF CREDITORS The Late Payment of Commercial Debts (Interest) Act 1998 and Late Payment of Commercial Debts Regulations 2002 and 2013 requires institutions, in the absence of agreement to the contrary, to make payments to suppliers within 30 days of either the provision of goods or services or the date on which the invoice was received. We endeavoured to adhere to this policy during the year except where there were genuine reasons for dispute. Subject to the terms of individual contracts, where there are disputes on invoices, we only withhold payment on the disputed element of the invoice. During 2024-25 the University paid 96% (2023-24: 96%) of invoices received within 30 days under Public Contract Regulation 113 that were undisputed. Under the legislation the University is required to report the value of notional interest due on invoices that are paid late and for 2023-24 this is £17,440 (2023-24 £15,147).
PROFESSIONAL ADVISORS Bankers
Lloyds Bank PLC and Barclays Bank PLC
Investment Advisors
KW Wealth
Internal Auditor
Price Waterhouse Coopers
External Auditor
KPMG LLP
CONCLUSION AND FUTURE PROSPECTS 5 YEAR TREND ANALYSIS
2020-21
2021-22
2022-23
2023-24
2024-25
Total Income - £m
230.9
247.9
268.3
284.6
285.0
Recurrent staff costs - £m
124.6
127.6
137.3
151.4
159.6
Staff numbers - FTE’s
2,318
2,289
2,510
2,751
2,843
Pay as % of income
54.0
51.5
51.2
53.2
56.0
International income
23.6
40.0
48.1
55.8
56.9
International income as % of income
10.2
16.1
17.9
19.6
20
Underlying operating surplus - £m
16.5
20.7
19.0
20.1
11.8
Underlying operating surplus as % of income
7.1
8.4
7.1
7.1
4.1
Cashflow from operating activities - £m
52.4
48.5
30.1
21.4
26.3
Cashflow from operating activities as % of income
22.7
19.6
11.2
7.5
9.2
£m 300
% 9.0 8.0
250
7.0
200
6.0 5.0
150
4.0 3.0
100
2.0
50 0
1.0 2020-21
2021-22
Total Income - £m
Over the last 5 years the University has generated recurrent underlying surpluses as well as operating cash inflows of at least £21m. This follows an increase in international income from £23.6m to £56.9m which now accounts for 20% of our total income. This has allowed the university to manage a challenging external environment where tuition fees have been unchanged since 2017-18. This track record of cash generation has then allowed us to continue to invest in our students, staff and facilities. The future prospects of the University are considered over a 5-year period with the financial plan for 2025-26 to 202930 approved by Council in July 2025. The financial plan includes annual Income & Expenditure statements, capital expenditure, cash flow and balance sheet statements and an assessment of loan covenant compliance at each year end. Part of the financial planning process includes scenario planning which stress tests key assumptions in respect of student recruitment, pay awards and pensions as well as the potential impact of external factors such as costof-living issues on student recruitment and retention. The scenario planning also included consideration of potential remedial actions and these scenarios are reviewed on an ongoing basis.
2022-23 Recurrent Staff costs - £m
2023-24
2024-25
0.0
Underlying day to day operating surplus % of income
Overall recruitment for 2025-26 has been in line with target and the University is again targeting a “controllable” surplus in 2025-26. The external environment remains challenging with the university operating in a very competitive market for both home and international students and whilst home undergraduate fees have increased for 2025-26 this has been largely consumed by the increase in employers’ national insurance. Inflation remains an issue and this is creating pressures to further increase pay above the pay award negotiated by Universities and Colleges Employers Association with the Trade Unions of 1.4% for 2025-26. Despite these pressures the University’s underlying financial position remains sound and the University continues to plan to invest in improving the student experience with continued investment in infrastructure. Based on this work and the ongoing review of the financial position during autumn recruitment the accounts continue to be prepared on a going concern basis.
Professor N Beech Vice Chancellor 12 December 2025
Rt Hon. Lord Bradley Chair of Council 39
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GOVERNANCE CORPORATE GOVERNANCE STATEMENT (IN RESPECT OF FINANCIAL YEAR 2024-25 AND THE PERIOD UP TO THE APPROVAL OF THE FINANCIAL STATEMENTS - 12 DECEMBER 2025). This Statement describes how the University of Salford executes good governance, strategically drives a successful student experience and outcomes, and ensures management of risk and internal control; achieved through the University’s constitution and its accountabilities for statutory and regulatory compliance. The University is an independent corporation. Its university title and legal status derives from a Royal Charter granted in 1967. This Charter and accompanying document (the ‘Statutes’) set out the University’s objectives, its powers, and framework of governance. The University is also a charitable trust but is exempt from registering with the Charity Commission as its principal regulator, established by the Higher Education and Research Act 2017, is the Office for Students (OfS). The OfS is obliged to promote compliance with charity law and works alongside the Charity Commission to do so. The University has been successfully registered with the OfS since September 2018 and under the Regulatory Framework for Higher Education in England, the governing body is responsible for ensuring compliance with general conditions laid out for ongoing regulation. The University is not subject to any specific conditions issued by the OfS. Changes to the Charter or Statutes can only be made with the approval of the OfS.
The objects of the University shall be to advance education and knowledge by teaching and research, and in doing so to foster an academic environment which is enterprising and applied to business and the professions, for the benefit of society at large. Charter, Section 3
The Charter established a supreme governing authority (‘Council’) and an academic authority (‘Senate’). Each are granted defined functions and responsibilities (and for Council, a constitution is provided). Council adopts internal corporate rules (the ‘Ordinances’) and approves the Corporate Strategy, effectively setting an overall ‘risk appetite’ for the University’s ambitions. The University is committed to observing the highest standards of governance. This will ensure integrity and objectivity in the transaction of business and wherever possible, be transparent (including in the public domain). In making this commitment, Council approved adoption of the Higher Education Code of Governance (2020) published by the Committee of University Chairs (CUC), alongside the CUC’s Higher Education Senior Staff Remuneration
The Nolan Principles 1. Selflessness 2. Integrity 3. Objectivity 4. Accountability 5. Openness 6. Honesty 7. Leadership
Code (2021) and the Higher Education Audit Committees Code of Practice (2020). The HE Code of Governance adopts and builds on the Seven Principles of Public Life (often referred to as the ‘Nolan Principles’).
Together the Principles provide the ethical basis for both the personal and collective behaviours of Council, and for the proper conduct of business in the public interest and for public benefit. Committee on Standards in Public Life (1995)
To ensure personal responsibility for the Nolan Principles, Council approves annually a Code of Conduct for Members of Council and Senior Officers. To give practical effect to the Principles, a range of material policies approved, regularly reviewed and overseen by Council have been implemented, including: / Financial Regulations and Delegated Financial Authorities: These ensure effective accountability, regularity and propriety in the use of public or private funds, value for money, that funding is used in accordance with grant requirements, compliance with relevant legislation, and that our assets are safeguarded. / Counter Fraud Policy and Response Plan / AntiBribery Policy / Criminal Finance Act Policy: The ways that suspicion of theft, fraud, bribery, corruption or financial irregularity can be reported, and how these reports are dealt with. / Register of Interests, Gifts and of Hospitality Policy (Declaration and Management Conflicts of Interest): How interests (financial or otherwise), gifts and hospitality that might create a perceived, potential or actual conflict of interest are understood, declared and acted upon, (including logging on the Register of Interests and/or the Register of Gifts and Hospitality). Managing conflicts of interest is also actioned through the rules for Committees (‘Standing Orders’). / Whistleblowing Policy: The ways an employee can raise an issue which they believe to be in the public interest. This might be unethical, criminal, fraudulent or dangerous behaviour and the approach the University is bound to undertake in response to whistleblowing reports.
Committee meetings held during 2024-25 were mainly held in person, with online attendance agreed by the Chair. Council has ultimate responsibility for the affairs of the University and has established four permanent committees (‘standing committees’) to help discharge its duties and oversee activities on its behalf, and to consider or make recommendations on proposals seeking Council approval. Council and Senate have also jointly established a permanent committee with delegated authority to consider and approve recipients for honorary awards of the University.
There are also two value structures encompassing wider policy sets, processes, and component themes of the Corporate Strategy: / The Inclusive University: The range of policies and Statement of Ambition that recognise the University’s commitment to equity, fairness, autonomy, dignity and respect in the workplace, and safety. / The Ethics Framework: The ethical considerations that underpin all University functions, decisions, and policies. Council can be made up of a maximum of 24 members, the majority of whom must be independent. There are two student and two staff members, and a member representing Senate. The Vice-Chancellor is a member by virtue of their position (‘ex officio’). Independent and staff members can serve a maximum of three terms of three years (i.e., no more than nine years in total), student members can serve a total of three terms of one year (but in practice are normally prevented from serving more than two years as they are appointed from the Student Officers of Salford Students’ Union), and the Vice-Chancellor stays appointed as long as they are employed in the position. No member receives payment for their tenure but are eligible for reimbursement of out-of-pocket expenses (e.g., costs to travel to attend meetings). The role of Chair is offered on a compensated basis to reflect the additional time and responsibilities involved however the current Chair has waived payment. Members of Council are trustees for charitable law purposes.
Members may be appointed to one or more committees. Committees may also include co-opted members. These are members who either join a committee to provide a relevant skill or experience required to meet the committee needs or who are selected for their skills and as part of Council succession planning priorities. Co-opted members are not members of Council or trustees of the University. Each Committee has a written terms of reference that is reviewed annually to ensure effective governance and controls are in place. Details of the functions, terms and membership are published on the University’s website. Decisions are made collectively by the members acting as a single body in the best interests of the University. Council runs a dual assurance model. Alongside assurances received from committee oversight, six Lead Member roles have been established - each to provide individual assurance for a strategic area of business. Lead Members are appointed from the independent membership. Council benefits from the services of the University Secretary, appointed by Council and reporting to the Chair, as their independent officer responsible for ensuring the proper conduct of Council business and governance integrity. The role holder provides advice to the Chair if conflict may arise between the Council and the ViceChancellor. At the University the role of University Secretary is undertaken as a dual appointment whereby the appointee is responsible to the Vice-Chancellor for their other duties as Chief Academic Services Officer. The University Secretary takes great care to maintain separation between duties. The committees, committee responsibilities, members of Council, and appointments to committees during 2024-25 are provided in the tables below.
UNIVERSITY GOVERNANCE AT A GLANCE COUNCIL Chair: Rt. Hon. The Lord Keith Bradley
SENATE Chair: Prof. Nic Beech
HONORARY AWARDS COMMITTEE* Chair: Prof. Nic Beech
AUDIT AND RISK COMMITTEE Chair: Dr. Tony Coombs
FINANCE AND RESOURCES COMMITTEE Chair: Merlyn Lowther
VICE-CHANCELLOR AND UNIVERSITY LEADERSHIP TEAM
GOVERNANCE, NOMINATIONS AND ETHICS COMMITTEE Chair: Claire Sproston
REMUNERATION COMMITTEE Chair: Helen Taylor
*Joint committee of Council and Senate
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42 MEMBERSHIP OF COUNCIL UP TO AND INCLUDING 31 JULY 2025
GNEC
HAC
REMCO
3rd
✓
✓
✓
✓
3rd
✓
✓
✓
Angela Adimora
2nd
✓
Professor Dame Sue Bailey
3rd
Phillip Bishop
1st
✓
John Bland
1st
✓
Helen Brown
1st
Dr Tony Coombs
3rd
Stephen Gleave
1st
✓
Estates
Philip Green
2nd
✓
IT
Micheal Omoniyi
2nd
Cllr Teresa Pepper
1st
Suzanne Robinson
1st
✓
Alan Roff
3rd
✓
Claire Sproston
1st
Helen Taylor
3rd
Nigel Wilcock until 27 April 2025
1st
✓
Dr Elsa Zekeng
2nd
✓
(Chair of Council)
Merlyn Lowther (Deputy Chair of Council)
Professor Nic Beech Vice-Chancellor
STAFF MEMBERS
STUDENT MEMBERS#
CO-OPTED MEMBERS (COMMITTEES ONLY)
JOINT COMMITTEE MEMBERS
ARC
LEAD MEMBER
FRC
Lord Keith Bradley
INDEPENDENT MEMBERS
TERM DURING 24-25
✓
✓ ✓
✓ ✓
✓
✓
ex officio
Sara Das
1st
Professor Peter McDermott
1st
Professor Katherine Yates
1st
Alvina Imran
1st
Adnan Sabir
1st
Akinwale Bello
1st
Sheba Tayo-Garbson
1st
Sophy Jacob from 18 Oct. 2024
1st
✓
1st
✓
1st
✓
Domain Olufowobi from 01 Oct. 2024
His Honour Judge David Pugh from 01 Oct. 2024
✓
✓
✓
EDI
✓ ✓ ✓ ✓
✓
Professor Simone Buitendijk –
ex officio
✓
-
✓
ex officio+
✓
Jo Purves - ex officio+
✓
✓
1st
Senate member – 1st term
HR
✓
Pamela Tate from 01 Oct. 2024
Lynne Barrow
✓
+
due to alignment with the election of sabbatical officers of the Students’ Union, student members’ terms commence on 01 July and cease on 30 June.
KEY:
+ex officio in their capacity as an ex officio member of Senate.
FRC – Finance and Resources Committee
NB: There are currently vacancies for the role of Lead Member for Finance and Lead Member for Environmental Sustainability.
HAC – Honorary Awards Committee
#
ARC – Audit and Risk Committee GNEC – Governance, Nominations and Ethics Committee REMCO – Remuneration Committee
COUNCIL MET FIVE TIMES DURING 2024/25 Council approves and maintains a Statement of Primary Responsibilities, comprising twelve duties. 1. Strategic Development and Planning a) Shaping the development of and ultimately approving the University’s vision, mission and strategic plan (including relevant sub-strategies in cognisance of the University’s obligations to promote equality of opportunity for staff and students). 2. Monitoring Effectiveness and Performance a) Ensuring effective and proactive monitoring of the implementation of the strategic plan (and relevant sub-strategies); this includes confirming that there are effective key performance indicators, which wherever possible and appropriate, are benchmarked against other institutions. b) Ensuring that there are in place appropriate arrangements for the management of the University, particularly through appointment of the Vice-Chancellor and other designated senior positions. c) Ensuring that there are effective control and accountability mechanisms, including financial and operational controls and risk assessment and management. d) Monitoring its own effectiveness as a governing body and reporting thereon. e) Putting in place suitable arrangements for monitoring the performance of the Vice-Chancellor and other designated senior positions. 3. Academic Affairs a) Recognising and supporting Senate’s role as the academic authority of the University, ensuring that there is effective and satisfactory performance in relation to academic affairs, such as academic partnerships and collaborations, academic quality and the student experience, student recruitment and achievement, data provision and research integrity.
b) Ensuring, in conjunction with Senate, that the general welfare of students is assured. c) Ensuring, in conjunction with Senate, that the principles of academic freedom are maintained. 4. Legal and Regulatory Commitments and Obligations a) Ensuring that the University meets its diverse legal and regulatory obligations (including those relating to health, safety and equality) 5. Finance a) Ensuring the solvency of the University and safeguarding its assets. b) Shaping the development of and approving the financial strategy and the overall annual budget and ensuring its congruence with the overall University strategy. c) Ensuring that the funds provided by the Office for Students (OfS) are used in accordance with the terms and conditions specified in the OfS terms and conditions. d) Considering and approving annual accounts. e) Ensuring that, subject to relevant legislation, appropriate arrangements are in place for the management and operation of such companies as are wholly or partly owned by the University. f) Acting as a trustee for any property, legacy, endowment, bequest or gift in support of the welfare of the University. 6. Audit and Risk a) Directing and overseeing the University’s arrangements for internal and external audit. This includes ensuring an effective approach to risk management, control and governance (including ensuring the probity of the financial statements and the effective management and quality assurance of data submitted to funding bodies).
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44 7. Estate Management a) Shaping the development of, approving and subsequently reviewing an estates strategy that identifies the property and infrastructure requirements (including information technology requirements) needed to fulfil the objectives of the University’s strategic plan. b) Providing for a planned programme of maintenance for the University’s estate. c) Considering and approving all acquisitions and all disposals of land and property.
Biannual reports from Salford Students’ Union (SSU) were received in the Autumn and Spring meetings, in accordance with Council’s statutory duties under Section 22 of the Education Act (1994) to oversee aspects of the Union’s performance and operation. Alongside performance and financial metrics, the reports outlined SSU’s emerging progress on its Tackling Loneliness Strategy, and details of the officer elections process and election results authorised by the SSU-appointed Returning Officer.
8. Human Resource Management a) Shaping the development of, approving and subsequently reviewing the University’s human resources strategy and policies, including remuneration policy. b) Ensuring the University has clear procedures for handling internal grievances and for managing conflicts of interest. c) Appointing the Vice-Chancellor and other senior designated positions and setting the terms and conditions for these posts.
This year Council also considered and approved:
9. Governance and Management a) Ensuring that all students and staff have opportunities to engage with the governance and management of the institution. b) Appointing the Secretary to the Council and ensuring, where applicable, there are appropriate separation in lines of accountability. 10. Ethics and Values a) Conducting its business in accordance with best practice in corporate governance and with the principles of public life as drawn up by the Committee on Standards in Public Life. b) Safeguarding the good name and values of the University and being responsible for the ethical governance of the University. c) Promoting a culture which supports inclusivity and diversity across the University. d) Protecting the principle of freedom of speech in line with legislation. 11. Public Benefit a) Ensuring that, as an Exempt Charity, the University’s obligations to demonstrate public benefit are met. 12. Students’ Union a) Ensuring that the Students’ Union operates in a fair and democratic manner and is accountable for its finances. Student experience continued to be the lead item of business at each meeting, providing the opportunity for Council to hear and discuss a range of individual ‘lived experiences’ with guest students. Scheduled business included reviews of key performance indicators, degree outcomes, apprenticeships, remuneration and equality pay gaps, health and safety, risk management, material policies, new conditions of registration with the OfS (E6 Harassment and sexual misconduct), principles of social justice in a university setting, delivery of ambitions for equity, diversity and inclusivity, internal audit, and financial planning. Also, the adoption of annual reports regarding health and safety at the University, equity at the University, academic quality assurance, environmental sustainability, and of the Audit Committee.
/ the University Strategy 2025 – 2030; / the Memorandum and Articles of Association for Salford Students’ Union (compliant with statutory timeline); / re-alignment of terms of reference for whistleblowing and the Prevent Duty to Audit and Risk Committee, and amendments to the stated interrelationships between the standing committees; / refresh in the Scheme of Delegation of Council’s powers in discharging its duties; / establishment of a Council Engagement Group to support implementation of the strategic delivery plan for education; / establishment of a new institute of the University for social innovation, and the realignment of discipline areas across three of the Schools; / acceptance of a significant philanthropic gift; / the Freedom of Speech Code of Practice; / investments in the School of Health and Society’s health clinic, the School of Science, Engineering and Environment’s acoustic research facility, and in refresh of the University’s IT network. Minutes from meetings of Council are published on the University’s website. Council undertook two further sessions: including a joint session with Senate in development of the University Strategy and understanding the University’s impact, an immersive drama session exploring themes of allyship under the University’s allyship programme, and a discussion on strategic delivery of research and knowledge exchange at the University.
RISK GOVERNANCE
FINANCE AND RESOURCES COMMITTEE
Council is accountable for risk at the University through adoption of a Risk Management Policy. It delegates responsibility for implementation of the Policy to the ViceChancellor and University Leadership Team. On behalf of Council, Audit and Risk Committee oversees effective delivery of risk management, including mitigation of risks, through independent scrutiny and verification.
MET FIVE TIMES IN 2024-25
FREEDOM OF SPEECH Council upholds the fundamental rights of freedom of speech, including academic freedom. Approved by Council, the University’s Freedom of Speech Code of Practice positively promotes key principles and protects all involved. The academic freedom of staff applying for jobs or internal promotions is protected. Staff and students will be treated with respect and not denied the use of University premises on grounds connected with beliefs, views, policies, or objectives if such use is always within the law. Council, Senate, and the University Leadership Team work collaboratively with the Students’ Union to adopt a riskbased approach to managing external events, also fulfilling obligations under the Government’s Prevent Duty, the Higher Education and Research Act (2017) and equalities legislation. Council ensures the Code of Practice remains fit for purpose and compliant with legislation and guidance issued by the OfS.
AUDIT AND RISK COMMITTEE MET SIX TIMES IN 2024-25 Key responsibilities include: / reviewing risk management; / statutory and regulatory compliance arrangements including with the Modern Slavery Act, and Prevent Duty – and effectiveness of internal controls; / overseeing handling of whistleblowing reports; / providing an annual assurance report to Council, including consideration of the University’s efficient and effective use of funds aligned to the OfS approach to value for money for students. The thematic meeting focus for 2024-25 was on opportunities and risks arising from the development of artificial intelligence (AI) and was opened to general attendance. Committee meetings are attended by the University’s internal and external auditors.
Key responsibilities include: / reviewing financial sustainability and recommending to Council on financial strategy and investment; / overseeing planning relating to human and physical resources; / Financial Regulations and policies. / The Committee attends Audit and Risk Committee’s meeting to consider the financial statements.
GOVERNANCE, NOMINATIONS AND ETHICS COMMITTEE MET FOUR TIMES IN 2024-25 Key responsibilities include: / overseeing and assuring Council of its governance arrangements, including of the membership; / commissioning and overseeing periodical Council Effectiveness Review. (The CER fieldwork was completed in 2024-25, to report formally in September for recommendations to be considered/addressed during 2025-26. Emerging findings include areas of exemplary governance practice - such as the student lead item at Council meetings – but with focus on potential enhancements in people governance and governance approaches to strategy development through to delivery oversight). The Committee runs a task and finish group to interview candidates for membership.
REMUNERATION COMMITTEE MET FIVE TIMES IN 2024-25 Key responsibilities include: / reviewing the Vice-Chancellor’s performance; approving pay and reward; / approving pay and reward for University Leadership Team; / overseeing settlement agreements; gender and ethnic pay gap. A member of the Committee participates on selection panels for appointments to the University Leadership Team. 45
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SENATE Senate draws its membership from the staff and student bodies of the University plus a small number of external coopted members. Key responsibilities for academic governance include: / quality and enhancement of learning opportunities; / academic practice and student experience; / approving programmes and awards; / developing research and knowledge exchange; / regulating student admissions; / safeguarding the quality and standards of awards; / approving academic regulations and policies.
VICE-CHANCELLOR AND THE UNIVERSITY LEADERSHIP TEAM MEETING The Vice-Chancellor is appointed by Council as the Chief Executive Officer of the University. Under the terms and conditions of funding between the University and the OfS, the Vice-Chancellor is the nominated Accountable Officer and can be summoned to appear before the Public Accounts Committee of the House of Commons. Alongside the Vice-Chancellor there are 14 senior officers who make up the University Leadership Team (ULT): / Deputy Vice-Chancellor & Provost / Deputy Chief Executive and Chief Finance Officer / Pro Vice-Chancellor, Education and Student Experience / Pro Vice-Chancellor, Partnerships and Global Engagement / Pro Vice-Chancellor, Research and Knowledge Exchange / Pro Vice-Chancellor, Social Justice and Equity / Pro Vice-Chancellor & Dean, Salford Business School / Pro Vice-Chancellor & Dean, School of Arts, Media and Creative Technology / Pro Vice-Chancellor & Dean, School of Health and Society / Pro Vice-Chancellor & Dean, School of Science, Engineering and Environment / Chief Academic Services Officer & University Secretary / Chief Infrastructure Officer / Chief People Officer / Chief Strategy and Data Officer Collectively, ULT supports the Vice-Chancellor to meet his responsibilities for effective management of the University, its performance, and delivery of the University Strategy. ULT meets every two weeks to make decisions it has delegated authority for and to discuss and record recommendations on proposals to Council through the standing committees.
STATEMENT OF INTERNAL CONTROL (Corporate Governance) (in respect of financial year 2024-25 and the period up to the approval of the financial statements on 12 December 2025). As the Council of the University of Salford, we are responsible for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets for which we are responsible. This is in accordance with the responsibilities assigned to the Council in the Charter and its accompanying Statutes and the Financial Memorandum with the Office for Students The key elements of the Group’s system of internal financial controls, which are designed to discharge the responsibilities include the following:a) Clear definitions of the responsibilities of, and the authority delegated to, heads of academic and professional support service departments; b) A 5 year planning process with annual review; c) Regular reviews of academic and professional support service performance; d) Clearly defined and formalised requirements for approval and control of expenditure, with capital expenditure being subject to formal detailed appraisal and review according to approval levels set by the University Council; e) Comprehensive Financial Regulations, detailing financial controls and procedures, approved by the University Council. Supplementing the Financial Regulations are policies designed to prevent and detect fraud, corruption, bribery and other irregularities as well as a Counter Fraud Response plan. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness.
The system of internal control is based on an ongoing process designed to identify the principal risks; including business, operational, compliance and financial, to the achievement of policies, aims and objectives; to evaluate the nature and extent of those risks; and to manage them efficiently and economically. These procedures have been in operation throughout the year ended 31 July 2025 and up to the date of the approval of the financial report and accounts. We have undertaken the following actions in respect of our risk management strategy: a) In accordance with the approved Risk Management Policy, a Corporate Risk Register is maintained and reviewed. The Corporate Risk Register looks at all risks including financial, business, operational ( Schools, Professional Support and subsidiaries), projects and compliance and considers the likelihood of a risk occurring, the impact and threat and also mitigating action that is being taken to manage the risk. b) Charged the University Leadership Team with overseeing the management of risk. c) The University Leadership Team receive quarterly risk management and internal control updates and risk management is embedded in day to day operations at both School and Professional Support levels. We have ensured that our meeting calendar and agendas enable risk management and internal control to be considered on a regular basis during the year. Risk management is incorporated into the corporate planning and decision making processes of the institution. We receive periodic reports from the Audit and Risk Committee concerning internal control, including recommendations of improvement and we require regular reports from managers on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects. In the academic year 2024-25, the University’s internal audit service was provided by PricewaterhouseCoopers (PWC) which operates to standards defined in the OfS Audit Code of Practice. The internal auditors submit
regular reports which include an independent opinion on the adequacy and effectiveness of the system of internal control, together with recommendations for improvement and University’s performance in delivering value for money. PWC undertook 9 internal audit reviews during 2024-25 with 7 rated at “Medium risk” classification and 1 rated at a “Low risk” classification and 1 advisory and not rated. A total of 31 recommendations were made of which 18 were graded medium, 9 low and 4 advisory. PWC undertook follow up work on previous recommendations in 2024-25 and concluded that 96% of audit recommendations had been implemented with the rest no longer relevant. Based on the reviews undertaken during 2024-25, PWC concluded that “Governance, risk management and control and value for money arrangements in relation to business critical areas is generally satisfactory. However, there are some areas of weakness and non compliance ……. which potentially put the achievement of objectives at risk.” This opinion is the second highest of the four opinions available. In 2024-25 the University’s external audit was undertaken by KPMG LLP. The primary focus of external audit is to obtain reasonable assurance that the financial statements are free from material error and that funds from external sources including OFS have been applied in accordance with the terms and conditions of funding. In undertaking the audit, the external auditors review the internal controls that are relied upon in producing the financial statements and highlight weaknesses - no significant weaknesses were highlighted during the audit. The external auditors are not required to comment on University value for money during the audit but do provide benchmarking information on University’s performance relative to other institutions. Our review of the effectiveness of the system of internal control is informed by both the work of the internal and external auditors and the senior managers within the University who have responsibility for the development and maintenance of the internal control framework and by comments made by the external auditors in their management letter and other reports.
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STATEMENT OF COUNCIL RESPONSIBILITIES IN RESPECT OF THE INTEGRATED REPORT AND FINANCIAL STATEMENTS
The Council is responsible for preparing the Integrated Report and the Financial Statements in accordance with the requirements of the Office for Students’ terms and conditions of funding for Higher Education Institutions and Research England’s Terms and Conditions of Research England Grant and applicable law and regulations. We are required to prepare Group and parent University financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Terms and Conditions of Funding further require the financial statements to be prepared in accordance with the requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students (‘the Accounts Direction’) and the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education. We are required to prepare financial statements which give a true and fair view of the state of affairs of the Group and of the parent University and of their income and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows for that period. In preparing each of the Group and parent University financial statements, we are required to: / Select suitable accounting policies and then apply them consistently; / Make judgements and estimates that are reasonable and prudent; / State whether applicable UK accounting standards (and the 2019 Statement of Recommended Practice Accounting for Further and Higher Education) have been followed, subject to any material departures disclosed and explained in the financial statements;
We are responsible for keeping adequate accounting records that are sufficient to show and explain the parent University’s transactions and disclose with reasonable accuracy at any time the financial position of the parent University. We are responsible for such internal control as we determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to us to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. We are also responsible for ensuring that: / Funds from whatever source administered by the Group or the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation; / Income has been applied in accordance with the University’s statutes; / Funds provided by the Office for Students, UK Research and Innovation (including Research England), the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the terms and conditions attached to them; / There are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and / Securing the economical, efficient and effective management of the University’s resources and expenditure. We are responsible for the maintenance and integrity of the corporate and financial information included on the University’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
/ Assess the Group and parent University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and / Use the going concern basis of accounting unless we either intend to liquidate the Group or the parent University or to cease operations, or have no realistic alternative but to do so.
Rt Hon. the Lord Bradley Chair of Council 12 December 2025
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INDEPENDENT AUDITOR’S REPORT TO THE COUNCIL OF THE UNIVERSITY OF SALFORD
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OPINION
Our conclusions based on this work:
We have audited the financial statements of the University of Salford (“the University”) for the year ended 31 July 2025 which comprise the Consolidated and Institution Statement of Comprehensive Income and Expenditure, Consolidated Statement of Changes in Reserves, Institution Statement of Changes in Reserves, Consolidated and Institution Statement of Financial Position, Consolidated Statement of Cash Flows and related notes, including the accounting policies.
/ we consider that the Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and
In our opinion the financial statements: / give a true and fair view of the state of the Group’s and of the University’s affairs as at 31 July 2025, and of the Group’s and of the University’s income and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows, for the year then ended; and / have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
GOING CONCERN The Council has prepared the financial statements on the going concern basis as it does not intend to liquidate the Group or the University or to cease their operations, and as it has concluded that the Group and the University’s financial position means that this is realistic. It has also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). In our evaluation of the Council’s conclusions, we considered the inherent risks to the Group’s business model and analysed how those risks might affect the Group and the University’s financial resources or ability to continue operations over the going concern period.
/ we have not identified, and concur with the Council’s assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group or the University’s ability to continue as a going concern for the going concern period. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the University will continue in operation.
FRAUD AND BREACHES OF LAWS AND REGULATIONS – ABILITY TO DETECT To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: / Enquiring of the Audit and Risk Committee and inspection of policy documentation as to the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud; / Reading Council, Audit and Risk Committee, Finance and Resources Committee, Governance, Nominations and Ethics Committee, and Remuneration Committee minutes; / Obtaining a copy of the Group’s risk register; and / Using analytical procedures to identify any unusual or unexpected relationships. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that Group management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related
to revenue recognition because tuition fees are generally based on standard fee rates and are non-variable in nature. We do not believe there to be an incentive or pressure to manipulate this and/or other income streams that are material as amounts received either typically relate to a single specific financial year or the source transactions are non-complex, involving little judgement. We did not identify any additional fraud risks. We performed procedures including: / Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included unusual journal combinations. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the Audit and Risk Committee and other management (as required by auditing standards), and discussed with the Audit and Risk Committee and other management the policies and procedures regarding compliance with laws and regulations. As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation), taxation legislation, pensions legislation higher education financial reporting related regulation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the need to include significant provisions. We identified the following areas as those most likely to have such an effect: compliance with Higher Education regulatory requirements of the Office for Students, recognising the regulated nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
OTHER INFORMATION The Council is responsible for the other information, which comprises the Integrated Report and Corporate Governance Statement. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work, we have not identified material misstatements in the other information.
COUNCIL’S RESPONSIBILITIES As explained more fully in its statement set out on page 48, the Council is responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless it either intends to liquidate the Group or the University or to cease operations, or has no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website. 53
54
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS We are required to report on the following matters by the Accounts Direction dated 25 October 2019 issued by the Office for Students (“the Accounts Direction”). In our opinion, in all material respects: / funds from whatever source administered by the Group or the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation; / funds provided by the Office for Students, UK Research and Innovation (including Research England), and the Department for Education have been applied in accordance with the relevant terms and conditions; and / the financial statements meet the requirements of the Accounts Direction. Matters on which we are required to report by exception We are required by the Accounts Direction to report to you where the University has an access and participation plan that has been approved by the Office for Students’ director of fair access and participation and the results of our audit work indicate that the Group’s and the University’s expenditure on access and participation activities for the financial year disclosed in note 10b has been materially misstated. We are also required by the Accounts Direction to report to you where the results of our audit work indicate that the Group’s and the University’s grant and fee income, as disclosed in note 4 to the financial statements has been materially misstated. We have nothing to report in these respects.
THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES This report is made solely to the Council in accordance with Statute 9 of the University. Our audit work has been undertaken so that we might state to the Council those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the University and the Council for our audit work, for this report, or for the opinions we have formed.
James Boyle for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 1 St Peter’s Square Manchester M2 3AE December 2025
55
56
CONSOLIDATED AND INSTITUTION STATEMENT OF COMPREHENSIVE INCOME AND EXPENDITURE YEAR ENDED 31 JULY 2025
Notes
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
Income Tuition fees and education contracts
1
222,090
220,764
221,017
219,190
Funding body grants
2
24,429
24,429
25,133
25,087
Research grants and contracts
3
7,914
7,914
8,143
8,143
Other income
5
21,275
21,201
21,179
21,113
Investment income
6
8,507
8,501
7,994
7,989
Donations and endowments
7
798
798
1,106
1,106
285,013
283,607
284,572
282,628
Total income Expenditure Staff costs
8
159,032
154,630
151,469
147,319
Change in USS deficit recovery plan
8a
-
-
(63,437)
(63,437)
Other operating expenses
10
93,961
96,639
93,092
95,393
Depreciation and Amortisation
12 / 13
17,850
17,850
16,818
16,818
Interest and other finance costs
9
1,737
1,753
3,187
3,215
272,580
270,872
201,129
199,308
12,433
12,735
83,443
83,320
-
-
-
-
12,433
12,735
83,443
83,320
8
-
6
-
12,441
12,735
83,449
83,320
-
-
-
-
12,441
12,735
83,449
83,320
Total expenditure Surplus before other (losses) / gains Loss on disposal of fixed assets
12
Surplus before disposal of investments Gain on disposal of investment Surplus before tax Taxation
11
Surplus for the year Actuarial loss in respect of pension schemes
30
(579)
(579)
(2,597)
(2,597)
Change in fair value of hedging financial instruments
32
214
214
(730)
(730)
12,076
12,370
80,122
79,993
Total comprehensive income for the year
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
Endowment comprehensive (expenditure) / income for the year
(28)
(28)
676
676
Restricted comprehensive income / (expenditure) for the year
121
121
(86)
(86)
Unrestricted comprehensive income for the year
11,983
12,277
79,532
79,403
12,076
12,370
80,122
79,993
12,441
12,735
83,449
83,320
Represented by:
Surplus for the year attributable to: University The accompanying notes form part of the financial statements.
57
58
CONSOLIDATED STATEMENT OF CHANGES IN RESERVES YEAR ENDED 31 JULY 2025 INCOME AND EXPENDITURE ACCOUNT Endowment
Restricted
Unrestricted
Hedge reserve
Revaluation reserve
Total
£’000
£’000
£’000
£’000
£’000
£’000
Balance at 1 August 2023
519
1,494
178,434
103
24,790
205,340
Surplus/ (deficit) from the income and expenditure statement
676
(86)
82,859
-
-
83,449
Other comprehensive income / (expenditure)
-
-
(2,597)
(730)
-
(3,327)
Transfers between revaluation and income and expenditure reserve
-
-
2,891
-
(2,891)
-
Total comprehensive income / (expenditure) for the year
676
(86)
83,153
(730)
(2,891)
80,122
Balance at 1 August 2024
1,195
1,408
261,587
(627)
21,899
285,462
Surplus / (deficit) from the income and expenditure statement
(28)
121
12,348
-
-
12,441
Other comprehensive (expenditure) / income
-
-
(579)
214
-
(365)
Transfers between revaluation and income and expenditure reserve
-
-
2,590
-
(2,590)
-
Total comprehensive income / (expenditure) for the year
(28)
121
14,359
214
(2,590)
12,076
Balance at 31 July 2025
1,167
1,529
275,946
(413)
19,309
297,538
The accompanying notes form part of the financial statements.
INSTITUTION STATEMENT OF CHANGES IN RESERVES YEAR ENDED 31 JULY 2025 INCOME AND EXPENDITURE ACCOUNT Endowment
Restricted
Unrestricted
Hedge reserve
Revaluation reserve
Total
£’000
£’000
£’000
£’000
£’000
£’000
Balance at 1 August 2023
519
1,494
177,682
103
24,790
204,588
Surplus / (deficit) from the income and expenditure statement
676
(86)
82,730
-
-
83,320
Other comprehensive income / (expenditure)
-
-
(2,597)
(730)
-
(3,327)
Transfers between revaluation and income and expenditure reserve
-
-
2,891
-
(2,891)
-
Total comprehensive income / (expenditure) for the year
676
(86)
83,024
(730)
(2,891)
79,993
Balance at 1 August 2024
1,195
1,408
260,706
(627)
21,899
284,581
Surplus / (deficit) from the income and expenditure statement
(28)
121
12,642
-
-
12,735
Other comprehensive (expenditure) / income
-
-
(579)
214
-
(365)
Transfers between revaluation and income and expenditure reserve
-
-
2,590
-
(2,590)
-
Total comprehensive income / (expenditure) for the year
(28)
121
14,653
214
(2,590)
12,370
Balance at 31 July 2025
1,167
1,529
275,359
(413)
19,309
296,951
The accompanying notes form part of the financial statements.
59
60
CONSOLIDATED AND INSTITUTION STATEMENT OF FINANCIAL POSITION YEAR ENDED 31 JULY 2025 AS AT 31 JULY 2025 Notes
AS AT 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
Non-current assets Intangible assets
12
8,255
8,255
-
-
Fixed assets
13
227,935
227,935
221,493
221,493
Investments
15
19,695
19,840
128
171
255,885
256,030
221,621
221,664
Current assets Stock
16
394
394
341
341
Trade and other receivables
17
37,648
37,426
36,797
36,560
Investments
18
133,230
133,230
139,286
139,286
Cash and cash equivalents
25
31,926
31,663
29,522
29,288
203,198
202,713
205,946
205,475
(85,921)
(86,168)
(76,708)
(77,161)
Net current assets
117,277
116,545
129,238
128,314
Total assets less current liabilities
373,162
372,575
350,859
349,978
20
(61,338)
(61,338)
(51,601)
(51,601)
Pension provisions
21
(10,053)
(10,053)
(11,162)
(11,162)
Other provisions
21
(4,233)
(4,233)
(2,634)
(2,634)
297,538
296,951
285,462
284,581
Less: Creditors: amounts falling due within one year
Creditors: amounts falling due after more than one year
19
Provisions for liabilities
Total net assets Restricted reserves Income and expenditure reserve endowment reserve
23
1,167
1,167
1,195
1,195
Income and expenditure reserve restricted reserve
24
1,529
1,529
1,408
1,408
Income and expenditure reserve – unrestricted
275,946
275,359
261,587
260,706
Revaluation reserve
19,309
19,309
21,899
21,899
(413)
(413)
(627)
(627)
297,538
296,951
285,462
284,581
Unrestricted reserves
Hedge reserve Total reserves
32
The accompanying notes form part of the financial statements. The financial statements were approved by the Council on 12 December 2025 and were signed on its behalf on that date by:
Rt Hon. Lord Bradley Chair of Council
Professor Nic Beech Vice-Chancellor
Mrs Julie Charge Deputy Chief Executive and Chief Finance Officer
CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 JULY 2025 NOTES
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
£’000
£’000
12,441
83,449
Cash flow from operating activities Surplus for the year before taxation Adjustment for non-cash items Depreciation
13
16,753
16,818
Amortisation
12
1,097
-
102
-
Impairment of investments Increase in stock
(53)
(201)
Increase in debtors
(1,518)
(504)
Increase/ (Decrease) in creditors
6,927
(4,430)
Decrease in pension provision
(1,774)
(65,843)
Increase in other provisions
1,599
293
Adjustment for investing or financing activities Investment income
6
(8,507)
(7,994)
Interest payable
9
1,737
3,187
New endowments
-
(666)
Loss on disposal of fixed assets
-
-
Profit on disposal of investments
(8)
(6)
Deferred capital grant release
(2,482)
(2,698)
Cash flow from operating activities
26,314
21,405
-
-
26,314
21,405
6,072
(11,934)
Taxation Net cash inflow from operating activities Cash flows from investing activities Withdrawal/ (Placement) of deposits (Placement) of non current investment deposits
(19,669)
-
9,326
7,982
Receipts from disposal of fixed assets
-
-
Receipts from disposal of investments
8
6
Payments made to acquire fixed assets
(26,467)
(10,568)
Payments made to acquire intangible assets
(3,964)
-
Deferred capital grants received
13,832
3,332
(20,862)
(11,182)
Interest paid
(1,580)
(1,644)
Repayments of amounts borrowed
(1,664)
(1,663)
196
470
(3,048)
(2,837)
2,404
7,386
Investment income
Cash flows from financing activities
Endowment cash received
Increase in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year
25
29,522
22,136
Cash and cash equivalents at end of the year
25
31,926
29,522
The accompanying notes form part of the financial statements.
61
62
STATEMENT OF ACCOUNTING POLICIES FOR THE YEAR ENDED 31 JULY 2025 1. ACCOUNTING CONVENTION The Consolidated and Institution financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education issued 2019. They have also been prepared in accordance with the ‘carried forward’ powers and duties of previous legislation (Further and Higher Education Act 1992 and the Higher Education Act 2004) and the new powers of the Higher Education and Research Act 2017 during the transition period to 31 July 2019, the Royal Charter, the Accounts Direction issued by the Office for Students (OfS), the Terms and conditions of funding for higher education institutions issued by the OfS and the Terms and conditions of Research England Grant.
account a range of plausible downsides the group and university have adequate resources to continue for the foreseeable future. The University Council believe the group and University has sufficient funding in place to be compliant with its debt covenants even in downside scenarios. Consequently, the Council are confident that the Group and University will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of financial statements and therefore have prepared the financial statements on a going concern basis. The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest £’000.
3. EXEMPTIONS UNDER FRS102
The Institution is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards.
The University has taken the exemption under section 3.3 of the SORP (1.12(b) of FRS 102) to not produce a cash flow statement for the Institution in its separate financial statements.
2. BASIS OF PREPARATION
4. BASIS OF CONSOLIDATION
The Consolidated and Institution financial statements have been prepared under the historical cost convention (modified by the revaluation of certain financial assets and derivative financial instruments). The University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the operational and financial review which forms part of the Integrated Report. The Integrated Report also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities. The financial statements have been prepared on a going concern basis which the University Council consider to be appropriate for the following reasons. The University prepares a 5 year financial plan which is updated and approved on an annual basis. The most recent plan was approved on the 4 July 2025 by the University Council. As part of the plan University Council considered the impact of several scenarios on the financial plan and Council adopted a stress testing framework against the plan. The stress testing impacts were measured against loan covenants and potential mitigating actions were identified to reduce expenditure. Post approval of budget student retention and research and enterprise income has continued to be reviewed. After student enrolment the financial plan for the next two years has been updated and further scenario testing undertaken including plausible downsides in the worst case assessment. The financial plan has included preparing monthly cash flow forecasts up until July 2027. The University Council after reviewing the original 5 year financial plan and the groups updated financial plan after student registration, is of the opinion that, having taken
The consolidated financial statements include the University and all its subsidiaries for the financial year to 31 July 2025. The results of subsidiaries acquired or disposed of during the period are included in the consolidated statement of comprehensive income from the date of acquisition or up to the date of disposal. Intra-group transactions are eliminated on consolidation. Gains or losses on any intragroup transactions are eliminated in full. Amounts in relation to debts and claims between undertakings included in the consolidation are also eliminated. Normal trading transactions that are not settled by the Statement of Financial Position date are included as current assets or liabilities. Any gains or losses are included in the carrying amount of assets of either entity, the part relating to the Institution’s share is eliminated. The consolidated financial statements do not include the income and expenditure of the Students’ Union as the University does not exert control or dominant influence over policy decisions.
5. INCOME RECOGNITION Income from the sale of goods or services is credited to the Consolidated Statement of Comprehensive Income and Expenditure when the goods or services are supplied to the external customers or the terms of the contract have been satisfied. Fee income is stated gross of any expenditure which is not a discount and credited to the Consolidated Statement of Comprehensive Income and Expenditure over the period in which students are studying. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income. Education
contracts are recognised when the University is entitled to the income, which is the period in which students are studying, or where relevant, when performance conditions have been met. Investment income is credited to the statement of income and expenditure on a receivable basis. Funds the University receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the University where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction. GRANT FUNDING Government revenue grants including funding council block and research grants are recognised in income over the periods in which the University recognises the related costs for which the grant is intended to compensate. Where part of a government grant is deferred it is recognised as deferred income within creditors and allocated between creditors due within one year and due after more than one year as appropriate. Grants (including research grants) from non-government sources are recognised in income when the University is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the statement of financial position and released to income as the conditions are met. DONATIONS AND ENDOWMENTS Non-exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in income when the University is entitled to the funds. Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer. Donations with no restrictions are recognised in income when the University is entitled to the funds. Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms applied to the individual endowment fund. There are four main types of donations and endowments with restrictions: 1. Restricted donations - the donor has specified that the donation must be used for a particular objective. 2. Unrestricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the University. 3. Restricted expendable endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the University has the power to use the capital. 4. Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.
CAPITAL GRANTS Capital government grants in respect of buildings and equipment are treated as deferred capital grants. Such grants are credited to deferred capital grants and an annual transfer made to the Consolidated Statement of Comprehensive Income and Expenditure over the useful life of the asset, at the same rate as the depreciation charge on the asset for which the grant is awarded. Government research grants are also treated as deferred capital grants with the grants credited to deferred capital grants with an annual transfer made to the Consolidated Statement of Comprehensive Income and Expenditure over the life of the grant, at the same rate as the depreciation charge on the asset for which the grant is awarded. Where part of a capital grant is deferred it is recognised as deferred income within creditors and allocated between creditors due within one year and due after more than one year as appropriate. Capital government grants in respect of land and other capital grants and donations from non-government sources are recorded in income when the University is entitled to income subject to any performance related conditions being met.
6. ACCOUNTING FOR RETIREMENT BENEFITS The four principal pension schemes for the University’s staff are the Universities Superannuation Scheme (USS), the Greater Manchester Pension Fund (GMPF), University of Salford Pension Plan (USPP) and the Teachers’ Pension Scheme (TPS). USS, GMPF and TPS schemes are defined benefit schemes, which are externally funded and contracted out of the State Second Pension (S2P). Each of these funds is valued every three years by professionally qualified independent actuaries. USPP is a defined contribution scheme which is contracted out of S2P. The USS and TPS are multi-employer schemes for which it is not possible to identify the assets and liabilities to the University due to the mutual nature of the scheme and therefore these schemes are accounted for as a defined contribution retirement benefit scheme. A liability is recorded within provisions for any contractual commitment to fund past deficits within the USS scheme. DEFINED CONTRIBUTION PLAN A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees. MULTI-EMPLOYER SCHEMES Where the University is unable to identify its share of the underlying assets and liabilities in a multi‑employer scheme on a reasonable and consistent basis, it accounts as if the scheme were a defined contribution scheme. Where the University has entered into an agreement with such a multi‑employer scheme that determines how the Institution will contribute to a deficit recovery plan, the 63
64 University recognises a liability for the contributions payable that arise from the agreement, to the extent that they relate to the deficit, and the resulting expense is recognised in expenditure. DEFINED BENEFIT PLAN Defined benefit plans are post-employment benefit plans other than defined contribution plans. Under defined benefit plans, the University’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the University. The net position is recognised in the Statement of Financial Position in respect of each scheme and is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date. This net defined position is measured as the estimated amount of benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value (at bid price) of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the University is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as actuarial gains and losses. The cost of the defined benefit plan, recognised in expenditure as staff costs, except where included in the cost of an asset, comprises the increase in pension benefit liability arising from employee service during the period and the cost of plan introductions, benefit changes, curtailments, and settlements. The net return is calculated by applying the discount rate to the net asset. This cost is recognised in expenditure as investment income. Further detail is provided on the specific pension schemes in note 30 to the accounts.
7. EMPLOYMENT BENEFITS Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the University. Any unused benefits are accrued and measured as the additional amount the University expects to pay as a result of the unused entitlement.
8. FINANCE LEASES Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance leases and the corresponding lease liabilities are initially recognised at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease.
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
9. SERVICE CONCESSION ARRANGEMENTS Nominations held under service concession arrangements are recognised on the Statement of Financial Position at the value of guaranteed nominations as a “Service Concession – Right to Use an Asset” and a corresponding “Service Concession Obligation”. The asset and liability are then recognised in the Statement of Comprehensive Income and Expenditure over the life of the guaranteed nomination.
10. OPERATING LEASES Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.
11. FOREIGN CURRENCY Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are translated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Surplus or Deficit (except for differences arising on the retranslation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, or qualifying cash flow hedges, which are recognised directly in other comprehensive income). Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. The assets and liabilities of foreign operations are translated to the Group’s presentational currency, (sterling), at foreign exchange rates ruling at the Statement of Financial Position date. The revenues and expenses of foreign operations are translated at an average rate for the year where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Exchange differences arising from this translation of foreign operations are reported as an item of other comprehensive income. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation, while still retaining control, the relevant proportion of the accumulated amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while still retaining significant influence or joint control, the exchange differences shall be recognised in other comprehensive income and accumulated in reserves.
12. FIXED ASSETS LAND AND BUILDINGS Land and buildings are capitalised at cost on initial recognition. After initial recognition land and buildings are subsequently measured at cost/deemed cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued at 31 July 2014, the date of transition to 2015 SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation. Costs incurred in relation to land and buildings after initial purchase or construction, and post the 31 July 2014 valuation, are capitalised to the extent that they increase the expected future benefits to the University. Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight line basis over their expected useful lives of up to 60 years on the amount at which the tangible fixed asset is included in the Statement of Financial Position less their estimated residual value. Refurbishment costs are depreciated over 10 years. Where an item of land and buildings comprise two or more major components with substantially different useful economic lives (UELs), each component is accounted for separately and depreciated over its individual UEL. Expenditure relating to subsequent replacement of components is capitalised as incurred. No depreciation is charged on assets in the course of construction. Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Statement of Financial Position. EQUIPMENT Equipment, including computers, costing less than £50,000 (prior to 31 July 2013: £20,000) per individual item is written off in the year of acquisition. All other equipment including groups of related items costing more than £50,000 and equipment in respect of the fit out of new buildings is capitalised. Capitalised equipment is stated at cost and depreciated over its expected useful life as follows:
BORROWING COSTS Borrowing costs are recognised as an expense in the Consolidated Statement of Comprehensive Income and Expenditure in the period in which they are incurred.
13. INTANGIBLE ASSETS Intangible assets purchased separately from a business are initially recognised at cost. PURCHASED SOFTWARE COSTS Software costs are capitalised if externally purchased and the wholly attributable external implementation costs as set out below exceed the £50,000 threshold. External costs, associated with the application development and implementation phases are capitalised. This may involve the acquisition of computer equipment or third-party software. Internal costs incurred in order to bring the software in to use are also capitalised where they can be reliably measured. Costs to develop or obtain software that allows for access or conversion of old data by new information systems are also capitalised. Software is amortised over its estimated useful life which is usually five years and is subject to periodic impairment reviews as appropriate. Training costs are expensed as incurred. External costs and internal costs (where they can be reliably measured) in respect of upgrades and enhancements will be capitalised only if the expenditure results in additional functionality. INTERNALLY – DEVELOPED SOFTWARE AND WEB- DEVELOPMENT COSTS Design and content costs relating to the development of internal software and websites to support specific teaching or training courses, or for specific research projects, as well as design and content costs for websites that are for the general use of the university and its staff are written off as incurred. IMPAIRMENT A review for impairment of an intangible asset is carried out if events or changes in circumstances indicate that the value of the intangible asset may not be recoverable.
14. INVESTMENTS Non-current asset investments are held on the Statement of Financial Position at amortised cost less impairment.
Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Statement of Financial Position.
Investments in associates and subsidiaries are carried at cost less impairment in the University’s accounts. Investments in associates are also carried at cost in the consolidated accounts as the University group does not participate in the day to day management of such companies and the value of the holding is not material to the consolidated accounts. Current asset investments are held at fair value with movements recognised in the Surplus or Deficit.
IMPAIRMENT A review for potential indicators of impairment is carried out at each reporting date. If events or changes in circumstances indicate that the carrying amount of the property, plant and equipment may not be recoverable, a calculation of the impact is completed and arising impairment values charged against the asset and to the Statement of Comprehensive Income and Expenditure.
The Institution has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition and measurement of financial instruments. Financial assets and liabilities are recognised when the Institution becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into.
/ Computer Equipment 3 years / Equipment acquired for specific research projects 2-5 years according to the period of the grant. / Other Equipment up to 20 years
15. FINANCIAL INSTRUMENTS
65
66 A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously. FINANCIAL ASSETS Basic financial assets include trade and other receivables, cash and cash equivalents, and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the statement of comprehensive income. For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset’s original effective interest rate. Other financial assets, including investments in equity instruments which are not subsidiaries, associates, or joint ventures are initially measured at fair value, which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the statement of comprehensive income. Where the investment in equity instruments are not publicly traded and where the fair value cannot be reliably measured the assets are measured at cost less impairment. Financial assets are de‑recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of the ownership of the asset are transferred to another party. FINANCIAL LIABILITIES Basic financial liabilities include trade and other payables, bank loans, and intra‑group loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non‑current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method. To the extent that the Institution enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts is reviewed at that
date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The Institution does not apply hedge accounting in respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies. Financial liabilities are de‑recognised when the liability is discharged, cancelled, or expires.
16. DERIVATIVES Derivatives are held on the Statement of Financial Position at fair value. The University has adopted and complied with the requirements of hedge accounting and as a result movements in fair value are recorded within other comprehensive income.
17. STOCK Stock is held at the lower of cost and selling price less costs to complete and sell.
18. CASH AND CASH EQUIVALENTS Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty. Cash equivalents are short term (maturity being less than three months from the placement date), highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.
19. INVESTMENTS Investments includes certificates of deposit and corporate bonds as well as equity holdings. Investments are a medium term investments (maturity being greater than 3 months from the placement date for certificates of deposit and corporate bonds).
20. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS Provisions are recognised in the financial statements when: (a) The University has a present obligation (legal or constructive) as a result of a past event; (b) It is probable that an outflow of economic benefits will be required to settle the obligation; and (c) A reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability. A contingent liability arises from a past event that gives the University a probable obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably. A contingent asset arises where an event has taken place that gives the University a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University. Contingent assets and liabilities are not recognised in the Statement of Financial Position but are disclosed in the notes.
21. TAXATION Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred tax is provided in full on timing differences that exist at the reporting date and that result in an obligation
to pay more tax, or a right to pay less tax in the future. The deferred tax is measured at the rate expected to apply in periods in which the timing differences are expected to reverse, based on the tax rates and laws that are enacted or substantively enacted at the reporting date. Unrelieved tax losses and other deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax assets and liabilities are not discounted. The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011. It is therefore a charity within the meaning of Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes. The University receives no similar exemption in respect of Value Added Tax (VAT). Irrecoverable VAT on expenditure (revenue and capital) is included in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their cost. The University’s subsidiaries are liable to Corporation Tax in the same way as any other commercial organisation.
22. RESERVES Reserves are allocated between restricted and unrestricted reserves. Restricted endowment reserves include balances which, through endowment to the University, are held as a permanently restricted fund as the University must hold the fund to perpetuity. Other restricted reserves include balances through which the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.
67
68
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of the University’s financial statements requires management to make judgements, estimates, and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income, and expenses. These judgements, estimates, and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and judgements are reviewed on an annual basis and the resulting accounting estimates will, by definition, seldom equal the related actual results.
(b) U seful lives of property, plant and equipment and intangible assets (See Notes 12 and 13) Property, plant and equipment and Intangible assets totalling £236.2m represent over 51% of the Institution’s total assets Therefore, the estimated useful lives can have a significant impact on the depreciation charged and the Institution’s reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events.
SIGNIFICANT JUDGEMENTS:
(c) I mpairment of intangible assets and property plant and equipment (See Notes 12 and 13 ) The assets carrying value are reviewed each year end to consider obsolescence and physical damage and also whether future business plans require the carrying value of the assets to be impaired. External valuers have been used to assist in this process where appropriate.
Management considers the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities: (a) I ncome recognition (See Notes 1-5) Judgement is applied in determining the value and timing of certain income items to be recognised in the financial statements. This includes determining when performance related conditions have been met, and determining the revenues associated with partially delivered courses and training where the activities have not been fully completed at the reporting date.
(d) A ccounting for car parking at the Peel Park accommodation (See Note 13) In autumn 2015 the University entered into a 45 year arrangement with Aberdeen Standard Investments (ASI)for the provision of car parking at the Peel Park accommodation. As the University assumes the risks and rewards of ownership this has been accounted for as a finance lease with a fixed asset net of depreciation to date of £3,690,345 (2023-24 £3,796,000) and liability of £5,532,000 (2023-24 £5,461,000) recognised on the Statement of Financial Position which is then accounted for in accordance with the finance lease accounting policies. (e) A ccounting for service concession arrangements (See Note 14) The University has an annual nominations arrangement with Campus Living Villages where it nominates rooms for students on the Peel Park accommodation within the University campus. As detailed in Note 14 the University accounts for this under a service concession arrangement reflecting the value of these nominations within the Statement of Financial Position with the annual nominations then unwound in the Statement of Comprehensive Income and Expenditure the following financial year. At 31 July 2025 the University recognised an asset and liability of £9.4m. In 2022-23 the University signed a Deed of Variation with Aberdeen Standard Investments (ASI) and Salford Village Limited allowing the University to develop up to 850 further student accommodation beds. Consequently In respect of academic years 2023-24, 2024-25, 2025-26, 2026-27 and 2027-28, if the number of available units that are either reserved or allocated to a student or other occupant is fewer than 96% of the available lets for the relevant academic year, the University is required to reserve an additional number of available units in respect of the relevant academic year up to 16% of the total number of available units for these future years.
The University has nominated 100% of rooms for Peel Park Quarter in respect of 2025-26. No nominations have been made in respect of 2026-27 onwards, but for academic years 2018-19 onwards 100% of the rooms have been nominated and it is currently considered unlikely that future nominations will fall below 96% so no additional provision has been made for a potential 16% of available lets in respect of 2026-27 and 2027-28. (f) Accounting for hedge arrangements (See Note 21 and 32) The University has a £18.53m derivative in place in order to fix the interest rate for the period of the loan. The University Council is satisfied that the conditions are met to account for this under hedge accounting so that movements are separately disclosed after surplus after tax within the Consolidated Statement of Comprehensive Income and Expenditure and a separate hedge reserve is created within reserves in the Statement of Financial Position.
CRITICAL ACCOUNTING ESTIMATES: (a) Recoverability of debtors (See Note 17) The University has a material level of exposure to the collection of trade and tuition receivables. The estimate for receivables of £13.8m is net of a bad debt provision. The University has bad debt provisions in respect of both student and commercial and research debt. The student bad debt provision is calculated on a specific basis according to where the student or the student sponsor is in the debt collection cycle with most debt over 12 months old provided for in full. The commercial and research debt is also calculated on a specific basis according to where the debt is in the debt collection cycle with most debt over 12 months old provided for in full except for EU funded research grants where the recovery period is longer. The provision basis for both student and commercial and research debt is still considered appropriate in the current economic environment. (b) Accounting for retirement benefits (i) Pensions - University Superannuation Scheme (USS) (See Note 21 (A) and 30 (i)) The University has previously recognised a provision for its obligation to fund any deficits arising within the USS. No provision was made at July 2025 following the completion of the 2023 actuarial valuation as from 1st January 2024 no deficit contributions are being made. (ii) Pensions – Enhancement on termination – (TPS) See Note 21 (B) The University has an £7.9m provision for enhanced pensions for former employees who were members of the TPS. Details of this liability are disclosed in Note 21 (B). This provision is based on management’s estimate of the prevailing discount rate and life expectancy at the year end. (iii) Pensions – Greater Manchester Pension Fund (GMPF) – See Note 21 (D) and 30 (ii) The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. The assumptions are the responsibility of management and are set following advice received from a qualified actuary. The return on the Fund
in market value terms for the period to 31 July 2025 is estimated based on actual Fund returns as provided by the Tameside Metropolitan Borough Council (Administering Authority) and index returns, where necessary. The GMPF Actuary has continued to use the base table assumptions from the latest triennial funding valuation. The latest triennial valuation was at 31 March 2022 and uses Club Vita Curves for the base table mortality assumptions. The mortality future improvement assumptions set by the actuary, as at 31 July 2025, is in line with that adopted for the most recent Fund valuation and updated to use the latest CMI model (CMI 2024). Note 30 (ii) indicates the impact of a change in assumptions. In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill which would give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historical benefit changes met the necessary standards. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law. It was not previously clear whether the Virgin Media ruling would apply to the LGPS but, following the publication of draft legislation, we do not now expect the ruling to give rise to any additional liabilities. At the 31st July 2025 the University’s pension asset of £94.0m in respect of the Greater Manchester Pension Fund has not been recognised. The asset is not currently considered recoverable as the cash contributions for 202526 are forecast to be higher than the current service cost. At 31 July 2025 the unfunded obligations liability, which represent the cost of funding of previously granted added years, have not been offset against the pension asset as was the case in July 2024 as currently under the terms of the pension agreement there is no right of set off and these future unfunded costs will be paid for by future additional cash contributions. 69
70
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
Full-time home and EU students
148,827
148,827
148,671
148,671
Full-time international students*
56,189
56,189
55,768
55,768
Part-time students – Home & EU
9,105
9,105
8,503
8,503
Notes
1 / TUITION FEES AND EDUCATION CONTRACTS
Part-time students – International*
738
738
-
-
Other teaching contracts
4,189
4,189
3,997
3,997
Short courses
1,987
661
2,997
1,170
Research Training Support Grant
1,055
1,055
1,081
1,081
222,090
220,764
221,017
219,190
*Prior to 2024-25 Part-time students – International were included in the Full-time international students figures. The 2023-24 comparative figure is Full-time international students £54,076k and Part-time students – International £1,692k. The prior year accounts have not been restated.
2 / FUNDING BODY GRANTS Recurrent grant Office for Students
13,902
13,902
14,154
14,154
Research England
6,254
6,254
6,192
6,192
Research England
1,290
1,290
1,687
1,687
Higher Education Innovation Fund
1,484
1,484
1,416
1,370
Buildings
1,198
1,198
1,373
1,373
Equipment
301
301
311
311
24,429
24,429
25,133
25,087
Research councils (UK)
2,115
2,115
1,840
1,840
Research charities (UK)
749
749
597
597
Government (UK and EU)
3,251
3,251
3,193
3,193
Industry and commerce (UK)
326
326
452
452
Specific grants
Deferred capital grants released in year:
3 / RESEARCH GRANTS AND CONTRACTS
Knowledge Transfer Partnerships
413
413
345
345
Other
435
435
1,091
1,091
Deferred Capital Grants Released
625
625
625
625
7,914
7,914
8,143
8,143
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
15,265
15,265
15,712
15,712
Notes
4 / TOTAL GRANT AND FEE INCOME Grant income from the Office for Students Grant income from other bodies
17,449
17,449
16,889
16,842
Fee income for taught awards
219,048
219,048
216,939
216,939
Fee income for research awards
683
683
1,756
1,756
Fee income for non- qualifying courses
1,988
661
2,997
1,171
254,433
253,106
254,293
252,420
Note 4 details the source of grant and fee income included in Note 1 to 3. Grant income from the Office for Students relates to income received by the University for the provision of, or in connection with education related activities. Grant income from other bodies reflects grants from Research England, UK Research and Innovation (UKRI), Research Grant funders and Research Training Support Grants.
Fee income for taught awards includes fees received for both undergraduate and postgraduate awards from students directly or indirectly via the Student Loans Company or any other body paying fees on behalf of the student. Fee income for research awards includes commercial research income. Fee income for non- qualifying courses includes fees paid by students or by others on behalf of students.
5 / OTHER INCOME Residences, catering and conferences
13,151
13,099
11,805
11,765
Other Services Rendered
2,923
2,923
3,443
3,443
Other income
4,843
4,821
5,542
5,516
131
131
174
174
Deferred capital grants released in year: Buildings Equipment
227
227
215
215
21,275
21,201
21,179
21,113
6
6
5
5
8,501
8,495
7,977
7,972
-
-
12
12
8,507
8,501
7,994
7,989
-
-
666
666
714
714
349
349
84
84
91
91
798
798
1,106
1,106
6 / INVESTMENT INCOME Investment income on endowments
23
Other investment income Net return on pension scheme
7 / DONATIONS AND ENDOWMENTS New endowments Donations with restrictions Unrestricted donations/donations with performance criteria
24
71
72
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
Salaries
121,242
117,239
114,714
110,903
Social security costs
14,248
13,908
12,417
12,133
-
-
(1,883)
(1,883)
Notes
8 / STAFF COSTS
Movement on USS past service cost on pensions Enhanced Pension on Termination charge
21
423
423
447
447
Other pension costs
30
23,353
23,304
25,158
25,106
(234)
(244)
616
613
159,032
154,630
151,469
147,319
Early Retirement, Voluntary Severance and Redundancy ***
The disclosure reflects salary sacrifice arrangements in place where the University pays employee pension costs on behalf of employees in lieu of salary. *** The category Early Retirement, Voluntary Severance and Redundancy includes: / £317,000 payable or paid to 30 University of Salford staff (2024; £243,000 to 30 staff) ; / £30,000 in respect of the additional future pension cost of taking early retirement for 1 University staff who were members of the Local Government Pension Scheme (2024; £236,000 to 3 staff); / (£579,000) decrease in the provision for pension enhancements in respect of former staff who were members of the Teacher’s Pension Scheme (2024; £138,000 increase). The decrease in provision is due to a rise in discount rate used to calculate the provision and further details can be found in Note 21(B) Provision for liabilities; / (£12,000) saving on the actual cost of previous year retirements (2024; (£4,000) saving); and £10,000 redundancy costs payable to members of staff who were employed by the subsidiary company Salford Professional Development Limited, (2024; £3,000 redundancy costs were paid).
VICE-CHANCELLOR’S REMUNERATION The adjacent table shows the costs of all Vice-Chancellors. During 2023-24 the University had two Vice-Chancellors. Professor Helen Marshall was Vice-Chancellor until her retirement on the 30th August 2023. Her salary in 2023-24 can be seen to the right: Professor Helen Marshall’s Benefit in Kind was in respect of private medical care. From the 1st September to 30th September 2024 the Executive Director of Finance and Deputy Chief Executive picked up the responsibilities of Vice-Chancellor alongside their existing role and received no additional remuneration. From the 1st October 2024 Professor Nic Beech was appointed Vice-Chancellor. The University has a total group income of £285m and employs over 2,700 people. The Council has outlined “Our strategy” and “Operational Performance” earlier in the Integrated Report. In setting the base salary for the ViceChancellor, the Remuneration Committee has taken into consideration the depth, breadth and complexity of the role. The Remuneration Committee has undertaken benchmarking across the Higher Education sector, including comparative information relating to the relevant contribution and income groups. The Remuneration Committee also takes into consideration the challenges faced for attraction and retention in a competitive market. The Remuneration Committee agreed with the respective Vice-Chancellor a series of performance objectives for the 2023-24 and 2024-25 academic years, covering the organisational, professional and personal areas of focus necessary to achieve the University’s strategic objectives. The Remuneration Committee has delegated authority to make decisions, under the current senior pay framework, on annual non-consolidated pay bonuses between 0% and 5%. No additional performance payment was made in 2024-25. (Nil in 2023-24). Further information in relation to the Total Remuneration package of the Vice-Chancellor and other senior postholders is available in the Annual Remuneration Report which can be found at UoS Annual Remuneration Report The Vice-Chancellor’s basic salary is 8.1 [2023-24; 7.5*] times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the University and its subsidiaries to its staff. When calculating the full time equivalent salary the University has used the salary point at 31st July 2025 for each staff member but the impact in the pay multiple figure is not considered significant. The Vice-Chancellor’s basic salary is 6.3 [2023-24; 6.2*] times the median salary of the University but excluding the subsidiaries. * The median pay multiple for basic pay for 2023-24 for the University group and University, excluding subsidiaries, has been restated following the reanalysis of Vice-Chancellor’s remuneration. The Vice-Chancellor’s total remuneration is 8.2 [2023-24; 7.6] times the median total remuneration of staff, where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the University and its subsidiaries to its staff. The Vice-Chancellor’s renumeration is 6.3 [2023-
2024-25
2023-24*
£’000
£’000
Salary of Vice-Chancellors
274
253
Pay in lieu of pension contributions
27
22
Performance related pay bonus
-
-
Benefits in kind
-
3
301
278
-
-
301
278
Total Pension contributions Total Emoluments
PROFESSOR HELEN MARSHALL
2023-24 £’000
Salary of Vice-Chancellor
27
Performance pay bonus
-
Benefits in kind
3
Total
30
Pension contributions
-
Total Emoluments
30
PROFESSOR NIC BEECH
2024-25
2023-24*
£’000
£’000
Salary of Vice-Chancellor
274
226
Pay in lieu of pension contributions
27
22
Performance pay bonus
-
-
Benefits in kind
-
-
301
248
-
-
301
248
Total Pension contributions Total Emoluments
* The 2023-24 total emoluments has been reanalysed for Nic Beech separately splitting out the pay in lieu of pension contributions
24; 6.3] times the median total renumeration of staff for the University but excluding the subsidiaries. The University has adopted the OfS 2019-20 guidance in respect of calculating the median salary so has excluded agency staff and staff paid under the IR35 legislation from the respective calculations. The calculations also do not include some one- off staff payments where staff are paid for a specific piece of work which were not paid for on an hourly basis and staff on long term sick where they are no longer on full pay. The reasons for non-inclusion of these groups in the median calculation are the University had not required the recording of the number of hours taken for individuals who are paid in accordance with the delivery of a piece of work and the University considers that inclusion of staff on long term sick who receive reduced pay would distort the calculation. 73
74
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) REMUNERATION OF HIGHER PAID STAFF (INCLUDING THE VICE-CHANCELLOR) Remuneration of higher paid staff, excluding any bonus payments and payments in lieu of pensions. Remuneration is shown before any salary sacrifice arrangements. The bandings do not include staff who joined or left part way through the year but would have received salary in these bands in a full year. 2024-25
2023-24
No.
No.
£100,000 to £104,999
5
2
£105,000 to £109,999 (b)
1
1
£110,000 to £114,999 (a)
4
2
£115,000 to £119,999
1
3
£120,000 to £124,999
2
-
£125,000 to £129,999
-
1
£130,000 to £134,999
1
2
£135,000 to £139,999
-
1
£140,000 to £144,999
-
-
£145,000 to £149,999
1
1
£150,000 to £154,999
1
-
£155,000 to £159,999
-
-
£160,000 to £164,999
1
2
£175,000 to £179,999
1
-
£180,000 to £185,000
1
-
£225,000 to £230,000
-
1
£270,000 to £275,000
1
-
20
16
(a) The 2024-25 number includes 1 member of staff employed by the university subsidiary company. (b) The 2023-24 number includes 1 member of staff employed by university subsidiary company. The 2023-24 comparative analysis reflects the impact of reanalysing Nic Beech’s 23/24 salary to split out pay in lieu of pension contributions.
AVERAGE STAFF NUMBERS BY MAJOR CATEGORY: No.
No.
Academic including technicians
1,289
1,252
Administrative, including clerical and manual
1,554
1,499
2,843
2,751
The “Administrative, including clerical and manual” category includes 110 staff [ 2023-24; 107] who were employed by Salford Professional Development Ltd (SPD) to provide agency staff largely to the University of Salford.
KEY MANAGEMENT PERSONNEL Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the University. Staff costs include compensation paid to key management personnel. In 2023-24 the team until the 5th September 2023 consisted of Vice-Chancellor, Chief Operating Officer, Pro Vice-Chancellor (PVC) Student Experience, PVC for Academic Development [now named PVC Partnerships & Global Engagement], PVC Research & Innovation, Executive Director of Finance [and also acting as Deputy Chief Executive], Executive Director of Human Resources and Associate Chief Operating Officer. Post 5th September 2023 it consisted of Vice-Chancellor, Executive Director of Finance [and also acting as Deputy Chief Executive], Chief Operating Officer, Associate Chief Operating Officer, PVC Academic Development, PVC Research & Enterprise [now named PVC Research & Knowledge Exchange], PVC Student Experience & Education, Chief Infrastructure Officer, Chief Academic Services Officer & University Secretary, Chief People Officer, Chief Strategy & Data Officer, PVC & Dean of School, Arts, Media and Creative Technology, PVC & Dean of School, Health and Society, PVC & Dean of Salford Business School , PVC & Dean of School, Science, Engineering and Environment and Associate PVC Equity, Diversity and Inclusion [now named PVC Social Justice & Equity]. The Chief Operating Officer
Notes
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
£
£
2,744,752
2,734,841
and Associate Chief Operating Officer left the University Leadership Team at end of September 2023 and end of February 2024 respectively. The role of Executive Director of Finance changed to Deputy Chief Executive & Chief Finance Officer from the end of January 2024 and the Deputy Vice-Chancellor & Provost joined the University Leadership Team from early January 2024. The team has then been unchanged during 2024-25.
COUNCIL MEMBERS In 2024 -25 the Chair of Council was paid £ Nil (2023-24; £Nil) as the Chair of Council has waived his remuneration in respect of this role. No other council members have received any remuneration/waived payments from the group during the year (2023-24 - none). The total expenses paid to or on behalf of council members was £6,697 in respect of 12 members (2023-24 – £6,015 in respect of 6 members). This represents travel, subsistence and course costs incurred in their role as Council member.
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
-
-
(63,437)
(63,437)
1,173
1,173
1,279
1,279
8a / CHANGE IN USS DEFICIT RECOVERY PLAN Change in USS deficit recovery plan
9 / INTEREST AND OTHER FINANCE COSTS Loan interest Other
72
88
51
79
Finance lease interest
404
404
388
388
Net charge on pension scheme
88
88
1,469
1,469
1,737
1,753
3,187
3,215
75
76
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED)
Notes
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
153,055
148,774
147,003
10 / OTHER OPERATING EXPENSES
10a / ANALYSIS OF TOTAL EXPENDITURE BY ACTIVITY Academic and related expenditure
154,606
Administration and central services
50,155
50,155
48,994
48,994
Premises
45,407
45,407
40,951
40,951
Residences, catering, and conferences (including service concession cost)
13,825
13,825
13,431
13,376
Research grants and contracts
7,898
7,898
8,147
8,147
Other expenses
689
532
(59,168)
(59,163)
272,580
270,872
201,129
199,308
174
149
142
124
Grant and other audit related services
11
11
9
9
Taxation compliance services
1
1
1
1
Taxation advisory services
-
-
-
-
3,856
3,856
3,757
3,757
331
331
447
447
External auditors remuneration in respect of statutory audit services External auditors remuneration in respect of non statutory audit services:
Operating lease rentals: Land and buildings Other
The external auditor’s costs, in line with guidance, have been disclosed net of VAT though the University is largely unable to recover the VAT incurred.
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
Plan
Consolidated
Plan
£’000
£’000
£’000
£’000
Access investment
3,481
3,337
3,032
3,337
Financial support
2,974
2,621
4,883
2,621
Disability support
997
613
856
596
Notes
10b / ACCESS AND PARTICIPATION
Research and evaluation
101
100
179
100
7,553
6,671
8,950
6,654
This note shows the Access and Participation investment as per the requirements of the OfS Monitoring return.
(i) The Disability support excludes costs already allocated to Access investment and Financial support. (ii) £3,229,823 (2023-24 £3,136,952) of these costs are already included in the overall staff figures – see Note 8 (Staff costs). Access and Participation is the investment undertaken in attracting and recruiting new students to the University (Access) for those students who are classified as Widening Participation (WP) such as BAME, disabled, low income backgrounds, care leavers, mature students etc. Information is collected through this monitoring return for the purposes of: a. Understanding whether providers have met the provisions of the Access agreements in force in 2024-25. b. Transparency, in the interests of students.
Using student analysis data, the proportion of Home/EU students have been determined that are WP classified, and allocated this percentage (60%) [2032-24: 60%] to specific student-facing teams that undertake access activities, to determine an appropriate level of investment. All disability spend is allocated to specific project codes, which have been used to determine the total investment the University has undertaken for its disabled students. These investments have mainly been within Estates and Student Services. The University of Salford’s Access agreement and 2024-25 Access and Participation Plan can be found at here. Whilst financial support was above plan by £0.9m, it was £1.4m lower than last year due to the student bursary scheme to tackle the cost-of-living crisis being phased out in 2023-24.
c. Providers in receipt of the student premium, disabled student premium funding or both are expected to submit a monitoring return so that the university can demonstrate that the funds have been correctly accounted for and have been used appropriately.
Notes
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
-
-
-
-
11 / TAXATION Recognised in the statement of comprehensive income Current Tax expense
77
78
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 12 / INTANGIBLE ASSETS - CONSOLIDATED AND UNIVERSITY Intangible assets
Assets in the course of construction
Total
£'000
£’000
£’000
-
-
-
Transfers from fixed assets
1,627
4,977
6,604
Additions
1,800
1,594
3,394
Transfers
2,412
(2,412)
-
At 31 July 2025
5,839
4,159
9,998
Cost At 1 August 2024
Amortisation At 1 August 2024
-
-
-
Transfers from fixed assets
646
-
646
Charge for the year
1,097
-
1,097
At 31 July 2025
1,743
-
1,743
At 31 July 2025
4,096
4,159
8,255
At 31 July 2024
-
-
-
Net book value
Included within Intangible Assets are transfers from Fixed Assets (Note 13) of £1,627,000 (from Equipment) and £4,977,000 from Assets in the Course of Construction (Equipment and Buildings). These amounts were incorrectly included in Fixed Assets as at 31 July 2025. As the University Council do not consider the effect on the prior period financial statements to be material, this has been corrected in the current period.
13 / FIXED ASSETS
Freehold Land and Buildings
Leasehold Land and Buildings
Leased Assets
Equipment
Assets in the Course of Construction (Equipment and Buildings)
£'000
£’000
£’000
£’000
£’000
£’000
287,372
22,320
4,745
57,888
9,923
382,248
Additions
54
-
-
2,658
26,441
29,153
Transfers
-
-
-
488
(488)
-
Disposals
-
-
-
(765)
-
(765)
Transfers to intangible assets
-
-
-
(1,627)
(4,977)
(6,604)
At 31 July 2025
287,426
22,320
4,745
58,642
30,899
404,032
287,426
22,320
4,745
58,642
30,899
404,032
At 1 August 2024
104,483
11,647
947
43,678
-
160,755
Charge for the year
12,241
1,017
106
3,389
-
16,753
Disposals
-
-
-
(765)
-
(765)
Transfer to intangible assets
-
-
-
(646)
-
(646)
At 31 July 2025
116,724
12,664
1,053
45,656
-
176,097
At 31 July 2025
170,702
9,656
3,692
12,986
30,899
227,935
At 31 July 2024
182,889
10,673
3,798
14,210
9,923
221,493
Consolidated and University
Total
Cost or valuation At 1 August 2024
Consisting of valuation as at: Cost Depreciation
Net book value
The land and buildings are valued at a mixture of deemed cost, following a revaluation at July 2014, and cost in respect of additions post 1 August 2014. The freehold land and buildings includes several buildings; Centenary, Adelphi and Faraday House that are not currently in use. No depreciation has been charged in 2023-24 as the market value of these sites exceeds the book value.
14 / SERVICE CONCESSION ARRANGEMENTS The University has one On-Statement of Financial Position arrangement where service delivery has commenced. In November 2013 the University entered into an agreement with Salford Village Limited which (at that time) was comprised of Equitix, Graham Construction, Kier Project Investment and student accommodation operator Campus Living Villages Limited (CLV) to build and run a 1,367 student accommodation village on the Peel Park Campus with the accommodation opened to students from Autumn 2015. The finance for this £85m development was provided by Standard Life Investments (now Aberdeen Standard Investments [ASI]) and CLV will run the accommodation until Summer 2060 at which date the University has the option to purchase the accommodation and head lease for £1. The University has the option to terminate the agreement from Autumn 2020 subject to payment of compensation to Salford Village Limited.
The University is ultimately responsible for the payments of rents under the underlease between Salford Village Limited and ASI (part of abrdn group), as, in the event of default by Salford Village Limited, ASI may demand payment from the University. Under the terms of the agreement the University has an option (but not an obligation) to enter into an annual nominations agreement with Salford Living Village Limited. Following a review of the transaction this is to be accounted for in accordance with a service concession arrangement. In February 2025 the University nominated 1,367 rooms in respect of academic year 2025-26 at a cost of £9,388,470. In line with concession accounting a notional current asset (right to use asset) of £9,388,470 and a notional concession liability of £9,388,470 has been created at 31 July 2025. These assets and liabilities will be unwound in “Residencies, 79
80
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 14 / SERVICE CONCESSION ARRANGEMENTS (CONTINUED) catering and conferences Income” and “Other operating expenses” respectively in the Statement of Comprehensive Income and Expenditure in 2025-26. In December 2023 the University nominated 1,367 rooms in respect of academic year 2024-25 at a cost of £9,037,538. In line with concession accounting a notional current asset (right to use asset) of £9,037,538 and a notional concession liability of £9,037,538 had been created at 31 July 2024. These assets and liabilities have been unwound in “Residencies, catering and conferences Income” and “Other operating expenses” respectively in the Statement of Comprehensive Income and Expenditure in 2024-25. In March 2023 the University entered into a deed of variation with ASI and Salford Village Ltd to allow it to have the option of a further residential arrangement of up to 850
beds. Consequently, in respect of academic years 2023-24, 2024-25, 2025-26, 2026-27 and 2027-28, if the number of available units that are either reserved or allocated to a student or other occupant is fewer than 96% of the available lets for the relevant academic year, the University is required to reserve up to 16% of available lets for these future academic years. The University has nominated 100% of rooms for Peel Park Quarter in respect of 2025-26. No nominations have been made in respect of 2026-27 onwards, but for academic years 2018-19 onwards 100% of the rooms have been nominated and it is currently considered unlikely that future nominations are unlikely to fall below 96% so no additional provision has been made for a potential 16% of available lets in respect of 2026-27 and 2027-28.
15 / NON-CURRENT INVESTMENTS Subsidiary companies
Investment in spin outs
Other fixed assets investments
Total
£’000
£’000
£’000
£’000
At 1 August 2024
-
128
-
128
Additions
-
-
19,669
19,669
Disposals
-
-
-
-
Impairment
-
(102)
-
(102)
At 31 July 2025
-
26
19,669
19,695
166
5
-
171
Additions
-
-
19,669
19,669
Disposals
-
-
-
-
Impairment
-
-
-
-
166
5
19,669
19,840
Consolidated
University At 1 August 2024
At 31 July 2025
OTHER NON-CURRENT INVESTMENTS CONSIST OF:
Salsa Sounds Limited
£’000
% Owned
-
37.36%
Optimum Imaging Limited
-
31.73%
Incanthera Plc
20
2.7%
Ekisia Limited
-
9.91%
Salford Valve Company Limited
-
0.24%
5
No Shareholding
University Loan to Health & Education Co-operative Limited
25
The other fixed asset investments are invested in deposit and corporate bonds which do not mature until after 1 August 2027. The interest rates for £19,669,000 are fixed for the duration of the deposit at the time of placement. At the 31 July 2025 the weighted average interest rate of these fixed rate deposits was 3.87% and the remaining weighted average period for which the interest rate is fixed on these deposits was 649 days. The fair value of these deposits including certificates of deposit and corporate bonds was not materially different from the book value. The investments are placed in accordance with our Treasury Management policy.
81
82
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
394
394
341
341
Research grants receivables
1,914
1,914
2,107
2,107
Other trade receivables
13,825
13,635
12,580
12,412
26
20
72
37
Prepayments and accrued income
12,495
12,469
13,000
12,966
Service concession - Right to use an asset
9,388
9,388
9,038
9,038
37,648
37,426
36,797
36,560
1,339
1,339
1,109
1,109
126,327
126,327
132,763
132,763
5,564
5,564
5,414
5,414
133,230
133,230
139,286
139,286
Notes
16 / STOCK Building Engineering Stores, Bakery and Brewery and holdings
17 / TRADE AND OTHER RECEIVABLES Amounts falling due within one year:
Other receivables
18 / CURRENT INVESTMENTS Short term investment in shares and corporate bonds Certificates of deposit and corporate bonds Short term deposits
The short-term investment in shares and corporate bonds are investments in a number of ethical funds administered by our advisors KW Wealth. Short term deposits are held with banks and building societies operating in the London market and regulated by Prudential Regulatory Authority with three months or more maturity at the transaction date. Certificates of deposit and corporate bonds have a maturity up to 24 months at transaction date. The interest rates for £126,237,000 (2024: £132,763,000) of these deposits are fixed for the duration of the deposit at time of placement. For the remaining (2024: £5,414,000) interest rates vary. At 31 July 2025 the weighted average interest rate of these fixed rate deposits including certificates of deposit and corporate bonds was 4.32% (2024: 5.11%) per annum and the remaining weighted average period for which the interest rate is fixed on these deposits was 179 days (2024 200 days). The fair value of these deposits including certificates of deposit and corporate bonds was not materially different from the book value. The investments are placed in accordance with our Treasury Management policy.
Notes
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
1,663
1,663
1,663
1,663
19 / CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Unsecured loans Service Concession Obligations (note 13)
9,388
9,388
9,038
9,038
Trade payables
4,523
4,492
3,871
3,780
Student deposits in advance
16,294
16,294
14,763
14,763
Social security and other taxation payable
3,638
3,600
3,444
3,444
Other payroll creditors
2,253
2,246
1,924
1,924
Accruals and deferred income
45,440
44,641
39,104
38,223
Deferred capital grant
2,274
2,274
2,469
2,469
Student Union Deposit
448
448
432
432
Amounts due to subsidiary undertakings
-
1,122
-
1,425
85,921
86,168
76,708
77,161
DEFERRED INCOME - Included within accruals and deferred income are the following items of income which have been deferred until specific performance related conditions have been met. Donations
709
709
88
88
Research grants received on account
895
895
641
641
1,604
1,604
729
729
20 / CREDITORS: AMOUNT FALLING DUE AFTER MORE THAN ONE YEAR Deferred capital grant
38,589
38,589
27,045
27,045
Obligations under finance lease
5,532
5,532
5,461
5,461
413
413
627
627
Derivatives Unsecured loans banks
16,804
16,804
18,468
18,468
61,338
61,338
51,601
51,601
Due within one year or on demand (Note 19)
1,663
1,663
1,663
1,663
Due between one and two years
1,663
1,663
1,663
1,663
Analysis of secured and unsecured loans:
Due between two and five years
4,915
4,915
4,942
4,942
Due in five years or more
10,226
10,226
11,863
11,863
Due after more than one year
16,804
16,804
18,468
18,468
Total unsecured loans
18,467
18,467
20,131
20,131
-
-
-
-
-
-
-
-
Lender
Amount
Interest rate
Borrower
Lloyds
18,467
6.02%
University
Secured loans
18,467
The security for the Lloyds loan was removed during 2024/25.
83
84
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 21 / PROVISIONS FOR LIABILITIES
(A) Obligation to fund deficit on USS Pension
(B) Pension enhancement on termination (TPS)
(C) Standardisation of Pension benefits of former University College Salford Staff Benefit Obligations
£'000
£’000
£’000
At 1 Aug. 2024
-
8,815
147
Additions
-
-
Interest on funds
-
Utilised in year
Consolidated and University
(D) Net pension liability in the GMPF
Total Pensions Provisions
Other
Total Other
£’000
£’000
£’000
2,200
11,162
2,634
2,634
1
-
1
1,599
1,599
423
-
-
423
-
-
-
(720)
-
-
(720)
-
-
Disposals in year
-
(579)
-
(199)
(778)
-
-
Unutilised amounts reversed in 24-25
-
-
(35)
-
(35)
-
-
At 31 July 2025
-
7,939
113
2,001
10,053
4,233
4,233
(a) USS DEFICIT A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the income and expenditure account in 2023-24. Surpluses or deficits which arise at future valuations may impact on the university’s future contribution commitments . A deficit may require additional funding in the form of higher contribution requirements, whereas a surplus, could, perhaps be used to similarly reduce contribution requirements.
(b) PENSION ENHANCEMENT The assumptions for calculating the provision for pension enhancements on termination under FRS 102, are as follows: CONSOLIDATED AND UNIVERSITY Inflation Rate
2.7% (23-24 2.8%)
Interest Rate
5.5% (23-24 4.8%)
Net Interest Rate
2.8% (23-24 2.0%)
The provision is for the enhanced pension benefits payable to retired staff who were members of the Teacher’s pension scheme. The provision for the enhanced pension benefits payable to retired staff has been calculated using a net interest rate of 2.8% (2023-24 2.0%) The interest on funds has been calculated using an interest rate of 5.5% (2023-24 4.8%) (c) The provision is for the standardisation of pension benefits for former University College Salford Staff so that current members of the TPS pension scheme receive the same ill health and death in service benefits as USS members. (d) Net pension liability in respect of the Greater Manchester Pension Fund (GMPF). See Note 29 (ii) for further details.
22 / FINANCIAL INSTRUMENTS A financial instrument is a contract that gives rise to a financial asset in one entity and a financial liability or equity instrument in another entity. Examples of financial instruments include cash, bank, debtors and creditors, investment and hedging instruments and loans.
In order to mitigate this risk, the University “hedges” its interest risk using swaps which provide stability against interest rate fluctuations. The total balance below comprises hedging of the Lloyds Bank plc loan facilities through an interest rate swap and the University hedge accounts.
(a) The University’s activities expose it to a variety of financial risks. The main risks to the University’s treasury activities are:
CONSOLIDATED AND UNIVERSITY
2025
2024
£’000
£’000
Fair Value liability of derivative at 1 August
(627)
103
Change in fair value
214
(730)
Fair value liability of derivative at 31 July
(413)
(627)
(i) CREDIT AND COUNTERPARTY RISK (SECURITY OF INVESTMENTS); Credit risk arises as the University debt is primarily with the Student Loan Company as well as a large number of students and organisations across diverse sectors and geographical areas. This is managed through collecting student debt in instalments and regular communications with customers over outstanding debt. Counterparty risk is managed through a Treasury Management Policy which has prudence as its primary goal and Finance review the long term rating of the counterparty by independent credit rating agencies before investing any monies with a bank or building society. (ii) LIQUIDITY RISK/ REFINANCING RISK (INADEQUATE CASH RESOURCES/ IMPACT OF DEBT MATURING IN FUTURE YEARS) As part of its budget process a detailed three year cash flow projection is produced to ensure that the University has adequate resources to meet future commitments. Finance then monitors actual performance against budget on a monthly basis.
For Investments at variable rates the interest income credited to the surplus or deficit will rise so the University invests cash for a variety of different periods up until 24 months. (iv) INFLATION RISK (EXPOSURE TO INFLATION) The University is exposed to general economic inflation which then results in pay pressures. The University’s ability to control this is limited but it manages this through prudent budget setting and inclusion of contingencies on capital projects. (v) FOREIGN EXCHANGE RISK
(iii) MARKET OR INTEREST RATE RISK The University is exposed to risk in terms of exposure to interest rate movements on borrowings and investments. Movements in interest rates have a complex impact on the University. For instance, a rise in interest rates would mean that for borrowing at variable rates the interest expense charged to the surplus or deficit would rise.
The university manages this by keeping the holdings of foreign currency to a minimum with holdings just sufficient to meet known liabilities.
85
86
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 22 / FINANCIAL INSTRUMENTS (CONTINUED) (b) The carrying value of the Group and University’s financial assets and liabilities are summarised by category below: YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
28,260
28,038
27,759
27,522
Investments – noncurrent
19,669
19,669
-
-
Investments
131,891
131,891
138,177
138,177
Cash and cash equivalents
31,926
31,663
29,522
29,288
394
394
341
341
9,388
9,388
9,038
9,038
1,339
1,339
1,109
1,109
26
171
128
171
222,893
222,553
206,074
205,646
Notes
FINANCIAL ASSETS Measured at undiscounted amount receivable Trade and other receivables Measured at amortised cost
Stock Right to use an asset under service concession arrangements Measured at fair value through income and expenditure Investment in investment funds Equity investments measured at cost less impairment Non-current asset investments in unlisted equity instruments
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
72,596
72,843
63,538
63,991
Loans and finance leases payable
18,467
18,467
20,131
20,131
Obligations under finance lease
5,532
5,532
5,461
5,461
bligations under service concession O agreements
9,388
9,388
9,038
9,038
Deferred capital grants
40,863
40,863
29,514
29,514
413
413
627
627
147,259
147,506
128,309
128,762
Notes
FINANCIAL LIABILITIES Measured at undiscounted amount payable Trade and other creditors Measured at amortised cost
Measured at fair value through Statement of Comprehensive Income Derivative financial liabilities
The derivative balance shown above relates to a “receive floating, pay fixed” interest rate swap measured at fair value through income and expenditure. The floating rate swap is three month’s LIBOR, with the fixed rate 6.02% (6.02% in 2023-24). The Group settles the swaps quarterly, with the difference between the fixed and floating interest rates settled on a net basis. The Group’s income, expense, gains and losses in respect of financial instruments are summarised below: INTEREST INCOME AND (EXPENSE) Total interest income for financial assets at amortised cost
8,507
8,501
7,982
7,977
Total interest expense for financial liabilities at amortised cost
(1,649)
(1,665)
(1,667)
(1,667)
6,858
6,836
6,315
6,310
On investments assets measured at fair value through income and expenditure
2
2
65
65
On hedging financial instruments through Statement of Comprehensive Income
214
214
(730)
(730)
216
216
(665)
(665)
87
88
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 23 / ENDOWMENT RESERVES Restricted net assets relating to endowments are as follows: RESTRICTED PERMANENT ENDOWMENTS
EXPENDABLE ENDOWMENTS
2025
2024
Total
Total
£’000
£’000
£’000
£’000
Capital
3
987
990
337
Accumulated income
17
188
205
182
20
1,175
1,195
519
New endowments
-
-
-
666
Investment income
-
6
6
5
Expenditure
-
(73)
(73)
(56)
-
(67)
(67)
615
Increase in market value of investments
1
38
39
61
At 31 July 2025
21
1,146
1,167
1,195
At 1 August 2024
Represented by: Capital
3
961
964
990
Accumulated income
18
185
203
205
21
1,146
1,167
1,195
-
474
474
511
Research support
-
361
361
336
Prize funds
17
-
17
16
General
4
311
315
332
21
1,146
1,167
1,195
1,167
1,195
Analysis by type of purpose: Scholarships and bursaries
Analysis by asset Current asset investments
2025
2024
Total
Total
£’000
£’000
1,408
1,494
New grants / research grants
50
6
New donations
714
349
9
-
(652)
(441)
-
-
121
(86)
1,529
1,408
30
30
Scholarships and bursaries
421
324
Research support
160
50
General
918
1,004
1,529
1,408
AT 31 JULY 2024
CASH FLOWS
AT 31 JULY 2025
£’000
£’000
£’000
29,522
2,404
31,926
24 / R ESTRICTED RESERVES
Reserves with restrictions are as follows:
At 1 August 2024
Income Expenditure – Revenue Expenditure – Capital
At 31 July 2025 Analysis of other restricted funds /donations by type of purpose: Prizes
25 / C ASH AND CASH EQUIVALENTS
Consolidated Cash and cash equivalents
89
90
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 26 / CONSOLIDATED RECONCILIATION OF NET DEBT £’000 Net Debt at 1 August 2024
(5,735)
Movement in cash and cash equivalents
2,404
Repayment of amounts borrowed
1,664
Finance Lease movement
(71)
Derivative movement
214
Other non cash changes
(350)
Net Debt at 31 July 2025
(1,874)
Change in Net Debt
3,861
Analysis of Net Debt
At 31 July 2025
At 31 July 2024
£’000
£’000
31,926
29,522
(1,663)
(1,663)
-
-
(9,388)
(9,038)
(11,051)
(10,701)
(5,532)
(5,461)
(413)
(627)
Cash and Cash Equivalents Borrowings: amounts falling due within one year Unsecured Loans Obligations under finance leases Service Concession arrangements
Borrowings: amounts falling due after one year Obligations under finance leases Derivatives Unsecured Loans
Net Debt
(16,804)
(18,468)
(22,749)
(24,556)
(1,874)
(5,735)
26 / CONSOLIDATED RECONCILIATION OF NET DEBT (CONTINUED) The University’s treasury policy is to hold relatively low levels of cash but instead hold certificates of deposit and corporate bonds which, if required, can be easily converted to cash – See Note 18. The impact of this on overall funding is as follows: £’000 Net Funds at 1 August 2024
133,551
Movement in cash and investments
16,017
Repayment of amounts borrowed
1,664
Finance Lease movement
(71)
Derivative movement
214
Other non cash changes
(350)
Net Funds at 31 July 2025
151,025
Change in Net Funds
17,474
Analysis of Net Funds
At 31 July 2025
At 31 July 2024
£’000
£’000
Non-current investments
19,669
-
Current investments
133,230
139,286
Cash and Cash Equivalents
31,926
29,522
184,825
168,808
(1,663)
(1,663)
-
-
Borrowings: amounts falling due within one year Unsecured Loans Obligations under finance leases Service Concession arrangements
(9,388)
(9,038)
(11,051)
(10,701)
(5,532)
(5,461)
Borrowings: amounts falling due after one year Obligations under finance leases Derivatives Unsecured Loans
Net Funds
27 / CAPITAL AND OTHER COMMITMENTS Provision has not been made for the following capital commitments at 31 July:
Commitments contracted for
(413)
(627)
(16,804)
(18,468)
(22,749)
(24,556)
151,025
133,551
31 JULY 2025
31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
44,942
44,942
3,640
3,640
91
92
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED)
28 / L EASE OBLIGATIONS
LAND AND BUILDINGS
PLANT AND MACHINERY
31 JULY 2025
31 JULY 2024
Total
Total
£’000
£’000
£’000
£’000
3,856
331
4,187
4,204
3,737
137
3,874
3,936
Later than 1 year and not later than 5 years
14,765
527
15,292
15,561
Later than 5 years
20,470
-
20,470
24,382
Total lease payments due
38,972
664
39,636
43,879
3,856
331
4,187
4,204
Not later than 1 year
3,737
137
3,874
3,936
Later than 1 year and not later than 5 years
14,765
527
15,292
15,561
Later than 5 years
20,470
-
20,470
24,382
Total lease payments due
38,972
664
39,636
43,879
CONSOLIDATED Total rentals payable under operating leases: Payable during the year Future minimum lease payments due: Not later than 1 year
UNIVERSITY Total rentals payable under operating leases: Payable during the year Future minimum lease payments due:
29 / S UBSIDIARY UNDERTAKINGS
The subsidiary companies (all of which are registered in England & Wales), wholly-owned or effectively controlled by the University, are as follows:
COMPANY
PRINCIPAL ACTIVITY
STATUS
University of Salford Enterprises Limited
Business Development, Consultancy and Investment management
100% owned
Salford Professional Development Limited
Delivery of training and provision of agency services which match students and graduates to jobs in the University and wider community.
100% owned
Skyscope Limited
Dormant at 31 July 2025
100% owned
Salford University Services Limited [formerly called Salford University Purchasing Services Limited]
Dormant at 31 July 2025
100% owned
University of Salford (Health Services Training) Limited
Dormant at 31 July 2025
100% owned
Salford Digital Futures Limited
Dormant at 31 July 2025
100% owned
The University of Salford Enterprises Limited (Company Registration number 02309360) is exempt from audit under the requirements of S479A of the Companies Act by virtue of the University of Salford guaranteeing all liabilities to which University of Salford Enterprises is subject to at the 31st July 2025 until they are satisfied in full.
30 / PENSION SCHEMES Four schemes are currently in operation: / Universities’ Superannuation Scheme (USS) / Greater Manchester Pension Fund (GMPF) / University of Salford Pension Plan (USPP) / Teachers Pension Scheme (TPS) USS, GMPF and TPS are defined-benefit schemes which are contracted out of the State Second Pension (S2P) and the assets are held in separate administered funds while USPP is a defined contribution scheme contracted out of S2P. The table below analyses expenditure on “Other pension costs” detailed in Note 8 by pension fund: YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
Consolidated
University
Consolidated
University
£’000
£’000
£’000
£’000
USS
17,465
17,465
19,413
19,413
GMPF
2,752
2,752
3,072
3,072
TPS
220
220
216
216
USPP
2,867
2,867
2,405
2,405
Other
49
-
52
-
23,353
23,304
25,158
25,106
93
94
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 30 / PENSION SCHEMES (CONTINUED) (i) UNIVERSITIES’ SUPERANNUATION SCHEME (USS) The institution participates in the USS which is the main scheme covering most academic and academic related staff and senior professional service staff. The Scheme is a hybrid pension scheme, providing defined benefits (for all members) as well as defined contribution benefits. The assets of the scheme are held in a separate trustee- administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme’s Recovery Plan. Where a scheme valuation determines that the scheme is in deficit on technical provision basis (as was the case following the 2020 valuation), the trustees of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The institution recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement. The total cost charged to the Income and Expenditure account is for both Consolidated and University £17,405,000 (2024: £19,413,000) including PensionChoice. Deficit recovery contributions due within one year for both Consolidated and University are £Nil (2024: £Nil) The latest available complete actuarial valuation of the Retirement Income Builder section of the Scheme is at 31 March 2023 (“the valuation date”) which was carried out using the projected unit method. Since the institution cannot identify its share of Retirement Income Builder (defined benefit) assets and liabilities, the following disclosure reflect those for those assets and liabilities as a whole. The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective) . At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.
The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the statement of funding principles.
CPI Assumption
3.0% p.a. (based on a long- term average expected level of CPI, broadly consistent with long -term market expectations) RPI/CPI gap 1.0% p.a. to 2030 , reducing to 0.1% p.a. from 2030 Benefits with no cap: CPI assumption plus 3bps
Pensions increase (Subject to a floor of 0%)
Discount rate (forward rates)
Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a mxaimum of 10%): CPI assumption minus 3bps Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post-retirement: 0.9% p.a.
The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: 2023 VALUATION Mortality base table
101% of S2PMA “light” for males and 95% of S3PFA for females.
Future improvements to mortality
CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females.
The current life expectancies on retirement at age 65 are:
During the accounting period, the University paid contributions to the pension scheme at a rate of 19.7%. The financial assumptions used to calculate scheme liabilities under FRS102 are:
2025
2024
Males currently aged 65 (years)
23.8
23.7
Females currently aged 65 (years)
25.5
25.6
AT 31 JULY 2025
AT 31 JULY 2024
Males currently aged 45 (years)
25.7
25.4
%pa
%pa
Females currently aged 45 (years)
27.2
27.2
Rate of increase in salaries
3.48%
3.55%
Rate of increase of pensions in payment for members (CPI)
2.75%
2.75%
Discount rate
5.8%
5.0%
The life expectancies quoted above are based on lives aged 45 and 65 as at the latest Fund valuation on the balance sheet date. (ii) GREATER MANCHESTER PENSION FUND (GMPF) The University participates in the GMPF, which is an externally funded defined benefit pension scheme, which is contracted out of the State Second Pension, where contributions payable are held in a trust separately from the University. This was available to all professional service staff who were on grade 6 and below. The last full actuarial valuation was performed as at 31 March 2022 and the results were rolled forward to the 31 July 2024 and 2025 year end. Under the definitions set out in FRS 17, the GMPF meets the definition of a multi-employer defined benefit pension scheme. The actuary of the scheme has identified the University’s share of its assets and liabilities as at 31 July 2024 and 2025 using the roll forward methodology. The pension scheme assets are held in a separate Trusteeadministered fund to meet long-term pension liabilities to past and present employees. The trustees of the fund are required to act in the best interest of the fund’s beneficiaries. The appointment of trustees to the fund is determined by the scheme’s trust documentation. The trustees are responsible for setting the investment strategy for the Scheme after consultation with professional advisers.
The assumptions have been determined on the basis that the duration of the University’s funded obligations is 19 years. The most significant non-financial assumption is the assumed level of longevity. The recent changes in global and UK economic pressures and tightening of monetary policy have had a significant impact on asset markets and corporate bond yields, which are key to the FRS102 assessment of the net pension asset or liability. In particular, AA corporate bond yields, used to set the FRS102 discount rate, have increased significantly, with corresponding falls in asset values. The markets have been exceptionally volatile and therefore both gross defined benefit obligations (liabilities) and assets have fallen.
95
96
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 30 / PENSION SCHEMES (CONTINUED) The table below shows the life expectancy assumptions used in the accounting assessments based on the life expectancy of male and female members at age 65. Pensioner (male)
Non-pensioner (male) currently aged 45
Pensioner (female)
Non Pensioner (female) currently aged 45
At 31 July 2024
19.8
20.7
23.1
24.6
At 31 July 2025
20.0
20.9
23.2
24.6
/ F uture Pensioners (45 years from the last triennial valuation) / C urrent Pensioners (65 years from last triennial valuation) The above ages represent the latest Fund valuation at the Statement of Financial position date. Scheme assets and expected rate of return for GMPF The expected return on assets has been derived as the weighted average of the expected returns from each of the main asset classes (i.e. equities and bonds). The expected return for each asset class reflects a combination of historical performance analysis, the forward looking views of the financial markets (as suggested by the yields available) and the views of investment organisations. The assets in the scheme were: At 31 July 2025
At 31 July 2024
Fair value as at 31 July 2023
£’000
£’000
£’000
Equities
163,633
162,458
156,288
Government bonds
42,796
35,836
31,258
Property
22,657
21,502
17,861
Cash
22,657
19,113
17,861
Total
251,743
238,909
223,268
The assets are pre the surplus restriction.
The tables overleaf include, where applicable, disclosures for GMPF and ex-gratia pension combined to enable clear presentation. The ex-gratia pensions account for £2,001,000 (2024: £2,200,000) of the total liabilities of £159,792,000 (2024: £179,744,000).
YEAR ENDED 31 JULY 2025
YEAR ENDED 31 JULY 2024
£’000
£’000
Analysis of the amount shown in the Statement of Financial Position for GMPF Scheme assets
251,743
238,909
Scheme liabilities - funded
(157,791)
(177,544)
Scheme liabilities – unfunded
(2,001)
(2,200)
Surplus pre restriction
91,951
59,165
Effect of surplus restriction (Assets ceiling)
(93,952)
(61,365)
Deficit in the scheme
(2,001)
(2,200)
Current service cost
2,753
3,072
Past service costs
30
236
2,783
3,308
(8,899)
(8,794)
11,877
11,217
(3,066)
(2,411)
(88)
12
Return on assets excluding amounts in net interest
3,403
6,840
Other experience
1,632
(5,475)
Changes in financial assumptions
24,703
6,890
Changes in demographic assumptions
(796)
360
(29,521)
(11,212)
(579)
(2,597)
At 31 July 2025 the ceiling has been restricted to the difference between the scheme assets and funded liabilities as the unfunded liabilities cannot be offset against the scheme assets.
Total operating charge: Analysis of the amount charged to interest (payable) / credited to other finance income for GMPF and ex-gratia pensions Interest cost Expected return on assets Interest adjustment on the effect of the asset ceiling (Charge) / Net return to other finance income Analysis of other comprehensive (expenditure) / income for GMPF and ex-gratia pensions:
Surplus restrictions Total other comprehensive (expenditure) / income before deduction for tax
HISTORY OF EXPERIENCE GAINS AND LOSSES – GMPF
31 JULY 2025
31 JULY 2024
31 JULY 2023
31 JULY 2022
31 JULY 2021
31 JULY 2020
3,403
6,840
(5,300)
13,423
32,539
(14,710)
1.4
2.9
(2.4)
5.91
15.4
(8.4)
1,632
(5,475)
(9,759)
(12,191)
3,794
11,057
1.0
(3.0)
(5.56)
(5.50)
1.20
4.5
Return on scheme assets: Amount (£m) % of assets at end of year Experience gains / (losses) on scheme liabilities: Amount (£m) % of liabilities at end of year
97
98
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 30 / PENSION SCHEMES (CONTINUED)
AT 31 JULY 2025
AT 31 JULY 2024
£’000
£’000
Cumulative actuarial gain / (loss) recognised as other comprehensive income for GMPF Cumulative actuarial gains recognised at the start of the year
73,890
76,487
Cumulative actuarial gains recognised at the end of the year
73,311
73,890
(2,200)
-
Analysis of movement in surplus / (deficit) for GMPF (Deficit) / surplus at beginning of year
3,649
3,693
Current service cost
Contributions or benefits paid by the University
(2,753)
(3,072)
Past service cost
(30)
(236)
Other (charge) / finance return
(88)
12
Loss recognised in other comprehensive income post asset ceiling restriction
(579)
(2,597)
Deficit at the end of year
(2,001)
(2,200)
The University continues to not recognise the pension asset in respect of Greater Manchester Pension Fund as the asset is not currently considered as recoverable as under the terms of the pension agreement there is no right to set off future contributions against the current asset. The analysis shows the impact of this: Analysis of movement in effect of asset ceiling for 2024 and 2025 Effect of asset ceiling at 1st August
(61,365)
(47,742)
Interest charged to Income & Expenditure
(3,066)
(2,411)
Remeasurement in Other Comprehensive Income
(29,521)
(11,212)
Effect of asset ceiling
(93,952)
(61,365)
YEAR TO 31 JULY 2025
YEAR TO 31 JULY 2024
£’000
£’000
(179,744)
(175,526)
(2,753)
(3,072)
Analysis of movement in the present value of GMPF Present value of GMPF at the start of the year Current service cost
(30)
(236)
Interest cost on defined benefit obligation
Past service cost
(8,899)
(8,794)
Actual member contributions (including notional contributions)
(1,110)
(1,149)
Actuarial gain
25,538
1,775
Actual benefit payments Present value of GMPF liabilities at the end of the year
7,206
7,258
159,792
(179,744)
During 2024-25 the difference between current service costs and employer contributions in respect of funded contributions was £653,000 (2023-24; £369,000).
YEAR TO 31 JULY 2025
YEAR TO 31 JULY 2024
£’000
£’000
238,909
223,268
11,877
11,217
Analysis of movement in the fair value of scheme assets Fair value of assets at the start of the year Interest on plan assets Return on assets excluding amounts included in net interest
3,403
6,840
Actual contributions paid by University in respect of funded benefits
3,406
3,441
Actual contributions paid by University in respect of unfunded benefits
244
252
(244)
-
Contributions in respect of unfunded benefits paid Actual member contributions
1,110
1,149
Actual benefit payments
(6,962)
(7,258)
Fair value of scheme assets at the end of the year
251,743
238,909
GMPF’s assets do not include any of the University’s own financial instruments, or any property occupied by the University. Actual return on scheme assets Interest on plan assets
11,877
11,217
Asset ceiling adjustment
(3,066)
(2,411)
Return on assets excluding amounts included in net interest
3,403
6,840
12,214
15,646
The following table highlights the sensitivities regarding the assumptions used to measure the scheme liabilities. CHANGE IN ASSUMPTIONS AT 31 JULY 2025
APPROXIMATE % INCREASE TO DEFINED BENEFIT OBLIGATION
APPROXIMATE MONETARY AMOUNT (£’000)
0.1% decrease in Real Discount Rate
2%
2,918
1 year increase in member life expectancy
4%
6,392
0.1% increase in the salary increase Rate
0%
114
0.1% increase in Pension increase Rate (CPI)
2%
2,886
Estimated employer’s contributions for GMPF in the Financial Year 2025-26 are £3,433,000 (2024-25 £3,539,000). Since the 1 August 2019 new staff joining the University will no longer be eligible to join GMPF scheme but will be able to join the University of Salford Pension Plan instead. (iii) U NIVERSITY OF SALFORD PENSION PLAN (USPP) The University of Salford Pension Plan is a defined contribution scheme that is administered by Aviva and was launched on the 1 April 2019. From 1 August 2019 all staff who were on grade 6 and below are automatically enrolled into USPP. The University of Salford pays fixed amounts to a separate legal entity Aviva and has no legal or constructive obligation to pay further amounts. The amounts charged to the Statement of Comprehensive Income & Expenditure represent the contributions payable to Aviva. The University contribution rate is 9% with the University also matching an individual’s contributions up to 4%.
(iv) TEACHERS’ PENSION SCHEME (TPS) The Teachers’ Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers’ Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.
99
100
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 (CONTINUED) 30 / PENSION SCHEMES (CONTINUED) The Teachers’ pension budgeting and valuation account Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go’ basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts. The Teachers’ Pensions Regulations 2010 require an annual account, the Teachers’ Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including
the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return. Valuation of the Teachers’ Pension Scheme The latest valuation of the Teachers’ Pension Scheme has now taken place, in line with directions issued by HM Treasury and using membership data as at 31 March 2020. Following the results of the valuation TPS employers contributions increased from 23.68% to 28.68% from 1 April 2024. A copy of the latest valuation report can be found here.
31 / CONTINGENT LIABILITIES In February 2025 the University entered into a nomination agreement with Campus Living Villages Limited (CLV) where the University guarantees 100% occupancy (744 beds) at the John Lester and Eddie Colman accommodation for the period from September 2025 to either June 2026 or August 2026, depending on the room type, at a cost of £5.2m. CLV will continue to enter into tenancy agreement directly with the student and collect the monies from the student with the University only liable if the accommodation is not 100% occupied or the student defaults on the payment. No provision has been made at the year end as the risk of a material liability arising is considered unlikely. The Secretary of State for Housing, Communities and Local Government provided a grant of £7.2m between October 2019 and October 2023 to part fund the building of an Energy House. Under the terms of the grant the University has to use the building for 15 years post the final payment date of October 2023. If these terms are not met then the Secretary of State has an option to seek recovery of the grant. No provision has been made at the year end as the risk of repayment is considered unlikely. The Secretary of State for Housing, Communities and Local Government provided a grant of £5.7m between March 2022 and July 2023 to part fund the building of a Centre of Excellence in Intelligent Automation & Robotics. Under the terms of the grant the University has to use the building for 15 years and equipment for 5 years post the final payment date of July 2023. If these terms are not met then the Secretary of State has an option to seek recovery of the grant. No provision has been made at the year end as the risk of repayment is considered unlikely. The Department for Education provided a grant of £8.7m between October 2022 and March 2025 to part-fund the
Greater Manchester Institute of Technology building on the University campus and at 31 July 2025 £8.7m has been drawn down. Under the terms of the grant the building must be used for 30 years and the equipment for 5 years post practical completion and if these terms are not met then the DfE has the right to recover funding on a sliding scale of 5 years for the equipment and 30 years for the build. No provision has been made at the year end as the risk of repayment is considered unlikely. The Greater Manchester Combined Authority (GMCA) has agreed to provide a grant of £6m to part fund the development of a new acoustics building on the University campus and at 31st July 2025 £2.4m has been drawn down. Under the terms of the grant the building must be used for a number of purposes including undergraduate and postgraduate education, courses for external organisations and research and innovation collaborations for 15 years post completion of the building. If these terms are not adhered to, then the GMCA can recover on a sliding scale reducing by £0.4m per year. No provision has been made at the year end as the risk of repayment is considered unlikely.
32 / HEDGE RESERVE MOVEMENTS Consolidated and University
£’000
At 1 August 2024
(627)
Gain in fair value of hedging financial instruments At 31 July 2025
214 (413)
33 / RELATED PARTY TRANSACTIONS The University council members are the trustees for charitable law purposes. Due to the nature of the University’s operations and the compositions of the Council (being drawn from local public and private sector organisations) and Senior Leadership Team, it is inevitable that transactions will take place with organisations in which a member of the Council or Senior Leadership Team may have an interest. All such transactions are conducted at arm’s length and in accordance with the University’s Financial Regulations and usual Procurement procedures.
not for profit organisations to which Council members, members of the Vice-Chancellor’s Executive Team and Deans of School had connections. Only transactions or balances over £50k and where a member of University key management personnel holds a senior role influencing the running of the related party are listed below. The University has taken advantage of the exemption within FRS102 Section 33 “ Related Party Disclosures” and not disclosed transactions with wholly owned group entities.
The University undertook transactions with the following private organisations, public sector bodies, charities and
Income recognised within the financial statements
Advance HE
Balance due to the Expenditure University recognised recognised within the within the financial financial statements statements
Balance due from the University recognised within the financial statements
137
123,723
-
62,648
1,602
163,366
-
41,251
-
89,122
-
1,134
Salford City Council
106,230
877,818
18,480
-
UM Association Ltd
-
574,827
-
666,114
Greater Manchester Mental Health NHS Trust Hasilwood Management Services Ltd
ADVANCE HE Advance HE is a member-led, sector-owned charity that works with institutions and higher education across the world to improve higher education for staff, students and society. One member of the ULT is on the board of directors and another is a committee member. GREATER MANCHESTER MENTAL HEALTH NHS TRUST Greater Manchester Mental Health NHS Trust is one of the largest mental health providers in England, delivering community and inpatient services for adults and children in Bolton, Manchester, Salford, Trafford, and Wigan. One member of council is a senior officer of Greater Manchester Mental Health NHS Trust.
Other related parties have been identified however there have been no transactions with these parties in the year. In addition to the above The Salford University Students’ Union is an independent organisation largely funded by the University. The financial transactions between the two organisations can be summarised as: 2024-25
2023-24
£’000
£’000
1,397
1,282
Grants to student union for specific projects
151
115
SALFORD CITY COUNCIL Salford City Council provide services to people who live, work and visit Salford. Services will include schools, family services, highways, housing, recreation and sport, environmental health and building and development control. The University provides social work training and pays rates. Two council members are Councillors of Salford City Council.
Payments made to the Students’ Union from the University for services provided
161
106
Payments made to the University from Students’ Union for services provided
(69)
(57)
UM ASSOCIATION LTD UM Association Ltd provides insurance services to universities and higher and further education colleges and institutions. One member of ULT has declared an association with UM Association Ltd.
At 31 July 2025 Students’ Union had £448,000 (2024: £432,000) invested with the University of Salford as detailed in Note 19. At 31 July 2025, the University had a creditor with the Students’ Union of £3,834 (2024: £4,566) and a debtor with the Students’ Union of £Nil (2024: £535).
HASILWOOD MANAGEMENT SERVICES LTD Hasilwood Management Services Ltd provides insurance acquiring services to UM Association Ltd. One member of ULT is a director of Hasilwood Management Services Ltd.
Annual Grant Paid to Students’ Union from University
101
102
103
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