Financial Statements 2015 for the Year Ended 31 July 2015 Contents Officers and Advisers
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Financial Statements 2015 For the year ended 31 July 2015 Contents Officers and advisers Page 01 Officers Chairs of Committees Chairman's foreword Chancellor of the Board of Governors Page 02 Mr Lemn Sissay, MBE (from 1 August 2015) Audit Committee Review of the year by Mr Tom Bloxham, BA, MBE (to 31 July 2015) Mr Stephen Dauncey, BSc, FCCA Professor Dame Nancy Rothwell, Pro-Chancellor Finance Committee Mrs Gillian Easson, MA Dr John Stageman, OBE, PhD President and Vice-Chancellor President and Vice-Chancellor Remuneration Committee Page 05 Professor Dame Nancy J Rothwell , Mr Anil Ruia, OBE, JP, DL, LLB, ACA Key performance indicators DBE, DL, BSc, PhD, DSc, FRS, FMedSci, FSB, Nominations Committee FRCP(Hon), FIBiol, FRSA Mrs Gillian Easson, MA Page 06 Deputy President Staffing Committee The year in pictures and Deputy Vice-Chancellor Mr Edward Astle, MA, MBA Page 12 Professor Colin Bailey, FREng, BEng, PhD, CEng, FIStructE, FICE, MIFireE (from 1 October 2014) Financial review by Professor Rod W Coombs, BSc, MSc, PhD Membership of the Mr Stephen Mole, Director of Finance (to 30 September 2014) Board of Governors Page 18 Chair of the Board of Governors From 1 September 2015: The University and public benefit and Pro-Chancellor Mr Anil Ruia, OBE, JP, DL, LLB, ACA, Chair of Mr Anil Ruia, OBE, JP, DL, LLB, ACA the Board of Governors and Pro-Chancellor Page 21 Deputy Chair of the Board of Governors Dame Susan Ion, OBE, BSc, PhD, FEng, FIMMM, Corporate governance statement Dame Susan Ion, OBE, BSc, PhD, FEng, FINucE, FIMMM, FINucE (from 1 September 2015) Page 25 Deputy Chair of the Board of Governors Mr Robert Hough , CBE, DL (to 31 August 2015) Professor Dame Nancy J Rothwell , DBE, DL, BSc, Statement of the Board of Governors’ PhD, DSc, FRS, FMedSci, FSB, FRCP(Hon), FIBiol, FRSA, responsibilities for the year ended Registrar, Secretary and Chief Operating Officer President and Vice-Chancellor 31 July 2015 Mr Will Spinks, BSc, Chartered MCIPD Ms Naa Acquah, General Secretary of the Students’ Union Page 26 Director of Finance Mrs Dapo Ajayi, BPharm Independent auditor’s report Mr Stephen Mole, BSc, PGCE, FCMA, CGMA Mr Edward M Astle, MA, MBA to the Board of Governors of Vice-Presidents (Policy) Mr Gary Buxton, BA, MBE The University of Manchester Mr Michael Crick, BA Teaching, Learning and Students Page 27 Mr Stephen Dauncey, BSc, FCCA Professor Clive Agnew, BSc, PhD Financial Statements Mr Colin Gillespie, BSc, FCA Research and Innovation Mr Paul Lee, DL, MA, LLM for the year ended 31 July 2015 Professor Luke Georghiou , BSc, PhD, MAE, FRSA Mrs Christine Lee-Jones, JP, DL, MA Page 28 Dr Neil McArthur MBE, CEng, FIMechE, FIET Statement of principal Vice-Presidents Mr Andrew Spinoza, BA, MCIPR accounting policies and Deans of Faculties Dr John Stageman, OBE, PhD Page 33 Engineering and Physical Sciences Dr Angela Strank, BSc, PhD Financial instruments Professor Martin Schröder, FRSE, FRSC, PhD, Professor Cathy McCrohan, MA, DPhil DIC, CChem (from 1 June 2015 ) Professor Colette Fagan , PhD Page 34 Professor Stephen Flint, PhD Dr Caroline Jay, BSc, PhD Consolidated income (interim appointment from 1 January 2015 Professor Chris Taylor, OBE, FREng, BSc, PhD and expenditure account to 31 May 2015) Dr Christine Rogers, PhD Professor Colin Bailey, FREng, BEng, PhD, CEng, Professor Liz Sheffield, BSc, PhD Page 35 FIStructE, FICE, MIFireE Professor Mike Sutcliffe, CChem, CEng, Statement of consolidated historical (to 31 December 2014) FIChemE, FRSC cost surpluses and deficits Humanities Ms Iram Kiani, BA Statement of consolidated total Professor Keith Brown, MA, PhD, FRHS, FRSE Dr Pamila Sharma, BSc, MSc, PGDip, PhD, MBiol recognised gains and losses Life Sciences Professor Martin J Humphries, BSc, PhD, The following members stood down from Page 36 FMedSci, FSB the Board of Governors on 31 August 2015: Balance sheets Medical and Human Sciences Ms Charlie Cook, General Secretary Professor Ian Greer, MD, FRCP(Glas), FRCPE, of the Students’ Union (to 30 June 2015) Page 37 FRCP, FRCPI, FFSRH, FCCP, FRCOG, FMedSci (from Mr Robert Hough , CBE, DL, Deputy Chair of the Consolidated cash flow statement 1 June 2015) Board of Governors, Chair of Staffing Committee Reconciliation of consolidated net Professor Julian Davis, MD, PhD, FRCP, FRSB Dr Brenda Smith, BA, MBA DLitt, ACA cash flow to net (debt) / funds (interim appointment from 5 January 2015 to Professor Ian Cotton, BEng, PhD, CEng, 31 May 2015) MIET, SMIEEE, FHEA Page 38 Professor Ian Jacobs, MA, MBBS, MD, MRCOG, Professor Maggie Gale, MA, PhD Notes to the Financial Statements FRCOG (to 4 January 2015) Dr Reinmar Hager, MSc, PhD FinAnCiAl STATeMenTS FoR The yeAR ended 31 July 2015 01 MR Anil RuiA ChAiR oF The BoARd oF GoveRnoRS And PRo-ChAnCelloR Chairman’s foreword I am pleased to provide a foreword for In this testing climate it is very pleasing to this set of Financial Statements for The see that we continue to make progress University of Manchester for the year ended against the three core goals identified in our 31 July 2015. Manchester 2020 strategy, namely: world- class research, outstanding learning and On the pages that follow, you will see that the student experience, and social responsibility. University has again generated a reasonable In her review of the year the President and surplus and enjoyed another successful year, Vice-Chancellor refers to the refreshed despite the challenges posed by an evolving strategy, which I am confident will provide us sector and external environment. with even greater focus as we strive towards these goals. The period covered by these statements was one of particular uncertainty, with Achieving the ambitions outlined in that a general election and the results of strategy will require sound finances, the Research Excellence Framework adequate resources for investment and clear occupying the thoughts of many of us in strategic leadership. I believe that these higher education. Financial Statements provide evidence that we can demonstrate all three of these key We are now entering another period of ingredients for future success. uncertainty with the likelihood of cuts from some funding sources, along with the impact of increased global competition and the changing requirements of students to which all institutions must adapt. It’s reassuring to see that we are going into this period in a stronger financial position than many of our competitors, though we know Anil Ruia we will need to take tough decisions in order Chair of the Board of Governors to maintain this. and Pro-Chancellor 02 PRoFeSSoR dAMe nAnCy RoThWell, PReSidenT And viCe-ChAnCelloR Review of the year FinAnCiAl STATeMenTS FoR The yeAR ended 31 July 2015 03 During the year covered by these Financial be an innovative university that is adaptable, three. The new structure will be in operation Statements, the University performed in line nimble and able to make tough choices in from August 2016. with our expectations, making good order to ensure we are well placed for the progress towards many of our strategic evolving higher education landscape. Our pioneering work in advanced materials goals, but with significant challenges ahead remained in the news with the opening of in achieving some of our targets. We have made progress against some of our the National Graphene Institute (NGI) on key performance indicators and have ground campus and the Chancellor of the Our position was secured against a backdrop to make up against others. In the Shanghai Exchequer’s announcement that we will be of continuing uncertainty in the higher Jiao Tong Academic Ranking of World home to the Sir Henry Royce Institute for education environment, including the Universities we fell slightly to 41st in the Materials Research and Innovation. We also expected reduction in QR funding following international table but maintained our fifth announced plans for the £60m Graphene the 2014 Research Excellence Framework place in the UK. We will continue to strive to Engineering Innovation Centre, which, along (REF) and likely cuts affecting the be one of the world’s top universities by 2020; with the NGI, will reinforce Manchester’s Department for Business, Innovation and however, we will be measuring our position position as a globally leading knowledge base Skills. Our success is a tribute to the hard not just by this ranking, but by international in graphene research and commercialisation. work and dedication of colleagues from league tables more widely and by the impact We hosted this year’s Graphene Week, across the campus. It also demonstrates, yet of our research. welcoming researchers from across the again, the effective financial management of globe to our campus, and a spin-out the Senior Leadership Team supported by Our research grant and contract income company partnering with the NGI unveiled its the Director of Finance and his very increased by 22.8%, which reflects the graphene lightbulb, believed to be the first professional team. growth in the value of awards made to the commercial application of graphene to University starting to flow through. Our work emerge from the UK. The overriding financial imperative once on cancer was bolstered with grants worth again this year was to consolidate the around £13m and £11m from the Medical Our reputation for research in addressing financial position of the University by Research Council (MRC) and Cancer global inequalities resulted in new generating a surplus, which is essential for Research UK respectively, while the MRC also collaborations with Age UK and the World ongoing investment. These financial results granted £6m for equipment for dementia Health Organization, and our researchers show a surplus of £46.9m – which is similar research. The University has significant presented to the UN in New York on the to £45.0m in the previous year – though strengths in biotechnology research and this human rights of older sections of society.