Annual Report and Financial Statements Year Ended 31 July 2016 the Manchester Metropolitan University
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Annual Report and Financial Statements Year ended 31 July 2016 The Manchester Metropolitan University Report of the Board of Contents Governors 3 Report of the Board of Governors 35 Corporate Governance Strategic review The Governors submit the 5 Introduction: Overview of Performance 40 Responsibilities of the Board of University’s annual report and Governors 7 Vice-Chancellor’s Foreword audited consolidated financial 42 Independent Auditor’s Report statements for the year 8 Our Approach ended 31 July 2016. 44 Consolidated Statement of 11 Our Staff Comprehensive Income The financial statements and Expenditure have been prepared to 13 Our Students comply with the Statement of 45 Consolidated and University Recommended Practice (SORP) 15 Our Research Achievements Statement of Changes in Reserves for further and higher 19 Our Achievements 2015/16 46 Consolidated and University Balance education institutions. Sheet 23 Our Engagement 48 Consolidated Statement of Cash Flows 25 Our Partners 50 Statement of Accounting Policies 27 Financial Performance and Sustainability 56 Notes to the Accounts 32 KPTs 33 Risks 2 | Financial Statements Financial Statements | 3 The Manchester Metropolitan University 37k+ Global students top 3% university Introduction: The appointment of Lord The University has a great Mandelson as the 4th deal to look forward to Overview of Chancellor of Manchester over the next 12 months. Metropolitan will enable the We have exciting plans University to better position to develop new institutes UK’s and extend its range of in sport, fashion and the Performance influence, both nationally environment. These will biggest 2nd and internationally. Lord bring together strengths, most applied Mandelson shares the creative distinctiveness, and riser University’s passion for enable us to deliver more. By to university education and research, and developing our partnerships, in Complete Over the past year, the he will be an outstanding nationally and internationally, University Guide advocate for us all. we will continue to innovate in the UK and drive ahead, with our University has welcomed Our outgoing Chancellor, sector-leading approach to Dame Dianne Thompson, degree apprenticeships being many high-profile visitors, will remain a firm friend and a perfect example. supporter of the University. Winner of including politicians, Her journey at Manchester Speaking on behalf of the business leaders and Metropolitan was truly Board of Governors, I am remarkable. I can think of deeply impressed by the Business 50%+ academics. They are no other individual who rose progress made over the last growth in from being a student, to staff year and the significant School member and, ultimately, opportunities that lie ahead drawn to Manchester to Chancellor at the same for us as an institution. I am professors institution. confident that the ambition of the Year Metropolitan because of of the new Strategic The University has since 2014 Framework will help steer sustained robust financial (Educate North Awards) its size, impact, location Manchester Metropolitan performance over recent through the rapidly changing years, with the key financial and achievements, and challenging times ahead, health indicators aligned enabling us to flourish to the upper quartile for and they leave with a regionally, nationally and Winner of the sector. The outcome globally. £139.1m stronger impression of of the Referendum on EU membership results in an Diverse the University’s strengths, increase in uncertainty in the cash and short term. However, the short-term Company distinctiveness and University has the ambition, resilience and nimbleness investments at Award for ambition. to adapt and thrive in an 31 July 2016 Education, 2016 evolving new landscape. Extending the numbers of international and postgraduate students will ensure that the University plays its part in enhancing Manchester’s reputation as a global city, characterised by innovation, creativity and entrepreneurship. These Vanda Murray OBE values define Manchester Pro-Chancellor and Chair of Metropolitan. Board of Governors 4 | Financial Statements Financial Statements | 5 The Manchester Metropolitan University Vice-Chancellor’s We continue to make great the midst of a period of Foreword strides towards our goal of profound change, nationally becoming the best modern and internationally. Britain’s university in the UK. In decision to leave the EU will October 2015, The Times present a raft of challenges for Higher World University us, financial and otherwise. Rankings placed us in the Similarly, proposals in Over the past year top 3% of global universities. the Government’s Higher Later in 2015, we entered their Education and Research Bill I have been hugely list of the top 150 universities to open up the sector to new in the world under 50 years providers means we will face impressed by the old. Earlier this year, we even keener competition not only climbed 17 places for students, staff, funding energy, determination in the Guardian University and partnerships. All of Guide but were also the this is taking place against and spirit that I know fastest rising university in the a backcloth of continued Complete University Guide. economic uncertainty in is characteristic of our the UK. Every part of our University University community. has remarkable success But experience has shown stories to tell. These include that challenges bring I feel enormously the Business School of the with them exciting new Year award, the selection of opportunities, particularly proud of our numerous two of our sport scholars for for those institutions that the Rio Paralympics, major are agile enough to respond achievements, ranging grants in health and social swiftly to a changing care, research on long- landscape. Our ambition from excellence in lasting 3D-printed graphene remains undented; our batteries, and prizes in poetry commitment to excellence is education and research and creative writing. resolute. Our outstanding campus The quality of our research to professional service and landmark buildings and teaching, the diversity have also helped to establish of our provision, the delivery to ensuring that Manchester Metropolitan as commitment of our staff, the a go-to venue for hosting strength of our partnerships, our campus is vibrant, key national events and and our unrivalled location in initiatives. Manchester, all underpinned inspiring, attractive and by our new Strategic Sajid Javid, the then Secretary Framework, will empower of State for Business, well maintained. us to rise to the challenges Innovation and Skills, and respond positively to the launched a new national £10m many opportunities that lie degree apprenticeship fund ahead. here, we held a week-long programme of public events around Greater Manchester’s devolution opportunities, while former Prime Minister Professor Malcolm Press Gordon Brown visited the Vice-Chancellor University in June. Manchester Metropolitan We are undoubtedly in University 6 | Financial Statements Financial Statements | 7 The Manchester Metropolitan University Our Approach We are a great, modern university, in a great global Our strategic themes are the city, here to make an impact backdrop for our plans and on Manchester, our nation and strategies, setting the tone for beyond, with a driving ambition our approach. We will illustrate to discover and disseminate knowlege, and make higher them with compelling stories of education as accessible and our achievements, capturing beneficial to all those with the our strengths, firing the passion and ability to succeed. imagination of our staff, and inspiring us to ever greater We work closely with our city, success. Through them, we will Ambition Community with business, the community Setting the bar higher to make more of Making a contribution not just to one community, and our academic peers - locally, demonstrate the ambition, an impact. but to many. We are ambitious and happy to shout about it. Ambitious for our We are an active, energetic and engaged university, putting our nationally and internationally students. Ambitious for our staff. For our partners. And for creativity and impact that thinking and ideas, our research and knowledge to work in the ourselves as an academic institution. We expect a lot from real world. So our staff, students and alumni contribute not only - to be inventive and creative, everyone who studies and works here. Set high standards and characterise Manchester to the Manchester Metropolitan community, but to all the measure our success by the impacts we make academically, and generate great opportunities, and communities and lives we touch. enable our students, colleagues Metropolitan University. in business and society. and everyone whose lives we touch to make an impact. Place Sustainability Partnership A university with all the drive and spirit of a Working hard now and in the future to help craft a Reaching out to push the boundaries of great global city. better world. the possible. You can feel the energy. In the place. In the buildings. In the Higher education exists in an increasingly dynamic, demanding Education, and particularly higher education, should always be students and staff. You can sense the determination to succeed. and competitive world, where to stand still is to go backwards. a collaborative process and here at Manchester Metropolitan our Manchester Metropolitan is a great modern university, in a great At Manchester Metropolitan, we have a conscious cultural world is enriched