University Finances at a Glance 2023-24
Where our money came from in 2023-24
The university is a registered charity and our income comes from a wide variety of sources. Any surplus income generated in the year is reinvested back into improving facilities and supporting staff and students.
You can see the breakdown of where our income comes from in the table below.
| Income source | Percentage (%) |
|---|---|
| Tuition fees and education contracts | 77.7 |
| Funding body grants | 8.8 |
| Research grants and contracts | 2.9 |
| Investment, donations and endowment | 3.2 |
| Other | 7.4 |
Income
| Income | Year ended 31 July 2024 (£’m) |
|---|---|
|
Tuition fees and education grants Our main source of income is tuition fees from UK undergraduate students. Fees are currently £9,250 per annum funded by government supported student loans which are repaid when graduates earn above a certain limit. Other tuition fees include those for post graduate teaching and overseas students. |
221.0 |
|
Funding Body Grants The Office for Students (OfS) provide additional grants to help fund subjects that are more expensive to teach e.g. Science and Engineering. Research England provides funding towards our research activity. |
25.1 |
|
Other Income This includes income from other sources, such as providing products including leisure facilities, undertaking consultancy work and provision of nursery services. It also includes notional income as the University underwrites the student rooms for the Peel Park residences run by Campus Living Villages, our third-party residence provider. There is a corresponding notional cost within expenditure. |
21.1 |
|
Research Grants and Contracts This includes research grants from UK and EU governments, other public sector bodies, charities and industry. |
8.1 |
|
Investment Income This is income earned on cash balances. |
8.0 |
|
Donations and Endowments Donations come from private and business donors |
1.1 |
| Total income | 284.6 |
How we spent the money in 2023-24
We use our income to deliver teaching and learning, carry out research and undertake enterprise activities. Our vision of preparing students for life is at the core of all we do. This is achieved through collaboration with industry across learning, research and enterprise and enhancing employability activities.
Underpinning this is our commitment to student support and wellbeing services; continuing to improve our campus wider environment and the student experience, including opportunities provided by the Students’ Union.
This requires investment in academic and support staff, facilities and equipment to create a vibrant learning environment.
A breakdown of our expenditure is shown in the table below (excluding the exceptional movement on Pension provisions).
| Expenditure area | Percentage (%) |
|---|---|
| Academic departments | 39.8 |
| Academic services | 16.5 |
| Admin and student support | 18.5 |
| Estates | 15.5 |
| Residence and catering | 5.1 |
| Research grants and contracts | 3.1 |
| Other expenditure | 1.6 |
Expenditure
| Expenditure | Year ended 31 July 2024 (£’m) |
|---|---|
|
Academic departments Academic departments provide postgraduate, undergraduate and any higher education award or credit bearing courses. They also undertake research, some of which is externally sponsored. |
105.2
|
|
Academic support This includes centralised academic services such as the library, learning resource centres, IT facilities, etc. |
43.5
|
|
Admin and student support This includes general educational expenditure and central administration costs including student assistance, marketing, human resources and finance. |
49.0
|
|
Estates costs This is the cost for the running and maintenance of premises (including academic buildings, central academic services, sports buildings etc.) and grounds (except residences and catering). |
41.0
|
|
Residences and catering This includes the notional cost of underwriting the student rooms for the Peel Park residences run by Campus Living Villages Ltd, our residence provider. It also includes any conference operations. |
13.4
|
|
Research grants and contracts These are costs incurred in provision of sponsored research activity. |
8.1 |
|
Other expenditure This includes interest payments and the costs associated with operating Salford Professional Development a University subsidiary company which delivers training, development programs and conferences to the public and private sector. |
4.3
|
| Total expenditure excluding exceptional release | 264.5 |
In 2023-24 the March 2023 University Superannuation Scheme (pension) valuation was completed. This resulted in an exceptional release of a £63.4m provision and the impact of this adjustment is to reduce total expenditure to £201.1m. It is important to note that this is just an accounting adjustment required under accounting standards and is a paper activity not real cash.
As a university, we provide services and facilities to over 26,000 students and employ over 2,750 staff. We have continued to invest in our facilities, ensuring our students have access to industry-standard facilities and equipment. In 2023/24 we spent £22.0m on our IT services, working in line with our transformational One Digital Campus programme to grow our digital capabilities.
Our Students’ Union is a separate registered charity run by students, for students. They provide all sorts of services; from an Advice Centre, to Sports Clubs and Societies, through to food, drink and events in the heart of campus at Atmosphere Kitchen and Bar. We provided grants of £1.4m last year to support their work.
The university continued to invest in its facilities spending £11.5m on the Campus Connectivity Plan as well as expenditure on One Digital Campus and university equipment. The next phase of the Campus Connectivity plan includes provision of a new state of the art clinical facility for the training of the next generation of health professionals, a Greater Manchester Institute of Technology building for the training of apprentices and a new acoustics teaching, research and enterprise facility.
Further information on the university’s income and spending can be found in our Integrated Report.