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Financial Accounts published

01 Dec 2016

The Board of Governors has signed off the University’s financial accounts for 2015/16

Whitworth Building and Alan Gilbert Learning Commons

University Director of Finance Steve Dauncey commented: “This was not just my first year as the Director of Finance, but also the first set of accounts produced under new reporting standards. I am very grateful to colleagues in the Directorate of Finance for all the hard work they have undertaken over the last 18 months to reach a satisfactory audit close.

“In my view, our accounts now present a more realistic picture of the University’s financial position in terms of long term sustainability and it is now becoming clear that many higher education institutions face similar challenges as ours.”

For 2015/16, the University reported a £1 million surplus which was lower than anticipated as we were unable to predict the impact of the EU referendum result on our pension liabilities.

Steve added: “Our financial sustainability challenge is all too apparent and we can expect greater future volatility in our financial performance. This will mean that operating cash generation is now an even more important KPI for us and the sector, and will be a good indication of our financial performance.

The clear determination to meet the University’s Manchester 2020 ambitions needs to be viewed in the context of the financial sustainability challenge and current uncertainties within and outside the higher education sector.

“Our existing plans to grow income through distance learning, research performance and philanthropy need to be complemented by improved efficiency and effectiveness in order to generate the financial headroom required to make the required strategic investments in research and teaching excellence.”

You can read the Financial Statements and a more detailed Financial Review from Steve Dauncey at: