The University of Manchester has published its financial statements and records for the 2022/23 fiscal year.
The University has recorded an operating surplus of £107 million. This is down £13 million from last year, which the University states “reflects our decision to invest in additional support for our students and staff.”
During the 2022-23 financial year, the University of Manchester’s income grew by 10.5% to £1.3bn. The University has said this was due to increased international tuition fees and an uplift in research funding following the results of the Research Excellence Framework in 2021.
Tuition fees accounted for 49% of the University’s total annual income. Of the total income from tuition fees, 42% were UK fees, and 58% were international fees. £58 million of the £1.3 billion total income was made up of residential and catering income.
The main expenditure areas for the University were within academic teaching departments (£497 million), research (£211 million), and maintaining building estates (£191 million).
The largest proportion of expenditure, totalling £624 million each year, or £52 million per month, is spent on university staff.
The University explained that expenses have increased in recent years, due to rising pay rates influenced by inflation, automatic salary increases, and higher pension expenditures.
The financial statement highlighted an £18 million support package for staff and students for the cost of living. During the 2022-2023 fiscal year, the University paid out £11 million in one-time cost-of-living payments to all its employees. Of the entire £18 million allocated for living support, payments totalling £7.4 million were given to over 40,000 students.
An additional £12 million was invested into the Fallowfield Campus Redevelopment Project. This initiative aims to substitute current bed spaces with as many as 3,300 new, cutting-edge bed spaces, potentially increasing capacity by up to 950.
Other significant investments include £30 million allocated towards student bursaries and reductions in tuition fees, alongside £5.4 million dedicated to enhancing the Student Experience Programme.
The government’s new Higher Education (Freedom of Speech) Act will come into force from 1 August 2024 and aims to be a provision for freedom of speech and academic freedom across universities and Students’ Unions