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Financial Statements

FOR THE YEAR TO 31 JULY 2025

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Registered with The Charity Commission for Northern Ireland NIC 100166 ISSN 0307-496X

ulster.ac.uk

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Operating and Financial Review Sustainability Managing Risk Corporate Governance Statement Statement of Internal Control Statement of the Council’s Responsibilities Statement of Primary Responsibilities Independent Auditors’ Report to the Council of Ulster University Statement of Principal Accounting Policies Group and University Statement of Comprehensive Income Group and University Statement of Changes in Reserves Balance Sheets Group Cash Flow Statement Notes to the Financial Statements	04 - 11
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Financial Statements for the Year Ended 31 July 2025

The University has recorded an operating deficit before other gains and losses, impairment and movement in pension, of £20.2m for 2025 (2024 deficit £5.0m). The operating deficit reflects the increasing pressure on the University to manage and maintain its cost base in light of rising costs and activity, which have not been matched by income growth. This is largely due to the fact that income has not kept pace with inflation in relation to tuition fees and education contracts for the past few years, and there has been no inflationary growth in the funding body teaching grant for almost two decades.

The balance sheet has been positively strengthened with total net assets increasing to £450m (2024: £445m) due to the increase in the NILGOSC pension asset position and investments made by Innovation Ulster Limited.

The Statement of Comprehensive Income (SOCI) position includes a number of accounting adjustments including the actuarial valuation of pension schemes and market conditions regarding investments at year end that can mask the underlying operating performance of the University. The table below provides a representation of the underlying financial performance after adjusting for these items:

Total Income	2025 £’000	2024 £’000
	304,235 293,106
Total Expenditure	(325,898) (220,198)
(Loss)/Surplus before other gains and losses	(21,663) 72,908
Adjustment for Impairment	2,800 1,118
Adjustment relating to Pensions (Note 5, Note 7 and Note 9)	(1,329) (79,075)
Operating Deficit	(20,192) (5,049)

Scope of Financial Statements

The financial statements presented to the University’s Council have been prepared on a consolidated basis and include the results of Ulster University and its subsidiary companies Innovation Ulster Limited and Studio Ulster Limited. This report should be read with the Annual Review 2025 which provides a detailed summary of activities undertaken by the University in delivering its corporate objectives.

Public Benefit

The University is an independent educational charity whose legal status is derived from a Royal Charter granted in 1984.

Ulster University’s charitable purpose is the advancement of education. In setting and reviewing the University’s objectives and activities, Council has given due regard to relevant guidance on the reporting of public benefit, in particular, the Charity Commission’s supplementary public benefit guidance on the advancement of education. We deliver our charitable purpose for the public benefit, by implementing our corporate plan and delivering on those strategic aims and objectives approved by Council to shape our academic portfolio in response to the demands of students and employers, and to deliver research and innovation that achieves economic and social transformation.

The distinctiveness of the University within the Higher Education (HE) sector places it within a small group of HE Institutions (HEI’s) that are research-engaged and business-focused with significant commercialisation of research and major knowledge transfer relationships.

Financial Performance

The University’s consolidated comprehensive surplus for the year was £4.6m (2024: surplus £83.3m). This includes the impact of the pension adjustments attributable to the University relating to NILGOSC with a credit to the Statement of Comprehensive Income of £23.1m (2024: credit £7.8m). A £78m surplus was released in 2024 in relation to the USS pension scheme following the 2023 valuation with no further impact this year. The underlying financial performance excluding the pension adjustment, one-off impairment to land at Jordanstown, gain on disposal of fixed assets and gain on investments is an operating deficit of £20.2m (2024: deficit £5.0m). The University deficit is due to increasing staff costs and expenses against an almost static position for tuition fees and recurrent funding body grant.

Total income has grown from £293m to £304m, an increase of 4%, whereas expenditure, excluding pension adjustments, has increased from £298m to £326m, an increase of 9%. Non-government income increased from £106m to £108m, an increase of 1%, as a result of the increase in research grants and contracts and other income (see Note 1).

Ulster University is operating in an environment where we receive less funding per student per year than comparable institutions in England. The underlying funding position for HE in NI is a concern for the University.

The University’s underlying financial performance has deteriorated over the last year as shown below.

Staff costs excluding pension adjustment: income ratio	2025	2024
	57.6% 55.1%
Cash spend on fixed assets	£30.9m £15.0m
Capital grants receipts for fixed assetspurchased	£21.7m £8.3m
Earnings before interest, depreciation and amortisation	£2.1m £17.3m
% Income from non-government sources1(see Note 1)	35% 36%

1 The calculation of non-government income has been amended to reflect under-graduate tuition fees not funded through the Student Loans Company. This has increased the 2024 non-government income from £102.6m to £106m and increased the percentage of non-government income from 35% to 36%.

Financial Statements for the Year Ended 31 July 2025

Sources of Income 2024/25

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43.1% 33.4% 7.1%
£101.6m £21.5m
Funding Other
Body Grants Income
13.7% 2.7%
£41.7m £8.2m
£131.2m Research Grants Investment Income,
Tuition Fees and and Other Donations
Education Contracts Contracts and Endowments
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Income

Total income of £304m in 2024/25 increased by 4% on the prior year primarily due to an increase in funding body grants, research grants and contracts and other income.

Tuition fee and educational contracts income of £131m fell by 0.4% with a growth in home students mainly in Derry~Londonderry campus, mostly offsetting a reduction in overseas students’ fee income.

Funding Body Grants increased by 8% from 2024 primarily due to an increase in grants for special initiatives for the expansion and development of the Derry~Londonderry campus. The recurrent grant for teaching and research activities from the Department for the Economy (DfE) also increased slightly due to the final year intake for the medical school and additional growth agreed for Derry~Londonderry campus.

Research Income increased by 8% to £41.7m, reflecting the increased level of awards particularly from the UK Research Councils over the past few years. This aligns to the University’s strategic investment in partnership and other initiatives that have attracted significant research grants.

Funding for PhD studentships in 2025 has been reclassified as UK government funded rather than Research Council. Given the nature and magnitude of this reclassification change the comparative amounts for 2024 in note 3 have not been restated.

Other income of £21.5m (2024: £19.7m) increased by 9% primarily due to insurance proceeds from a fire on the Coleraine campus in addition to increased income from conferences and sports memberships.

Expenditure

Total expenditure in 2025 was £326m (2024: £220m). Excluding the pension net charges in 2025 of £96k (2024: credit of £78m) the year-on-year movement was an increase of £28m (9%). Staff costs, excluding the impact of pensions provision, increased by £13.6m (8%). This is due to annual pay awards, academic promotions, increase in employer national insurance charges, costs related to incremental progression and growth in staff numbers.

Other operating expenses (excluding depreciation) increased by 13% to £119.3m (2024: £105.5m). This includes expenditure on utilities, maintenance of premises, administration, equipment, student accommodation, scholarships, bursaries and library services. The main increase in costs is due to an increase in building maintenance costs, residences costs, rates and increased research grant expenditure which corelates with an increase in research grant income. Expenditure also includes the set-up costs of Studio Ulster Limited.

Impact of Pension

The Statement of Comprehensive Income (SOCI) for the year includes a net credit of £23.1m from the University’s pension asset movement (2024 credit £85.8m), which is in relation to a number of factors as follows:

£21.8m actuarial gain in the NILGOSC pension scheme; and
£1.4m interest receivable in relation to NILGOSC pension scheme.

The pension provisions credit is a non-cash movement and is not a measure of the University’s operational financial performance or surplus generated. It is simply the difference, year on year, of the estimated value of the assets and liabilities of the University’s defined benefit pension schemes.

Certain assumptions are used to value future liabilities of the pension scheme and the assets belonging to the pension scheme. These estimates reflect changes to the actuarial assumptions as a consequence of developments in the year.

The FRS 102 valuation of the NILGOSC pension scheme at 31 July 2025 resulted in an estimated net pension asset of £49.8m (2024 £26.7m).

Estates Capital Plan

The Estates Services capital work for 2024/25 has continued to focus on enhancing the experience for students, staff and the wider community.

The masterplan (focusing on long, medium and short-term plans) is central to informing the development of the new Estates Strategy. The Strategy is currently being finalised and is scheduled to undergo various University governance processes in the next academic year. In developing this Strategy, the Estates Services team continues to work closely with academic colleagues and external stakeholders on the development of City Deals for Belfast Region, Causeway Coast and Glens Region and Derry City and Strabane Region.

Coleraine Campus

The following works have progressed in 2024/25:

Remedial works to address fire damage in a teaching laboratory, with the final reinstatement to be completed by Autumn 2025. Within this project two computer labs have been refurbished, and an enhanced social space has been created.
The tower block has been vacated and occupants moved to a refurbished part of the campus.
Further site surveys to identify Reinforced Autoclaved Aerated Concrete (RAAC) resulting in remedial works being carried out in Blocks G and L.

Design proposals have been progressed for the demolition of the end-of-life Tower building which was impaired last year, and associated replacement landscaping, and a major internal remodelling of the main campus’s pedestrian area to enhance the campus experience for all users. Furthermore, the University will continue to complete essential long-term maintenance to the building fabric.

Derry~Londonderry Campus

During the year the Department for the Economy (DfE) supported a number of initiatives in support of the expansion of the Derry~Londonderry campus in order to facilitate delivery of the NI Executive commitment in the Programme for Government to expand the campus. The University purchased two sites in Derry~Londonderry adjacent to the campus, five floors of Timberquay building and sites along the Queens Quay whilst also making a capital investment to maintain and enhance the current Derry~Londonderry estate and digital infrastructure. The University engaged in outreach and animation activity with a view to increasing footfall on the campus and also introduced a series of short courses in the business school aimed at creating better futures and increasing economic impact.

Overall, during the year the University spent c£15m on these initiatives, which included £12m of Departmental support.

The project to facilitate the development of a new Teaching and Student Centre, funded under the Republic of Ireland’s Shared Island initiative, progressed in year. The planning application has been submitted and engagements continue with the statutory consultees. Planning approval is anticipated early in 2026. In tandem the first stage of procurement for a contractor has been completed with a tender due to be issued shortly. The project remains on programme for completion in Summer 2028.

The Contract for Funding between DfE and Derry City and Strabane District Council (DCSDC), in relation to the Cognitive Analytics and Digital Robotics Innovation Centre (CADRIC), is currently being finalised which in turn will release the draft Funding Agreement between DCSDC and UU. A preferred bidder for the ICT (Integrated Consultancy Team) services has been appointed, after the year end. Initial site appraisals, surveys and feasibility studies have also been completed.

Approval of the Outline Business Case (OBC) in relation to the School of Medicine continues to be progressed. Stage 1 of the ICT competition, initial site appraisals, surveys and feasibility studies have been completed.

Following the award of SEUPB Peace Plus Funding, a site located along the Northland Road (currently vacant and disused), will be redeveloped to feature a covered sports and recreational dome, cafe, changing facilities, ancillary accommodation, bicycle, car and coach parking. A design team has been appointed and are progressing through the design with planning applications submitted in October 2025.

Belfast Campus

The Design team for the City Deals funded Centre for Digital Healthcare Technology (CDHT) completed the design phases supported with stakeholder engagement. In January 2025, the project Board approved to split the project into 2 phases - demolition and construction - with the demolition contractor taking possession of the site in June 2025.

Jordanstown Campus

As part of preparations for the campus disposal, redundant equipment and furniture continue to be auctioned across the campus, with parts of the building subsequently isolated and decommissioned upon conclusion of each auction, whilst new utility supplies will be installed in the areas designated for retention. There is also an impairment charge of £2.8m in 2025 for a portion of land that is planned to be retained by the University.

Financial Statements for the Year Ended 31 July 2025

Cashflow and Financing

Cash balances including investments and short-term deposits were £118.9m at the year end, which represents a reduction of £20.4m from the previous year. Net cash (including borrowings) decreased by £13.7m during the year and is summarised below:

Investments and short term deposits	2025 £m	2024 £m	Change £m
	63.8 64.3 (0.5)
Cash at bank and in hand	55.1 75.0 (19.9)
Bank and other loans	(153.7) (160.4) 6.7
Net cash	(34.8) (21.1) (13.7)

The £19.9m cash reduction on the year comprised:

Net cash outflow from operating activities for the year of £8.1m (2024: inflow of £7.7m);
Net cash outflow for investing activities of £4.7m (2024: inflow £37.7m); and
Net cash outflow for financing of £7.1m (2024: £0.7m).

Throughout the year the Group operated with a cash surplus and in line with its banking covenants. All treasury decisions were undertaken within the framework of the University’s treasury policy. The underlying principle of this policy is that the University operates a low-risk approach in managing its investments and liquidity. All funds are placed with counter parties whose underlying credit rating is monitored against minimum criterion. Furthermore, an upper limit of £35m investment in any one financial institution applies.

Cashflow Statement 2024/25

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£m
80
60
40
20
£75.0m £55.1m
Opening Cash Closing Cash
1 Aug 2024 31 July 2025
0
£-4.7m
-10 £-7.1m
-£8.1m Other Investing
Cash Inflow from Activities Financing Activities
Operating Activity
-20
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Endowment assets at the year-end were valued at £17m, an increase of £1m due to improving market values. The endowment funds are managed by Rathbones Investment Management.

During the year £30.9m cash was spent on acquiring fixed assets against which £21.7m of capital grants were received.

How We Allocate Our Resources 2024/25

£110.3m £0.01m £10.5m Academic Pension Adjustment Other Spend Departments Staff Costs: £4.0m Staff Costs: £0.01m Other: £6.5m Other: £0.0m _including income-generating operations_ £57.5m £57.6m Premises Academic Services Staff Costs: £95.7m Staff Costs: £4.9m Staff Costs: £28.9m Total Staff Costs Other: £14.6m Other: £52.6m Other: £28.7m £175.2m £31.6m £49.1m £9.3m Total Other Research Grants and Administrative and Residences, Catering £150.7m Contracts Central Services and Conferences Staff Costs: £14.1m Staff Costs: £26.2m Staff Costs: £1.4m Total Other: £17.5m Other: £22.9m Other: £7.9m £325.9m

EBITDA

One of the key financial targets monitored is Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA). EBITDA is a measure of operating surplus excluding major accounting adjustments and finance charges. It provides a good indicator of financial capability to service debt and/ or fund capital from internally generated cash. A second financial measure is net cash from operating activity, which includes the movement in working capital requirements. The deterioration in both these figures reinforces the decline in the financial position of the University. This deterioration has occurred due to the unsustainable funding model in place for HEI’s across the UK, which for Ulster University has seen an absolute reduction in funding body grant for teaching - reducing from £71m in 2009/10 to £68m in 2024/25 -

while student numbers increased by 1,200. Inflation over the same period ran at 52%. Exacerbating this regulated funding position were challenges in international student recruitment as a consequence of Government immigration policy and restriction on visas for students and foreign workers, which directly impacted the University income. In light of these developments the University recognised that it would require a period of time to recover margin and rebuild EBITDA, and this is reflected in its five-year forecasts, which outline margin growth activity up to 2029 to address the fall in EBITDA.

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good indicator of financial capability to service debt and/ restriction on visas for students and foreign workers, which
or fund capital from internally generated cash. A second directly impacted the University income. In light of these
financial measure is net cash from operating activity, which developments the University recognised that it would require
includes the movement in working capital requirements. The a period of time to recover margin and rebuild EBITDA, and
deterioration in both these figures reinforces the decline in this is reflected in its five-year forecasts, which outline margin
the financial position of the University. This deterioration has growth activity up to 2029 to address the fall in EBITDA.
occurred due to the unsustainable funding model in place
for HEI’s across the UK, which for Ulster University has seen The following table shows the movement of these two cash
an absolute reduction in funding body grant for teaching indicators over the last five years.
- reducing from £71m in 2009/10 to £68m in 2024/25 -
EBITDA to Cash Generated from Operating Activities 2020/21 to 2024/25
50,000 Operating Cash
Generation
40,000
EBITDA
30,000
20,000
10,000
0
2020/21 2021/22 2022/23 2023/24 2024/25
-10,000
-20,000
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From the above it can be seen that the University’s EBITDA has reduced to £2.1m in 2024/25 (23/24 £17.3) which is lower than the University’s Financial Sustainability Strategy target of £18m but in line with an agreed reduction as part of Council oversight.

Financial Statements for the Year Ended 31 July 2025

Net Assets

Endowments

Total net assets of £450m (2024: £445m) have increased by 1%. The net book value of fixed assets decreased by £0.2m to £540.9m (2024: £541.1m) and investments increased by £6.3m to £40.6m (2024: £34.3m) due to a fair value adjustment of £4.4m and new investments made by Innovation Ulster Limited.

The net current assets position is reduced by £16.2m to £82.3m (2024 £98.5m) with a decrease of £19.9m in cash funds. The balance sheet reflects the University’s continued investments in the University campuses and supporting the subsidiary companies Innovation Ulster Limited and Studio Ulster Limited.

In the year to 31 July 2025 the Endowment fund value grew to £17m, (2024: £16m) representing an increase of 7%.

The University has an investment approach that focuses on the integration of environmental, social and governance (ESG) considerations into its investment management processes and ownership practices, with the aim to have a positive societal impact and the recognition that the generation of long-term sustainable returns is dependent on stable, well-functioning and well governed social, environmental and economic systems. In support of this, the University has employed a Fund Manager who is a signatory to the United Nations Principles for Responsible Investment (UNPRI).

Financial Health

Key performance indicators are set out below with an assessment on progress against the financial strategy target with red meaning immediate action required, amber more work required and green on track.

When taken together, this indicates the financial challenges facing Ulster University specifically and the UK HE sector more generally.

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Financial Sustainability 2025 2024
Comments
Indicators Actual Actual
(Deficit) after deducting pension This indicates the level of return available for
(6.1%) (0.9%)
provision movement as a % of income investment in capital.
This is a measure of operating surplus excluding
Earnings before Interest, Tax, accounting adjustments and finance charges. It is
Depreciation and Amortisation £2.1m £17.3m a good indicator of financial capability to service
(EBITDA) debt and/or capital expenditure from internally
generated cash.
This measures our ability to fund short term cash
Liquidity ratio 133 days 231 days requirements. Financial Strategy target sets a
minimum level at 42 days.
This measures our ability to fund short term cash
Net Liquidity ratio
147 days 190 days requirements after deducting depreciation and
(after pension movement)
pension movements.
An indicator of financial strength to meet short term
Current assets to current liabilities 2.1:1 2.3:1
liabilities.
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Financial Outlook

The financial results for 2024/25 reflect the challenges facing the HE sector across the UK as a result of a range of factors. The sector has experienced a significant downturn in international student recruitment due to changes in visa regulations and increased cost of employers National Insurance contributions introduced during the year. In addition, there has been no increase in per student funding to NI HEIs from NI Executive for undergraduate home students.

Overall financial margin continued to be impacted as funding levels from the NI Executive have not kept pace with inflation, while significant cost pressures continue due to inflationary increases. For Ulster this has been exacerbated as the University continues to support delivery of the NI Executive commitment in the Programme for Government to expand the Derry~Londonderry campus. This has resulted in increased student numbers at the campus, which have increased the overall funded student places in the University but has also consumed reserves as the University contributes towards the capital spend required for the expansion, and incurs increased operating costs as the estate must expand in advance of student recruitment. Growth continues at the Derry~Londonderry campus, demonstrating the University’s commitment to supporting delivery of the NI Executive’s commitment to expand provision.

Diversification of income remains a priority in order to reduce reliance on NI Executive funding, a strategy that has been successful to date but is increasingly difficult due to wider UK Government policy on immigration and international students, with a proposed 6% levy being applied to all international students as well as a reduction of 6 months in the duration of graduate visas. This, coupled with increased international competition for students and the move towards more in country provision by providers, is making international growth increasingly challenging. To counter this risk the University has recruited a Pro-Vice Chancellor and Executive Dean to lead Global Engagement and is in the midst of developing a refreshed strategy for this activity, including partnership and Transnational Education (TNE) opportunities.

Over the last five years the University cash flow from operating activities has averaged over £20m, demonstrating that the University has a good track record of generating cash to invest in staff and the estate. These reserves are important to support the University as it works to address deficits and deliver margin growth.

Recognising the challenges being faced by NI based HEIs, the Department for the Economy (DFE) has initiated a review of HE funding in NI which is due to be completed in 18 months. This will consider the increased cost for Ulster University in operating a multi-campus institution, which heretofore has not reflected in the funding model.

The University continues to deliver against its strategy - ‘People, Place and Partnership’. The strategic commitment to our multi-campus University model is evident in the planned scale of investment across all campuses with funding and investment being committed through a range of Growth and City Deals, and the Irish Government commitment to the provision of capital funding for a new teaching block on the Derry~Londonderry campus.

The outlook for the 2025/26 financial year and beyond remains challenging as the University operates in an increasingly complex and ever changing operating environment. Ongoing activity will see the University seek to work in partnership with key stakeholders and funders to develop a financially sustainable pathway for the University to deliver against its own ambitions, and those of the NI Executive. This will require enhanced collaborative working and changes to how activity is undertaken in order to balance the desire and expectation of Ulster University to support delivery of NI Executive objectives in relation to regional balance and growth in Derry~Londonderry with the reality of a university delivering operational deficits. Income diversification opportunities are constrained due to market conditions and government policy in relation to immigration and international recruitment while cost inflation continues. While the NI Executive is providing funding to support Derry~Londonderry expansion, the recurrent funding per student is at an unsustainable level and the University must guard against growing a loss making model and activity continues to deliver margin growth activities.

Hugo Wilson Honorary Treasurer

Financial Statements for the Year Ended 31 July 2025

Sustainability

Ulster University continued to demonstrate its strategic commitment to climate action, inclusion, innovation, and regional impact through its integrated focus on People, Planet, Place, and Partnership. These pillars guide the University’s efforts to deliver meaningful change locally, nationally, and globally, aligning with the United Nations Sustainable Development Goals (UN SDGs) and reinforcing Ulster University’s mission to lead transformative, values-driven education, research, and engagement.

People

Ulster University remains steadfast in its commitment to cultivating a supportive, inclusive, safe, and healthy environment for all staff and students. This commitment was further reinforced by the appointment of Professor Ian Montgomery, Dean of Sustainability and CSR, as Chair of Belfast Healthy Cities, underscoring the University’s leadership in shaping equitable and sustainable urban futures.

Over the past year, a series of strategic initiatives and achievements have strengthened the University’s inclusion and wellbeing agenda:

Wellbeing

The Valuing Voices Action Plan, informed by comprehensive staff feedback, placed health and wellbeing at its core. Regular progress updates ensured transparency and accountability. As part of the University’s Mental Health Strategy, a dedicated conference was convened, focusing on early intervention and addressing disparities in mental health outcomes.

Inclusion

Ulster University continued to advance gender equality through the Aurora Women’s Leadership Programme, which has supported over 110 women to date. Recognition of sector-leading progress was reflected in the awarding of Athena Swan Silver and Gold Awards to the Schools of Engineering and Nursing and Paramedic Science, respectively.

Belonging

Planet

Ulster University continued to demonstrate sector-leading environmental stewardship through impactful initiatives in infrastructure and energy efficiency, circular economy, sustainable travel, and nature-positive action. The University’s achievements were recognised with Platinum status in the 2024 Northern Ireland Environmental Benchmarking Survey, affirming its position as a leader in environmental sustainability.

Infrastructure and Energy Efficiency

Ulster University continues to embed sustainability as a core principle across its capital development programme, with a strong emphasis on energy efficiency, carbon reduction, and environmental performance. As part of the CADRIC, ICT tender specifications required a BREEAM Excellent building design that improves energy performance, reduces carbon and water usages, supports biodiversity, and encourages sustainable travel.

Progress is also being made on the Shared Island Funded Teaching and Student Centre, which is being designed to incorporate Passivhaus principles and achieve a BREEAM Excellent standard. Key sustainability features include airsource heat pumps, rooftop solar panels, a green roof, and a rainwater harvesting system.

The School of Medicine’s OBC advanced through key approval stages, incorporating whole-life carbon management and a commitment to achieving BREEAM Excellent standards. Similarly, the CDHT is targeting a BREEAM Excellent rating and features a fully electric design powered by air-source heat pumps and rooftop solar panels.

In parallel, the University has implemented a comprehensive programme of energy efficiency upgrades across all campuses. These include boiler refurbishments, replacement of air conditioning systems with electric and energy-efficient units, expansion of photovoltaic (PV) schemes, installation of electric vehicle (EV) charging infrastructure, and widespread LED lighting upgrades. These initiatives reflect Ulster University’s continued commitment to reducing energy consumption and carbon emissions across its estate.

The launch of the UU NeuroNetwork marked a significant step in fostering a culture of belonging. This initiative provides a supportive space for neurodivergent staff, students, alumni, and employers - promoting awareness, connection, and pathways to meaningful employment.

Circular Economy and Waste Reduction

Through the Great Cable Challenge, Ulster University collected over 7,000 metres of unused cables across its campuses, contributing to a UK-wide initiative aimed at reducing electronic waste and promoting responsible recycling practices. The University has collaborated with the Northern Ireland Resources Network on a number of circular economy initiatives including the establishment of a first ever Repair Cafe on Rathlin Island as part of the University’s AHRC funded Future Island-Island project.

Travel and Transport

The University advanced its sustainable transport agenda by launching an Electric Vehicle (EV) Salary Sacrifice Scheme and began transitioning its Estates fleet to electric vehicles, resulting in reduced emissions and operational costs. Ulster also achieved Gold Cycle Friendly Employer status and secured first place in the Active Travel Challenge for the second consecutive year.

Development (ESD) across teaching, learning, and the wider student experience. It recognises the joint efforts of staff and students to embed sustainability across teaching, activities, and culture. The achievement reflects Ulster University’s proactive approach to equipping graduates with the skills and values needed to tackle global sustainability challenges.

Ulster University collaborated with Queen’s University Belfast and AdvanceHE to develop the Education for Sustainable Development (ESD) Curriculum Design Toolkit, supporting educators in embedding sustainability across disciplines and equipping staff with practical resources.

Ulster University Business School hosted the second Sustainable Futures (PRME) Conference, focused on SDG3: Good Health and Wellbeing. The event brought together over 50 participants to explore how education and collaboration can support healthier, more equitable communities.

Nature-Positive Action

Building on the successful pilot of a Natural Capital Assessment and Account for the Coleraine Campus, baseline ecology surveys were completed at the Derry~Londonderry and Jordanstown Campuses. These surveys lay the groundwork for the development of comprehensive Natural Capital Assessments, Accounts, and enhancement plans, supporting biodiversity and ecosystem resilience across the University estate.

Students further strengthened the University’s global sustainability profile through international initiatives such as the Sustainable Innovation Challenge and SDG Flag Day. The Ulster University Business School’s Sustainability Socials, featuring leaders in circular fashion, showcased the impact of student-led engagement in responsible business education.

Research Impact and Global Collaboration

Place

Ulster University reaffirmed its commitment to sustainability through inclusive learning environments and impactful research addressing global health, equity, and climate challenges.

This commitment was embedded across all faculties through curriculum innovation, student engagement, and international collaboration - highlighting the University’s leadership in responsible education and its role in shaping a more equitable and resilient future.

Teaching Excellence and Responsible Education

Ulster University, in partnership with the Ulster University Students’ Union (UUSU), was awarded Responsible Futures Accreditation by Students Organising for Sustainability UK (SOS-UK) - a nationally recognised mark of excellence in sustainability education. This accreditation reflects a comprehensive, institution-wide commitment to embedding Education for Sustainable

Ulster University strengthened its global research footprint through a strategic partnership with Kwame Nkrumah University of Science and Technology (KNUST) in Ghana, advancing antimicrobial stewardship and enhancing clinical service delivery.

The Centre for International Health Innovation and Partnerships (CIHIP) continued to drive collaborative research focused on health systems, policy development, and innovation, reinforcing Ulster’s role in shaping resilient healthcare infrastructures.

Celebrating 50 years of Community Youth Work, Ulster hosted the Journal of Youth Studies Conference, convening global experts to address pressing challenges in youth mental health, social inequality, and climate resilience.

Financial Statements for the Year Ended 31 July 2025

Ulster also co-founded míde, an all-island research consortium dedicated to addressing the gender gap in sport and health science, with the aim of improving participation, performance, and wellbeing for women and girls.

Furthering inclusive practice, Ulster researchers developed new guidance to support inclusive physical activity in special education settings, ensuring that all children have equitable opportunities to thrive through movement and play.

Partnership

Driving Inclusive Growth and Employability

Ulster University continues to lead strategic partnerships that address Northern Ireland’s evolving skills and employability landscape. Through initiatives such as EPIC Futures, supported by UKRI, the University is advancing inclusive, evidence-based solutions for a fairer labour market. This work complements Ulster’s role in the Belfast Region City Deal, particularly through the Advanced Manufacturing Innovation Centre (AMIC), which is set to create 1,500 jobs, train apprentices, and support innovation across the sector.

As a key delivery partner in the Derry~Londonderry Strabane City Deal, Ulster is leading two transformative projects:

The Cognitive Analytics and Digital Robotics Innovation Centre, positioning the region as a global leader in AI and robotics.
The second phase of the School of Medicine, delivering world-class facilities and addressing longterm healthcare needs.

The Irish Government through the Shared Island Fund is supporting the development of the Teaching and Student Centre at Derry~Londonderry Campus to expand higher education on both sides of the border. These projects support regional regeneration, talent development, and inclusive economic growth.

Strengthening Industry Collaboration

Ulster University continues to foster innovation through strategic engagement with industry. The School of Engineering’s Industry Partnership Forum and the Artificial Intelligence Collaboration Centre (AICC) exemplify this approach, strengthening links between academia and business. These platforms support productivity, competitiveness, and the development of a future-ready workforce through postgraduate qualifications and sector-specific training.

Community Engagement and Cultural Leadership

The University’s Connected to the Community campaign, recognised with a HEIST Gold Award, highlights its role in promoting cultural vibrancy and civic engagement. Through partnerships with local stakeholders, Ulster supported flagship events including the City of Derry Jazz and Big Band Festival, Foyle Maritime Festival, and Foyle Film Festival, enriching the cultural life of the region and fostering inclusive participation.

Inspiring the Next Generation

Ulster continues to deliver impactful outreach through hands-on STEM experiences and strategic engagement:

UGenie Academy provided immersive training in molecular biology.
Envisage 2064 challenged students to imagine the future of computing and sustainability.
GEMX MakeME Academy introduced pupils to advanced engineering and robotics.
CelebrateHER Conference empowered 300 women through dialogue and action.

These initiatives strengthen pathways from education to industry and reflect Ulster’s commitment to inclusive, future-focused learning.

Championing Responsible Business

Ulster University achieved ‘Ambassador’ accreditation under the Belfast Business Promise, a city-wide initiative promoting responsible business practices. This recognition underscores the University’s leadership in ethical, sustainable, and community-focused operations.

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Financial Statements for the Year Ended 31 July 2025

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RiskManaging
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When managing risk, the University adheres to its Risk Management Policy which aims to protect the institution and its stakeholders from unforeseen or unacceptable exposure to risks. This policy forms part of the University’s internal control and corporate governance arrangements. It applies to strategic, departmental, faculty and project risk management.

Risk Management

The University’s approach to risk management provides assurance to the Senior Leadership Team, Audit and Risk Committee, Council and the Department for the Economy that those risks that threaten the achievement of the University’s strategic objectives are being actively identified, monitored and mitigated against. This systemic risk management process aims to provide:

Enhanced decision-making by forecasting important threats and opportunities;
A more effective use and allocation of resources;
A recognition of responsibility and accountability;
A more targeted, risk-based internal audit plan;
An enhanced communication and escalation of significant risks from within operational and tactical areas

Process

Our Senior Leadership team (SLT), is collectively and individually, responsible for effective risk management in their areas of responsibility, in accordance with the risk management policy and procedures. Key roles of the SLT are to:

Regularly review the institutional risk appetite statement and appetites assigned to the strategic priorities, for consideration and approval by the Audit and Risk Committee;
Regularly review all significant strategic risks faced by the University for consideration by Audit and Risk Committee and keep these risks under scrutiny;
Undertake training and development activities associated with risk management;
Ensure the adoption of risk management amongst their staff.

In addition;

All senior officers are required to undertake regular reviews and assessment of key risks within their areas of operation as part of routine management arrangements.
SLT undertakes periodical reviews of the Strategic Risk Register to ensure that it is operating within agreed risk tolerances and significant risks are being escalated and de-escalated on a timely basis.
The SLT are responsible, as project leaders, for the risk management of major institutional projects.
The Chief Strategy and Finance Officer is responsible for ensuring that the University operates effective procedures relating to risk management and for undertaking formal reviews on behalf of Council of the risk management policy.
The Risk Management Committee supports the SLT by working to ensure that agreed risk management practices and procedures are embedded within the University providing a consistent approach to risk management and ensuring that University risks are monitored and reported on an on-going basis taking cognisance of emerging opportunities.
Staff within Risk and Resilience provide on-going training to risk owners in order to facilitate the effective operation of risk management across the University.
Risk and Resilience regularly produce reports for all risk owners highlighting any significant risks across the University that relate to their area of responsibility.

Risk Registers

Risk registers exist at three different levels across the University: strategic; tactical (portfolio level); and operational (faculty and departmental). There are also project risk registers in place for major projects, e.g. City Deals.

Integration with Internal Audit

Our internal audit strategy is developed around the University’s strategic risks which are summarised below, as well as those risks facing the sector. The annual audit plan of reviews across key areas further supports our risk management processes.

An overview of key strategic risks, by category, is provided below:	An overview of key strategic risks, by category, is provided below:	An overview of key strategic risks, by category, is provided below:
Risk Category	High Level Description	Rating
Financial Sustainability	Partnership/TNE
	City Deals (including SUL)
	Funding Model
Regional Balance	Pace, scale and complexity of programme
People	Absence, morale and workload
Compliance	Net Zero
	Research Governance
	IT and Cyber
	Data Protection
	H&S

The emerging risk associated with Generative Artificial Intelligence has been included in the University’s Strategic Risk Register for the 2025/26 academic year.

Financial Statements for the Year Ended 31 July 2025

The University is committed to promoting best practice in all aspects of corporate governance. The following statement aims to provide readers of the Financial Statements with an understanding of the governance arrangements applied by Council, the governing body of the University.

The University endeavours to structure its governance arrangements and conduct its business in accordance with the seven principles identified by the Committee on Standards in Public Life (selflessness, integrity, objectivity, accountability, openness, honesty and leadership) and in line with the Committee of University Chairs (CUC) Higher Education Code of Governance (September 2020) and its own Statement of Primary Responsibilities (see pages 26 to 27 ).

The University is an autonomous body, whose legal status derives from a Royal Charter granted in 1984. The University’s objects, powers and framework of governance are set out in the Charter and supporting Statutes, which are currently under review. Council also seeks to comply with the Charity Commission’s guidance on the reporting of public benefit and the supplementary public benefit guidance on the advancement of education.

Council meets formally at least five times each year. It is responsible for the ongoing strategic direction of the University, the stewardship of its revenue and property, and the general conduct of its affairs. Council works closely with the Vice-Chancellor and his Senior Leadership Team (SLT) to set the institutional strategy and purpose, and the SLT ensures that steps are taken to deliver the institutional goals, supported by elective systems of control and risk management.

Under its Delegated Authority Framework, Council delegates some of its powers and responsibilities to its core Committees. The Framework provides clarity on those matters reserved to Council for collective decision to include, for example, approval of the University’s Strategic Plan, and those which it delegates to its Committees and to the ViceChancellor. Each Committee is provided with a clear remit and written Terms of Reference stating the extent and limits of its responsibilities and authority. The key governance Committees are Senate; the Audit and Risk Committee; the Resources Committee; the People Committee; and the Campus Capital Development Committee (formerly the Belfast Campus Development Committee and the City Deals and Special Projects Committee).

Further detail on Council and its core Committees is set out below.

Council

The Council, which is comprised of a majority of members who are appointed from outside the University, met six times during the year. With the exception of the Students’ Union President, Council members serve for a maximum of two terms of four years. Council has two Pro-Chancellors, who act as Chair and Deputy Chair of Council. The Pro-Chancellors are supported in this role by the Honorary Treasurer, who is also appointed from among the external members of Council.

Both the Vice-Chancellor and the Students’ Union President are ex-officio members of Council and the composition also includes four members of University staff. With the exception of the Vice-Chancellor, whose emoluments are disclosed in Note 7, none of the members receive any payment, other than the reimbursement of reasonable expenses, for the work that they do in their capacity as members of Council.

The membership of Council, during the 2024/25 academic year was as follows:

Ex Officio Members:
Dr J Pyper	Pro Chancellor and Chair of Council
Dr E Way	Second Pro Chancellor
Dr D Clements	Honorary Treasurer (until 31 May 2025)
Mr H Wilson	Honorary Treasurer (from 01 June 2025), appointed to Council 1 September 2024
Professor P Bartholomew	Vice-Chancellor
Mr E Davies	President of the Students’ Union (from 01 June 2024 to 30 June 2025)
External Members:
Mr P Lobban	From 1 October 2016 (until 31 August 2024)
Dr P McNaney	From 1 October 2016 (until 31 August 2024)
Mr P Sheridan	From 9 November 2018
Mrs M Lindsay	From 9 November 2018
Mr R Sloan	From 15 February 2019
Mr A Moore	From 9 December 2020
Mr C Conway	From 1 March 2023
Dr J Healy	From 1 March 2023 (until 24 March 2025)
Mr N Brady	From 1 September 2024
Mr P Convery	From 1 September 2024
Mr J Eakin	From 1 September 2024
Mr D Magee	From 1 September 2024
Ms G McAuley	From 1 September 2024
Mr C Trotter	From 1 September 2024
Mr H Wilson	From 1 September 2024
Ms H Gelles-Ebner	From 1 May 2025
Professor C Ross	From 1 May 2025

Elected Staff Members: Ms G Horgan Professor A Gallagher

From 15 February 2019 (until 16 November 2024) From 1 October 2020

Financial Statements for the Year Ended 31 July 2025

The Audit and Risk Committee

The Audit and Risk Committee, chaired by Pro-Chancellor Dr Elaine Way (Mr Jeremy Eakin appointed Chair from 1 August 2025), met five times during the year, with the University’s Internal and External Auditors in attendance at all meetings. The Committee considered detailed reports together with recommendations for the improvement of the University’s systems of internal control and management’s responses and implementation timescales. While Senior Management attend meetings of the Audit and Risk Committee as necessary, they are not members of the Committee, and the Committee meets both the External and Internal Auditors in private session at least once each year.

The Resources Committee

The Resources Committee, chaired by the Honorary Treasurer (Dr David Clements until 31 December 2024, and Hugo Wilson from 1 January 2025), met five times during the academic year. The Committee recommends to the Council the University’s annual revenue and capital budgets for the University group and monitors performance in relation to the approved budget. The Committee also has, inter alia, oversight of matters pertaining to the estate and information technology.

The People Committee

The People Committee, chaired by Dr Jenny Pyper, Chair of Council, met six times during the academic year. The Committee brings together the responsibilities of remuneration, nominations and people and culture - to include matters such as staffing and recruitment; health, safety and wellbeing; employee and industrial relations; and EDI Initiatives. In this context, it reviews annually the salaries of the senior staff of the University including that of the Vice-Chancellor. The review takes account of any external earnings, including consultancy, by senior staff as well as the salary norms within the higher education sector for a wide variety of senior posts. The Committee is also responsible for recommending the appointment and reappointment of members to Council and its Committees, together with University appointments on subsidiary companies.

Campus Capital Development Committee

The Campus Capital Development Committee, established with effect from 1 January 2025, and chaired by Peter Sheridan, met twice during the academic year. The Committee, which replaces both the Belfast Campus Development Committee and the City Deals and Special Projects Committee, has the primary role of providing governance oversight for the implementation of significant capital development projects across each of the University’s four campuses.

The Vice-Chancellor

The Vice-Chancellor, as principal academic and administrative officer of the University, has responsibility to the Council for maintaining and promoting the efficiency and good order of the University. Under the terms of the formal Financial Memorandum between the University and the Department for the Economy (DfE), the ViceChancellor is the designated Chief Accounting Officer of the University and, in that capacity, can be summoned to appear before the Public Accounts Committee of the Northern Ireland Assembly.

The Senate

The Senate, chaired by the Vice-Chancellor, is the academic authority of the University. It is composed mainly of academic staff but provision is also made for membership of non-academic staff and students. Its role is to direct and regulate the teaching, learning, and research work of the University.

As de facto Chief Executive of the University, the ViceChancellor exercises considerable influence upon the development of institutional strategy, the identification and planning of new developments and the shaping of the institutional ethos. The Deputy Vice-Chancellor, University Provost, Chief Strategy and Finance Officer, Chief People Officer, Pro-Vice-Chancellors and Executive Deans of Faculties, Professional Service Directors and the University Secretary all contribute in various ways to these aspects of the work, but the ultimate responsibility for what is done rests with the Vice-Chancellor. The executive structure of the University is represented by the Senior Leadership Team (SLT), which comprises of the Vice-Chancellor (Chair), the Deputy Vice-Chancellor, the University Provost, the Pro-Vice-Chancellors, the Chief People Officer, the Chief Strategy and Finance Officer and Executive Deans of Faculties.

The University maintains a Register of Interests of Members of the Council and Senior Officers. The Register of Members Interests of the Council is available online on the University’s governance webpages.

The Office of the University Secretary provides the secretariat to the Council. Any enquiries about the constitution and governance of the University should be addressed to the University Secretary universitysecretary@ulster.ac.uk.

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Financial Statements for the Year Ended 31 July 2025

As the governing body of Ulster University, we, the Council, have responsibility for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets for which we are responsible in accordance with the responsibilities assigned to the governing body in the Charter and Statutes and the Financial Memorandum with the Department for the Economy (DfE).

The Council is of the view that there is an ongoing process for identifying the principal risks to the achievement of policies, aims and objectives; to evaluate the nature and extent of those risks; and to manage these efficiently, effectively and economically. Those procedures have been in place for the year ended 31 July 2025.

The following actions have taken place in relation to the risk management policy and for reviewing the effectiveness of the systems of internal control:

The Council met six times in the year to consider the strategic direction and plans of the University and to monitor performance against those plans;
There is clear definition of the responsibilities of, and authority delegated to, committees of the Council and the Executive;
The University’s current strategic plan sets the framework of strategic aims and objectives against which risks are assessed and performance is monitored and reported;
A Strategic Risk Register, which incorporates the key risks at institutional level, is maintained;
The Senior Leadership Team and the Risk Management Committee formally reviews and assesses high risks bi-monthly;
A strategic Fraud Risk Register has been developed and is reviewed quarterly by the Risk Management Committee;
All faculties and departments, as part of their planning, maintain and review their risk registers;
The Audit and Risk Committee receives reports from the independent Internal Auditors on the adequacy and effectiveness of the University’s systems of internal control with recommendations for improvement, as appropriate.

In addition to these, other actions were taken in-year to enhance internal control.

The work of the Internal Audit service has been informed by analysis of the operational, business and financial risks to which the University is exposed and upon which Internal Audit activity for 2024/25 was based. The Internal Audit service operates to agreed standards and submits regular reports, which include the Head of Internal Audit’s independent opinion on the adequacy and effectiveness of the system of internal controls, together with recommendations for improvement. Deloitte (NI) Ltd was appointed as the University’s internal auditors in June 2022 on a three-year contract, with a 12 month contract extension awarded in January 2025.

Our reviews of the effectiveness of the system of internal control are informed by the work of the Internal Auditors and the SLT within the institution who have responsibility for the development and maintenance of the internal control framework and by comments made by the External Auditors in their year-end management letter and other reports. The Audit and Risk Committee monitors the effectiveness of the systems of internal control on Council’s behalf. Any system of internal control can, however, only provide reasonable, but no absolute assurance against material loss or misstatement. Based on Deloitte’s assurance audits conducted during the year, including follow up reviews, and except for limited assurances in the areas of Data Protection (Patient Records) and Field-work Procedure, Deloitte provided the Audit and Risk Committee and other stakeholders of the University with a satisfactory level of assurance.

In accordance with the Statutes, Council, as the governing body, is responsible for the administration and management of the affairs of the University, including ensuring an effective system of internal control, and is required to present audited Financial Statements for each financial year.

Financial Statements for the Year Ended 31 July 2025

The Council is responsible for ensuring the maintenance of proper accounting records which disclose with reasonable accuracy at any time the financial position of the University and which enable it to ensure that Financial Statements are prepared in accordance with the Statutes, the Statement of Recommended Practice on Accounting in Higher Education Institutions and other relevant accounting standards.

In addition, within the terms and conditions of a Financial Memorandum agreed between the Department for the Economy and the Council of the University, the Council, through its designated office holder, is required to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the University and of the surplus or deficit and cash flows for that year.

In causing the Financial Statements to be prepared, the Council has ensured that:

Suitable accounting policies are selected and applied consistently;
Judgements and estimates are made that are reasonable and prudent;
Applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements;
Financial Statements are prepared on the going concern basis unless it is inappropriate to presume that the University will continue in operation. The Council is satisfied that the University has adequate resources to continue in operation for the foreseeable future; for this reason the going concern basis continues to be adopted in the preparation of the Financial Statements.

The Council has taken reasonable steps to:

Ensure that funds from DfE are used only for the purposes for which they have been given and in accordance with the Financial Memorandum with the Department and any other conditions which the Department may from time to time prescribe;
Ensure that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources;
Safeguard the assets of the University and prevent and detect fraud;
Secure the economical, efficient and effective management of the University’s resources and expenditure.

The key elements of the University’s system of internal financial control, which is designed to discharge the responsibilities set out above, include the following:

A comprehensive medium and short-term planning process, supplemented by detailed annual income, expenditure, and cash flow budgets;
Regular reviews of financial results involving variance reporting and updates of forecast outturns;
Clearly defined and formalised requirements for approval and control of expenditure, with investment decisions involving capital or revenue expenditure being subject to formal detailed appraisal and review by the Resources Committee on behalf of the Council;
A Financial Procedures Manual, detailing financial controls and procedures;
A professional Internal Audit team whose annual programme is approved by the Audit and Risk Committee.

The Audit and Risk Committee, on behalf of Council, has reviewed the effectiveness of the University’s system of internal financial control. Any system of internal financial control can, however, only provide reasonable, but not absolute, assurance against material misstatement or loss.

Financial Statements for the Year Ended 31 July 2025

The Council is the governing body of the University and its members are the trustees in relation to the University’s status as an exempt charity. The Council is responsible for overseeing the University’s activities, determining its future direction, and fostering an environment in which institutional objectives are achieved.

This Statement is based on the model statement contained in the Higher Education Code of Governance, published by the Committee of University Chairs in September 2020, adapted to reflect the powers and responsibilities that the Council derives from its approved Charter and Statutes.

Consistent with the University’s constitution, the primary responsibilities of the University Council are as follows:

1. To provide oversight and accountability for the University’s arrangements for governance and risk management.

2. To set and agree the mission, strategic vision and values of the University with the Executive, in accordance with its primary objectives of learning, teaching and research.

3. To approve and keep under review the University’s long-term academic and strategic plans, including key performance indicators, ensuring that these meet the interests of stakeholders, especially staff, students, alumni and other beneficiaries.

4. To ensure that processes are in place to monitor and evaluate the performance and effectiveness of the University against the strategy, plans and approved key performance indicators, which should be, where possible and appropriate, benchmarked against other comparable institutions.

5. To delegate authority to the Vice-Chancellor, as Head of the Institution, for the academic, corporate, financial, estate and human resource management of the University.

6. Through an effective Scheme of Delegated Authority, regularly reviewed by Council, to establish and keep under review the policies, procedures and limits within such management functions as shall be undertaken by, and under the authority of, the ViceChancellor.

7. To ensure the establishment and monitoring of systems of control and accountability, including financial and operational controls, risk assessment, value for money arrangements and robust procedures for handling internal grievances and managing conflicts of interest.

8. To establish processes to monitor and evaluate the performance and effectiveness of Council itself.

9. To conduct its business in accordance with best practice in Higher Education corporate governance, the University’s agreed values, and with the principles of public life drawn up by the Committee on Standards in Public Life.

10. To safeguard the good name and values of the University.

11. To appoint the Vice-Chancellor as Chief Academic and Administrative Officer of the University, and as its Accounting Officer, and to put in place suitable arrangements for monitoring their performance.

12. To appoint a Secretary to Council and to ensure that, if the person appointed has managerial responsibilities in the institution, there is an appropriate separation in the lines of accountability.

13. To be the employing authority for all staff in the University and to be accountable for ensuring that an appropriate people and culture strategy is established.

14. To seek assurance that the University is meeting the conditions of funding as set by regulatory and funding bodies and other major University funders, and that the use of funds is in line with the principles of regularity, propriety and value for money.

15. To be the principal financial and business authority of the University, to ensure that proper books of account are kept, to approve the annual budget and financial statements, and to have overall accountability for the University’s assets, property and estate.

16. To be the University’s legal authority and, as such, to ensure systems are in place for meeting all its legal obligations, including those arising from contracts and other legal commitments made in the University’s name. This includes accountability for health, safety, wellbeing and security and for equality, diversity and inclusion.

17. In consultation with Senate, to receive assurance that adequate provision has been made for the general welfare of students.

18. To ensure that the procedures in place for managing students, including disciplinary procedures, are fair and equitable.

19. To act as trustee for any property, legacy, endowment, bequest or gift in support of the work and welfare of the University.

20. To determine regulations for the custody and use of the common seal of the University.

21. To approve, for consideration by Privy Council, changes to the Charter and Statutes and to ensure that the institution’s constitution is always followed, and that appropriate advice is available to enable this to happen.

22. To promote a positive culture which supports inclusivity and diversity across the institution, including within Council’s own composition.

23. In partnership with Senate, to maintain and protect the principles of academic freedom and freedom of speech legislation.

24. To ensure that all students and staff have appropriate opportunities to engage with the governance and management of the institution by operating in an open, honest and accountable manner.

25. To ensure the University is appropriately accessible and relevant to its local communities and is open to engagement with local communities in identifying its role in delivering public/community benefit and economic civic duties.

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Financial Statements for the Year Ended 31 July 2025

Opinion

We have audited the financial statements of Ulster University (‘the parent institution’) and its subsidiaries (the ‘group’) for the year ended 31 July 2025 which comprise the Group and University Statement of Comprehensive Income, the Group and University Statement of Changes in Reserves, the Group and University Balance Sheets, the Group Cash Flow Statement and the related notes 1 to 30, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, Ulster University’s group financial statements and parent institution financial statements (the “financial statements”):

give a true and fair view of the state of the group’s and of the parent institution’s affairs as at 31 July 2025 and of the group’s and of the parent institution’s income and expenditure, gains and losses and changes in reserves, and of the group’s cash flows for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and
have been properly prepared in accordance with the Department for the Economy’s Accounts Direction to Higher Education Institutions for 2024-25 Financial Statements.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and parent institution in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going

concern

In auditing the financial statements, we have concluded that the University Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent institution’s ability to continue as a going concern for the period to 31 July 2027.

Our responsibilities and the responsibilities of the University Council’s with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group’s ability to continue as a going concern.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The University Council are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

Opinion on other matters prescribed by the Financial Memorandum (Part 1) between the Department for Employment and Learning (now the

Department for the Economy) and the University of Ulster (“Financial Memorandum”)

In our opinion, based on the work undertaken in the course of the audit, in all material respects:

funds from whatever source administered by Ulster University have been properly applied to those purposes and managed in accordance with relevant legislation; and
funds provided by the Department for the Economy have been applied in accordance with the Financial Memorandum and any applicable terms and conditions attached to them.

Matters on which we are required to report by exception

Under the Funding Council’s Financial Memorandum, the University is required to include a Statement of Internal Control within the annual financial statements. We are not required to audit this statement, or to form an opinion on the effectiveness of risk management and control procedures but have a duty to report by exception whether this statement is inconsistent with our knowledge of the University.

We have nothing to report in this regard.

Financial Statements for the Year Ended 31 July 2025

Responsibilities of the Council

As explained more fully in the Statement of the Council’s Responsibilities set out on page 24, the University Council is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the University Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the University Council is responsible for assessing the group’s and the parent institution’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the University Council either intend to liquidate the group or the parent institution or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are FRS 102, the Statement of Recommended Practice for Further and Higher Education and the Financial Memorandum between the Department for Employment and Learning (now the Department for the Economy) and the University of Ulster and the Accounts Direction to Higher Education Institution requirements.
We understood how Ulster University is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through reading the University Council minutes and papers provided to the Audit and Risk Committee.
We assessed the susceptibility of the group and parent institution financial statements to material misstatement, including how fraud might occur by considering the risk of management override and identified the recognition of tuition fee, research grants and other income as fraud risks.
Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved inquiring of management, internal audit and those charged with governance, including obtaining and reviewing supporting documentation relating to the group and

parent institution’s policies and procedures relating to:

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
Our procedures also included discussions amongst the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified the potential for fraud in the following areas: revenue recognition and management override of controls.

In addition to the above, our procedures to respond to the identified risks included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;
Reading minutes of meetings of those charged with governance and the University Council;
In addressing the risk of management override of controls we tested specific journal entries identified by applying risk criteria to the entire population of journals. For each journal selected, we tested specific transactions back to source documentation to confirm that the journals were authorised and accounted for appropriately. We reviewed significant accounting estimates for management bias and noted that we did not identify any significant unusual transactions in the financial statements;

had been recognised in the correct financial year and that conditions had been met. We also tested a sample of income transactions before and after the year end to confirm that they had been recorded in the correct financial year. Our testing also included agreeing a sample of these income streams to supporting agreements or letters, confirms from 3rd parties, remittances and the receipt of payment in bank statements, and the testing of certain revenue journals to assess recognition in the current year.

A further description of our responsibilities for the audit of the financial statements is located on the

Financial Reporting Council’s website at frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Council of Ulster University, as a body, in accordance with Charters and Statutes of the University. Our audit work has been undertaken so that we might state to the Council those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ulster University and the Council as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Christie (Senior statutory auditor) for and on behalf of Ernst & Young LLP, Statutory Auditor Belfast 3 December 2025

In addressing the risk of improper recognition of revenue we performed a substantive analytical review over tuition fee income and focused our testing on those items of income that fell outside of our expectations. We tested a sample of research income and education contracts (including any associated deferred income) to assess performance related conditions and recognition in the correct year. For a sample of deferred income items (also covering additions and releases), we confirmed that income

Financial Statements for the Year Ended 31 July 2025

1. Basis of Preparation

Ulster University (“the University”) is an independent educational charity, registered with the Charity Commission for Northern Ireland, whose legal status derives from a Royal Charter granted in 1984. The address of the University’s registered office is Cromore Road, Coleraine, BT52 1SA.

The Financial Statements have been prepared in accordance with the Statement of Recommended Practice “Accounting for Further and Higher Education 2019” and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”). The financial statements are prepared under the historical cost convention, as modified by the revaluation of certain land and buildings. The University is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS 102.

The financial statements are presented in Sterling (£) with all values rounded to the nearest £1,000 except when otherwise indicated.

Going Concern

Further details of the Group and University’s financial performance and outlook are set out in the Operating and Financial Review. Similar to many universities in the UK, the University continues to experience a reduction in EBITDA and operating cash generation, driven by funding body grants not increasing in line with inflation and growth in home student numbers, reduced international students due to changes in UK Government visa requirements, and increased costs including national insurance contributions.

For Ulster funding pressures have been exacerbated as the University continues to support delivery of the NI Executive commitment in the Programme for Government to expand the Derry~Londonderry campus. This has resulted in increased student numbers at the campus, which has increased the overall funded student places in the University but has also consumed reserves as the University contributes towards the capital spend for the expansion, coupled with increased operating costs as the estate must expand in advance of further student recruitment. Continued financial strain arises as the University operates as a multi campus institution resulting in an increased cost base given the need to operate multiple libraries, sports facilities, student services etc. These events and conditions continue to pose risks for the medium to longer-term financial viability of the Group and University.

In preparing the year ended 31 July 2025 Group and University financial statements, Council and University management have prepared a detailed monthly cashtlow forecast to 31 July 2027 for the Group that considers the impact of these events and conditions. The detailed cashflow forecast is based on conservative estimates of inflationary increases on Government funding and student numbers. The cashflow also includes the financial support to be provided by the University for the expansion of the Derry~Londonderry campus and the Growth and City Deal projects. While the cashflow forecast shows that the Group and University are expected to have operational cash deficits and reduced cash reserves in the period to 31 July 2027, it indicates that the Group and University will have adequate resources, including sufficient available cash (i.e. net of restricted cash requirements), to meet their obligations and to continue in operational existence to the period ending 31 July 2027.

Accordingly, Council continues to adopt the going concern basis in preparing the Group and University’s financial statements.

2. Consolidation

The consolidated Financial Statements include the University and its subsidiary undertakings Innovation Ulster Limited and Studio Ulster Limited. The results of the subsidiary companies are included in the consolidated Statement of Comprehensive Income from the date of incorporation or acquisition and up to the date of disposal. Intra-Group sales and profits are eliminated fully on consolidation.

Grant Funding - Revenue Grants

Revenue grants are recognised as income when the University is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the balance sheet and released to income in line with such conditions being met.

Grant Funding - Capital Grants

The Ulster University’s Students’ Union is constituted as an independent body and therefore in accordance with FRS 102, its financial statements are not consolidated with the Financial Statements of the University because the University does not control those activities.

The joint venture results of Branch Campus (London, Birmingham and Manchester) Limited, C-TRIC Limited (formerly ABC Research and Innovation Limited) and NI Composites O&M LLP (NICOM) and the investment in NIACE Limited are not consolidated in the Financial Statements on the grounds of materiality.

3. Recognition of Income

Income from the sale of goods and services is credited to the Statement of Comprehensive Income in line with the provision of the associated goods and services.

Academic Fee income is stated gross of any expenditure and credited to the Statement of Comprehensive Income over the period of students’ study. Where the amount of tuition fee is reduced, income receivable is shown net of the discount. Bursaries and Scholarships are accounted for gross of expenditure and are not deducted from income.

Investment income is credited to the Statement of Comprehensive Income on a receivable basis.

Funds the University receives and disburses as paying agent on behalf of a funding body are excluded from the Statement of Comprehensive Income where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

Where tangible fixed assets are acquired with the aid of Government capital grants, these grants are recognised as deferred income within creditors and released to income over the expected useful economic life of the asset. All other capital grants are recognised in income when the University is entitled to the funds subject to any performance conditions being met.

Other Income

Income from specific endowments and donations, research grants and contracts and other services rendered is included to the extent of the expenditure incurred during the year, together with any related contributions towards overhead costs. All income from short-term deposits and general endowment asset investments is credited to the Statement of Comprehensive Income on a receivable basis. All income from other sources is credited to the Statement of Comprehensive Income on an accruals basis.

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Financial Statements for the Year Ended 31 July 2025

Donations and Endowments

Non-exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in income when the University is entitled to the funds. Income is retained within the restricted reserves until such time it is utilised in line with the restrictions at which point the income is released to general reserves through a reserve transfer.

Donations with no restrictions are recognised in income when the University is entitled to the funds. Investment income and appreciation/depreciation of endowments are recorded in income in the year in which they arise.

There are four types of donations and endowments identified within reserves:

Restricted donations - the donor has specified that the donations must be used for a specific objective.
Unrestricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the University.
Restricted expendable endowments - the donor has specified a particular objective for the use of the funds and the University can convert the endowed capital into income.
Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

4. Pension Schemes

The two principal pension schemes for the University’s staff are the University’s Superannuation Scheme (USS) and the Northern Ireland Local Government Officers Superannuation Committee Pension Fund (NILGOSC). The funds are valued every three years by actuaries using the aggregate method, the rates of contribution payable being determined by the trustees on the advice of the actuaries.

The USS scheme is a defined benefit scheme but it is not possible to identify the University’s share of underlying assets and liabilities in the USS scheme. As such, contributions made to the scheme are treated as if it were a defined contribution scheme and charged to the Statement of Comprehensive Income. A liability is recorded within the provisions for any contractual commitment to fund past deficits within the USS scheme.

The NILGOSC scheme is a multi-employer scheme and the underlying assets and liabilities are disclosed in the Balance Sheet. The difference between the market value of the scheme’s assets and the actuarially assessed present value of the scheme’s liabilities, calculated using the projected unit credit method, is disclosed as a liability or asset on the balance sheets.

The amount charged to the Statement of Comprehensive Income is the actuarially determined cost of pension benefits promised to employees earned during the year plus any benefit improvements granted to members during the year.

The expected return on the pension scheme’s assets during the year and the increase in the scheme’s liabilities due to the unwinding of the discount during the year are shown as financing costs in the Statement of Comprehensive Income.

Any difference between the expected return on assets and that actually achieved and any changes in the liabilities due to changes in assumptions or because actual experience during the year was different to that assumed, are recognised as actuarial gains and losses in the Statement of Comprehensive Income.

5. Employment Benefits

Any unused employment benefits for staff with contractual benefits are accrued and measured as the additional amount the University expects to pay as a result of unused entitlement.

6. Foreign Currencies

Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates. The resulting exchange differences are dealt with in the determination of Statement of Comprehensive Income for the financial year.

7. Freehold Land and Buildings

The University adopted the transitional arrangements on conversion to FRS 102 and revalued land and buildings as at 31 July 2014 on three campuses, namely Coleraine, Derry~Londonderry and Belfast. Land and buildings that have been revalued to fair value prior to the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of the revaluation.

Following the transfer of the Jordanstown campus to Belfast, the value of the land and buildings at Jordanstown is reviewed annually.

8. Assets Under Construction

Assets under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs, incurred to 31 July. They are not depreciated until they are brought into use.

9. Equipment

Equipment, including software and related software development costs, costing less than £25,000 per individual item or group of related items, is written off in the year of acquisition.

All other equipment including software and related development costs are capitalised. Capitalised equipment (other than research grant equipment) is stated at cost and depreciated on a straight-line basis over its expected useful life, assumed to be four years. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use.

Where equipment is acquired with the aid of a specific research grant it is capitalised and depreciated over the shorter of its estimated useful life or the remaining life of the research grant, with the related grant being credited to a deferred capital grant account and released to the Statement of Comprehensive Income over the remaining life of the related grant.

Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use.

Land is held freehold and is not depreciated as it is considered to have an indefinite useful life. Buildings are depreciated on a straight-line basis over their expected useful lives, up to a maximum of 60 years.

Financial Statements for the Year Ended 31 July 2025

10. Fixed Asset Investments

(a) The University’s Endowment Fund is included in the Balance Sheet at market value and is administered by an external fund manager. Investments in subsidiary companies are shown at the lower of cost and net realisable value. Impairment reviews are performed by the directors when there has been an indication of potential impairment. Any changes in fair value are taken directly to the Statement of Comprehensive Income.

(b) Fixed Asset Investments through Innovation Ulster Limited and Ulster Equity Partnership:

From the menu of valuation methodologies cited by the International Private Equity and Venture Capital Valuation Guidelines (2022 edition) the company values its fixed asset investments (which comprise trade investments) as follows:

Price of Most Recent Investment (PMRI) ; or
Multiple of earnings or revenues; or
Net Asset Basis

If valuers consider that the passage of time since the date of the last investment diminishes the appropriateness of that methodology, then a modified version of that valuation may be used which refers to industry benchmark valuations or a company-based milestone analysis, i.e. performance against technical or financial targets of milestones.

It is expected that the company will use the PMRI basis where the investment has been made within 24 months, otherwise the Net Assets basis will be used.

Any changes in fair value are taken directly to the Statement of Comprehensive Income.

11. Current Asset Investments

Current asset investments are included at the lower of cost and net realisable value.

12. Stocks

Stocks, which are generally consumable in nature, are expensed to the Statement of Comprehensive Income in the year of purchase.

13. Cash and Cash Equivalents

Cash includes cash in hand and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short-term (maturity being less than three months from the placement date), highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value. They exclude any such assets held as Endowment Asset Investments.

14. Provision for Bad Debts

Bad debts are written off when recognised as irrecoverable. Debts which are considered doubtful are provided for in the accounts.

15. Leases

Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

The cost of operating leases is charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

16. Provisions

Provisions are recognised when the University has a present, legal or constructive obligation as a result of a past event and it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligations.

17. Maintenance of Premises

The University has a 5-year planned maintenance programme which is reviewed on an annual basis. Actual expenditure on maintenance is charged to the Statement of Comprehensive Income in the period it is incurred.

18. Taxation Status

The University is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 287 CTA 2009 and sections 471, 478, 488 CTA 2010 (formerly S505 of ICTA 1988) or section 256 of the taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The University is registered as a charity with HM Revenue and Customs and with the Northern Ireland Charity Commission. The University receives no similar exemption in respect of Value Added Tax. Innovation Ulster Limited and Studio Ulster Limited, subsidiaries of the University have no charitable status and can therefore be liable to Corporation Tax on chargeable profits.

19. Reserves

Income and expenditure reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which through endowment to the University are held in a permanently restricted fund which the University must hold in perpetuity.

The University holds a revaluation reserve resulting from revaluation of fixed assets on conversion to FRS102 as at 31 July 2014.

20. Subsidiary Accounting Policies

The subsidiaries of the University adopts the same accounting policies of the University.

21. Judgements and Key Sources

of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Financial Statements for the Year Ended 31 July 2025

Carrying Value of Investments

The Group has investments, as disclosed in Note 12, valued using the menu of valuation methodologies cited by the International Private Equity and Venture Capital Valuation Guidelines. These methodologies require the use of judgement, including assessing the most appropriate methodologies to be used, whether changes in methodologies are required due to the passage of time since the date of the last investment and in certain methodologies the assumptions to be used. Due to the complexity of these methodologies, and the underlying assumptions used, such estimates are subject to significant uncertainty. Any diminution in value is recognised in profit or loss.

NILGOSC Pension Benefits

The cost of the NILGOSC defined benefit pension plans is determined using actuarial valuations, as disclosed in Note 22. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long-term nature of these plans, such estimates are subject to significant uncertainty. In determining the appropriate discount rate, management considers the yield of high-quality bonds of the same term and currency as the future cashflows.

Judgement is also required in respect of the amount of the NILGOSC pension asset recognised at 31 July 2025 of £49.8m (see Note 22). In the absence of specific guidance in FRS 102 the assessment of the recognition of this asset has been determined using the applicable requirements of International Accounting Standards Board’s IFRIC 14 “IAS19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”. Details of the assessment made in determining the amount of the recoverable surplus and hence net asset recognised at 31 July 2025, together with a related sensitivity analysis, are set out in Note 22.”

Carrying Value of Jordanstown Campus Land and Buildings

The Jordanstown campus activity fully transferred to the new Belfast campus in September 2022. The carrying value of the Jordanstown campus estate included in fixed assets (see Note 11) has been written down to its estimated recoverable amount based on an independent valuation completed in September 2025 by Lambert Smith Hampton, with the fair value of the estate based on market value in accordance with the Royal Institution of Chartered Surveyors Valuation Guidance Standards - Red Book Global. However, such valuations are inherently judgmental with the value attributed sensitive to changes arising from market factors and how the value of the estate is ultimately realised.

In the course of preparing the financial statements the following judgements have been made in the process of applying the accounting polices:

QAHE Tuition Income

As disclosed in Note 25 the University has entered into a joint venture with QA Higher Education (QAHE) to provide services in support of the provision of Ulster University degree courses to domestic and international students at campuses in London, Birmingham and Manchester. The University receives a share of the tuition fees paid by these students. Council have assessed that given the nature of the services provided by the University, and that successful students are awarded an Ulster University degree, that this income represents tuition fee income and accordingly this is presented as such in the Statement of Comprehensive Income.

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Financial Statements for the Year Ended 31 July 2025

Statement of Comprehensive Income

Group and University Statement of Comprehensive Income for the Year Ended 31 July 2025

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Note Group University Group University
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Income
Tuition Fees and Education Contracts 1 131,230 131,230 131,777 131,777
Funding Body Grants 2 101,644 101,644 93,896 93,896
Research Grants and Contracts 3 41,674 41,674 38,766 38,766
Other Income 4 21,492 21,228 19,702 19,702
Investment Income 5 7,236 7,650 7,852 7,950
Donations and Endowments 6 959 959 1,113 1,113
Total Income 304,235 304,385 293,106 293,204
Expenditure
Staff Costs 7 175,165 173,925 161,554 161,474
Movement in USS Pension Provision 7 - - (79,836) (79,836)
Movement in NILGOSC Pension Provision 7 96 96 18 18
175,261 174,021 81,736 81,656
Other Operating Expenses 8 119,301 114,644 105,545 105,003
Depreciation 11 28,295 28,295 29,242 29,242
Impairment 11 2,800 2,800 1,118 1,118
Interest and Other Finance Costs 9 241 189 2,557 2,557
Total Expenditure 325,898 319,949 220,198 219,576
(Loss)/Surplus Before Other Gains and Losses (21,663) (15,564) 72,908 73,628
Gain on Disposal of Fixed Assets 9 9 2,488 2,488
Gain on Investments 12 4,410 1,245 1,160 516
(Loss)/Surplus Before Taxation (17,244) (14,310) 76,556 76,632
Taxation - - - -
(Loss)/Surplus After Taxation (17,244) (14,310) 76,556 76,632
Actuarial Gain in Respect of Pension Schemes 22 21,808 21,808 6,774 6,774
Total Comprehensive Income for the Year 4,564 7,498 83,330 83,406
Represented by:
1,117 1,117 1,008 1,008
Endowment Comprehensive Income for the Year
Unrestricted Comprehensive Income for the Year 7,021 9,955 87,773 87,849
Revaluation Reserve Comprehensive (Deficit) for the Year (3,574) (3,574) (5,451) (5,451)
Total 4,564 7,498 83,330 83,406
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Statement of Changes in Reserves

Group and University Statement of Changes in Reserves Year Ended 31 July 2025

	Income and	Expenditure
	Reserve
Group	Endowment	Unrestricted	Revaluation Reserve	Total
	£’000	£’000	£’000	£’000
Balance at 1 August 2023	15,035	256,760	89,955	361,750

Income from the Statement of Comprehensive Income	1,008	75,548	-	76,556
Other Comprehensive Income	-	6,774	-	6,774
Transfers between Revaluation and Income and Expenditure	-	5,451	(5,451)	-
Total Comprehensive Income/(Deficit)for the Year	1,008	87,773	(5,451)	83,330
Balance at 1 August 2024	16,043	344,533	84,504	445,080

Income/(Deficit) from the Statement of Comprehensive Income	1,117	(18,361)	-	(17,244)
Other Comprehensive Income	-	21,808	-	21,808
Transfers between Revaluation and Income and Expenditure Reserve	-	3,574	(3,574)	-
Total Comprehensive Income/(Deficit) for the Year	1,117	7,021	(3,574)	4,564
Balance at 31 July2025	17,160	351,554	80,930	449,644

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Financial Statements for the Year Ended 31 July 2025

Statement of Changes in Reserves (continued)

Group and University Statement of Changes in Reserves Year Ended 31 July 2025

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Income and Expenditure
Reserve
Revaluation
University Endowment Unrestricted Total
Reserve
£’000 £’000 £’000 £’000
Balance at 1 August 2023 15,035 244,780 89,955 349,770
-
Income from the Statement of Comprehensive Income 1,008 75,624 76,632
Other Comprehensive Income - 6,774 - 6,774
Transfers between Revaluation and Income and Expenditure - 5,451 (5,451) -
Reserve
Total Comprehensive Income/(Deficit) for the Year 1,008 87,849 (5,451) 83,406
Balance at 1 August 2024 16,043 332,629 84,504 433,176
-
Income/(Deficit) from the Statement of Comprehensive Income 1,117 (15,427) (14,310)
Other Comprehensive Income - 21,808 - 21,808
Transfers between Revaluation and Income and Expenditure - 3,574 (3,574) -
Reserve
Total Comprehensive Income/(Deficit) for the Year 1,117 9,955 (3,574) 7,498
Balance at 31 July 2025 17,160 342,584 80,930 440,674
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Balance Sheets

Balance Sheets as

at 31 July 2025

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Note Group University Group University
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Fixed Assets
Tangible Assets 11 540,851 519,516 541,053 532,928
Investments 12 40,628 21,858 34,357 20,173
Total Fixed Assets 581,479 541,374 575,410 553,101
Current Assets
Debtors 13 39,157 47,129 34,924 37,422
Investments and Short Term Deposits 14 63,754 63,754 64,251 64,251
Cash at Bank and In Hand 15 55,080 53,423 75,014 73,576
Total Current Assets 157,991 164,306 174,189 175,249
Creditors: Amounts Falling Due Within One Year 16 (75,736) (69,506) (75,665) (74,125)
Net Current Assets 82,255 94,800 98,524 101,124
Total Assets Less Current Liabilities 663,734 636,174 673,934 654,225
Creditors: Amounts Falling Due After More Than One Year 17 (263,915) (245,325) (255,542) (247,737)
Pension Asset 49,825 49,825 26,688 26,688
Net Assets Including Pension Assets 449,644 440,674 445,080 433,176
Reserves
Restricted Reserves
Endowment Reserve 18 17,160 17,160 16,043 16,043
Unrestricted Reserves
Income and Expenditure Account - Unrestricted 351,554 342,584 344,533 332,629
Revaluation Reserve 80,930 80,930 84,504 84,504
Total Reserves 449,644 440,674 445,080 433,176
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The Financial Statements on pages 32 to 64 were approved by the Council on 2 December 2025 and signed on its behalf by:

Mr Hugo Wilson Ms Elaine Hartin Honorary Treasurer Chief Strategy and Finance Officer

Professor Paul Bartholomew Vice-Chancellor and Chief Accounting Officer

Financial Statements for the Year Ended 31 July 2025

Group Cash Flow Statement

Group Cash Flow Year Ended 31 July 2025

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Year ended Year ended
Note
31 July 2025 31 July 2024
£’000 £’000
Cash Flow from Operating Activities
(Deficit)/Surplus for the Year before Taxation (17,244) 76,556
Taxation - -
Surplus for the Year after Taxation (17,244) 76,556
Adjustment for Non-Cash Items
Depreciation 11 28,295 29,242
Impairment 11 2,800 1,118
Gain on Investments 12 (4,396) (1,134)
(Increase)/Decrease in Debtors 13 (4,233) 680
(Decrease) in Creditors 16 (75) (2,291)
(Decrease) in Pension Provision (1,329) (79,075)
Deferred Capital Grants Released Income (6,536) (7,402)
Adjustment for Investing or Financing Activities
Investment Income 5 (5,811) (7,852)
Interest Payable 9 551 509
New Endowment Received 6 (103) (123)
Profit on Disposal of Fixed Assets (9) (2,488)
Net Cash (Outflow)/Inflow from Operating Activities (8,090) 7,740
Cash Flows from Investing Activities
Capital Grant Receipts 21,747 8,266
Disposal of Non-Current Asset Investments 12 395 454
Investment Income 5 5,811 7,852
Payments Made to Acquire Fixed Assets 11 (30,893) (14,988)
Fixed Asset Disposal Proceeds 9 2,925
New Non-Current Asset Investment 12 (2,270) (2,181)
Withdrawal from Fixed Deposits 497 35,330
(4,704) 37,658
Cash Flows from Financing Activities
Interest Paid 9 (551) (509)
New Endowments Received 6 103 123
Repayments of Amounts Borrowed 17 (6,692) (331)
(7,140) (717)
(Decrease)/Increase in Cash and Cash Equivalents in Year (19,934) 44,681
Cash and Cash Equivalents at Beginning of the Year 75,014 30,333
Cash and Cash Equivalents at End of the Year 55,080 75,014
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Notes to the Financial Statements

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Group University Group University
1. Tuition Fees and Education Contracts
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Full-time Student Fees 69,631 69,631 67,090 67,090
Overseas Student Fees 26,371 26,371 31,651 31,651
Part-time Fees 12,196 12,196 11,247 11,247
DOH Education Contract 22,441 22,441 21,361 21,361
Short Course Fees 591 591 428 428
131,230 131,230 131,777 131,777
Group University Group University
2. Funding Body Grants 2025 2025 2024 2024
£’000 £’000 £’000 £’000
Teaching Recurrent Grant 68,488 68,488 65,445 65,445
Research Recurrent Grant 17,752 17,752 19,062 19,062
Specific Grants 9,679 9,679 3,454 3,454
Deferred Capital Grants Released In Year
Buildings 3,673 3,673 3,739 3,739
Equipment 2,052 2,052 2,196 2,196
101,644 101,644 93,896 93,896
Group University Group University
3. Research Grants and Contracts
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Research Councils 14,118 14,118 16,756 16,756
UK Charities 1,481 1,481 1,803 1,803
EU Government 1,218 1,218 2,225 2,225
UK Central Government 18,554 18,554 12,799 12,799
Overseas (Non-EU) 648 648 898 898
Health and Hospital Authorities 154 154 187 187
Other Sources 5,501 5,501 4,098 4,098
41,674 41,674 38,766 38,766
Included in Research Grants and Contracts Income is £627k (2024: £1,283k) in relation to deferred capital grant release
Group University Group University
4. Other Income
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Residences, Catering and Conferences 3,075 3,075 2,996 2,996
Other Services Rendered 6,472 6,219 7,303 7,303
Other Income 11,761 11,750 9,219 9,219
Deferred Grant Release 184 184 184 184
21,492 21,228 19,702 19,702
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Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

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Group University Group University
5. Investment Income
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Investment Income on Expendable Endowments 49 49 53 53
Investment Income on Permanent Endowments 405 405 420 420
Income from Short Term Investments 5,357 5,771 6,328 6,426
Net Receivable Interest on Pension Scheme 1,425 1,425 1,051 1,051
7,236 7,650 7,852 7,950
Group University Group University
6. Donation and Endowments
2025 2025 2024 2024
£’000 £’000 £’000 £’000
New Endowments 103 103 123 123
Donations 856 856 990 990
959 959 1,113 1,113
Group University Group University
7. Staff Costs
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Wages and Salaries 140,340 139,192 128,785 128,713
Social Security Costs 14,898 14,811 12,452 12,444
Other Pension Costs (Note 22) 19,927 19,922 20,317 20,317
Movement on USS Pension Provision - - (79,836) (79,836)
Movement on NILGOSC Pension Provision 96 96 18 18
175,261 174,021 81,736 81,656
Group University Group University
Emolument of the Vice-Chancellor
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Salary 277 277 273 273
Benefits - - - -
277 277 273 273
Employers Pension Contributions 40 40 47 47
317 317 320 320
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	2025 2024 Ratio of Vice-Chancellor’s basic salary to median basic salary of member of Universitystaff 5.99:1 6.17:1 Ratio of Vice-Chancellor’s total remuneration to median total remuneration of member of Universitystaff 5.99:1 6.17:1

The Vice-Chancellor leads Ulster University to make a significant social, economic and cultural contribution helping our community to thrive and confidently supporting Northern Ireland on the global stage. In an increasingly competitive sector, University leadership reflects the scale, complexity and impact of higher education across research and teaching. The current Vice-Chancellor is employed on a fixed salary contract which is subjected to an annual uplift in line with the outcome of the national collective pay bargaining. The Vice-Chancellor’s salary was determined by the University’s committee responsible for remuneration and governance and was set in line with the benchmarked salaries of other ViceChancellors who lead similar sized and income earning Higher Education institutions in the sector in the UK.

Excluding the Vice-Chancellor, remuneration of	University	University
other Higher Paid Staff was in the following bands:	2025	2024
	No.	No.
£100,000 - £104,999	14	24
£105,000 - £109,999	28	16
£110,000 - £114,999	6	7
£115,000 - £119,999	9	5
£120,000 - £124,999	1	-
£125,000 - £129,999	5	3
£130,000 - £134,999	1	1
£135,000 - £139,999	2	-
£140,000 - £144,999	-	4
£145,000 - £149,999	2	1
£150,000 - £154,999	1	-
£160,000 - £164,999	1	2
£165,000 - £169,999	1	-
£170,000 - £174,999	1	-
£175,000 - £179,999	2	2
Key Management Personnel	University 2025	University 2024
	£’000	£’000
KeyManagement Personnel Remuneration	2,400	2,219
Compensation for Loss of Office
Compensation Payable Recorded Within Staff Costs	372	675
Number of Staff Who Received Compensation	37	58

Compensation for loss of office was £372k for 37 staff. This predominantly relates to the termination of research fixed term contracts which attract a redundancy position by virtue of the nature of the funding arrangements.

The Average Weekly Number of Persons (Including Senior Post Holders) Employed by	University	University
the University During the Year, Expressed as Full-time Equivalents, was:	2025	2024
	No.	No.
Academic	1,248	1,196
Technical	172	171
Administrative	780	688
Other IncludingClerical and Manual	599	584
	2,799	2,639

Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

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Group University Group University
8. Other Operating Expenses 2025 2025 2024 2024
£’000 £’000 £’000 £’000
Residences, catering and conferences 5,353 5,353 2,582 2,582
Consumables and laboratory equipment 2,304 2,304 3,118 3,118
Equipment not capitalised 4,125 4,048 3,850 3,522
Books and periodicals 4,336 4,336 4,372 4,372
Fellowships, scholarships and prizes 874 874 787 787
Rent and rates 9,799 6,501 6,619 6,619
Heat, light, water and power 7,111 6,886 6,695 6,695
Long term maintenance 13,658 13,587 9,985 9,985
Contracted out services 9,008 8,898 8,042 8,042
Grants to Ulster University Students’ Union 2,079 2,079 2,039 2,039
External Auditors’ remuneration 135 114 104 83
External Auditors’ remuneration in respect of non-audit services 14 13 20 18
Internal Auditors’ remuneration 144 144 157 157
Internal Auditors’ remuneration in respect of non-audit services 88 88 159 159
Printing and stationery 1,358 1,342 1,340 1,340
Travel, subsistence and hospitality 6,985 6,911 6,890 6,888
Miscellaneous academic support 2,675 2,675 1,754 1,754
Telephone and postage 290 253 263 263
Research sub-contracting 9,913 9,913 7,936 7,936
Professional services 16,235 16,060 17,837 17,649
IT Services 8,289 8,270 7,679 7,679
Advertising and publicity 2,463 2,196 1,637 1,636
Student Support 10,298 10,298 9,767 9,767
Other expenses 1,767 1,501 1,913 1,913
119,301 114,644 105,545 105,003
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Group University Group University
9. Interest and Other Finance Costs
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Bank loans 108 108 112 112
Other loans 391 391 397 397
Other interest 52 - - -
Net charge on pension schemes - - 1,794 1,794
Exchange differences (310) (310) 254 254
241 189 2,557 2,557
Interest
10. Analysis of 2025 Expenditure by Activity CostsStaff Depreciation and Operating Other and Other Finance Total
impairment Expenses Costs
£’000 £’000 £’000 £’000 £’000
Academic Departments 95,669 2,154 12,484 - 110,307
Academic Services 28,892 4,185 24,483 - 57,560
Research Grants and Contracts 14,070 518 16,967 - 31,555
Residences, Catering and Conferences 1,444 711 7,191 - 9,346
Premises 4,870 21,595 30,516 499 57,480
Administration 26,243 1,932 21,244 (310) 49,109
Other Expenses 4,073 - 6,416 52 10,541
175,261 31,095 119,301 241 325,898
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The depreciation and impairment charged has been funded by:	£’000
Release from Deferred Capital Grants	5,909
Release from Research Grants and Contracts	627
Transfer from Revaluation Reserve	3,574
General Income	20,985
	31,095

Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

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Freehold Land Assets Under
11. Tangible Assets - Group Equipment Total
and Buildings Construction
£’000 £’000 £’000 £’000
Valuation or Cost
At 1 August 2024
Revaluation 173,696 - - 173,696
Cost 533,253 8,858 83,137 625,248
Total 706,949 8,858 83,137 798,944
Additions at Cost 10,612 16,335 3,946 30,893
Transfer from CIP 961 (19,588) 18,627 -
Disposals - - (4,407) (4,407)
At 31 July 2025
Revaluation 173,696 - - 173,696
Cost 544,826 5,605 101,303 651,734
Total 718,522 5,605 101,303 825,430
Accumulated Depreciation
At 1 August 2024 192,810 - 65,081 257,891
Depreciation 19,524 - 8,771 28,295
Impairment 2,800 - - 2,800
Disposals - - (4,407) (4,407)
At 31 July 2025 215,134 - 69,445 284,579
Net Book Value
At 31 July 2025 503,388 5,605 31,858 540,851
At 31 July 2024 514,139 8,858 18,056 541,053
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The impairment charge relates to a portion of land on the Jordanstown campus revalued at 31 July 2025. (In 2024 the impairment charge of £1.118m related to the tower building on the Coleraine campus).

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Freehold Land Assets Under
11. Tangible Assets - Ulster University Equipment Total
and Buildings Construction
£’000 £’000 £’000 £’000
Valuation or Cost
At 1 August 2024
Revaluation 173,696 - - 173,696
Cost 533,253 1,200 82,670 617,123
Total 706,949 1,200 82,670 790,819
Additions at Cost 9,760 4,182 3,741 17,683
Transfer from CIP 961 (1,032) 71 -
Disposals - - (4,407) (4,407)
At 31 July 2025
Revaluation 173,696 - - 173,696
Cost 543,974 4,350 82,075 630,399
Total 717,670 4,350 82,075 804,095
Accumulated Depreciation
At 1 August 2024 192,810 - 65,081 257,891
Depreciation 19,524 - 8,771 28,295
Impairment 2,800 - - 2,800
Disposals - - (4,407) (4,407)
At 31 July 2025 215,134 - 69,445 284,579
Net Book Value
At 31 July 2025 502,536 4,350 12,630 519,516
At 31 July 2024 514,139 1,200 17,589 532,928
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Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

12. Fixed Asset Investments	Subsidiary Companies	Other Fixed Asset Investments	Subsidiary Investment in Spinouts	Endowment Fund Investments	Total
Group	£’000	£’000	£’000	£’000	£’000
At 1 August 2024	-	1,955	16,359	16,043	34,357
Additions	-	-	1,713	557	2,270
Disposals	-	-	-	(395)	(395)
Fair Value Adjustments	-	276	3,165	955	4,396
At 31 July2025	-	2,231	21,237	17,160	40,628
University
At 1 August 2024	2,175	1,955	-	16,043	20,173
Additions	292	-	-	557	849
Disposals	-	-	-	(395)	(395)
Fair Value Adjustments	-	276	-	955	1,231
At 31 July2025	2,467	2,231	-	17,160	21,858

Other fixed asset investments relates to the University’s interest in Ulster Equity Limited Partnership.

13. Debtors	Group 2025	University 2025	Group 2024	University 2024
	£’000	£’000	£’000	£’000
Amounts fallingdue within oneyear
Trade Debtors	20,536	20,502	21,455	21,439
Amounts Due from GroupUndertakings	-	9,102	-	4,504
Prepayments and Accrued Income	18,621	17,525	13,469	11,479
	39,157	47,129	34,924	37,422

Amounts due from Group Undertakings includes interest-bearing loan balances of £5.92m (2024: £2.59m) due after one year.

14. Investments and Short Term Deposits	Group 2025	University 2025	Group 2024	University 2024
	£’000	£’000	£’000	£’000
Investments and Short Term Deposits	63,754	63,754	64,251	64,251
	63,754	63,754	64,251	64,251

Under the terms of the loan agreement with the Strategic Investment Board (see Note 17) the University holds a Cash Reserve account. The investments balance in 2025 includes funds of £38.2m in the Cash Reserve account (2024: £28.8m). There are restrictions over the use of these funds that require prior consent from the Strategic Investment Board.

Investments and Short-Term Deposits have been restated in 2024 to reclassify short-term deposits due within three months as Cash at Bank (Note 30).

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Group University Group University
15. Cash at Bank and In Hand
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Cash at Bank and In Hand 55,080 53,423 75,014 73,576
55,080 53,423 75,014 73,576
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Cash at Bank and in Hand has been restated for 2024 to reclassify short-term deposits due within three months as Cash at Bank
(Note 30).
Group University Group University
16. Creditors:
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Amounts Falling Due Within One Year
Bank Loans 368 368 348 348
Other Loans 6,344 6,344 6,344 6,344
Trade Creditors 20,686 19,781 27,603 26,800
Amounts owed by Group Undertakings - 17 - 17
Taxation and Social Security 3,882 3,846 6,629 6,629
Accruals 34,660 32,840 28,395 27,755
Obligations Under Operating Leases 2,032 - - -
Deferred Capital Grants 7,764 6,310 6,346 6,232
75,736 69,506 75,665 74,125
Group University Group University
17. Creditors:
2025 2025 2024 2024
£’000 £’000 £’000 £’000
Amounts Falling Due After More Than One Year
Bank Loans 1,123 1,123 1,491 1,491
Other Loans 145,912 145,912 152,256 152,256
Deferred Capital Grants 116,880 98,290 101,795 93,990
263,915 245,325 255,542 247,737
Bank Loans
Amounts Falling Due:
Less than one year (Note 16) 368 368 348 348
Between one and two years 389 389 368 368
Between two and five years 734 734 1,123 1,123
1,491 1,491 1,839 1,839
Other Loans
Amounts Falling Due:
Less than one year (Note 16) 6,344 6,344 6,344 6,344
Between one and two years 6,344 6,344 6,344 6,344
Between two and five years 19,032 19,032 19,032 19,032
Greater than five years 120,536 120,536 126,880 126,880
152,256 152,256 158,600 158,600
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Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

Included in the loans are the following:
Lender	Amount £’000	Repayable	Interest Rate
First Trust Bank loan	1,491	2004-2029	5.475%
Strategic Investment Board loan	152,256	2025-2049	0.25%

The First Trust bank loan is secured by a negative pledge on a portion of land on the Jordanstown campus. The Strategic Investment Board loan is secured by a fixed charge on the property of the University’s four campuses.

Net Debt Movement	Group 2025	University 2025	Group 2024	University 2024
	£’000	£’000	£’000	£’000
Balance at 1 August 2024	160,439	160,439	160,770	160,770
Capital repayments	(6,692)	(6,692)	(331)	(331)
Balance at 31 July2025	153,747	153,747	160,439	160,439

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Unrestricted Restricted Total Restricted 2025 2024
18. Endowment Reserves
Permanent Permanent Permanent Expendable Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Group and University
Balances at 1 August 2024
Capital 388 11,955 12,343 4,007 16,350 15,361
Accumulated Income and (Expenditure) 126 1,923 2,049 (2,356) (307) (326)
514 13,878 14,392 1,651 16,043 15,035
New Endowments - 1 1 102 103 123
Investment Income 14 391 405 49 454 473
Expenditure - (154) (154) (241) (395) (454)
14 237 251 (192) 59 19
Increase/(Decrease) in Market Value of Investments 9 789 798 157 955 866
At 31 July 2025 537 14,905 15,442 1,718 17,160 16,043
Represented By
Capital 397 12,745 13,142 4,266 17,408 16,350
Accumulated Income and (Expenditure) 140 2,160 2,300 (2,548) (248) (307)
537 14,905 15,442 1,718 17,160 16,043
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Analysis by Type of Purpose:

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Unrestricted Restricted Total Restricted 2025 2024
Permanent Permanent Permanent Expendable Total Total
£’000 £’000 £’000 £’000 £’000 £’000
Lectureships - 4,861 4,861 9 4,870 4,821
Scholarship and bursaries - 856 856 838 1,694 1,249
Research support - 7,758 7,758 871 8,629 7,209
Prize funds - 437 437 - 437 2,250
General 537 993 1,530 - 1,530 514
537 14,905 15,442 1,718 17,160 16,043
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Analysis by Asset:

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Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

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19. Capital Commitments 2025 2024
Group and University £’000 £’000
Commitments Contracted at 31 July 2025 4,363 1,330
Authorised but not Contracted at 31 July 2025 23,446 23,808
27,809 25,138
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20. Contingent Liabilities

At the year end there were no legal proceedings that are expected to result in a settlement of a material amount by the University.

21. Obligations Under Operating Leases

At 31 July 2025, the group had future minimum rentals payable under non-cancellable operating leases as set out below:

Group	University	Group	University
2025	2025	2024	2024
£’000	£’000	£’000	£’000
Not later than one year 3,412	-	-	-
Later than one year and not later than five years 13,649	-	-	-
Later than five years 31,280	-	-	-
48,341	-	-	-

22. Net Pension Liability

The University participates in three pension schemes. The schemes are the Universities Superannuation Scheme (USS), the Northern Ireland Local Government Officers Superannuation Committee Pension Fund (NILGOSC) and the Health & Social Care Service Pension Scheme (HSCPS). The schemes are defined benefit schemes, which are externally funded. The assets of each scheme are held in a separate trustee-administered fund. The University has a small number of staff in the new School of Medicine who are members of the Health & Social Care Service Pension Scheme, a defined benefit pension scheme for health and social care workers in Northern Ireland. Disclosures are not included for this pension scheme on grounds of materiality.

USS Pension Scheme

The University participates in the Universities Superannuation Scheme (USS). The scheme is a hybrid scheme, providing defined benefits (for all members), as well as defined contribution benefits.

The assets of the scheme are held in a separate trustee administered fund. Due to the mutual nature of the scheme, the scheme’s assets are not hypothecated to individual institutions and a scheme wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 ‘Employee benefits’, the University therefore accounts for the scheme as if it were a wholly defined contribution scheme.

A deficit recovery plan was put in place as part of the 2020 valuation. As the institution is contractually bound to make deficit recovery payments to USS, this was recognised as a liability on the balance sheet, which at 31 July 2023 amounted to £78m. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis.

The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the Statement of Comprehensive Income in the year ended 31 July 2024.

The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), and was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles.

uss.co.uk/about-us/valuation-and-funding/ statement-of-funding-principles

	• Term dependent rates in line with the difference between the Fixed Interest and
CPI assumption	Index Linked yield curves less:
	o 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030
	• Benefits with no cap: CPI assumption plus 3bps
Pension increases (subject to a floor of 0%)	• Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excesses inflation over 5% up to a maximum of 10%): CPI
	assumptions minus 3bps
	• Fixed interest gilt yield curve plus:
Discount rate (forward rates)	o Pre-retirement: 2.5% p.a.
	o Post retirement: 0.9% p.a.

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

2023 Valuation

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Mortality Base Table 101% of S2PMA “light” for males and 95% of S3PFA for females
CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020
Future Improvements to Mortality and w2021 parameters, and a long-term improvement rate of 1.8% p.a. for males and 1.6%
p.a. for females
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The current life expectancies on retirement at age 65 are:

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2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.6
Males currently aged 45 (years) 25.7 25.4
Females currently aged 45 (years) 27.2 27.2
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Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

NILGOSC Pension Scheme

The University is able to identify its share of the underlying assets and liabilities of the NILGOSC scheme and accordingly present the following information required by FRS 102. A valuation of the fund was carried out at 31 March 2022 and updated to 31 July 2025 by a qualified independent actuary.

	Balance Sheet At 31 July 2025 At 31 July 2024 £’000 £’000 Present Value of Scheme Liabilities (170,740) (184,196) Fair Value of Scheme Assets 220,565 210,884 Net Pension Asset 49,825 26,688

The FRS 102 valuation of the NILGOSC scheme as at 31 July 2025 resulted in an estimated net pension plan asset of £49,825,000. FRS 102 requires that an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. Since FRS 102 provides no further guidance in this respect, as allowed under FRS 102 the University Council have considered the relevant requirements of International Financial Reporting Standards, in particular IFRIC Interpretation 14 IAS 19 - ”The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction” (IFRIC 14).

The University Council have considered the ability of the University to recover a surplus through reduced contributions in the future. This has included obtaining an assessment from an independent actuary based on the requirements of IFRIC 14. This assessment estimates that using both a perpetuity approach (i.e. assuming the University would never exit the NILGOSC scheme) and using the remaining service life of the current member employees used in the latest triennial funding valuation, that the present value of the estimated future service cost in each period less the estimated minimum funding requirement contributions that would be required for future service in those periods would be negative. Consequently, no economic benefit is available as a reduction in future contributions.

Based on their assessment as set out above, University Council have concluded that it is appropriate to recognise the estimated net pension plan asset of £49.825m at 31 July 2025.

The University Council are aware of the June 2024 UK High Court ruling in the case of NTL v Virgin Media, and related July 2025 Court of Appeal decision, which has rendered relevant amendments made between 6 April 1997 and 5 April 2016 to affected contracted-out UK defined benefit pension scheme rules invalid and void in certain circumstances. In particular, section 37 of the Pension Schemes Act 1993 only allowed the rules of contracted-out schemes to be altered in certain circumstances, with the judgment in the Virgin Media case making it clear that where an amendment was made which affected section 9(2B) rights without the necessary section 37 confirmation having been obtained, that amendment would be void (even if the change resulted in a benefit improvement).

The NILGOSC scheme was contracted-out during this period and the University Council and the NILGOSC Scheme Committee are aware that a number of rule changes were made during this time, including some which affected the level of member benefits. Therefore, it is possible that, if any of the rule changes are deemed invalid due to the absence of the necessary section 37 confirmation, this may lead to additional liabilities for the NILGOSC scheme and the University.

IFRIC 14 requires that the right to recovery through a refund must be unconditional. While the NILGOSC “Admission and Exit Policy” and The Local Government Pension Scheme Regulations (Northern Ireland) 2014 require the calculation of an exit refund and provide NILGOSC with the ability to defer the timing of any resultant refund payment, neither of these conditions are considered as conditional events over the right of the University to a refund on exit from the NILGOSC scheme. The University Council have therefore concluded that the University does have an unconditional right to a refund of a surplus in the NILGOSC scheme.

The University Council are also aware of the June 2025 announcement by the Pensions and Works Department of the UK Government’s plans to introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. The legislation has not yet been enacted, and further details of its provisions are pending. Consequently, the University continues to work with NILGOSC to understand if there are any implications for the NILGOSC scheme and the University, including assessing all amendments to member benefits, whether the required section 37 confirmations were obtained and the extent of any additional liabilities arising, which will need to be recognised.

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Movements in Present Value of Defined At 31 July At 31 July
Benefit Obligation 2025 2024
£’000 £’000
At beginning of the Year (184,196) (177,945)
Current Service Cost (3,764) (3,458)
Member Contributions (1,159) (1,094)
Interest Cost (9,022) (8,893)
Benefits Paid 8,844 8,424
Past Service Cost - (45)
Actuarial Gains/(Losses) 18,557 (1,185)
At End of Year (170,740) (184,196)
At 31 July At 31 July
Movement in Fair Value of Plan Assets
2025 2024
£’000 £’000
At beginning of the Year 210,884 196,826
Expected Return on Assets 10,447 9,944
Employer Contributions 3,668 3,485
Member Contributions 1,159 1,094
Benefits Paid (8,844) (8,424)
Actuarial Gains 3,251 7,959
At End of Year 220,565 210,884
Expense Recognised in the Income and At 31 July At 31 July
Expenditure Accounts 2025 2024
£’000 £’000
Current Service Cost 3,764 3,458
Interest on Defined Benefit Pension Plan Obligation 9,022 8,893
Expected Return on Defined Benefit Pension Plan Assets (10,447) (9,944)
Past Service Cost - 45
Total 2,339 2,452
The (Income)/Expense is Recognised in the At 31 July At 31 July
Following Line Items in the Income Statement: 2025 2024
£’000 £’000
Staff Costs 3,764 3,503
Interest Receivable (1,425) (1,051)
2,339 2,452
Amounts Recognised in Other At 31 July At 31 July
Comprehensive Income 2025 2024
£’000 £’000
Asset Gains Arising During the Period 3,251 7,959
Liability Gains/(Losses) Arising During the Period 18,557 (1,185)
Total Amount Recognised in Other Comprehensive Income 21,808 6,774
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Cumulative actuarial gains recognised as Other Comprehensive Income are £103.3m (2024: £81.5m).

Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

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At 31 July 2025 At 31 July 2024
The Fair Value of the Plan Assets were as follows:
Fair Value Fair Value
£’000 £’000
Equities 91,754 84,354
Bonds 80,727 71,279
Property 22,057 19,190
Cash 13,234 23,408
Other 12,793 12,653
220,565 210,884
Principal Actuarial Assumptions (Expressed as At 31 July At 31 July
Weighted Averages) at the Year End were as follows: 2025 2024
Discount Rate 5.7% 5.0%
CPI Inflation 2.5% 2.6%
Pension Increases 2.5% 2.6%
Pension Accounts Revaluation Rate 2.5% 2.6%
Salary Increases 4.0% 4.1%
Mortality Males Females
Current Pensioners 2025 21.6 years 24.5 years
2024 21.5 years 24.4 years
Future Pensioners 2025 22.2 years 25.2 years
2024 22.1 years 25.2 years
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The University expects to contribute approximately £2.891m to NILGOSC pensions scheme in the next financial year.

The sensitivity analysis outlines the potential impact on the provision under different scenarios:

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----- Start of picture text -----
Change in Assumptions at 31 July 2025
0.1% decrease in discount rate £2.39m increase
0.1% increase in salaries £0.17m increase
0.1% increase to pensions and rate of revaluation of pension accounts £2.22m increase
1 year increase in post-retirement mortality £4.1m decrease
Group Group
The Total Pension Cost for the University was:
2025 2024
£’000 £’000
Charge to staff costs - USS 16,155 (62,206)
Charge to staff costs – NILGOSC 3,766 2,633
Charge to staff costs - HSCPS 97 72
Charge to staff costs - Nest 5 -
Total Pension Cost (Note 7) 20,023 (59,501)
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23. Student Support Funds	Group and University 2025	Group and University 2024
	£’000	£’000
Balance Carried Forward	337	411
FundingCouncil Grants	1,164	1,420
Interest	2	3
Disbursed to Students	(1,398)	(1,497)
Balance Underspent at 31 July2025	105	337

Department for the Economy (“DfE”) Student Support grants are available solely for students. The University acts only as a paying agent. The grants and related disbursements are therefore excluded from the Income and Expenditure Account. The support funds are used to provide financial help to students whose access to higher education might be inhibited by financial considerations or who for whatever reasons, including physical or other disabilities, face financial difficulties in meeting their living costs.

24. Subsidiary Company Information

There are two companies which are wholly owned subsidiary companies of the University:

Innovation Ulster Limited

This company has been fully consolidated in the Financial Statements.

The company is controlled by the University. The company is registered and operates in Northern Ireland and has a registered address of Ulster University, BD-004-09 York Street, Belfast, Northern Ireland BT15 1ED.

Innovation Ulster Limited is a company established to develop intellectual property rights by patenting and licensing, and to arrange consultancy activities.

Studio Ulster Limited

This company has been fully consolidated in the Financial Statements.

Studio Ulster Limited was incorporated in March 2024. The company has a registered address of Murray House, Murray Street, Belfast, Northern Ireland, BT1 6DN.

Studio Ulster Limited is a company established to provide virtual production centric services in production and postproduction to stakeholders operating in the motion picture, video and television programme industry sectors.

IUL (Ireland) Limited

Innovation Ulster Limited has one wholly owned subsidiary IUL (Ireland) Limited.

IUL (Ireland) Limited is a company limited by shares incorporated on 22 June 2021 and is registered in the Republic of Ireland. The registered office of the company is Bishopsgate, Henry Street, Limerick. This is a dormant company. Innovation Ulster Limited has invested €2 in the company’s share capital.

Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

25. Joint Venture Information

The University has two joint ventures. Branch Campus (London, Birmingham and Manchester) Limited is a joint venture between Ulster University and QAHE (Ulst) Limited for the principal purpose of providing services in support of the provision of degree courses to domestic and international students at campuses in London, Birmingham and Manchester.

C-TRIC Limited (previously named ABC Research & Innovation Limited) is a company limited by guarantee with Ulster University, Derry City Council and the Western Trust as equal partners. The principal activity of the company is to develop an Academia Business Clinical Research Innovation facility.

The results of Branch Campus (London, Birmingham and Manchester) Limited and C-TRIC Limited are not consolidated in the Group Financial Statements on the grounds of materiality

Through Innovation Ulster Limited (IUL), a wholly owned subsidiary, the University has a joint venture with NI Composites O&M LLP (NICOM). NICOM was incorporated in 2011 to promote collaborative research in advanced composites. It is a joint venture between IUL and Queens Composites Limited, a wholly owned subsidiary of Queen’s University Belfast. The results of NICOM are not consolidated in the Group Financial Statements on the grounds of materiality.

3.69% of Locate Match Limited

2.82% of Neurovalens Limited
4.23% of CDS New Ventures Limited

Innovation Ulster Limited

Through Innovation Ulster Limited, a wholly owned subsidiary, the University has the following holdings:

Included in fixed asset investments above, the Company holds investment of under 25% in:

2.92% of Pulse AI Ltd

1.35% of Vesalic Ltd

24.42% of Klas Therapeutics

8.00% of Performa Sports Limited

2.20% of Datactics Limited

3.50% of Axial 3D Limited

6.48% of SISAF Limited

14.00% of Neuroconcise Limited

5.33% of Humain Limited

0.82% of Responsible (Haru)

12.60% of Modern Nature

14.00% of StimOxyGen Limited

20.00% of Exrt Intelligent Healthcare Limited

26. Other Investments

Ulster Equity Limited Partnership

Ulster Equity Partnership is a limited partnership with Ulster University, Invest NI and TechStart NI for the principal purpose of carrying on the business of an investor and in particular to identify, research, negotiate, make or monitor the progress of and sell, realise, exchange or distribute equity or equity-related investments in connection with providing seed capital for the development of post – research post – proof of concept spin-out/in companies from Ulster University including from the technology sectors related to the Ulster University research base.

20.00% of Pneuma Healthcare Limited

14.47% of SonoTarg Limited

5.30% of Respiratory Analytics Limited

1.73% of Surecert Limited

17.80% Dia Beta Labs Limited

3.43% Neurovalens Limited

10.00% Inclutech Limited

2.55% Retinize Limited

6.20% Ilimex Limited

Through Ulster Equity Partnership the University has the following holdings:

7.40% of Axial Medical Printing Limited

0.86% of Responsible Clothing Limited (previously HARU)

14.92% of Humain Limited

The Company has holdings of greater than 25% in the following companies:

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----- Start of picture text -----
Status Active Active Active Active Active Active Active
Axis Jenarron
Actionsense Solaform Efectis UK/
Name SWIPS Galvani Ltd Ltd Composites Therapeutics Ltd Ireland Ltd
Ltd Ltd
Country of Northern United Northern Northern Northern Northern Northern
Incorporation Ireland Kingdom Ireland Ireland Ireland Ireland Ireland
Innovations Putty like
in reducing Development Secure manufacture Design and material
Principal Activity heating and cooling of treatment for chronic digital water marking of 3D woven carbon fibre applied and removed to Solar water heater Fire testing
energy disease technology wounds
demands preforms
% Shares
25% 25% 26% 28% 34% 45% 33%
Held and Type
Convertible
N/A N/A N/A N/A N/A N/A N/A
Loan Stock
Turnover N/A N/A N/A N/A N/A N/A N/A
Profit or Loss
N/A N/A N/A N/A N/A N/A N/A
Before Tax
Net
(Liabilities)/ N/A (£7,591) (£130,701) £3,937 (£7,776) £30,338 £4,057k
Assets
Financial 31 March 30 June 31 May 28 Feb 30 Sept 31 July 31 Dec
Year End 2025 2024 2024 2025 2024 2025 2024
----- End of picture text -----

In the year ended 31st July 2019 the company invested €500,000 in Enbarr Limited, an investment fund managed by Imprimatur Capital. The market value at 31 July 2025 is £856,000.

27. Related Party Transactions

Due to the nature of the University’s operations and the composition of the University’s Council (being drawn from local public and private sector organisations), it is inevitable that transactions will take place with organisations in which a member of the Council may have an interest.

All transactions involving organisations in which a member of the Council may have an interest are conducted at arm’s length and in accordance with the University’s financial regulations and normal procurement procedures. The University has taken advantage of the exemptions contained in section 33, FRS 102 ‘Related Party Transactions’ not to disclose transactions with subsidiaries as all of the voting rights are controlled within the Group.

28. Leasing Arrangements and Post Balance Sheet Events

On 29 August 2024 Studio Ulster Limited entered into a novation lease agreement with Belfast Harbour Commissioners in respect of a new studio facility constructed by Belfast Harbour Commissioners and from which Studio Ulster Limited now operates from. Further, and to enable installation of studio equipment purchased by Studio Ulster Limited before finalisation of the lease agreement (see below), on 30 August 2024 an early access agreement was entered into between the Belfast Harbour Commissioners and Studio Ulster Limited for nil consideration.

During the planning condition period, this Early Access Letter was superseded by a short-term Licence to Occupy dated 1 April 2025, permitting ongoing operational preparation. A Licence for Alterations in respect of fit-out works was completed on 10 April 2025.

Financial Statements for the Year Ended 31 July 2025

Notes to the Financial Statements (continued)

The formal lease agreement was granted and signed on 20 August 2025. The lease is for a term of 15 years at an annual rent of £3.3m (Note 21).

29. Ultimate Controlling Party

There is no one ultimate controlling party.

30. Correction of error

The comparative amounts related to “Investments and Short Term Deposits” and “Cash at Bank and in Hand” at 31 July 2024 in the Group and University’s Balance Sheets have been restated to correct for the inclusion within “Investments and Short Term Deposits” of deposit accounts totaling £62,954,000 which had maturity periods of 3 months or less from opening, and as required by section 7 of FRS 102 should have been presented as “Cash at Bank and in Hand”. This error and its correction (including in respect of an equivalent smaller error at 31 July 2023 of £2,683,000) have also resulted in the comparative amounts for “New Fixed Deposits” and changes in the amount of “Cash and Cash Equivalents” in the Group Cash Flow Statement being restated.

The impact of this restatement is as follows:

	Previously	Previously
Impact on Balance Sheet	Reported Group	Reported University	Adjustment	Restated Group	Restated University
	2024	2024	2024	2024	2024
	£’000	£’000	£’000	£’000	£’000
Current Assets, Investments and Short-Term Deposits	127,205	127,205	(62,954)	64,251	64,251
Cash at Bank and in Hand	12,060	10,622	62,954	75,014	73,576
Total Current Assets	139,265	137,827	-	139,265	137,827

	Previously		Restated
Impact on Group Cash Flow Statement	Reported Year Ended	Adjustment	Year Ended 31 July
	31 July2024	2024	2024
	£’000	£’000	£’000
Cash Flows from InvestingActivities
(New Fixed Deposits)/Withdrawal from Fixed Deposits	(24,941)	60,271	35,330
Total	(22,613)	60,271	37,658
(Decrease)/Increase in Cash and Cash Equivalents in the Year	(15,590)	60,271	44,681
Cash and Cash Equivalents at the Beginningof the Year	27,650	2,683	30,333
Cash and Cash Equivalents at the End of the Year	12,060	62,954	75,014

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Registered with The Charity Commission for Northern Ireland NIC 100166 ISSN 0307-496X

2025-07-31-annual-return

Financial Statements

CONTENTS

Scope of Financial Statements

Public Benefit

Financial Performance

Sources of Income 2024/25

Income

Expenditure

Impact of Pension

Estates Capital Plan

Coleraine Campus

Derry~Londonderry Campus

Belfast Campus

Jordanstown Campus

Cashflow and Financing

Cashflow Statement 2024/25

How We Allocate Our Resources 2024/25

EBITDA

Net Assets

Endowments

Financial Health

Financial Outlook

Sustainability

People

Wellbeing

Inclusion

Belonging

Planet

Infrastructure and Energy Efficiency

Circular Economy and Waste Reduction

Travel and Transport

Nature-Positive Action

Research Impact and Global Collaboration

Place

Teaching Excellence and Responsible Education

Partnership

Driving Inclusive Growth and Employability

Strengthening Industry Collaboration

Community Engagement and Cultural Leadership

Inspiring the Next Generation

Championing Responsible Business

Risk Management

Process

In addition;

Risk Registers

Integration with Internal Audit

Council

The membership of Council, during the 2024/25 academic year was as follows:

The Audit and Risk Committee

The Resources Committee

The People Committee

Campus Capital Development Committee

The Vice-Chancellor

The Senate

Opinion

Basis for opinion

Conclusions relating to going

concern

Other information

Opinion on other matters prescribed by the Financial Memorandum (Part 1) between the Department for Employment and Learning (now the

Department for the Economy) and the University of Ulster (“Financial Memorandum”)

Matters on which we are required to report by exception

Responsibilities of the Council

Auditor’s responsibilities for the audit of the financial statements

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Use of our report

1. Basis of Preparation

Going Concern

2. Consolidation

Grant Funding - Revenue Grants

Grant Funding - Capital Grants

3. Recognition of Income

Other Income

Donations and Endowments

4. Pension Schemes

5. Employment Benefits

6. Foreign Currencies

7. Freehold Land and Buildings

8. Assets Under Construction