Thanks,
With regard to the salary, I think it is more than competitive in this area (North East) where the cost of living is lower than say, the Midlands or indeed the south.
Plus, after bonus you're looking at around £24k depending on your ability, and you have performance reviews ... plus the opportunity to work with a young team and be essentially a key team member, I don't think it's half bad.
Then again, i'm biased - but I know what the opportunity involves and if you're just out of Uni, with possibly 1 or 2 years experience (or even a demonstratable amount of experience via a portfolio) you're golden.
We'll look after you basically :-)