{"id":17671,"date":"2024-10-31T13:37:38","date_gmt":"2024-10-31T13:37:38","guid":{"rendered":"https:\/\/www.glos.ac.uk\/information\/?post_type=ht_kb&#038;p=17671"},"modified":"2024-12-10T14:46:02","modified_gmt":"2024-12-10T14:46:02","slug":"financial-statements-2024","status":"publish","type":"ht_kb","link":"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/financial-statements-2024\/","title":{"rendered":"Financial Statements 2024"},"content":{"rendered":"\n<section id=\"basic-hero-854\" class=\"header has-text-white header--basic alignfull wp-block  is-default no-mt     \">\n\t<div class=\"columns is-marginless\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"chevron-svg\" x=\"0px\" y=\"0px\" viewBox=\"0 0 318.64 394.41\" style=\"enable-background:new 0 0 318.64 394.41;\" xml:space=\"preserve\">\n\t\t\t<style type=\"text\/css\">\n\t\t\t\t#basic-hero-854 .chev{fill:none!important;stroke:#1CA691;stroke-width:9;stroke-miterlimit:10;}\n\t\t\t<\/style>\n\t\t\t<polygon class=\"chev\" points=\"161.7,4.51 9.05,4.9 154.92,197.01 9.92,389.89 162.57,389.49 312.92,197.01 \"\/>\n\t\t<\/svg>\n\t\t\t\t<div class=\"column is-auto has-black-background-color content-container\">\n\t\t\t<div class=\"offset\">\n\t\t\t\t<small class=\"has-border has-white-color is-family-tertiary\">For the year ended 31 July 2024<\/small><h1 class=\"has-text-white is-marginless is-1 is-4--mobile\">Financial Statements<\/h1>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"column is-6 has-bg lazy-bg\" data-bg=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/07\/02105817\/Clearing-top-tips-1280x720.jpg\"><\/div>\n\t\t\t\t\t\t<\/div>\n<\/section>\n\n\n\n<h2 class=\"heading wp-block-heading\">Contents<\/h2>\n\n\n\n<p><a href=\"#members\">Members of Council and Major Council Committees<\/a> <\/p>\n\n\n\n<p><a href=\"#Honorary\">Honorary Posts, Officers and Advisers<\/a> <\/p>\n\n\n\n<p><a href=\"#Operating\">Operating and Financial Review (incorporating the Strategic Report)<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"#Section1\">Section 1: Delivering our Strategic Priorities<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#Section2\">Section 2: Public Benefit Statement<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#Section3\">Section 3: Financial Performance<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#Section4\">Section 4: Senior Staff Remuneration<\/a><\/li>\n\n\n\n<li class=\"\"><a href=\"#Section5\">Section 5: Governance<\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"#Independent\">Independent Auditor&#8217;s Report to the Governing Body of the University of Gloucestershire<\/a><\/p>\n\n\n\n<p><a href=\"#Statement\">Financial Statements for the Year Ended 31 July 2024<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"#Statement\">Statement of Principal Accounting Policies<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"#Consolidatedcomp\">Consolidated and University Statement of Comprehensive Income and Expenditure&nbsp;<\/a> <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"#Consolidatedreserves\">Consolidated and University Statement of Changes in Reserves<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"#Consolidatedbalance\">Consolidated and University Balance Sheet<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><a href=\"#Consolidatedcash\">Consolidated and University Cash Flow<\/a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\" extra-pb\"><a href=\"#Notes\">Notes to the Financial Statements<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\" style=\"min-height:430px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000007099\" alt=\"Students sitting on the grass outside Francis Close Hall's chapel.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25075017\/chapel-fch-july-2024.jpg\" style=\"object-position:46% 85%\" data-object-fit=\"cover\" data-object-position=\"46% 85%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size no-mb large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-blue-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"members\">Members of Council and Major Council Committees<\/h2>\n<\/div><\/div>\n\n\n\n<figure id=\"membership\" class=\"wp-block-table is-style-plain\"><table><thead><tr><th><strong>\u200b\u200b\u200b\u200b\u200b<\/strong><br>Members of Council for the period 1 August 2023 to 31 July 2024<\/th><th><strong>\u200b<\/strong><br>Membership of Major Council Committees as at 31 July 2024<\/th><\/tr><\/thead><tbody><tr><td>Mr B Ajibola (appointed 1 July 2024)<\/td><td><strong>Audit and Risk Committee<\/strong><\/td><\/tr><tr><td>Miss P Archer (appointed 3 July 2023 and resigned 30 June 2024)<\/td><td>Mrs P Sissons *<\/td><\/tr><tr><td>Ms I Barker<\/td><td>Mr J Cooper<\/td><\/tr><tr><td>Mr T Chambers (appointed 29 November 2023)<\/td><td>Mr P Crichard<\/td><\/tr><tr><td>Mr J Cooper (appointed 29 November 2023)<\/td><td>Ms J Walkling<\/td><\/tr><tr><td>Mr P Crichard<\/td><td>Mr P Tinson <em>(co-opted member)<\/em><\/td><\/tr><tr><td>Ms N de Iongh (Chair)<\/td><td><\/td><\/tr><tr><td>Mrs R Dooley (appointed 29 November 2023)<\/td><td><\/td><\/tr><tr><td>Mr C Fung<\/td><td><strong>Council, Foundation, and Chaplaincy Committee<\/strong><\/td><\/tr><tr><td>Mr S Gardiner<\/td><td>The Rt Revd R Springett *<\/td><\/tr><tr><td>Miss V Garratt (appointed 1 July 2024)<\/td><td>Dr M Andrews<\/td><\/tr><tr><td>Dr L Livesey<\/td><td>Ms J Borgeaud<\/td><\/tr><tr><td>Dame C Marchant DBE (appointed 18 September 2023)<\/td><td>Mr T Carrillo<\/td><\/tr><tr><td>Mr S Mawson (resigned 30 September 2023)<\/td><td>Miss V Garratt<\/td><\/tr><tr><td>Mr S Maycock (resigned 30 October 2023)<\/td><td>Dr A Long<\/td><\/tr><tr><td>Ms M Patrick (resigned 11 August 2023)<\/td><td>Mrs K Morgan<\/td><\/tr><tr><td>Dr A Shafi (resigned 6 December 2023)<\/td><td>Ms J Parkin<\/td><\/tr><tr><td>Mrs P Sissons<\/td><td>Revd Dr M Parsons<\/td><\/tr><tr><td>Ms E Soros<\/td><td>Ms R Reid<\/td><\/tr><tr><td>Mr D Soutter<\/td><td>Ms J Walkling<\/td><\/tr><tr><td>The Rt Revd R Springett (Vice-Chair)<\/td><td>Revd S Witcombe<\/td><\/tr><tr><td>Mr J Sucksmith<\/td><td><\/td><\/tr><tr><td>Ms J Walkling<\/td><td><\/td><\/tr><tr><td>Dr P Warry<\/td><td><\/td><\/tr><tr><td>Miss I Williams (appointed 3 July 2023 and resigned 30 June 2024)&nbsp;<\/td><td><strong>F<\/strong><strong>inance and General Purposes Committee<\/strong><\/td><\/tr><tr><td><\/td><td>Mr D Soutter *<\/td><\/tr><tr><td><strong>Board Apprentice<\/strong><\/td><td>Mrs R Dooley<\/td><\/tr><tr><td>Ms E Hill (appointed 1 September 2024)<\/td><td>Mr S Gardiner<\/td><\/tr><tr><td><\/td><td>Dame C Marchant DBE<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>Ms J Meekings Davis <em>(co-opted member)<\/em><\/td><\/tr><tr><td><\/td><td>Mr D Oakhill <em>(co-opted member)<\/em><\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>Governance and Nominations Committee<\/strong><\/td><\/tr><tr><td><\/td><td>Ms N de Iongh *<\/td><\/tr><tr><td>&nbsp;<\/td><td>Ms I Barker<\/td><\/tr><tr><td><\/td><td>Dame C Marchant DBE<\/td><\/tr><tr><td>&nbsp;<\/td><td>Ms E Soros<\/td><\/tr><tr><td><\/td><td>Ms J Walkling<\/td><\/tr><tr><td><\/td><td>Dr P Warry <em>(Senior Independent Governor in attendance)<\/em><\/td><\/tr><tr><td><\/td><td><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>Remuneration and Human Resources Committee<\/strong><\/td><\/tr><tr><td><\/td><td>The Rt Revd R Springett *<\/td><\/tr><tr><td>&nbsp;<\/td><td>Mr B Ajibola<\/td><\/tr><tr><td><\/td><td>Ms N de Iongh<\/td><\/tr><tr><td>&nbsp;<\/td><td>Mr C Fung<\/td><\/tr><tr><td><\/td><td>Mrs P Sissons<\/td><\/tr><tr><td>&nbsp;<\/td><td>Ms E Soros<\/td><\/tr><tr><td><\/td><td>Mr D Soutter<\/td><\/tr><tr><td><\/td><td>* denotes Chair<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\" style=\"min-height:430px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000006091\" alt=\"View of the exterior of the Business School with people walking in.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2024\/02\/02125446\/oxstalls-bus-school-2019.jpg\" style=\"object-position:46% 75%\" data-object-fit=\"cover\" data-object-position=\"46% 75%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-blue-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Honorary\">Honorary Posts, Officers and Advisers<\/h2>\n\n\n\n<p><\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><thead><tr><th><strong>Honorary Posts<\/strong><\/th><th><strong>Registered Office<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong><strong>Chancellor<\/strong><br><br><\/strong>Lord Michael Bichard<strong><br><br><strong>Pro Chancellors<\/strong><br><br><\/strong>Rt Revd R Treweek<br><br><br><br><\/td><td>Fullwood House<br>Park Campus<br>The Park<br>Cheltenham<br>Gloucestershire<br>GL50 2RH<br><br><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"> The University is an exempt charity, a company limited by guarantee, registered in England and&nbsp;Wales: Registration Number 06023243 <\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>OFFICERS<\/strong><\/th><th><strong>ADVISERS<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Executive Managers<\/strong><br><br><em>Vice-Chancellor<\/em><br>Dame C Marchant DBE (from 18 September 2023)<br><br><em>Deputy Vice-Chancellor and Provost<\/em><br>Prof J Labbe <br><br><em>Chief Financial Officer<\/em><br>Mrs C Stallard<br><br><em>Chief Marketing Officer <br><\/em>Ms K Clough (from 17 June 2024)<br><br><em>Chief Operating Officer<br><\/em>Dr M Andrews<br><br><em>Pro-Vice-Chancellor (Academic Enhancement and Research)<\/em><br>Professor S Jones (resigned 30 April 2024)<br><br><br><br><br><br><br><br><strong>Company Secretary<\/strong><br>Dr M Andrews\u200b<br><\/td><td><strong>Solicitors<\/strong><br>Mills and Reeve <br>78-84 Colmore Road<br>Birmingham<br>B3 2AB<br><br>Harrison Clark Rickerbys Solicitors<br>Ellenborough House<br>Wellington Street<br>Cheltenham<br>GL50 1YD<br><br><strong>Registered External Auditors<\/strong><br>Grant Thornton UK LLP<br>30 Finsbury Square<br>London<br>EC2A 1AG<br><br><strong>Registered Internal Auditors<br><\/strong>RSM UK Risk Assurance Services LLP<br>St Philips Point<br>Temple Row<br>Birmingham<br>West Midlands<br>B2 5AF<br><br><strong>Bankers<br><\/strong>HSBC PLC<br>62 George White Street<br>Cabot Circus<br>Bristol<br>BS1 3BA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\" style=\"min-height:432px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000007109\" alt=\"Students attending the Get Uni Ready Open Day listen to a student ambassador speaking in the atrium at Pittville.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25125156\/2023-get-uni-ready.jpg\" style=\"object-position:45% 19%\" data-object-fit=\"cover\" data-object-position=\"45% 19%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-blue-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Operating\">Operating and financial review<\/h2>\n<\/div><\/div>\n\n\n\n<h2 class=\"heading wp-block-heading\">Executive summary<\/h2>\n\n\n\n<p>This report reviews the University\u2019s activities in the year 2023-24 in the context of the challenges and risks within which the University operates, and comprises the following sections:\u202f<\/p>\n\n\n\n<p><strong>Section 1: <strong>Delivering our Strategic Priorities<\/strong>&nbsp;<\/strong>\u200b<\/p>\n\n\n\n<p>1.1 Introduction<\/p>\n\n\n\n<p>1.2 Student Recruitment<\/p>\n\n\n\n<p>1.3 Outstanding Education<\/p>\n\n\n\n<p>1.4 Student Experience<\/p>\n\n\n\n<p>1.5 Innovation and Partnerships<\/p>\n\n\n\n<p>1.6 Our People<\/p>\n\n\n\n<p>1.7 Future Plans and Challenges<\/p>\n\n\n\n<p><strong>Section 2: <strong>Public Benefit Statement\u202f&nbsp;<\/strong><\/strong><\/p>\n\n\n\n<p><strong>Section 3: Financial Performance\u202f<\/strong>&nbsp;<\/p>\n\n\n\n<p>3.1 Key Financial Highlights\u202f&nbsp;<\/p>\n\n\n\n<p>3.2 Review of the Year\u202f&nbsp;<\/p>\n\n\n\n<p>3.3 Financial Sustainability and Key Performance Indicators\u202f&nbsp;<\/p>\n\n\n\n<p>3.4 Payment of Creditors\u202f&nbsp;<\/p>\n\n\n\n<p>3.5 Value for Money\u202f&nbsp;<\/p>\n\n\n\n<p>3.6 Accounting Systems\u202f&nbsp;<\/p>\n\n\n\n<p>3.7 Post Balance Sheet Events<strong>\u202f<\/strong><\/p>\n\n\n\n<p><strong>Section\u202f4: Annual Report of the Remuneration &amp; Human Resources Committee on Senior Staff Remunerations<\/strong><\/p>\n\n\n\n<p>4.1 Introduction<\/p>\n\n\n\n<p>4.2 Remuneration and Human Resources Committee<\/p>\n\n\n\n<p>4.3 Approach to Senior Staff Remuneration<\/p>\n\n\n\n<p>4.4 Remuneration of the Vice-Chancellor (Head of Institution)<\/p>\n\n\n\n<p>4.5 Pay Ratios<\/p>\n\n\n\n<p>4.6 Remuneration of the Executive Group<\/p>\n\n\n\n<p>4.7 External Appointments<\/p>\n\n\n\n<p>4.8 Expenses<\/p>\n\n\n\n<p><strong>Section 5:\u202f Corporate Governance\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p>5.1 Introduction\u202f&nbsp;<\/p>\n\n\n\n<p>5.2 University Council&nbsp;<\/p>\n\n\n\n<p>5.3 Academic Board&nbsp;<\/p>\n\n\n\n<p>5.4 Audit &amp; Risk Committee&nbsp;<\/p>\n\n\n\n<p>5.5 Other Committees of Council<\/p>\n\n\n\n<p>5.6 Financial Responsibilities of the University\u2019s Council<\/p>\n\n\n\n<p>5.7 Statement of Internal Control&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#837d75\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000006968\" alt=\"Computing suite at FuturePark showing desks in a semi-circle and two large flat screens at the front.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20075431\/futurepark.jpg\" style=\"object-position:52% 56%\" data-object-fit=\"cover\" data-object-position=\"52% 56%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-yellow-base-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p><\/p>\n\n\n\n<h3 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color no-mt\" id=\"Section1\">Section 1: Delivering our Strategic Priorities<\/h3>\n<\/div><\/div>\n\n\n\n<h4 class=\"heading wp-block-heading\">Introduction<\/h4>\n\n\n\n<p class=\" extra-pb\">1.1 In September 2023 we welcomed our new Vice Chancellor, Clare Marchant, to the University. The University, along with the wider UK Higher Education sector, continues to face serious challenges, and Clare made leading a review of the University\u2019s identity and strategic plan a priority for her first six months. The new \u2018strategy on a page\u2019 was developed in collaboration with staff, students and partners, and focuses on transforming the University to establish an affordable cost base, growing income and improving outcomes, and further improving the student experience.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"586\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25094136\/uog-strategy-2024-1024x586.jpg\" alt=\"Presentation slide showing 'Our Strategy' showing how UoG is a Connected University.\" class=\"wp-image-129000007100\" \/><\/figure>\n\n\n<div  class=\"wp-block collapsibleRow \">\n\t\t\t\t\t<div class=\"collapsibleRow__wrapper\">\n\t\t\t\t\t\t<div class=\"collapsibleRow__item\">\n\t\t\t\t\t<input  type=\"checkbox\" name=\"collapsibleRow_group_3677\" class=\"is-sr-only collapsibleRow_group_checkbox collapsibleRow_checkbox\" id=\"collapsibleRow_group_3677_1399\" \/>\n\t\t\t\t\t<label id=\"collapsibleRow_group_label_3677_1399\" aria-expanded=\"false\" aria-controls=\"collapsibleRow_group_3677_1399\" role=\"button\" for=\"collapsibleRow_group_3677_1399\" class=\"collapsibleRow__title base-text has-grey-light-background-color has-black-color\"><span class=\"is-sr-only\">Toggle collapsibleRow<\/span>Accessible version of the above infographic<\/label>\n\t\t\t\t\t<div class=\"panel\" hidden aria-labelledby=\"collapsibleRow_group_label_3677_1399\" id=\"collapsibleRow_group_3677_1399\">\n\t\t\t\t\t\t\n<p>Our Strategy<\/p>\n\n<p>Why we are here \u2013 our vision: Changing your world, so you can change ours<\/p>\n\n<p>What is our focus \u2013 our core purpose &#8211; UoG will Drive knowledge and careers through<\/p>\n\n<p>excellence in Education, Business, Applied and Social Sciences, Health and Wellbeing, Computing, and Creatives<\/p>\n\n<p>What we will deliver \u2013 our intent &#8211; The Connected University<\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Digitally connected: apply technology creatively to support teaching, research, and partnerships, and to drive efficiencies in ways of working<\/li>\n\n\n\n<li class=\"\">Employer connected: provide placements and work experience, develop career-relevant skills and offer continuing career support<\/li>\n\n\n\n<li class=\"\">Community connected: act as an anchor institution with a global outlook to promote the advancement of Gloucestershire<\/li>\n<\/ul>\n\n<p><\/p>\n\n<ol class=\"wp-block-list\">\n<li class=\"\">What we are trying to achieve \u2013 our strategic goals and transformation activity \u2013<\/li>\n<\/ol>\n\n<p><\/p>\n\n<p><strong>Provide an outstanding education<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Portfolio Review: courses to meet employer needs and student demand.<\/li>\n\n\n\n<li class=\"\">Diversification: develop online and modularised provision (LLE).<\/li>\n\n\n\n<li class=\"\">Curriculum Review: embed digital and career skills; optimise ways of delivery.<\/li>\n<\/ul>\n\n<p><\/p>\n\n<p><strong>Support our students to thrive and achieve their full potential<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Student Success Project: an optimized and collaborative student support model.<\/li>\n\n\n\n<li class=\"\">Digital Assistant: 24\/7 digital support and guidance.<\/li>\n\n\n\n<li class=\"\">Student Centres: multi-skilled staff providing in-person support.<\/li>\n<\/ul>\n\n<p><\/p>\n\n<p><strong>Encourage innovation and promote advancement of our community<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Cyber Partnerships: knowledge exchange to address skills gap; collaboration to create spaces that foster innovation.<\/li>\n\n\n\n<li class=\"\">Pathway partners: extend the UoG community globally.<\/li>\n\n\n\n<li class=\"\">Research strategy: aligned to academic portfolio<\/li>\n<\/ul>\n\n<p><\/p>\n\n<p><strong>Reconfigure our infrastructure<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Estates Plan: create vibrancy with a Creatives campus and Cyber centre at Park; Agile working hub; Hardwick disposal; City Campus.<\/li>\n\n\n\n<li class=\"\">Digital Strategy: deliver SAAS roadmap and Digital Certificates to enable efficiencies; Digital toolkit for students and staff.<\/li>\n<\/ul>\n\n<p><\/p>\n\n<p><strong>Value, empower and enable staff<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Development: supporting performance through learning opportunities and objectives aligned to strategy.<\/li>\n\n\n\n<li class=\"\">Engagement: listening to feedback, sharing actions, and embedding a culture where all can thrive and feel valued.<\/li>\n\n\n\n<li class=\"\">Insights: using data to plan workforce needs<\/li>\n<\/ul>\n\n<p><\/p>\n\n<p><strong>Drive financial sustainability<\/strong><\/p>\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Financial sustainability: increase commercial focus on income and non-pay; ensure fit for purpose organisational structures.<\/li>\n\n\n\n<li class=\"\">Growth: build on a data-led recruitment strategy to diversify and expand the national and international applicant pool.<\/li>\n<\/ul>\n\n<p>Our values underpin what we do: Integrity, Nurture, Ambition, Curiosity, Sustainable<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\n<p class=\" extra-pt\">The University has made good progress in delivering the revised strategy and the transformation programme, having redesigned the structures of our academic schools, introduced a new student support model, and revitalized under used parts of our estate.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">1.2 Student Recruitment&nbsp;<\/h4>\n\n\n\n<p>The University regularly reviews and revises its\u2019 academic portfolio to ensure it continues to meet student demand and serve the skills needs of employers locally and nationally. In 2023\/24 we commenced the activity to align our portfolio with our strategic aims, whilst maintaining our focus on professional training and applied learning. The University saw a small increase in new enrolments in 2023\/24 against prior year, driven largely by an increase in our apprenticeship offer. Government rhetoric on immigration impacted on our overseas student numbers, but despite this total enrolment to the University was 9,347 students, representing a small increase on 2022\/23.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25094939\/student-recruitment-24.png\" alt=\"Bar chart showing student numbers in 2021\/22; 2022\/23 and 2023\/24\" class=\"wp-image-129000007101\" style=\"width:600px;height:auto\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>In Summer 2024 our student recruitment and marketing department initiated activity to refresh our branding, engaging with staff and students on how our identity as the \u2018Connected University\u2019 can be brought to life.&nbsp;<\/p>\n\n\n\n<p>In addition to registered students, during 2023\/24 the University enrolled 2,877 students on franchised programmes delivered by overseas partners (circa 20% increase on prior year), and a further 1,117 students were registered with partners on programmes validated by the University. The University now works with twelve UK and twelve overseas academic partners.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">1.3 Outstanding Education&nbsp;<\/h4>\n\n\n\n<p>The Office for Students confirmed the University\u2019s Silver TEF rating in September 2023. The award reflects both the progress we have made as an institution in enhancing our education offer and improving outcomes for our graduates, and the continuing need to ensure consistency across all of our courses. To that end we have now launched our Curriculum Transformation Programme, this is a multi-year initiative to review and revise our course structures and delivery models, and to define the core curriculum frameworks that will characterise University of Gloucestershire education and our graduate attributes.&nbsp;<\/p>\n\n\n\n<p>The University is comfortably above benchmark standards for the Office for Students B3 metrics: continuation, completion and progression. Action plans have been implemented for the handful of courses that are below benchmark.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\" extra-pb\">The University continued to score above sector and benchmarks for Assessment and Feedback in the 2024 National Student Survey, and 25 courses achieved over 90% satisfaction rate for Teaching Quality. Our programmes in Business and Management, Photography, Journalism, Geography, Graphic Design, and Sports Coaching performed particularly well across the NSS metrics.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25095320\/achievements-2023-24.jpg\" alt=\"Inf0graphic showing UoG's key achievements of 2023\/24.\" class=\"wp-image-129000007102\" \/><\/figure>\n\n\n<div  class=\"wp-block collapsibleRow \">\n\t\t\t\t\t<div class=\"collapsibleRow__wrapper\">\n\t\t\t\t\t\t<div class=\"collapsibleRow__item\">\n\t\t\t\t\t<input  type=\"checkbox\" name=\"collapsibleRow_group_251\" class=\"is-sr-only collapsibleRow_group_checkbox collapsibleRow_checkbox\" id=\"collapsibleRow_group_251_3085\" \/>\n\t\t\t\t\t<label id=\"collapsibleRow_group_label_251_3085\" aria-expanded=\"false\" aria-controls=\"collapsibleRow_group_251_3085\" role=\"button\" for=\"collapsibleRow_group_251_3085\" class=\"collapsibleRow__title base-text has-grey-light-background-color has-black-color\"><span class=\"is-sr-only\">Toggle collapsibleRow<\/span>Accessible version of the above infographic<\/label>\n\t\t\t\t\t<div class=\"panel\" hidden aria-labelledby=\"collapsibleRow_group_label_251_3085\" id=\"collapsibleRow_group_251_3085\">\n\t\t\t\t\t\t\n<p>9,347 registered students in 2023\/24.<\/p>\n\n<p>4235 students studying with UoG Partners in the UK and overseas.<\/p>\n\n<p>1963 international students enrolled from 107 countries in 23\/24.<\/p>\n\n<p>17 apprenticeship programmes, 899 apprenticeships.<\/p>\n\n<p>32% increase in apprenticeships since 2021\/22.<\/p>\n\n<p>72% of our students are highly skilled destinations.<\/p>\n\n<p>95% of our students are in employment or further study 15 months after graduation.<\/p>\n\n<p>Above 95% for Teaching Quality (NSS 2024) for the following programmes:<\/p>\n\n<p>BA\/BSc Geography; BA Photography: Editorial and Advertising; BA Sports Journalism; BSc Sport, Coaching and Physical Education; BSc Social Work.<\/p>\n\n<p>Since 2021, we\u2019ve trained 270 teachers and 265 health care professionals.<\/p>\n\n<p>THE Impact Rankings \u2013 Ranked 201-300 in Climate Action, and Peace, Justice and Strong Institutions rankings.<\/p>\n\n<p>45,000 alumni as of 2023\/24.<\/p>\n\n<p>Our Growth Hub had 1946 visitors and supported more than 150 Gloucester city businesses in 2023\/24<s>.<\/s><\/p>\n\n<p>We worked with a wide range of partners partners from local NHS provisions to strategic partnerships with Cynam and Golden Valley.<\/p>\n\n<p>Research Excellence Framework (REF) &#8211; 47% classed internationally excellent.<\/p>\n\n<p>Winner of the Culture and Diversity Award at the&nbsp;C2S Regional Business Awards 2024.<\/p>\n\n<p>First Class status in the 2023\/24&nbsp;People and Planet&nbsp;University League.<\/p>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\n<h4 class=\"heading wp-block-heading\">1.4 Student Experience&nbsp;<\/h4>\n\n\n\n<p>Supporting our students to thrive and achieve their full potential is a core goal of our strategic plan. In 2023\/24 we undertook a major review of our student support model, and we launched the new service in summer 2024. The new service is based on our six principles:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Digitally Innovative: our students will be supported and empowered to manage their journey with increased digital support.&nbsp;<\/li>\n\n\n\n<li class=\"\">Connected and Accessible: we pride ourselves on excellent student experience and support, delivered in an inclusive, consistent and efficient way\u202fto students whenever they need it and wherever they are.&nbsp;<\/li>\n\n\n\n<li class=\"\">Student Driven: decisions are made that prioritise the needs and experiences of our students.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25095543\/student-support-graphic-1024x576.png\" alt=\"Infographic showing ways that students can access support.\" class=\"wp-image-129000007103\" \/><\/figure>\n\n\n<div  class=\"wp-block collapsibleRow \">\n\t\t\t\t\t<div class=\"collapsibleRow__wrapper\">\n\t\t\t\t\t\t<div class=\"collapsibleRow__item\">\n\t\t\t\t\t<input  type=\"checkbox\" name=\"collapsibleRow_group_8218\" class=\"is-sr-only collapsibleRow_group_checkbox collapsibleRow_checkbox\" id=\"collapsibleRow_group_8218_660\" \/>\n\t\t\t\t\t<label id=\"collapsibleRow_group_label_8218_660\" aria-expanded=\"false\" aria-controls=\"collapsibleRow_group_8218_660\" role=\"button\" for=\"collapsibleRow_group_8218_660\" class=\"collapsibleRow__title base-text has-grey-light-background-color has-black-color\"><span class=\"is-sr-only\">Toggle collapsibleRow<\/span>Accessible version of the above infographic<\/label>\n\t\t\t\t\t<div class=\"panel\" hidden aria-labelledby=\"collapsibleRow_group_label_8218_660\" id=\"collapsibleRow_group_8218_660\">\n\t\t\t\t\t\t\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>What<\/th><th>Where<\/th><th>When<\/th><\/tr><\/thead><tbody><tr><td>Nova digital student assistant &#8211; instant answers<\/td><td>Online via MyGlos<\/td><td>24\/7 &#8211; any time day or night<\/td><\/tr><tr><td>Drop-in support for general enquiries<\/td><td>Student Centre: In person or online via Student Centres at FCH &amp; Oxstalls<\/td><td>Day to day &#8211; weekdays from 10am to 4pm<\/td><\/tr><tr><td>Focused and specialist support<\/td><td>In person or online by appointment<\/td><td>At a time to suit you<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\n<p class=\" extra-pt\">As maintenance loans have not increased in line with inflation and students continue to face difficulties in meeting their living costs, supporting students facing financial hardship remains an imperative for the University. We maintained our promise in 2023\/24 of accommodation in University managed halls for all first year students, including international students, and we work closely with our Students\u2019 Union to provide financial support.&nbsp;&nbsp; <\/p>\n\n\n\n<p>In 2023 we launched our Unitemps student employment agency aimed at helping students find part time jobs. 95% of our graduates progressed into employment or further study, ranking us 26th out of 134 HEIs in the survey, and top (non-specialist) in the South West region. The proportion of our students progressing to highly skilled employment or further study rose again in 2023\/24 to 73%, above sector average.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">1.5 Innovation and Partnerships&nbsp;<\/h4>\n\n\n\n<p>The University\u2019s Growth Hub at Oxstalls provides a range of support services for business through the Help to Grow programme for SMEs. In 2023\/24 we supported more than 150 Gloucester city businesses through a range of one to one advice and guidance, skills workshops and signposting activities, and welcomed 1,946 visitors to our free co-working space.&nbsp;<\/p>\n\n\n\n<p class=\" extra-pb\">We have gained CyberFirst accreditation from the NCSC, designed to identify and nurture talented young people into cyber security careers, and we are co-developing programmes in partnership with GCHQ. Our new FuturePark digital hub and cyber centre, funded by the Office for Students, has been developed in collaboration with CyNam and will contribute actively to the growth of this key sector of the economy in Cheltenham and Gloucestershire, including the Golden Valley Cyber Park.&nbsp;<\/p>\n\n\n\n<section  class=\"thumb-gallery align     sixteen-nine \" data-play=true>\n\t<div id=\"mySwiper2\" class=\"swiper mySwiper2\" data-play=true>\n\t<div tabindex=\"1\" class=\"swiper-button-prev\"><\/div>\n\t\t<div class=\"swiper-wrapper\">\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082209\/futurepark01-1280x720.jpg\" alt=\"Computing suite at FuturePark showing desks in a semi-circle and two large flat screens at the front.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082142\/futurepark05-1280x720.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082115\/futurepark02-1280x720.jpg\" alt=\"Computing suite at FuturePark showing numerous workstations in a large room.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082200\/futurepark07-1280x720.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082151\/futurepark06-1280x720.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and an office.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082125\/futurepark03-1280x720.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide  \" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082133\/futurepark04-1280x720.jpg\" alt=\"Work spaces at FuturePark showing break-out areas, desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<div tabindex=\"1\" class=\"swiper-button-next\"><\/div>\n\t<\/div>\n\t<div thumbsSlider=\"\" class=\"swiper mySwiper\">\n\t\t<div class=\"swiper-prev\" tabindex=\"0\"><\/div>\n\t\t<div class=\"swiper-wrapper\">\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082209\/futurepark01-300x200.jpg\" alt=\"Computing suite at FuturePark showing desks in a semi-circle and two large flat screens at the front.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082142\/futurepark05-300x200.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082115\/futurepark02-300x200.jpg\" alt=\"Computing suite at FuturePark showing numerous workstations in a large room.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082200\/futurepark07-300x200.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082151\/futurepark06-300x200.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and an office.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082125\/futurepark03-300x200.jpg\" alt=\"Work spaces at FuturePark showing desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"swiper-slide\" tabindex=\"-1\">\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/09\/20082133\/futurepark04-300x200.jpg\" alt=\"Work spaces at FuturePark showing break-out areas, desks, chairs and computer screens.\" \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"swiper-next\" tabindex=\"0\"><\/div>\n\t<\/div>\n<\/section>\n\n\n\n<h4 class=\"heading wp-block-heading\">1.6 Our People&nbsp;<\/h4>\n\n\n\n<p>As a teaching-focused institution we expect our staff to continue to develop their pedagogical practice and over 80% of our academic staff hold a recognised teaching qualification.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The University is committed to equality, diversity and inclusion (EDI). The University has reduced the gender pay gap for the fourth consecutive year and our EDI committee continues to meet quarterly. In 2024 we won the Circle 2 Success Culture and Diversity Award.&nbsp;&nbsp;<\/p>\n\n\n\n<p>In summer 2023 the University implemented a new structure of four academic schools and at the start of the 2023\/24 academic year we redesigned the University leadership model, introducing new roles of Chief Operating Officer and Chief Marketing Officer, as part of our transformation programme. All professional services departments have also been restructured so as to ensure an efficient and future-facing operating model at an affordable cost base.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Our Director of People joined the Executive Group in the autumn, reflecting the emphasis the University places on developing and supporting our staff. To assure the success of our new operating model we have launched our new People Plan alongside regular pulse surveys to gauge staff engagement and satisfaction.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading has-text-align-center\">People plan<\/h4>\n\n\n\n<p class=\"has-pink-background-color has-background\"><strong>Talent Development<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Expand and enhance high quality learning resources, tools and content<\/li>\n\n\n\n<li class=\"\">Make coaching and mentoring opportunities available more widely, using qualified specialists<\/li>\n\n\n\n<li class=\"\">Launch a digital skills toolkit to guide and support self-development and learning<\/li>\n\n\n\n<li class=\"\">Cascade SRDs clearly, connecting University, directorate, team and personal objectives<\/li>\n\n\n\n<li class=\"\">Design local development plans for Academic and Professional Service managers and staff<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-pink-background-color has-background\"><strong>Engagement, Belonging &amp; Wellbeing<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Listen and engage with colleagues through pulse surveys (three in 2024), and provide open evaluation of progress at University and local level<\/li>\n\n\n\n<li class=\"\">Review current recognition activities (inc. Staff Awards), and reshape and enhance our approach<\/li>\n\n\n\n<li class=\"\">Design and deliver a calendar of wellbeing and inclusion-focused events and activities aligned with UoG core values<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-pink-background-color has-background\"><strong>Talent Acquisition<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Update our selection tools to support both the candidate and hiring manager experience<\/li>\n\n\n\n<li class=\"\">Improve employee pre-boarding and onboarding experience with training, tools and activities<\/li>\n\n\n\n<li class=\"\">Evaluate existing employee benefits and investigate options to help attract and retain employees<\/li>\n\n\n\n<li class=\"\">Develop and deliver inclusion training for all who hire employees<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-pink-background-color has-background\"><strong>Workforce Planning &amp; Organisational Design<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Support the full implementation of phase two of the Professional Services redesign<\/li>\n\n\n\n<li class=\"\">Create a baseline establishment (Professional Services\/Academic) to support workforce planning<\/li>\n\n\n\n<li class=\"\">Support the Schools review of the WAM<\/li>\n<\/ul>\n\n\n\n<p class=\" extra-pt\">In 2023\/24 the University has seen a significant decline in the number of working days lost to sickness absence (down 10% on prior year), and voluntary turnover of academic staff has also decreased from 9.5% to 6.9% in 2023\/24. The University rejoined West Midlands Coaching and Mentoring pool in 2023, and the University promotes the ILM coaching and mentoring qualification.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">1.7 Future Plans and Challenges&nbsp;<\/h4>\n\n\n\n<p>The University\u2019s operating environment remains very challenging, as it does for many Universities. During the year there has been much sector and media commentary that the current financial system for higher education is not sustainable for the long term. The announcement by the Secretary of State for Education in November 2024 that the fee cap will rise to \u00a39,535 for the 2025\/26 academic year has brought some immediate and much welcomed relief to the University. This will represent the first increase in fees since 2017 and the University continues to face significant financial challenges, including the recent impacts of inflation over 10%, increases in National Insurance contributions and pay and pensions increases.<\/p>\n\n\n\n<p>Student recruitment remains the key driver of sustainable financial performance, and the previous cap on regulated home tuition fees eroded the real terms value of the fee over the decade by nearly 30%. Our key risk relates to the need to grow our student numbers, diversify our income and control our costs. The rising 18-year-old population, which is expected to peak in 2030, provides an opportunity for the university to grow although undergraduate applications are not increasing at a comparative rate nationally, largely due to concerns around cost of living and the previous governments positioning on higher education. Overseas recruitment has also been impacted in recent years by the political focus on cutting migration, although the new Labour government has started to speak more favourably with regards to international students and the role of Universities in delivering growth and opportunity.<\/p>\n\n\n\n<p>In 2023\/24 academic year, in addition to restructuring professional services the University also carried out a review of non-pay spend. In 2024\/25 our transformation programme is focusing on improving and enhancing our academic performance through curriculum transformation, and delivery of our estate plan which has been designed to ensure we optimize the use of our spaces and create vibrant and sustainable spaces. The new City Campus in Gloucester will become operational during the 2025\/26 academic year, concurrently we are progressing the disposal of surplus assets. The University has recently entered a contract for the one of the planned disposals of property in Cheltenham, which it expects will conclude within the 2024\/25 financial year. &nbsp;We will also continue with our transformation focus on delivering sustained efficiency, contributing to regional economic growth and improving outcomes for students from disadvantaged backgrounds.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Going Concern<\/h4>\n\n\n\n<p>Financial Sustainability is an overarching aim of the University. The Finance Strategy 2022-26 maintains this priority, with growth in turnover being at the heart of our ability to ensure sufficient surpluses and cash resources are generated to enable the University to invest in its people and infrastructure and provide an excellent student experience.<\/p>\n\n\n\n<p>The University has adopted a rigorous self-assessment framework to assist the Council in determining whether it is appropriate to adopt the going concern basis for preparing financial statements, and, in making balanced, proportionate and clear disclosures. The self-assessment covers the period to May of 2026 and includes a review of forecasts and budgets, borrowing requirements, compliance with loan agreements, timing of cash flows, contingent liabilities, supply chain risks, insurance, risk management and financial adaptability, including sensitivity analysis and stress testing whilst also considering the financial projections up to July 2027. The Reverse Stress Testing has considered material events that could occur even in implausible scenarios and has been used in the assessment of cash levels and covenant compliance at year end, the items of specific materiality largely relate to asset disposals and lender consents. A Continued Viability Statement has also been developed by management and considered by Audit &amp; Risk Committee and Council.&nbsp; While the University remains focussed on our mission and goals to provide an excellent experience of teaching and learning for our students, and to enable our students to achieve their full potential, we fully recognise that our ability to achieve those goals is dependent on remaining financially sustainable.<\/p>\n\n\n\n<p>&nbsp;The Council approved a budget for the year to 31 July 2025 at its June 2024 meeting, taking into account the latest information on the applications cycle for Autumn 2024 and which also included consideration of the financial projections up to July 2027. In addition, the University prepares an 18-month cash projection monthly which is considered by Council and Finance and General Purposes Committee. A review of recruitment performance in September against the budget targets reflected an under achievement against budget albeit in common with the rest of the sector. In year international recruitment is expected to show an improvement on the previous year, as a bounce back is expected in January enrolments. Cash generation and cash balances are under pressure, although new Revolving Credit Facilities are available to manage these pressure points. The university remains focussed on driving income generation and creating an agile cost base to ensure we remain financially sustainable.<\/p>\n\n\n\n<p>&nbsp;The activities which present greatest underlying financial risk to the university are student recruitment and retention as tuition fees represent three quarters of our income. Cost inflation is another less material risk, and not likely to create any threat to financial sustainability. Planned property disposals in excess of \u00a311m are notable material events which are projected to conclude during the 2024\/25 financial year. Reverse stress testing of remote but possible delays in conclusion of these property disposals, indicate that they are key events to deliver compliance with covenants at year end. Management therefore concludes that the property disposals and securing lender consents for the extension of both the \u00a37m &amp; \u00a38m RCF facilities in addition to a carve out of asset disposals within the covenants should the property disposals be delayed create Material Uncertainties affecting the University\u2019s Going Concern projections. The term loan has an extension option from May 2026 to May 2027, in relation to the \u00a324.8m which will be outstanding at that date. It is too early to commence negotiations with the bank, but the intention is to enter negotiations nearer the time, although significant, this event is outside the going concern period of review. Mitigating actions have been put in place for the risks identified in the going concern assessment period and could be called upon should these adverse events arise, although may still require lender consents which have not yet been explored. Management remains confident that the disposals will complete successfully, even if some delays are experienced. Following a review of the rigorous self-assessment, the directors have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the company&#8217;s ability to continue as a going concern. Nevertheless, after making enquiries, and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, meeting its liabilities as they fall due. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts.<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000007104\" alt=\"Five students walking together at the Cheltenham Literature Festival\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25103813\/may-24.jpg\" style=\"object-position:53% 45%\" data-object-fit=\"cover\" data-object-position=\"53% 45%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-yellow-base-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h3 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Section2\">Section 2: Public Benefit Statement<\/h3>\n<\/div><\/div>\n\n\n\n<p class=\" extra-pt\">The objectives of the University are the advancement of education in the United Kingdom for public benefit including the provision of teaching and the undertaking of research activities.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The University of Gloucestershire is incorporated as a private company limited by guarantee and is an exempt charity under the terms of the Charities Act 2011. As an exempt charity it is not required to be registered with the Charity Commission, but is however subject to the Charity Commission\u2019s regulatory powers which are monitored by the Office for Students. The University Council have due regard to the Charity Commission\u2019s public benefit guidance. The Council have taken into account the Charity Commission\u2019s guidance on public benefit and are satisfied that the activities of the University as described in these financial statements fully meet the public benefit requirements.&nbsp;<\/p>\n\n\n\n<p>The prime beneficiaries are the students of the University of Gloucestershire who are engaged in learning, personal development and research activities. Other beneficiaries include employers, businesses, school children and the general public. Staff and students also engage in voluntary action in the local community and overseas.&nbsp;&nbsp;<\/p>\n\n\n\n<p>We pride ourselves on being an academic community that is student-centred, learning-led and research-informed. Of particular relevance to public benefit is our commitment to widening participation and ensuring that diverse groups are supported across the whole student lifecycle and to providing equal opportunities to all students. Of the 9,347 students registered at the University in 2023\/24, 32% identified themselves as having a disability, 27% identified themselves as black, asian and minority ethnic (BAME), and 24% students came from the lowest two areas of multiple deprivation. The University is committed to extending the diversity of its student body and runs a programme of outreach and financial support to ensure that there is fair and equal access for all. Over 10% of students enrolled at the University in 2023\/24 came from the lowest areas of deprivation.\u202f\u202f\u202f&nbsp;<\/p>\n\n\n\n<p>The University works predominantly with schools and colleges, including institutions in its partnership network in Gloucestershire and neighbouring counties. It has strong strategic partnerships with further education colleges in the area, including South Gloucestershire and Stroud College and Yeovil College, and the new Institute of Technology in Swindon. Interventions are in place to work with a wide range of students to ensure our intake reflects all areas of society. Such projects include residential summer schools, opportunities to access subject taster sessions and application support. The University is supporting the Cheltenham Education Partnership of state and independent secondary schools in Cheltenham.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">2.1 Bursaries and Scholarships&nbsp;<\/h4>\n\n\n\n<p>In 2023\/24 the University provided around \u00a33.5m in financial support to students through fee discounts, fee waivers and bursary awards. The University supports students from under-represented groups by offering financial support and a large financial assistance fund for students facing financial hardship. Scholarships and bursaries are available to those who progress onto a course at the University having previously studied at a partner school or college, whilst fee discounts are provided to alumni who wish to progress to postgraduate study. Examples include the Care Leavers Bursary for undergraduate students of \u00a34,000 spread over three years of study, the Sport Excellence Bursary for elite sport students from underrepresented and disadvantaged backgrounds, and our Sanctuary Scholarship aimed at students whose immigration status means they do not qualify for student finance.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">2.2 Carbon Emissions Reporting&nbsp;<\/h4>\n\n\n\n<p>The University is committed to improving energy efficiency, reducing energy use and corresponding CO2 emissions and achieved First Class status in the 2023\/24 People and Planet University League.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2023\/12\/21110046\/ul2023-24-badge-1st-600.png\" alt=\"Graphic showing UoG's 1st award class in the People and Planet University League 2023-24.\" class=\"wp-image-129000005961\" style=\"width:315px;height:auto\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As required by relevant law and regulations, the University reports annually against the Streamlined Energy and Carbon Reporting (SECR) protocol. The data collected and analysed using the Greenhouse Gas Reporting Protocol &#8211; Corporate Standard methodology, are detailed below:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>\u202f&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2023\/24&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2022\/23&nbsp;<\/strong><\/td><\/tr><tr><td>Natural Gas consumption for on site operations (heating, catering, etc) &#8211; Scope 1 KWh&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,641,114<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,902,249<\/td><\/tr><tr><td>Fuel used for site vehicle activity &#8211; Scope 1 KWh&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">10,562<\/td><td class=\"has-text-align-right\" data-align=\"right\">21,226<\/td><\/tr><tr><td>Total CO2 emissions for Scope 1 activities (fuels used on site for organisational activity) Tonnes&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">815<\/td><td class=\"has-text-align-right\" data-align=\"right\">888<\/td><\/tr><tr><td>Electricity supplied from off site generation for consumption by on site operations (heating, ventilation, air conditioning, lighting, computers, etc) &#8211; Scope 2 KWh&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,352,191<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,583,524<\/td><\/tr><tr><td>Electricity generated and used on site (Photo voltaic cells) KWh&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>Total CO2 emissions for Scope 2 activities (energy generated off site and used on site for organisational activity) Tonnes&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">901<\/td><td class=\"has-text-align-right\" data-align=\"right\">949<\/td><\/tr><tr><td>Total Scope 1 &amp; 2 CO2 emissions Tonnes (for ESG target)&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1716<\/td><td class=\"has-text-align-right\" data-align=\"right\">1837<\/td><\/tr><tr><td>New ESG Carbon emissions target set by business April 2022 &#8211; 36% reduction in combined Scope 1 &amp;&nbsp; 2 CO<sub>2<\/sub> emissions from existing footprint by 2027 compared to 2018\/19 emissions.&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">20% reduction (Note: target for year was 29% reduction. Target missed. Scope 1 gas consumption and emissions better than target however scope 2 electricity consumption and emissions significantly worse than target. This is partly due to UK emissions factors for electricity being worse than predicted but also projects to reduce electricity consumption have been delayed or yielded lower than expected reductions)&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">15% reduction (Note: target for year was 22% reduction.)&nbsp;<\/td><\/tr><tr><td>Emissions from business travel in rental cars or employee -owned vehicles where company is responsible for purchasing the fuel (Scope 3) Tonnes&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">25<\/td><td class=\"has-text-align-right\" data-align=\"right\">30<\/td><\/tr><tr><td>Total CO2 emissions attributed to activity of business (Scope 1, 2 &amp; 3) Tonnes&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1741<\/td><td class=\"has-text-align-right\" data-align=\"right\">1867<\/td><\/tr><tr><td>Carbon emissions target set by business &#8211; 33% reduction in Scope 1 &amp; 32% reduction in Scope 2 CO<sub>2<\/sub> emissions by 2030 compared to 2018\/19 emissions (note; new target set Sept 2021)&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">Scope 1 = 20% reduction<br>Scope 2 = 20% reduction<\/td><td class=\"has-text-align-right\" data-align=\"right\">Scope 1 = 13% reduction<br>Scope 2 = 15% reduction<\/td><\/tr><tr><td>Intensity Ratio &#8211; Tonnes CO2 emitted per 1000m2 Gross Internal Area&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">19.5&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">20.9&nbsp;<\/td><\/tr><tr><td colspan=\"3\">Methodology:&nbsp;&nbsp; Data was collected and analysed using a method based on the Green House Gas Reporting Protocol &#8211; Corporate Standard<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Renewable energy supply:&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p>All of our electricity is procured on a renewable energy tariff. In 2019 the University entered a Power Purchase Agreement (PPA) ensuring 20% of electricity is supplied from windfarms. The University seeks to generate electricity on site, however our PV cells at Oxstalls campus did not generate electricity in 2023\/24 due to a fault. The University is investigating whether repair of these is cost effective.&nbsp;<\/p>\n\n\n\n<p>Actions taken to reduce consumption in past 12 months:&nbsp;&nbsp;<\/p>\n\n\n\n<p>Weather forecasts and external temperatures were carefully monitored in October\/November and March\/April to ensure that our winter season heating schedules were as short as possible. Set points for heating systems were also monitored to minimise consumption.&nbsp;<\/p>\n\n\n\n<p>In summer 2023 LED lamps were installed throughout our Oxstalls Halls of Residences and these helped reduce electricity consumption at that campus throughout 23\/24.&nbsp;<\/p>\n\n\n\n<p>During 2023\/24 a number of other relamping projects were carried out, mostly during the summer of 24. LED lamps were installed in Challinor Halls of Residence and Dunholme Villa at Park Campus, 2\/3rd of the Library at Oxstalls Campus and most of the Library at Francis Close Hall Campus. The impact of these projects on electricity consumption will be seen during 2024\/25.&nbsp;<\/p>\n\n\n\n<p class=\" extra-pb\">In March 2024 the University succeeded in obtaining a Salix PSDS3c grant for \u00a3690K to replace the gas boilers at Oxstalls Sports Science Building with Air Source Heat Pumps. This project will be undertaken in 24\/25 and will reduce gas consumption and associated CO2 emissions.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000007110\" alt=\"A gymnast mid-air while jumping on the trampoline.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25132016\/varsity-games.jpg\" style=\"object-position:51% 69%\" data-object-fit=\"cover\" data-object-position=\"51% 69%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-yellow-base-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h3 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Section3\">Section 3: Financial Performance<\/h3>\n<\/div><\/div>\n\n\n\n<p class=\" extra-pt\">Financial performance is key to ensuring that the University continues to be a successful and sustainable organisation, cash generation being a primary focus.<\/p>\n\n\n\n<p>The University has prepared its financial statements in accordance with FRS 102 and the financial highlights are set out below.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.1&nbsp; Key financial highlights&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Cash generation from operating activities exceeds target, increasing to 13.4% (2023: 10.0%)<\/li>\n\n\n\n<li class=\"\">Year-end net liquidity position has decreased, with net liquidity being 83 days (2023:138 days)&nbsp;<\/li>\n\n\n\n<li class=\"\">The net asset position before pension provisions has remained stable at \u00a396.8m (2023: \u00a397.0m);&nbsp;<\/li>\n\n\n\n<li class=\"\">The net asset position after pension provisions has increased to \u00a396.1m (2023: \u00a395.6m);&nbsp;<\/li>\n\n\n\n<li class=\"\">Investment of \u00a332.5m in fixed assets;&nbsp;<\/li>\n\n\n\n<li class=\"\">Successfully refinanced existing borrowings of \u00a329.7m in addition to securing two Revolving Credit facilities to the value of \u00a315m.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.2&nbsp; Review of the year&nbsp;<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Operating performance&nbsp;<\/strong><\/li>\n<\/ul>\n\n\n\n<p>The University reports a consolidated operating surplus for the year of \u00a32.1m (2023: deficit of \u00a32.0m). The reported surplus is after accounting for the FRS102 LGPS &amp; USS (non-cash) pension charges of \u00a30.7m (2022: \u00a31.4m). The result is an improvement on prior year reflecting the controlled operational environment being managed as we navigate our way through a challenging and turbulent external market environment.<\/p>\n\n\n\n<p>Despite the continued challenging market conditions the University is reporting an increase in its cash generation from operating activities ratio reporting 13.4% (2023: 10%) an increase of 3.4%. Cash generation, liquidity and covenant compliance continues to be our primary focus with cash generation exceeding our Finance Strategy targets.<\/p>\n\n\n\n<p>The last five years has seen significant asset investment, delivering a stable net asset position of \u00a396.8m before pension liability (2023: \u00a397.0m, 2022: \u00a397.9, 2021: \u00a397.9m, 2020: \u00a392.0m).<\/p>\n\n\n\n<p class=\" extra-pb\">Despite the continued and increasingly challenging external operating environment for the University and the higher education sector generally regarding capped tuition fees and cost of living crisis, the income position for the University has remained relatively stable year on year with tuition fees and grants reporting a modest increase of c\u00a32m.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25110353\/income-bar-chart.png\" alt=\"Bar chart showing UoG's income from 2020-21 to 2023-24\" class=\"wp-image-129000007106\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Capital investment and divestment<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Capital investment of \u00a332.5m was delivered during the year, with \u00a329.1m relating to the City Campus development. The City Campus development has been supported by several successful capital grant bids awarded in previous financial years. Capital expenditure in the year has also continued to deliver additional and upgraded space and facilities supporting the university with its estates rationalisation and development of its portfolio.&nbsp;<\/p>\n\n\n\n<p class=\" extra-pb\">IT investment continues to support the business maintaining the core systems and infrastructure in addition to delivering significant projects to support and improve the student experience, including the development of Nova, our new digital student assistant.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/12\/09143126\/capital-investment-updated.png\" alt=\"Bar chart showing capital investment from 2020 to 2024.\" class=\"wp-image-129000007289\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Long term debt (secured loans)<\/strong><\/li>\n<\/ul>\n\n\n\n<p>During 2023\/24 the remaining \u00a35m of the Barclays Loan was drawn to continue funding the City Campus development.<\/p>\n\n\n\n<p>In July 2024, the University entered a new secured facility agreement with Barclays for \u00a342.9 million, consisting of three tranches: the original term loan of \u00a327.9m and two Revolving Credit Facilities (RCF) \u2013 \u00a38m and \u00a37m respectively.<\/p>\n\n\n\n<p>As at 31st July 2024, \u00a327.9 million of the new facility had therefore been fully drawn. The \u00a38m RCF facility is available to help support the university minimum liquidity requirements whilst the \u00a37m RCF facility is specifically linked to fixed asset disposals.<\/p>\n\n\n\n<p>Our long-term borrowings (secured loans) at year end is \u00a332.1m (2023: \u00a330.0m).&nbsp;&nbsp;<\/p>\n\n\n\n<p>The gearing ratio (including Service Concession) has therefore increased to 41.5% (2023: 38.6%) and continues to sit below the target of 45% set out in the Finance Strategy.&nbsp;<\/p>\n\n\n\n<p>All bank covenants are reported as compliant.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Liquidity and treasury management<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Cash deposits are invested in accordance with the University\u2019s Treasury Management Policy. The prime requirement of the policy is for capital sums to be distributed between approved financial institutions to ensure minimal risk exposure.&nbsp;<\/p>\n\n\n\n<p>Deposits held with any one bank should not exceed \u00a37m.&nbsp; At the balance sheet date \u00a316.0m was placed on deposit with a number of banks; average monthly balances held by deposit takers over the year were \u00a327.6m (2023: \u00a329.0m).&nbsp;<\/p>\n\n\n\n<p>The year-end liquidity position has decreased during the year and is below the target of 75 days set out in the Finance Strategy, and at the year-end liquidity levels stood at 83 days (2023: 138 days).&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\"><strong>Pensions and pension liability<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Retirement benefits for employees of the University are provided by a number of defined benefit schemes.&nbsp; The financial results continue to include the accounting impact of FRS 102.&nbsp;<\/p>\n\n\n\n<p>Under the Gloucestershire County Council Local Government Pension Scheme (LGPS) the net pension liability as at 31 July 2024 continues to be reported as \u00a30.0m (2023: \u00a30.0m; 2022: \u00a38.38m), despite the scheme continuing to be fully funded and reporting a surplus of \u00a329m an increase of \u00a310m from prior year.&nbsp;<\/p>\n\n\n\n<p>The Universities Superannuation Scheme (USS) and Church of England Funded Pension Scheme (CEFPS) are multi-employer schemes for which it is not possible to identify the assets and liabilities to the University for members and are therefore accounted for as defined contribution retirement benefit schemes.&nbsp; The net pension liabilities for any contractual commitment to fund past deficits have been identified within provisions: USS: \u00a30k (2023: \u00a3659k), CEFPS: \u00a30k (2023: \u00a30k).&nbsp;<\/p>\n\n\n\n<p>The Teachers\u2019 Pension Scheme (TPS) is a multi-employer unfunded scheme and the University\u2019s share of assets and liabilities cannot be separately identified.&nbsp; This scheme is therefore accounted for as a defined contribution retirement benefit scheme.&nbsp;<\/p>\n\n\n\n<p>Employer contributions to pension schemes were as follows:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Pension scheme&nbsp;<\/strong><\/td><td><strong>Current Contribution rate&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2023\/24<\/strong><br><strong>\u00a3000&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2022\/23<\/strong><br><strong>\u00a3000&nbsp;<\/strong><\/td><\/tr><tr><td>LGPS&nbsp;<\/td><td>22.10% plus \u00a3159k pa&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,402<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,629&nbsp;<\/td><\/tr><tr><td>USS&nbsp;<\/td><td>21.10%&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">165<\/td><td class=\"has-text-align-right\" data-align=\"right\">199&nbsp;<\/td><\/tr><tr><td>TPS&nbsp;<\/td><td>28.68%&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,334<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,931&nbsp;<\/td><\/tr><tr><td>Defined Contribution Scheme&nbsp;<\/td><td>10.0%&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">277<\/td><td class=\"has-text-align-right\" data-align=\"right\">207&nbsp;<\/td><\/tr><tr><td>Others including Church of England Scheme&nbsp;<\/td><td>39.9% (CEFPS)&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">7<\/td><td class=\"has-text-align-right\" data-align=\"right\">10&nbsp;<\/td><\/tr><tr><td>Total&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,185<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>8,976<\/strong>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>From September 2021 all new professional services staff, except for those with continuous pensionable LGPS service are recruited through the newly incorporated subsidiary company, University of Gloucestershire Professional Services Limited (UOGPSL) and were eligible to join the new Defined Contribution Pension Scheme with Legal &amp; General, the scheme has been awarded the Pension Quality Mark (PQM) Plus accreditation.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.3 Financial sustainability and key performance indicators<\/h4>\n\n\n\n<p>Management continue to closely monitor the financial position of the University, taking appropriate action where needed to ensure it maintains a stable platform to enable it to face the current and future challenges in the HE sector.&nbsp;<\/p>\n\n\n\n<p>The Finance Strategy 2022-2026 was approved by Council in May 2022. The Strategy \u2018Sustainable Growth\u2019 has been designed to ensure the long-term financial sustainability of the university, delivering an integrated approach linking academic, financial and business planning issues, enabling investment and development and underpinning the delivery of an excellent student experience.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>We measure success through the Key Financial Indicators agreed within the Strategy, which are actively monitored to support delivery of the University\u2019s financial goals.&nbsp; Regular business review planning meetings are also held through the year to monitor progress against School and Department key performance indicators supporting the University\u2019s operational and business plans.&nbsp;<\/p>\n\n\n\n<p>The primary financial goals of the 2022-26 Finance Strategy are to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">ensure the continued financial sustainability of the University;&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">identify and fully exploit profitable income lines with growth potential;&nbsp;<\/li>\n\n\n\n<li class=\"\">control pay and non-pay costs within an inflationary environment;&nbsp;<\/li>\n\n\n\n<li class=\"\">maintain cash generation at a level to sustain investment and business development;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Performance against the targets included in the Finance Strategy is set out below:&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Key financial indicator&nbsp; &nbsp;<\/strong><\/td><td><strong>Performance&nbsp; <\/strong><br><strong>2023-24&nbsp;&nbsp;<\/strong><\/td><td><strong>Finance strategy target&nbsp; <\/strong><br><strong>2022 to 2026&nbsp;<\/strong><\/td><\/tr><tr><td>Cash generation from operating activities&nbsp;<\/td><td>13.4%<\/td><td>10% of turnover&nbsp;<\/td><\/tr><tr><td>Operating surplus (before FRS102 pension charge)&nbsp; &nbsp;<\/td><td>2.4% of turnover<\/td><td>4.5% of turnover&nbsp;<\/td><\/tr><tr><td>Year-end liquidity ratio&nbsp;(cash &amp; investments \/ expenses less depreciation)<\/td><td>83 days<\/td><td>To exceed 75 days&nbsp;<\/td><\/tr><tr><td>*Interest cover ratio&nbsp;to exceed 1:1.1<\/td><td>2.2<\/td><td>1:1.1&nbsp;<\/td><\/tr><tr><td>Gearing \u2013 External borrowings (all borrowings and service concessions)&nbsp;<\/td><td>41.5% of turnover<\/td><td>not to exceed 45% of turnover&nbsp;<\/td><\/tr><tr><td>EBITDA (before FRS102) as a % of total turnover&nbsp;<\/td><td>7.4% of turnover<\/td><td>To exceed 10% of turnover&nbsp;<\/td><\/tr><tr><td>Investment in capital and maintenance&nbsp;<br>&#8211; capital (estates, equipment and IT)&nbsp; &nbsp;<br>&#8211; recurrent maintenance&nbsp;<\/td><td><br><br>37% <br><br>1%<\/td><td>Investment as a % of turnover:&nbsp; <br>5%&nbsp;&nbsp; <br><br>1.8%&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>*As defined by bank loan contracts<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.4 Payment of creditors&nbsp;<\/h4>\n\n\n\n<p>It is the University\u2019s policy to obtain the best terms for all its business activities and therefore terms are negotiated with individual suppliers.&nbsp; The University aims to pay creditors in line with its terms and conditions set out on individual purchase orders; these terms may vary by agreement or contract, or by statutory or regulatory conditions.&nbsp; The University paid 96.3% (2023: 94.1%) of the 7,776 invoices received within 30 days of them being determined as valid and undisputed. The average (median) payment time for invoices was 19.0 days (2023: 19.0 days).&nbsp; The University did not receive or make any payments in respect of the late payment of invoices.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.5 Value for Money<\/h4>\n\n\n\n<p>The Office for Students requires institutions to provide regular publication of clear information about arrangements for securing value for money including provision of a value for money statement along with data about the sources of its income and the way that its income is used. The University monitors and reports on Value for Money for Students across three gauges:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Transparency in how the University earns and spends money \u2013 data and infographics are published annually on the University website<\/li>\n\n\n\n<li class=\"\">Transparency of charges to students and equality in experience \u2013 the charges the students are likely to need to pay are stated in the course pages of our website to give transparency for applicants<\/li>\n\n\n\n<li class=\"\">Student perspective and perception of value for money \u2013 students are invited to provide feedback and actions are taken forward by student services working with the Students&#8217; Union<\/li>\n<\/ul>\n\n\n\n<p>An annual report on Value for Money is presented to Audit and Risk Committee to provide assurance that the University is delivering value for money from public funds.&nbsp;The University is committed to make the best use of the resources that it has available, to deliver intended services and maximise the benefit achieved from those services, and to provide excellent value for money to students. We are committed to continued close working with the Students Union to understand what drives student perceptions of value for money, and how the University can best work over time to improve those perceptions.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.6 Accounting systems<\/h4>\n\n\n\n<p>The University continues with the development of the Agresso accounting software and related systems by undertaking regular system upgrades. The University is looking to migrate to a cloud-based solution for Finance, HR and payroll systems, though no contracts have yet been entered into for such a development.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">3.7 Post balance sheet events<\/h4>\n\n\n\n<p class=\" extra-pb\">There have not been any post balance sheet events.<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000007108\" alt=\"Students sitting on the grass in the sunshine at Francis Close Hall campus.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25124042\/fch-2024.jpg\" style=\"object-position:49% 63%\" data-object-fit=\"cover\" data-object-position=\"49% 63%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-yellow-base-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h3 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Section4\">Section 4: <strong>ANNUAL REPORT OF THE REMUNERATION &amp; HUMAN RESOURCES COMMITTEE ON SENIOR STAFF REMUNERATION&nbsp;<\/strong><\/h3>\n<\/div><\/div>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.1 Introduction&nbsp;&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>The University is committed to transparency in senior staff remuneration, and the publication of this report as part of our annual financial statement is an important part of that commitment. This section is the annual report from the Remuneration and Human Resources Committee (RHRC) to Council, as required by the CUC Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Throughout this report \u2018senior staff\u2019 is understood to mean the University Executive Group, as defined in section 4.6. The Executive Group includes the Vice-Chancellor but as described below, the approach to setting remuneration for the Vice-Chancellor differs from that adopted for other members of the Executive group.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Council has adopted the Committee of University Chairs (CUC) \u2018Higher Education Senior Staff Remuneration Code\u2019 (November 2021), including the supporting documents referred to by this Code, in its approach to senior staff remuneration. In June 2021, the Remuneration and Human Resources Committee also considered the \u2018Independent review of the HE Senior Staff Remuneration Code\u2019 produced by Advance HE. During 2021\/22, Council, through its Remuneration and Human Resources Committee (RHRC), considered the latest version of this Code and undertook a self-assessment of its practices and agreed several enhancements.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Council also has regard to the \u2018Good Pay Guide for Charities and Social Enterprises\u2019 (December 2013) issued by the Chief Executives of Voluntary Organisations and has agreed to adopt the CUC \u2018Guidance on Decisions Taken about Severance Payments in HEIs\u2019 (June 2018) for all staff in the Executive Group including the Vice-Chancellor.&nbsp; Council, through its Audit &amp; Risk and Finance &amp; General Purposes Committees, also ensures it follows the stipulations regarding senior staff remuneration contained in the latest publications issued by the Office for Students, including the Accounts Direction.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.2 Remuneration and Human Resources Committee&nbsp;&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>Council has established a Remuneration and Human Resources Committee (RHRC). This committee is responsible for the development of remuneration and reward policies for all senior staff together with terms and conditions of employment for such staff, and for discussion of the University\u2019s people strategy and pay framework for all staff.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Council believes there are benefits from a single committee having a holistic view of all staff policy and pay matters, including senior staff.&nbsp; The Vice-Chancellor themself is not a member of RHRC and plays no role whatsoever in establishing their own remuneration but attends for relevant agenda items including discussions concerning the performance of other members of the Executive group as well as discussions concerning the University\u2019s overall approach to pay, conditions and HR strategy for all staff.&nbsp; With a view to ensuring transparency a Student Member of Council is included in the membership of RHRC.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>RHRC also has responsibility to Council for the oversight of pay gaps based on gender, ethnicity and other protected characteristics, as well as equal pay and other human resources matters.&nbsp; During 2023\/34, the Committee met three times in the year. For 2024\/25 onwards this has been reduced to twice a year (normally September and June) with additional meetings as required.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>RHRC is independent, being made up exclusively of External Members of Council plus one Student Member.&nbsp; The membership of RHRC includes the Chair of Council. The competence of its membership is reviewed annually by Council through its Governance and Nominations Committee. This includes consideration of an individual\u2019s expertise on appointment to RHRC as well as through the annual effectiveness review process led by the Chair of Council.&nbsp; The Chair of RHRC is ex officio the Vice-Chair of Council. Membership in 2023\/24 was as follows:&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">The Rt Revd R Springett \u2013 ex officio Chair of RHRC as Vice Chair of Council&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Mr D Soutter \u2013 ex officio Vice-Chair of RHRC as Chair of Finance &amp; General Purposes Committee&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Ms N de Iongh \u2013 ex officio member of RHRC as Chair of Council&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Mrs P Sissons \u2013 ex officio member of RHRC as Chair of Audit &amp; Risk Committee&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Ms E Soros \u2013 external member of Council appointed by Council to RHRC&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Mr C Fung \u2013 external member of Council appointed by Council to RHRC<\/li>\n\n\n\n<li class=\"\">Miss P. Archer \u2013 student member of Council appointed by Council to RHRC&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The full Terms of Reference and Membership for RHRC (as with all Council sub-committees) may be found online: <a href=\"http:\/\/www.glos.ac.uk\/governance\/council\/pages\/university-council.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">http:\/\/www.glos.ac.uk\/governance\/council\/pages\/university-council.aspx<\/a>&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.3 Approach to Senior Staff Remuneration&nbsp;&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>The University takes very seriously the need to set pay levels for all staff that are proportionate, that reflect the level of responsibility of the role, and enable us to attract and retain staff of the highest calibre. We are also conscious of the balance to be struck between recruiting, retaining and rewarding the best staff possible, in order to deliver the best outcomes for students, society and the economy, while demonstrating effective use of resources and value for money for students in the use of the University\u2019s overall resources.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>To ensure its approach to senior staff remuneration remains appropriate, RHRC periodically receives senior remuneration benchmarking reports from UCEA and other external sources which benchmarks the pay of Executive Group staff against sector norms. The last such report was presented to RHRC in February 2024 This provided HE sector wide and external benchmarking information and commentary on the remuneration for Vice- Chancellors and other Executive roles. During the year, there were some changes to Executive portfolios which resulted in the creation of new roles, namely Chief Operating Officer and Chief Marketing Officer. New salaries for these positions were informed by the benchmarking information.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Members of the Executive Group are appointed on fixed basic salaries as determined by job evaluation review and relevant benchmarking, which, subject to satisfactory performance, normally increase each year in accordance with the nationally determined pay award.&nbsp; Each member of the Executive Group has annual performance objectives and an annual performance review with their line manager (this is the Chair of Council for the Vice-Chancellor, and the Vice-Chancellor for other members of the Executive Group). RHRC also receives a report on the performance of the Executive Group from the Vice-Chancellor. In addition to these reference points, RHRC also considers the broader institutional context of the University when determining Executive pay and the pay awards for all staff. Exceptionally, due to prevailing financial circumstances, RHRC agreed not to award the 2023\/24 pay award to members of the Executive.&nbsp;&nbsp;<\/p>\n\n\n\n<p>During the year, the policy for a salary supplement in lieu of pension contributions for staff who exceed the Lifetime Allowance was removed due to changes in taxation making the policy redundant.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.4 Remuneration of the Vice-Chancellor (Head of Institution)&nbsp;&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>In the light of continuing debate about the pay of senior staff in universities, and particularly Vice-Chancellors, the Council and RHRC have kept the issue under close review.&nbsp; RHRC is also acutely aware of the Vice-Chancellor\u2019s critical role in achieving the University\u2019s strategic objectives in an increasingly competitive environment.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Clare Marchant commenced in role as Vice Chancellor and Chief Executive on 18th September 2023 and following a benchmarking exercise the salary for the incoming postholder was set at \u00a3200,000. In 2023\/24 the Vice-Chancellor, received total remuneration of \u00a3203,166). This included salary of \u00a3173,889 and pension contributions of \u00a329,277.&nbsp; The previous year, the Vice-Chancellor, Stephen Marston received total remuneration of \u00a3195,510, comprising salary of \u00a3174,563 and payment in lieu of pension of \u00a320,947. He received no employer contributions towards pension, having opted to terminate his active membership of the Local Government Pension Scheme. CUC have published that the average basic salary of a substantive Vice Chancellor on 1st January 2023 was \u00a3267,969.&nbsp;<\/p>\n\n\n\n<p>Jackie Labbe, Deputy Vice-Chancellor and Provost was appointed as Acting Vice-Chancellor from 1 August 2023 until Clare Marchant commences her tenure on 18 September 2023. There is no additional remuneration for acting up during this period.&nbsp;<\/p>\n\n\n\n<p>The Council\u2019s normal approach is that each year the Vice-Chancellor agrees with the Chair of Council a set of performance objectives and targets for the year.&nbsp; With a view to transparency, those objectives are made available to all Council members. At the end of each year, the Vice-Chancellor\u2019s performance is assessed against those objectives and targets and their performance is reviewed by the Chair of Council.&nbsp; The Chair provides a summary of that review to RHRC for discussion in the absence of the Vice-Chancellor.&nbsp; A recommendation on remuneration is then made to Council for approval, reflecting judgements by the Chair and the Committee of the Vice-Chancellor\u2019s performance against the objectives and targets, and taking account of the University\u2019s wider operating environment, the consequent level of challenge in the role, and the University\u2019s position in the higher education sector.&nbsp; On this basis, the University\u2019s Council can be confident that the Vice-Chancellor\u2019s remuneration package was appropriate.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Vice-Chancellor is not provided by the University with any accommodation or a car.&nbsp; The emoluments of the Vice-Chancellor are provided in Note 8 of the financial statements.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.5 Pay Ratios&nbsp;&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>The University calculates pay ratios according to the guidance issued by the Universities and Colleges Employers Association (UCEA).&nbsp; The methodology is informed by pay multiple reporting requirements in the public sector which were implemented following the Hutton Review of Fair Pay in the Public Sector (2011).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The pay ratio in 2023\/24 between the total annualised pay of the Vice-Chancellor (\u00a3233,673) and the median full-time equivalent earnings of the whole University workforce (\u00a343,868) was 5.33 which is well below the UK average of 7.0.&nbsp; In 2022\/23 the ratio was 4.72.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The pay ratio in 2023\/24 between the total annualised pay of the Vice-Chancellor and the median full-time equivalent of the University Group workforce (\u00a348,740) was 4.79. In 2022\/23 the ratio was 4.36.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.6 Remuneration of the Executive Group&nbsp;&nbsp;<\/h4>\n\n\n\n<p>RHRC has delegated authority from Council to approve the remuneration, terms and conditions of employment and all other benefits of all members of the Executive Group (with the exception of the Vice-Chancellor).&nbsp; The members of the University Executive Group during 2023\/24 (excluding the Vice-Chancellor) were as follows:&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Deputy Vice-Chancellor and Provost, Professor Jackie Labbe&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Chief Financial Officer, Camille Stallard&nbsp;&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Chief Operating Officer, Dr Matthew Andrews&nbsp;&nbsp;<\/li>\n\n\n\n<li class=\"\">Chief Marketing Officer, Katharine Clough (from 17th June 2024)&nbsp;<\/li>\n\n\n\n<li class=\"\">Pro Vice-Chancellor (Academic Enhancement and Research) Professor Sarah Jones (until 30th April 2024)&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>As explained above, there is a robust and consistent process for setting objectives and assessing each member of the Executive group\u2019s contribution to the performance of the University and the achievement of its strategic objectives. No individual, including the Vice-Chancellor, is involved in deciding their own remuneration, including any discretionary performance-related element if applicable.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The table in Note 7 of the financial statements provides information concerning the number of staff with a basic salary of over \u00a3100,000 per annum, broken down into bands of \u00a35,000.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.7 External appointments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>The University\u2019s standard contract of employment confirms that all staff on full-time contracts (including members of the Executive group) are required to devote their full time, attention and abilities to their duties during their working hours and to act in the best interests of the University at all times.&nbsp; Accordingly, all staff must not, without the written consent of the University, undertake any employment or engagement that might interfere with the performance of their duties or conflict with the interests of the University.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Every staff member is therefore required to notify their manager of any employment or engagement which they intend to undertake whilst in the employment of the University.&nbsp; The manager (including the Chair of Council in the case of the Vice-Chancellor) will then confirm whether the employment or engagement is permissible.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The University\u2019s position on these matters for senior staff, including on the retention of income derived from external activities, is described in the policy for senior staff on external activities, available at: <a href=\"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/policy-for-senior-staff-on-external-activities\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.glos.ac.uk\/information\/knowledge-base\/policy-for-senior-staff-on-external-activities\/<\/a>&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4.8 Expenses&nbsp;&nbsp;&nbsp;&nbsp; <\/h4>\n\n\n\n<p class=\" extra-pb\">The University has a single published scheme for expenses that applies to all staff: <a href=\"http:\/\/www.glos.ac.uk\/docs\/download\/Governance\/university-staff-expensespolicy.pdf\">University Staff Expenses Policy<\/a>.<strong> <\/strong>RHRC receives an annual assurance that the scheme is operating effectively.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\" style=\"min-height:430px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000006488\" alt=\"A group of four students take a selfie in front of The Neptune Fountain in Cheltenham.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2024\/05\/10112309\/cheltenham-location-2024-landscape.jpg\" style=\"object-position:52% 62%\" data-object-fit=\"cover\" data-object-position=\"52% 62%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-yellow-base-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h3 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Section5\">Section 5: Governance<\/h3>\n<\/div><\/div>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.1 Introduction&nbsp;&nbsp;&nbsp;<\/h4>\n\n\n\n<p>The University is incorporated as a private company limited by guarantee, and is an exempt charity under the terms of the Charities Act 2011. Its objects, powers and framework of governance are set out in the Articles of Association, as approved by the University Council on 11 May 2021. The Articles set out the requirements, and define the responsibilities of Council and Academic Board, alongside the responsibilities of the Vice-Chancellor and Senior Staff.&nbsp;<\/p>\n\n\n\n<p>The University conducts 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). The University\u2019s Council has adopted the Committee of University Chairs\u2019 (CUC) Higher Education Code of Governance (2020). The University, and its Council, is committed to best practice in all aspects of corporate governance and operates in line with the public interest governance principles as articulated by the Office for Students (OfS) in the \u2018Regulatory framework for higher education in England\u2019.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.2 University Council&nbsp;&nbsp;<\/h4>\n\n\n\n<p>Council is the governing body of the University, responsible for setting the general strategic direction of the institution, for ensuring proper accountability, and for the strategic oversight of its finances, property and investments and the general business of the University. Council has a membership of 20: a majority of whom are non-executive and independent, together with student and staff representatives (both academic and non-academic) and the Vice-Chancellor. Members of Council (as well as members of the University Executive) are only appointed after demonstration that they satisfy the definition of \u2018fit and proper persons\u2019 as articulated by the OfS in the \u2018Regulatory framework for higher education in England\u2019.&nbsp;<\/p>\n\n\n\n<p>The roles of Chair and Vice-Chair of Council are separated from the role of the University\u2019s Chief Executive, the Vice- Chancellor. The responsibilities specifically reserved to the Council are set out in the Articles of Association of the University, and further elaborated in the Statement of Primary Responsibilities and Scheme of Delegation.&nbsp;<\/p>\n\n\n\n<p>In the conduct of its formal business, in addition to an annual strategic away day, the Council meets five times a year. The Council recognises that, in accordance with best practice recommended in the CUC Higher Education Code of Governance, regular reviews of the effectiveness of the Governing Body should be undertaken, and in June 2024 initiated its latest external review of governance arrangements, which is due to report back findings and recommendations in November 2024. The last review, carried out by Advance HE in 2020, concluded that governance at the University is effective: \u2018It is enabled by robust practices, policies and processes and realised through a Council and wider governance structure that is fit for purpose and clearly committed to the institution\u2019s long term success\u2019. Council and external stakeholders should be assured that the University is compliant with the regulatory requirements and that in all its essentials the University is well governed and effectively led.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The formally constituted committees of Council are Audit and Risk Committee, Finance and General Purposes Committee, Governance and Nominations Committee, Remuneration and Human Resources Committee, and the Council, Foundation, and Chaplaincy Committee. The Scheme of Delegations further details the specific delegated powers of these committees. All these documents may be found on the University\u2019s website: <a href=\"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/university-council\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.glos.ac.uk\/information\/knowledge-base\/university-council\/<\/a>&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.3 Academic Board&nbsp;<\/h4>\n\n\n\n<p>The Academic Board is the academic authority of the University and draws its membership from the staff and students of the University. Its principal role is to direct and regulate the teaching and learning and research work of the University and to advise Council accordingly. The Academic Board and Council hold an annual joint meeting. In 2023\/24 the University revised the terms of reference of Academic Board to include all Heads of Schools and to reflect appointment of staff members through a process of application and selection. The Vice-Chancellor is Chair of the Academic Board. A member of Council is appointed from amongst the members of Academic Board, and the Member of Academic Staff elected to Council is also ex officio a member of Academic Board.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.4 Audit and Risk Committee&nbsp;<\/h4>\n\n\n\n<p>Audit and Risk Committee has responsibility for monitoring the effectiveness of the University\u2019s risk management, control and governance arrangements, along with the arrangements to promote economy, efficiency and effectiveness throughout the institution, and advises the Council accordingly. The Committee exercises oversight over internal audit arrangements, including recommending the appointment of internal auditors. It considers internal audit reports and recommendations for the improvement of the University\u2019s systems of internal control, together with management\u2019s responses and implementation plans. The Committee also exercises oversight over external audit arrangements, such as the nature, scope and effectiveness of the process, and considers the audit aspects of the institution\u2019s financial statements. It also advises the Council on the appointment of external auditors. In accordance with recommended practice, the Committee, which met four times during the year, provides the opportunity at each meeting for members to meet with the internal and\/or external auditors without officers of the University present.&nbsp;<\/p>\n\n\n\n<p>The Strategic Risks as identified and managed closely by the University Leadership Group, with oversight from the Audit and Risk Committee, are focused on:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Financial Sustainability \u2013 meeting the University\u2019s financial covenants and KPIs, and student recruitment targets&nbsp;<\/li>\n\n\n\n<li class=\"\">Operational Effectiveness \u2013 developing and managing our physical and digital infrastructure to operate efficiently and provide a positive student experience&nbsp;<\/li>\n\n\n\n<li class=\"\">People \u2013 maintaining good staff morale through effective and transparent leadership as we transform the way we work&nbsp;<\/li>\n\n\n\n<li class=\"\">Student Experience \u2013 providing an excellent academic experience and supporting our students so as to achieve strong continuation, completion and progression outcomes&nbsp;<\/li>\n\n\n\n<li class=\"\">Reputation \u2013 developing our strategic partnerships and ensuring regulatory compliance&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>The University\u2019s approach to risk management is further described in the Statement of Internal Control in Section 5.8.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.5 Other Committees of Council&nbsp;&nbsp;<\/h4>\n\n\n\n<p>Finance and General Purposes Committee is responsible for monitoring and advising Council on the financial health of the University, including the financial strategy, budget setting, annual accounts, investment activity, and consideration of capital expenditure and estates development. The Committee also has responsibility for monitoring institutional level Key Performance Indicators (KPIs) in order to measure and monitor University performance against agreed strategies and targets.&nbsp;<\/p>\n\n\n\n<p>Governance and Nominations Committee is responsible for a range of governance related issues including recommendations to Council on the appointment of new independent members and the spread of skills and experience of all Council Members. The Committee monitors and reviews the development and implementation of good governance practice, including oversight of the test to determine that Council Members are \u2018fit and proper persons\u2019 within the meaning defined by the Office for Students.&nbsp;<\/p>\n\n\n\n<p>Remuneration and Human Resources Committee is responsible for the development of remuneration and reward policies for senior staff together with terms and conditions of employment for such staff, and for discussion of Human Resources Strategy for all staff. Further details are included in Section 4.2.&nbsp;<\/p>\n\n\n\n<p>Council, Foundation, and Chaplaincy Committee oversees those aspects of the University\u2019s mission and objects relating to its Anglican identity, to support the work of the University\u2019s Senior Chaplain and the Chaplaincy Team, to encourage its relationship with the Cathedrals Group, and its partnerships with the Foundation Fellows and the Diocese of Gloucester.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.6 Financial responsibilities of the University\u2019s Council&nbsp;<\/h4>\n\n\n\n<p>In accordance with the Companies Act 2006 and Articles of Association, the Council is responsible for the administration and management of the affairs of the University and is required to present audited financial statements for each financial year.<\/p>\n\n\n\n<p>The Council of which are also the directors of the University for the purposes of company law) is responsible for preparing the&nbsp; Directors\u2019 Report and the financial statements in accordance with applicable law and regulations.<\/p>\n\n\n\n<p>Company law requires the Council to prepare financial statements for each financial year. Under that law, the Council is required to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 \u201cThe Financial Reporting Standard applicable in the UK and Republic of Ireland&#8217;. In addition, the Council is required to prepare the financial statements in accordance with the Office for Student (\u2018OfS\u2019) Accounts Direction (issued October 2019), the OfS Terms and conditions of funding for higher education institutions (issued July 2023) and the terms and conditions of its the funding agreement with UK Research and Innovation (including Research England), the Education &amp; Skills Funding Agency and the Department for Education through its accountable officer. Under company law, the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the University and the Group and of the surplus or deficit, gains and losses, changes in reserves and cash flows of the University and the Group for that year.<\/p>\n\n\n\n<p>In preparing the financial statements, the Council is required to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">select suitable accounting policies and then apply them consistently;<\/li>\n\n\n\n<li class=\"\">make judgements and accounting estimates that are reasonable and prudent;<\/li>\n\n\n\n<li class=\"\">state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and<\/li>\n\n\n\n<li class=\"\">prepare the financial statements on the going concern basis unless it is inappropriate to presume that the University and the Group will continue in business.<\/li>\n<\/ul>\n\n\n\n<p>The Council&nbsp; is&nbsp; responsible for keeping adequate accounting records that are sufficient to show and explain the University&#8217;s transactions and disclose with reasonable accuracy at any time the financial position of the University and enable it to ensure that the financial statements comply with the OfS Terms and conditions of funding for higher education institutions (issued July 2023), the Statement of Recommended Practice &#8211; Accounting for Further and Higher Education, 2019 Edition, the OfS Regulatory Advice 9: Accounts Direction (issued October 2019) and the Companies Act 2006. They are also responsible for safeguarding the assets of the University and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.<\/p>\n\n\n\n<p>The members of Council has taken reasonable steps to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">ensure that Funds from whatever source administered by the University for specific purposes have been properly applied to those purposes and, if relevant, managed in accordance with relevant legislation; and&nbsp;<\/li>\n\n\n\n<li class=\"\">ensure that funds provided by the OfS, UK Research and Innovation (including Research England), the Education and Skills Funding Agency and the Department of Education have been applied in accordance with the OfS Terms and conditions of funding for higher education institutions (issued July 2023), any requirements of the funding agreement with UK Research and Innovation (including Research England), the\/ Education and Skills Funding Agency and the \/Department of Education**], and any other terms and conditions attached to them,<\/li>\n\n\n\n<li class=\"\">ensure that the University has a robust and comprehensive system of risk management, control and corporate governance, which includes the prevention and detection of corruption, fraud, bribery and irregularities;<\/li>\n\n\n\n<li class=\"\">ensure that there is regular, reliable, timely and adequate information to monitor performance and track the use of public funds;<\/li>\n\n\n\n<li class=\"\">plan and manage the University\u2019s activities to remain sustainable and financially viable;<\/li>\n\n\n\n<li class=\"\">ensure that it informs the OfS of any material change in its circumstances, including any significant developments that could impact on the mutual interests of the University and the OfS;<\/li>\n\n\n\n<li class=\"\">ensure that there are adequate and effective arrangements for the management and quality assurance of data submitted to HESA, the Student Loans Company, the OfS, Research England and other funding or regulatory bodies;<\/li>\n\n\n\n<li class=\"\">ensure an effective framework \u2013 overseen by the University\u2019s Council, academic board or equivalent \u2013 to manage the quality of learning and teaching and to maintain academic standards; and<\/li>\n\n\n\n<li class=\"\">consider and act on the OfS\u2019 assessment of the University\u2019s risks specifically in relation to these funding purposes.<\/li>\n<\/ul>\n\n\n\n<p>The Council is responsible for the maintenance and integrity of the corporate and financial information included on the University&#8217;s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.<br><br>The Council confirm that:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">so far as each Member is aware, there is no relevant audit information of the University\u2019s auditor is unaware; and<\/li>\n\n\n\n<li class=\"\">the Members have taken all the steps that they ought to have taken&nbsp;in order to make themselves aware of any relevant audit information and to establish that the University\u2019s auditor is aware of that information.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"heading wp-block-heading\">5.7 Statement of Internal Control&nbsp;<\/h4>\n\n\n\n<p>As the governing body of the University of Gloucestershire, the Council recognises that it has responsibility for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, whilst safeguarding the public and other funds and assets for which it is responsible, in accordance with the responsibilities assigned to Council in the Articles of Association and the expectations of the Office for Students as provided in the \u2018Regulatory framework for higher education in England\u2019.&nbsp;<\/p>\n\n\n\n<p>The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness.&nbsp;<\/p>\n\n\n\n<p>The system of internal control is based on an ongoing review process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks, and to manage them efficiently, effectively and economically. This process has been in place for the year ended 31 July 2024 and up to the date of approval of the financial statements.&nbsp;<\/p>\n\n\n\n<p>The University keeps its Risk Management Policy and Procedures under review in order to better recognise and manage the risks it faces in the delivery of its strategic aims. The risk framework is aligned with the University\u2019s Strategic Plan. It has been designed to cover all risks including governance, management, quality, reputational and financial, whilst focusing on the most important risks. The risk register provides an appraisal of the current and projected position for each risk, including a likelihood\/impact matrix. A detailed reporting schedule is in place to ensure that the relevant information is reviewed and reported in a timely manner to appropriate audiences including the University Leadership Group, Audit and Risk Committee, and Council. The University\u2019s approach to risk management was considered by the internal auditors in 2023\/24 which concluded that the controls upon which the University relies to manage risk are suitably designed, consistently applied and effective.&nbsp;<\/p>\n\n\n\n<p>Risk management is fully incorporated into the corporate planning and decision-making processes of the institution and informs the work undertaken by Internal Audit. The University Leadership Group has a standing agenda item to review all key risks, to report on progress of action plans that introduce new mitigations, risk trajectories, and projected risk. While the identification of new and emerging risks may occur at any point during the year, an annual risk workshop is held at the start of the academic year to refresh the Risk Register. It has been embedded at school and department level by ensuring that the annual planning cycle includes a review of the risks facing each unit, together with clear mitigation plans, closely aligned with institutional level risks. Each School and Department has revised its own risk register to align with the institutional framework so that there is a clear link between the risks reported at an institutional level and at a school or departmental level. Detailed business continuity and disaster recovery plans, both at an institutional and a school or departmental level, are also in place.&nbsp;<\/p>\n\n\n\n<p>In addition to this, Council oversees the University\u2019s performance in meeting its strategic objectives through the approval and monitoring of the annual Strategy Delivery Plan. Regular updates on performance are presented to Council during the year in the Vice-Chancellors report to Council, and a year-end report considered in October.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Council has responsibility for reviewing the effectiveness of the institution\u2019s systems of internal control and, via the Audit and Risk Committee, conducts an annual review of these. Council considers the plans and strategic direction of the University and receives reports from the Chair of Audit and Risk Committee concerning internal control and has access to the minutes of Audit and Risk Committee meetings. The Audit and Risk Committee receives regular reports from the internal audit, which includes an independent opinion on the adequacy and effectiveness of the University\u2019s system of internal control together with recommendations for improvement. The internal auditors\u2019 annual opinion on the internal control environment is taken into account by Audit and Risk Committee in preparing its own opinion on internal control. The review of the effectiveness of the system of internal control is also informed by the work of the Executive Group within the University, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports.&nbsp;<\/p>\n\n\n\n<p>In September 2018, the University successfully achieved registration with the Office for Students, without any specific conditions being applied to its registration. This registration has been maintained consistently since.&nbsp;<\/p>\n\n\n\n<p>Council is of the view that the University has an appropriate framework for delivering assurance to the governing body on key aspects of governance, risk management and internal control, and that there is clarity in terms of the respective roles of the Audit and Risk Committee, Finance and General Purposes Committee and Council and how internal audit interfaces with these bodies.&nbsp;<\/p>\n\n\n\n<p>The Council Members of the university consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the University (having regard to the stakeholders and matters set out in s172 (1) (a-f) of the Act) in the decisions taken during the year ended 31 July 2024.&nbsp;<\/p>\n\n\n\n<p>The success of the University is reliant on the support of all of our stakeholders. It is important to us that we build positive relationships with stakeholders that share our values, and working together towards shared goals assists us in delivering long-term sustainable success.&nbsp;<\/p>\n\n\n\n<p><strong><em>Consequences of any decision in the long term<\/em>&nbsp;<\/strong><\/p>\n\n\n\n<p>The Council understands the importance of considering both the short-term and long-term goals as well as the risks that may be encountered to achieve these.&nbsp;<\/p>\n\n\n\n<p>To support these considerations, the University prepared a Finance Strategy for 2022-2025 and a Strategic Plan for 2022- 2027. Additional information on these, along with consideration of the specific risks the university is managing can be found within Section 1.7 of our Operating and Financial Review.&nbsp;<\/p>\n\n\n\n<p><strong><em>Employees<\/em>&nbsp;<\/strong><\/p>\n\n\n\n<p>Our people are key to our success and we want them to be successful individually and as a team. There are many ways we engage with and listen to our people including staff engagement surveys, regular updates from the Vice-Chancellor through termly all staff briefings and monthly newsletters. We have also set up a Women\u2019s network and Black Asian and Minority Ethnic network in addition to the Equality, Diversity and Inclusion Committee. The University\u2019s EDI policy relates to all staff and students, and protected characteristics. The University is a Disability Confident Leader, we guarantee an interview to any applicant with a disability who has met the essential criteria and we proactively implement reasonable adjustments to support candidates and employees. <\/p>\n\n\n\n<p>It is important to us that all our staff members feel fully supported and we provide them with access to an Employee Assistance Programme which offers confidential support for any issues they may encounter.&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong><em>Business relationships: Students<\/em>&nbsp;<\/strong><\/p>\n\n\n\n<p>Students are the key to everything we do. Our new strategic plan for the period 2022-2027 focuses several of its goals on students and the service\/support that they need. In particular, three of the University\u2019s strategic goals are to provide an outstanding quality of education, support for student wellbeing, and the promotion of career success.&nbsp;<\/p>\n\n\n\n<p><strong><em>Suppliers<\/em>&nbsp;<\/strong><\/p>\n\n\n\n<p>It is important for the university to obtain the best terms for all of its business activities and the Council recognises that relationships with suppliers are important to long-term success and as such we work to build strong relationships to develop mutually beneficial and lasting partnerships.&nbsp;<\/p>\n\n\n\n<p><strong><em>Impact on communities and the environment<\/em>&nbsp;<\/strong><\/p>\n\n\n\n<p>As mentioned within our Operating and Financial Review, one of our key strategic priorities is to build partnerships which create opportunity, innovation and mutual benefit for the communities we serve. The University continues to engage with its very local communities through facilitating \u2018Community Liaison Groups\u2019 linked with each of its campus sites, as well as the Pittville Student Village.&nbsp;<\/p>\n\n\n\n<p>Our annual BSI ISO14001 external reassessment audit of our Environmental Management System took place in June 2023 and resulted in a successful outcome. The auditors recommended to the British Standards Institute that the University be re-certified for the period September 2023 to September 2026.&nbsp;<\/p>\n\n\n\n<p><em><strong>Maintaining high standard of business conduct&nbsp;<\/strong><\/em><\/p>\n\n\n\n<p>It is important for the University to comply with relevant laws and regulations, including the specific expectations of the Office for Students, the regulator for providers of higher education in England, as well as statutory matters including health and safety. The Council is updated regularly on legal and regulatory developments and takes these into account when considering future plans.&nbsp;<\/p>\n\n\n\n<p>The University conducts 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 ensures all members of the Executive and Council meet the definition of the Office for Students of a \u2018fit and proper\u2019 person. Further details on this and the other ways in which the University ensures it maintains a high standard of business conduct can be found within Section 7 \u2018Corporate Governance\u2019 of our Operating and Financial Review.&nbsp;<\/p>\n\n\n\n<p>The Operating and Financial Review and the S172 Statement of Council Members set out on pages 4-27 was approved by the Council of the University of Gloucestershire on 26th November 2024, and was signed on its behalf by:&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns extra-pb is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>Nicola de Iongh<\/strong><br><strong>Chair of Council<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p><strong>Clare Marchant&nbsp;<\/strong><br><strong>Vice-Chancellor&nbsp;&nbsp;&nbsp;<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#FFF\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000007105\" alt=\"Five students wearing their graduation gowns pose for a photograph.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/10\/25110055\/graduation-2023.jpg\" style=\"object-position:48% 26%\" data-object-fit=\"cover\" data-object-position=\"48% 26%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-blue-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Independent\">Independent auditor&#8217;s report to the Council of University of Gloucestershire<\/h2>\n<\/div><\/div>\n\n\n\n<h3 class=\"heading wp-block-heading\">Opinion<\/h3>\n\n\n\n<p>We have audited the financial statements of the University of Gloucestershire (the &#8216;parent University&#8217;) and its subsidiaries (the &#8216;group&#8217;) for the year ended 31 July 2024, which comprise Consolidated and University Statement of Comprehensive Income and Expenditure, Consolidated and University Statement of Changes in Reserves, Consolidated and University Balance Sheet, Consolidated and University Cash Flow and notes to the financial statements, 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 Financial Reporting Standard 102 \u2018The Financial Reporting Standard applicable in the UK and Republic of Ireland\u2019 (United Kingdom Generally Accepted Accounting Practice).<\/p>\n\n\n\n<p>In our opinion, the financial statements:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">give a true and fair view of the state of the group&#8217;s and the parent University&#8217;s affairs as at 31 July 2024 and of the group&#8217;s and the parent University&#8217;s surplus, and their income and expenditure, gains and losses, changes in reserves and of the group&#8217;s and parent University\u2019s cash flows for the year then ended;<\/li>\n\n\n\n<li class=\"\">have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and<\/li>\n\n\n\n<li class=\"\">have been prepared in accordance with the requirements of the Companies Act 2006.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Basis for opinion<\/h3>\n\n\n\n<p>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 \u2018Auditor\u2019s responsibilities for the audit of the financial statements\u2019 section of our report. We are independent of the group and the parent University in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC\u2019s 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.<\/p>\n\n\n\n<p><strong>Material uncertainty related to going concern&nbsp;&nbsp;<\/strong><\/p>\n\n\n\n<p>We draw attention to note 3 in the financial statements, which indicates that the directors have identified the existence of notable material events within the going concern assessment period, namely the planned property disposals due to complete during the 2024\/25 year and the upcoming renewal of revolving credit facilities (subject to lender consent).&nbsp; The property disposals have been identified as key events in delivering compliance with covenants at the end of the 2024\/25 year and that delay of these events could result in a breach.&nbsp; Therefore the directors have concluded that the property disposals and securing lender consents in relation to the renewal of funding facilities and covenants create material uncertainties affecting the prepared going concern projections.&nbsp; As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company\u2019s ability to continue as a going concern. Our opinion is not modified in respect of this matter.<\/p>\n\n\n\n<p>In auditing the financial statements, we have concluded that the director&#8217;s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.<\/p>\n\n\n\n<p><strong>Our responsibilities<\/strong><\/p>\n\n\n\n<p>We are responsible for concluding on the appropriateness of the directors\u2019 use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group\u2019s and the parent university\u2019s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor\u2019s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or the parent university to cease to continue as a going concern.<\/p>\n\n\n\n<p>Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.<\/p>\n\n\n\n<p><strong>Other information<\/strong><\/p>\n\n\n\n<p>The other information comprises the information included in the Annual Report, other than the financial statements and our auditor\u2019s report thereon. The Council is responsible for the other information contained within the annual report2. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.<\/p>\n\n\n\n<p>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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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 this other information, we are required to report that fact. We have nothing to report in this regard.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Opinions on other matters prescribed by the Companies Act 2006<\/h3>\n\n\n\n<p>In our opinion, based on the work undertaken in the course of the audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">the information given in the strategic report and the directors report, prepared for the purposes of company law, included in the Annual Report for the financial year for which the financial statements are prepared, is consistent with the financial statements; and<\/li>\n\n\n\n<li class=\"\">the strategic report and the directors\u2019 report included in the Annual Report have been prepared in accordance with applicable legal requirements.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Matter on which we are required to report under the Companies Act 2006<\/h3>\n\n\n\n<p>In the light of the knowledge and understanding of the group and the parent University and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors\u2019 report included in the Annual Report.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Opinion on other matters prescribed by the Office for Students (\u2018OfS\u2019) Accounts direction (issued October 2019) (the \u2018OfS Accounts direction\u2019)<\/h3>\n\n\n\n<p>In our opinion, in all material respects:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">funds from whatever source administered by the parent University for specific purposes have been properly applied to those purposes and managed in accordance with the relevant legislation;<\/li>\n\n\n\n<li class=\"\">funds provided by the OfS, UK Research and Innovation (including Research England), the Education &amp; Skills Funding Agency and the Department for Education have been applied in accordance with the OfS Terms and Conditions of funding for higher education institutions (issued July 2023), the funding agreement with UK Research and Innovation (including Research England), the Education and Skills Funding Agency and the Department for Education, and any other terms and conditions attached to them; and<\/li>\n\n\n\n<li class=\"\">the requirements of the OfS Accounts direction have been met.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Matters on which we are required to report by exception<\/h3>\n\n\n\n<p>We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">adequate accounting records have not been kept by the parent University, or returns adequate for our audit have not been received from branches not visited by us; or<\/li>\n\n\n\n<li class=\"\">the parent University financial statements are not in agreement with the accounting records and returns; or<\/li>\n\n\n\n<li class=\"\">certain disclosures of the Council&#8217;s remuneration specified by law are not made; or<\/li>\n\n\n\n<li class=\"\">we have not received all the information and explanations we require for our audit.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>We have nothing to report in respect of the following matters where the OfS Accounts direction requires us to report to you where:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">the parent University\u2019s grant and fee income, as disclosed in the note to the accounts, has been materially misstated; or<\/li>\n\n\n\n<li class=\"\">the parent University\u2019s expenditure on access and participation activities for the financial year, has been materially misstated.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Responsibilities of the Council<\/h3>\n\n\n\n<p>As explained more fully in the Statement of responsibilities of the Council, the Council (who are also the directors of the charitable company for the purposes of company law) are 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 Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.<\/p>\n\n\n\n<p>In preparing the financial statements, the Council are responsible for assessing the group\u2019s and the parent University\u2019s 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 Council either intends to liquidate the group or the parent University or to cease operations, or has no realistic alternative but to do so.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Auditor\u2019s responsibilities for the audit of the financial statements<\/h3>\n\n\n\n<p>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\u2019s 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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">We obtained an understanding of the legal and regulatory framework applicable to the group and parent university, and the sector in which it operates.&nbsp; We determined the following laws and regulations were most significant<\/li>\n\n\n\n<li class=\"\">The Companies Act 2006;<\/li>\n\n\n\n<li class=\"\">Financial reporting legislation and regulation (including the application of the Further and Higher Education SORP 2019 and FRS102); and<\/li>\n\n\n\n<li class=\"\">The regulatory environment (OfS Framework and Accounts Direction);<\/li>\n\n\n\n<li class=\"\">The engagement team remained alert to indications of fraud and non-compliance with laws and regulations throughout the audit;<\/li>\n\n\n\n<li class=\"\">We obtained an understanding of how the group and parent university is complying with these legal and regulatory frameworks by reviewing internal audit reports and making inquiries of management, and those charged with governance as to whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud.&nbsp; We corroborated the results of our inquiries through our review of board minutes ad through our legal and professional expenses review;<\/li>\n\n\n\n<li class=\"\">To assess the potential risks of material misstatement, including how a fraud might occur, we obtained an understanding of:<\/li>\n\n\n\n<li class=\"\">The group and parent university\u2019s operations, including the nature of its sources of income, expected financial statement disclosures and risks that may result in risk of material misstatement; and<\/li>\n\n\n\n<li class=\"\">The group and parent university\u2019s control environment including the adequacy of procedures the authorisation of transactions.<\/li>\n\n\n\n<li class=\"\">We assessed the susceptibility of the group and parent university\u2019s financial statements to material misstatement, including how fraud might occur.&nbsp; Audit procedures performed by the engagement team included;<\/li>\n\n\n\n<li class=\"\">Evaluating the processes and controls established to address the risks related to irregularities and fraud;<\/li>\n\n\n\n<li class=\"\">Testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions;<\/li>\n\n\n\n<li class=\"\">Challenging assumptions and judgements made by management in its significant accounting estimates; and<\/li>\n\n\n\n<li class=\"\">Identifying and testing related party transactions.<\/li>\n\n\n\n<li class=\"\">These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;<\/li>\n\n\n\n<li class=\"\">We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team\u2019s knowledge and understanding of the industry in which the group and parent university operates and its understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation<\/li>\n\n\n\n<li class=\"\">We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications fraud, or non-compliance with laws and regulations throughout the audit;<\/li>\n<\/ul>\n\n\n\n<p>A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council\u2019s website at: <a href=\"http:\/\/www.frc.org.uk\/auditorsresponsibilities\" target=\"_blank\" rel=\"noopener\">www.frc.org.uk\/auditorsresponsibilities<\/a>. This description forms part of our auditor\u2019s report.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Use of our report<\/h4>\n\n\n\n<p>This report is made solely to the University&#8217;s Council, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the University&#8217;s members those matters we are required to state to them in an auditor&#8217;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 the University and the University&#8217;s members as a body, for our audit work, for this report, or for the opinions we have formed.<\/p>\n\n\n\n<p class=\" extra-pb\"><strong><br><br>Stephen Dean BA(Hons) FCA DChA<br>Senior Statutory Auditor<br>for and on behalf of Grant Thornton UK LLP<br>Statutory Auditor, Chartered Accountants<br>Gatwick<br>26 November 2024<\/strong><\/p>\n\n\n\n<div class=\"wp-block-cover alignfull is-light no-mb\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#aaa09d\"><\/span><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000006781\" alt=\"An exhibition space with stands displaying students' artwork.\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/wp-content\/uploads\/sites\/129\/2024\/07\/18143230\/degree-show-2024-illustration.jpg\" style=\"object-position:49% 35%\" data-object-fit=\"cover\" data-object-position=\"49% 35%\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size large\"><\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-blue-background-color has-background-dim-100 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading wp-block-heading has-text-align-center has-black-color has-text-color\" id=\"Statement\"><strong><strong>Financial Statements for the Year Ended 31 July 2024<\/strong><\/strong><\/h2>\n<\/div><\/div>\n\n\n\n<h2 class=\"heading wp-block-heading\"><strong>Statement of Principal Accounting Policies<\/strong><\/h2>\n\n\n\n<h3 class=\"heading wp-block-heading\">1. Basis of preparation<\/h3>\n\n\n\n<p>The University of Gloucestershire is incorporated as a private company limited by guarantee and is an exempt charity under the terms of the Charities Act 2011. As an exempt charity it is not required to be registered with the Charity Commission but is however subject to the Charity Commission\u2019s regulatory powers which are monitored by the Office for Students.<\/p>\n\n\n\n<p>These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 \u2013 \u2018The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland\u2019 (FRS 102) and in accordance with the Statement of Recommended Practice \u2013 Accounting for Further and Higher Education issued in 2019 (2019 SORP). These financial statements are prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.<\/p>\n\n\n\n<p>The financial statements are presented in Sterling (\u00a3).<\/p>\n\n\n\n<p>The group financial statements consolidate the financial statements of the University of Gloucestershire and all its subsidiary undertakings drawn up to 31 July each year.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">2. Significant judgements and estimates<\/h3>\n\n\n\n<p>The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.<\/p>\n\n\n\n<p>Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made.&nbsp; Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.<\/p>\n\n\n\n<p>Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below.<\/p>\n\n\n\n<p>Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:<\/p>\n\n\n\n<p><em>Finance Lease<\/em><\/p>\n\n\n\n<p>The University has entered into an agreement with Cityheart (Gloucester) Limited who operate student residences in Gloucester.&nbsp; The residences are being funded by Aviva Investors.&nbsp; Under the terms of the contractual arrangements, if Cityheart (Gloucester) Limited default on their lease with Aviva Investors, the University will inherit a liability.&nbsp; Having considered all the contractual arrangements and obligations, management consider that this arrangement falls within the definition of a finance lease as set out in FRS 102.&nbsp; In the judgement of management, as the University is only guaranteeing the overriding contract and not the individual rentals, there are no guaranteed amounts and therefore no value can be attributed to an asset or liability on the balance sheet.&nbsp; Management will continue to monitor progress on the contract and assess the need to recognise any ongoing liabilities, should they arise.&nbsp; A contingent liability for any future financial obligation will be recognised when the possibility of an outflow of future resources is no longer considered to be remote.<\/p>\n\n\n\n<p><em>Operating Lease<\/em><\/p>\n\n\n\n<p>The University has entered into an agreement with Gloucester County Council to lease space at the City Campus (formerly Debenhams) to accommodate the City Library for a period of 25 years. Having considered all the contractual arrangements and obligations, management consider that this arrangement falls within the definition of an operating lease as set out in FRS102.<\/p>\n\n\n\n<p><em>Provisions<\/em><\/p>\n\n\n\n<p>In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates.<\/p>\n\n\n\n<p><em>Impairment of assets<\/em><\/p>\n\n\n\n<p>At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss as a result of any indications. If there is an indication of impairment, the recoverability amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the period it arises. The recoverable amount is the higher of the assets fair value less costs to sell and its value in use. If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the period it arises.<\/p>\n\n\n\n<p><em>Recoverability of debtors<\/em><\/p>\n\n\n\n<p>The provision for bad debts is based on our estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economic knowledge. The provision is based on the current situation of the customer, the age profile of the debt and the nature of the amount due.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">3. Going concern<\/h3>\n\n\n\n<p>Financial Sustainability is an overarching aim of the University. The Finance Strategy 2022-26 maintains this priority, with growth in turnover being at the heart of our ability to ensure sufficient surpluses and cash resources are generated to enable the University to invest in its people and infrastructure and provide an excellent student experience.<\/p>\n\n\n\n<p>The University has adopted a rigorous self-assessment framework to assist the Council in determining whether it is appropriate to adopt the going concern basis for preparing financial statements, and, in making balanced, proportionate and clear disclosures. The self-assessment covers the period to May of 2026 and includes a review of forecasts and budgets, borrowing requirements, compliance with loan agreements, timing of cash flows, contingent liabilities, supply chain risks, insurance, risk management and financial adaptability, including sensitivity analysis and stress testing whilst also considering the financial projections up to July 2027. The Reverse Stress Testing has considered material events that could occur even in implausible scenarios and has been used in the assessment of cash levels and covenant compliance at year end, the items of specific materiality largely relate to asset disposals and lender consents. A Continued Viability Statement has also been developed by management and considered by Audit &amp; Risk Committee and Council.&nbsp; While the University remains focussed on our mission and goals to provide an excellent experience of teaching and learning for our students, and to enable our students to achieve their full potential, we fully recognise that our ability to achieve those goals is dependent on remaining financially sustainable.<\/p>\n\n\n\n<p>&nbsp;The Council approved a budget for the year to 31 July 2025 at its June 2024 meeting, taking into account the latest information on the applications cycle for Autumn 2024 and which also included consideration of the financial projections up to July 2027. In addition, the University prepares an 18-month cash projection monthly which is considered by Council and Finance and General Purposes Committee. A review of recruitment performance in September against the budget targets reflected an under achievement against budget albeit in common with the rest of the sector. In year international recruitment is expected to show an improvement on the previous year, as a bounce back is expected in January enrolments. Cash generation and cash balances are under pressure, although new Revolving Credit Facilities are available to manage these pressure points. The university remains focussed on driving income generation and creating an agile cost base to ensure we remain financially sustainable.<\/p>\n\n\n\n<p>The activities which present greatest underlying financial risk to the university are student recruitment and retention as tuition fees represent three quarters of our income. Cost inflation is another less material risk, and not likely to create any threat to financial sustainability. Planned property disposals in excess of \u00a311m are notable material events which are projected to conclude during the 2024\/25 financial year. Reverse stress testing of remote but possible delays in conclusion of these property disposals, indicate that they are key events to deliver compliance with covenants at year end. Management therefore concludes that the property disposals and securing lender consents for the extension of both the \u00a37m &amp; \u00a38m RCF facilities in addition to a carve out of asset disposals within the covenants should the property disposals be delayed create Material Uncertainties affecting the University\u2019s Going Concern projections. The term loan has an extension option from May 2026 to May 2027, in relation to the \u00a324.8m which will be outstanding at that date. It is too early to commence negotiations with the bank, but the intention is to enter negotiations nearer the time, although significant, this event is outside the going concern period of review. Mitigating actions have been put in place for the risks identified in the going concern assessment period and could be called upon should these adverse events arise, although may still require lender consents which have not yet been explored. Management remains confident that the disposals will complete successfully, even if some delays are experienced. Following a review of the rigorous self-assessment, the directors have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the company&#8217;s ability to continue as a going concern. Nevertheless, after making enquiries, and considering the uncertainties described above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, meeting its liabilities as they fall due. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">4. Basis of consolidation<\/h3>\n\n\n\n<p>The results of the University\u2019s subsidiary undertakings, and undertakings in which it has a controlling interest, have been consolidated in the financial statements and details of these are provided in note 16 to the accounts.<\/p>\n\n\n\n<p>The consolidated financial statements do not include the results of the University of Gloucestershire Students\u2019 Union as it is a separate company limited by guarantee in which the University has no financial interest, control or significant influence over policy decisions.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">5. Grants<\/h3>\n\n\n\n<p>Government revenue grants including funding allocations from Office for Students and research grants are recognised in income over the periods in which the University recognises the related costs for which the grant is intended to compensate.&nbsp; Where part of a Government grant is deferred it is recognised as deferred income within creditors and allocated between creditors due within one year and due after more than one year as appropriate.<\/p>\n\n\n\n<p>Grants (including research grants) from non-government sources are recognised in income when the University is entitled to the income and performance related conditions have been met. &nbsp;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 as conditions are met.<\/p>\n\n\n\n<p>Government capital equipment grants are capitalised and released to the income and expenditure account over the expected useful lives of the assets in line with the depreciation policy.<\/p>\n\n\n\n<p>Government capital building grants are capitalised and released as follows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">building maintenance &#8211; against expenditure in the year it is incurred;<\/li>\n\n\n\n<li class=\"\">building development or improvement &#8211; over the expected useful life of the asset.<\/li>\n<\/ul>\n\n\n\n<p>Deferred income, in respect of capital grants from the Office for Students, which are attributable to subsequent financial years, is included in creditors as a deferred credit.<\/p>\n\n\n\n<p>Other capital grants are recognised in income when the University is entitled to the funds subject to any performance related conditions being met.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">6. Recognition of income<\/h3>\n\n\n\n<p>Income from the sale of goods or services is credited to the Consolidated and University statement of comprehensive income and expenditure when the goods or services are supplied to the external customers or the terms of the contract have been satisfied.<\/p>\n\n\n\n<p>Fee income is stated gross of any expenditure which is not a discount or fee waiver and credited to the Consolidated and University statement of comprehensive income and expenditure over the period in which students are studying.&nbsp; Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount.&nbsp;<\/p>\n\n\n\n<p>Bursaries and Scholarships are accounted for gross as expenditure and not deducted from income.<\/p>\n\n\n\n<p>Investment income is credited to the Consolidated and University statement of income and expenditure on a receivable basis.<\/p>\n\n\n\n<p>Funds the University receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the University where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">7. Donations and endowments<\/h3>\n\n\n\n<p>Non exchange transactions where we receive value from a donor without providing equal value in return are donations or endowments.<\/p>\n\n\n\n<p>Donations and endowments with donor imposed restrictions are recognised in income when the University is entitled to the funds.&nbsp; Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer.<\/p>\n\n\n\n<p>Donations with no restrictions are recognised in income when the University is entitled to the funds.<\/p>\n\n\n\n<p>Endowment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms of the restriction applied to the individual endowment fund.<\/p>\n\n\n\n<p>There are four main types of donations and endowments identified within reserves:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\">Restricted donations \u2013 the donor has specified that the donation must be used for a particular objective.<br><\/li>\n\n\n\n<li class=\"\">Unrestricted permanent endowments \u2013 the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the University.<br><\/li>\n\n\n\n<li class=\"\">Restricted expendable endowments \u2013 the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the University has the power to use the capital.<br><\/li>\n\n\n\n<li class=\"\">Restricted permanent endowments \u2013 the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.<\/li>\n<\/ol>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">8. Tangible fixed assets<\/h3>\n\n\n\n<p>Fixed Assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses.<\/p>\n\n\n\n<p><em>Freehold Land and Buildings<\/em><\/p>\n\n\n\n<p>Certain freehold land and buildings that had been revalued to fair value on or prior to the date of transition to the 2015 HE SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.<\/p>\n\n\n\n<p><em>Leasehold Land and Buildings<\/em><\/p>\n\n\n\n<p>Leasehold land and buildings are included at cost.<\/p>\n\n\n\n<p>Additions to freehold and leasehold land and buildings are capitalised at cost.<\/p>\n\n\n\n<p><em>Plant and Equipment<\/em><\/p>\n\n\n\n<p>Expenditure on all plant and equipment is capitalised where the individual cost of items exceeds \u00a35,000, or if an item is a component of a larger asset or programme.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">9. Depreciation<\/h3>\n\n\n\n<p>Depreciation is calculated so as to write off the cost or valuation of tangible fixed assets less their estimated residual values on a straight-line basis over the expected useful economic lives of the assets concerned.<\/p>\n\n\n\n<p>In calculating depreciation, buildings acquired before 1 August 2006 are considered to have a residual value of 50% of cost to reflect an ongoing maintenance and repair programme.<\/p>\n\n\n\n<p>New buildings commissioned post 1 August 2006 are considered to have a nil residual value with the full cost written off in accordance with the component life cycle methodology for depreciation. The lives used for this purpose are:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>Pre July 2006 acquisitions<\/strong><\/td><td><strong>Post July 2006 acquisitions<\/strong><\/td><\/tr><tr><td><strong>Freehold and Leasehold Land and Buildings:<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;Freehold land<\/td><td>&nbsp;<\/td><td>NIL<\/td><td>NIL<\/td><\/tr><tr><td>&nbsp;Buildings&nbsp;<\/td><td>Listed<\/td><td>100 years<\/td><td>100 years<\/td><\/tr><tr><td>&nbsp;Buildings<\/td><td>Other and unlisted<\/td><td>50 years<\/td><td>Component life 10-50 years<\/td><\/tr><tr><td>Buildings<\/td><td>Major adaptations<\/td><td>10-25 years<\/td><td>Component life&nbsp;5-40 years<\/td><\/tr><tr><td>Plant<\/td><td>Up to 1994-1995<\/td><td>10 years<\/td><td>&nbsp;<\/td><\/tr><tr><td>Plant<\/td><td>From 1994-1995<\/td><td>20 years<\/td><td>Component life&nbsp;10-30 years<\/td><\/tr><tr><td><strong>Equipment:<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Apparatus and equipment<\/td><td>&nbsp;<\/td><td>5 years<\/td><td>5 years<\/td><\/tr><tr><td>Computer equipment<\/td><td>&nbsp;<\/td><td>3 years<\/td><td>Component life&nbsp;3-10 years<\/td><\/tr><tr><td>Motor vehicles<\/td><td>&nbsp;<\/td><td>5 years<\/td><td>5 years<\/td><\/tr><tr><td>Furniture, fixtures and fitting<\/td><td>&nbsp;<\/td><td>10 years<\/td><td>Component life&nbsp;10-15 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>A review for potential indicators of impairment is carried out at each reporting date. If events or changes in circumstances indicate that the carrying amount of the property, plant and equipment may not be recoverable, a calculation of the impact is completed and arising impairment values charged against the asset and to the SOCIE.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">10. Impairments of assets and assets held for disposal<\/h3>\n\n\n\n<p>Impairments of assets are calculated as the difference between the carrying value of the asset and its recoverable amount, if lower.<\/p>\n\n\n\n<p>Recoverable amount is defined as the higher of fair value less costs to sell and the estimated value in use at the date the impairment review is undertaken.<\/p>\n\n\n\n<p>Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell, as defined above.&nbsp; Assets are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. &nbsp;This condition is regarded as being met only when the sale is highly probable and the assets are available for immediate sale in their present condition. &nbsp;Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year.<\/p>\n\n\n\n<p>No depreciation is charged on assets classified as&nbsp;held for sale.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">11. Stocks<\/h3>\n\n\n\n<p>Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">12. Cash and cash equivalents<\/h3>\n\n\n\n<p>Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">13. Taxation<\/h3>\n\n\n\n<p>Effective from 1 August 2007, the University became a Company Limited by Guarantee and an exempt charity within the meaning of Schedule 3 of the Charities Act 2011. &nbsp;It is therefore a charity within the meaning of Paragraph 1 of Schedule 6 to the Finance Act 2010 and accordingly, the University is therefore potentially exempt from taxation in respect of income and capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 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.<\/p>\n\n\n\n<p>Value Added Tax on purchases exceeds Value Added Tax on sales. &nbsp;However, because of the VAT status of education, the University\u2019s principal supply, the difference is generally not reclaimable and is, therefore, a cost of the University.<\/p>\n\n\n\n<p>Fullwood Park Limited and University of Gloucestershire Professional Services Limited are liable for UK corporation tax. &nbsp;The companies have agreed to pay the lower of their accounting and tax profits to the University of Gloucestershire, which is an exempt charity, under corporate gift aid regulations introduced in April 2000.<\/p>\n\n\n\n<p>Fullwood Park Limited is registered for VAT.<\/p>\n\n\n\n<p>Both the University and University of Gloucestershire Professional Services Limited are part of the same VAT group.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">14. Financial instruments<\/h3>\n\n\n\n<p>Financial assets and liabilities are recognised when the Institution becomes party to the contractual provision of the instrument and they are classified according to the substance of the contractual arrangements entered into.<\/p>\n\n\n\n<p>A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.<\/p>\n\n\n\n<p><strong>Financial assets<\/strong><\/p>\n\n\n\n<p>Basic financial assets include trade and other debtors, cash and cash equivalents, intercompany debtors and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the statement of comprehensive income.<\/p>\n\n\n\n<p>For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset\u2019s original effective interest rate.<\/p>\n\n\n\n<p>Other financial assets, including investments in equity instruments which are not subsidiaries, associates, or joint ventures are initially measured at fair value, which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the statement of comprehensive income. Where the investment in equity instruments are not publicly traded and where the fair value cannot be reliably measured the assets are measured at cost less impairment.<\/p>\n\n\n\n<p>Financial assets are de\u2011recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of the ownership of the asset are transferred to another party.<\/p>\n\n\n\n<p><strong>Financial liabilities<\/strong><\/p>\n\n\n\n<p>Basic financial liabilities include trade and other creditors and bank loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.<\/p>\n\n\n\n<p>Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.<\/p>\n\n\n\n<p>Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non\u2011current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.<\/p>\n\n\n\n<p>Financial liabilities are de\u2011recognised when the liability is discharged, cancelled, or expires.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">15. Investments<\/h3>\n\n\n\n<p>Fixed and endowment asset investments are included in the balance sheet at market value. Where no market value for an investment asset can be readily ascertained, the investment is stated at cost except where a permanent diminution of value has taken place.<\/p>\n\n\n\n<p>Investments in jointly controlled entities, associates and subsidiaries are carried at cost less impairment in the University\u2019s accounts.<\/p>\n\n\n\n<p>Current asset investments are held at fair value with movements recognised in the surplus or deficit.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">16. Finance and operating leases<\/h3>\n\n\n\n<p>Costs or income received in respect of operating leases are charged on a straight-line basis over the lease term.&nbsp; Any lease premiums or incentives are spread over the minimum lease term.<\/p>\n\n\n\n<p>Leasing agreements, which transfer to the University substantially all the benefits and risks of ownership of an asset, are treated as if the asset had been purchased outright, and classified as finance leases.<\/p>\n\n\n\n<p>Leased assets acquired by way of finance lease and the corresponding lease liabilities are initially recognised at an amount equal to the lower of their fair value and the present value of the minimum lease payments at the inception of the lease.<\/p>\n\n\n\n<p>Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability.&nbsp; The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the outstanding balance of the lease.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">17. Interest payable and financial instruments<\/h3>\n\n\n\n<p>The University uses derivative financial instruments such as interest rate swaps to reduce exposure to interest rate movements on its loans.&nbsp; Such derivative financial instruments are not held for speculative purposes and relate to actual liabilities, changing the nature of the interest rate by converting a variable rate to a fixed rate.&nbsp; Interest differentials under these swaps are recognised by adjusting net interest payable over the periods of the contracts. Any derivative financial instruments are held on the balance sheet at fair value with movements in fair value recorded in the Surplus or Deficit.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">18. Pension scheme arrangements<\/h3>\n\n\n\n<p>Retirement benefits to employees of the University are provided by Defined Benefit Schemes, which are funded by contributions from the University and employees. &nbsp;Payments are made to the Teachers\u2019 Pension Scheme, the Universities Superannuation Scheme (USS) for academic staff, The Church of England Funded Pensions Scheme (CEFPS) for Clerical staff and to the Gloucestershire Local Government Pension Scheme for non-academic staff. These are independently administered schemes.<\/p>\n\n\n\n<p>Contributions to the Schemes are recognised as an expense in the year to spread the cost of the pensions over the employees\u2019 working lives with the University.<\/p>\n\n\n\n<p>Changes to the funding of the Schemes arising from changes in legislation or from fund performance, or from changes in membership or other composition of the Schemes, are recognised at each Scheme actuarial valuation. &nbsp;Adjustments to Scheme funding, if any, and employers\u2019 contributions to the Schemes which follow actuarial valuations, will address any shortfall or surplus arising from that valuation.<\/p>\n\n\n\n<p>The University has adopted in full the requirements of FRS 102 for the Local Government Pension Scheme.<\/p>\n\n\n\n<p>The USS and CEFPS are multi-employer schemes for which it is not possible to identify the assets and liabilities to the University for members due to the mutual nature of the schemes and therefore these are accounted for as defined contribution retirement benefit schemes.&nbsp; A liability is recorded within provisions for any contractual commitment to fund past deficits in accordance with the latest agreed deficit funding plan.<\/p>\n\n\n\n<p>The TPS is a multi-employer unfunded scheme for which it is not possible to identify the assets and liabilities to the University for members due to the mutual nature of the scheme and therefore this is also accounted for as a defined contribution retirement benefit scheme.&nbsp; Employers have recently been advised of increases from Sept 2019 onwards.<\/p>\n\n\n\n<p>Retirement benefits to employees of the University subsidiary company UOGPSL are provided by a Defined Contribution Scheme, Legal &amp; General (L&amp;G) which are funded by contributions from the University and employees.<\/p>\n\n\n\n<p>The L&amp;G scheme is a defined contribution plan, a post-employment benefit plan under which UoGPSL pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts.&nbsp; Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the year during which services are rendered by employees.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">19. Employment benefits<\/h3>\n\n\n\n<p>Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the University.&nbsp; Any unused benefits are accrued and measured as the additional amount the University expects to pay as a result of the unused entitlement.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">20. Repairs and maintenance costs<\/h3>\n\n\n\n<p>Expenditure on routine corrective maintenance is charged to the income and expenditure account as it is incurred.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">21. Foreign currencies<\/h3>\n\n\n\n<p>Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transactions. &nbsp;Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year-end rates. &nbsp;The resulting exchange differences are dealt with in the determinations of income and expenditure for the financial year.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">22. Provisions<\/h3>\n\n\n\n<p>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 that a reliable estimate can be made of the amount of the obligation.<\/p>\n\n\n\n<p>A contingent liability arises from a past event that gives the University a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University.&nbsp; Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.<\/p>\n\n\n\n<p>A contingent asset arises where an event has taken place that gives the institution a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University.<\/p>\n\n\n\n<p>Contingent assets and liabilities are not recognised in the Statement of Financial Position but are disclosed in the notes.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">23. Capitalisation of finance costs and interest<\/h3>\n\n\n\n<p>Interest and finance charges for capitalised projects are written off to the income and expenditure account during the period of construction and thereafter.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">24. Bad and doubtful debts<\/h3>\n\n\n\n<p>The University regularly considers its debt book for recoverability of debtors by means of review of internal data and from information provided by its collecting agent.&nbsp; Arising from this review, the University makes provision for bad and doubtful debts based on both specific cases and a formula basis related to the age of outstanding debt including the related assets on the balance sheet and estimated recoverable amount.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">25. Service concession arrangements<\/h3>\n\n\n\n<p>Fixed assets held under service concession arrangements are recognised on the balance sheet at the present value of the minimum lease payments when the assets are brought into use with a corresponding financial liability.<\/p>\n\n\n\n<p>Payments under the service concession arrangement are allocated between service costs, finance charges and financial liability repayments to reduce the financial liability to nil over the life of the arrangement.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">26. Reserves <\/h3>\n\n\n\n<p>Reserves are classified as restricted or unrestricted.&nbsp;Restricted endowment reserves include balances which, through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity.&nbsp; Other restricted reserves include balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.<\/p>\n\n\n\n<h2 class=\"heading wp-block-heading\" id=\"Consolidatedcomp\">Consolidated and University Statement of Comprehensive Income and Expenditure<\/h2>\n\n\n\n<h3 class=\"heading wp-block-heading\">Year ended 31 July 2024<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong> <strong>Notes<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2023<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2023<\/strong><\/td><\/tr><tr><td><strong>Income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Funding body grants<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,570<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,893<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,570<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,893<\/td><\/tr><tr><td>Tuition fees and education contracts<\/td><td class=\"has-text-align-right\" data-align=\"right\">2<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>67,298<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">66,214<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>67,298<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">66,214<\/td><\/tr><tr><td>Research grants and contracts<\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,513<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,411<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,513<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,411<\/td><\/tr><tr><td>Other income<\/td><td class=\"has-text-align-right\" data-align=\"right\">4<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,657<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,017<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,549<\/td><\/tr><tr><td>Investment income<\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,491<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,047<strong><\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,445<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,031<\/td><\/tr><tr><td>Donations and endowments<\/td><td class=\"has-text-align-right\" data-align=\"right\">6<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>17<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">23<\/td><\/tr><tr><td><strong>Total income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>87,883<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">88,234<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>87,860<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">88,121<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><\/tr><tr><td><strong>Expenditure<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><\/tr><tr><td>Staff costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>53,383<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">55,338<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>49,938<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">52,747<\/td><\/tr><tr><td>Restructuring costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,018<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">709<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,018<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">709<\/td><\/tr><tr><td>Depreciation of tangible fixed assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">14<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,212<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,981<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,212<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,981<\/td><\/tr><tr><td>Other operating expenses<\/td><td class=\"has-text-align-right\" data-align=\"right\">9<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23,353<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">24,521<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>26,817<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,074<\/td><\/tr><tr><td>Interest and other finance costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,012<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,505<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,013<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,505<\/td><\/tr><tr><td><strong>Total expenditure<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>85,978<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">89,054<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>85,998<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">89,016<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Surplus before other gains\/(losses)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,905<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(820)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,862<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(895)<\/td><\/tr><tr><td>Gain\/(losses) on investments<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>160<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(3)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>137<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">16<\/td><\/tr><tr><td>Loss on disposal of fixed assets<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,145)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,145)<\/td><\/tr><tr><td><strong>Deficit before tax<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,069<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,968)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,024)<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Taxation<\/td><td class=\"has-text-align-right\" data-align=\"right\">13<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Gain\/(Deficit) for the year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,069<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,968)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,024)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Other comprehensive (losses)\/income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Actuarial gain in respect of pension schemes<\/td><td class=\"has-text-align-right\" data-align=\"right\">35<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,545)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,750<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,545)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,750<\/td><\/tr><tr><td>Currency translation differences<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(8)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">44<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(8)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">44<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Total comprehensive gain for the year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>516<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,826<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>449<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,770<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Represented by:<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Endowment comprehensive loss for the year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(60)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(60)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>124<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(36)<\/td><\/tr><tr><td>Restricted comprehensive gain for the year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(5)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><\/tr><tr><td>Unrestricted comprehensive gain for the year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>573<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,883<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>330<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,803<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>516<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,826<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>449<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,770<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Gain\/(Deficit) for the year attributable to the University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,069<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,968)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,024)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"heading wp-block-heading\" id=\"Consolidatedreserves\">Consolidated and University Statement of Changes in Reserves<\/h2>\n\n\n\n<h3 class=\"heading wp-block-heading\">Year ended 31 July 2024<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\" colspan=\"3\"><strong>Income and expenditure account<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Revaluation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Endowment<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Restricted<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Unrestricted<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Reserve<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Balance at 1 August 2022<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,136<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 25<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 84,579<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">87,740<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>(Deficit)\/Surplus from the statement of comprehensive income<\/td><td class=\"has-text-align-right\" data-align=\"right\">(60)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 3<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; (1,910)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,967)<\/td><\/tr><tr><td>Other comprehensive gain<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,794<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,794<\/td><\/tr><tr><td><strong>Total comprehensive (loss)\/income for the year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(60)<\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,885<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,827<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Balance at 1 August 2023<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,076<\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><td class=\"has-text-align-right\" data-align=\"right\">92,464<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">95,567<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>(Deficit)\/Surplus from the statement of comprehensive income<\/td><td class=\"has-text-align-right\" data-align=\"right\">178<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; (5)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 1,896<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,069<\/td><\/tr><tr><td>Other comprehensive gain<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,547)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,547)<\/td><\/tr><tr><td><strong>Total comprehensive (loss)\/income for the year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">178<\/td><td class=\"has-text-align-right\" data-align=\"right\">(5)<\/td><td class=\"has-text-align-right\" data-align=\"right\">348<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">521<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Balance at 31 July 2024<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,254<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>92,811<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>96,088<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"heading wp-block-heading\">Consolidated and University Statement of Changes in Reserves<\/h2>\n\n\n\n<h3 class=\"heading wp-block-heading\">Year ended 31 July 2024<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\" colspan=\"3\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\" colspan=\"3\"><strong>Income and expenditure account<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Revaluation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Endowment<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Restricted<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Unrestricted<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>reserve<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><strong>Balance at 1 August 2022<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,492<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 25<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 84,668<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">87,185<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Surplus\/(deficit) from the statement of comprehensive income<\/td><td class=\"has-text-align-right\" data-align=\"right\">(36)<\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,991)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,024)<\/td><\/tr><tr><td>Other comprehensive gain<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,794<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,794<\/td><\/tr><tr><td><strong>Total comprehensive (loss)\/income for the year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(36)<\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,803<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,770<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Balance at 1 August 2023<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,456<\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><td class=\"has-text-align-right\" data-align=\"right\">92,471<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">94,955<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Surplus\/(deficit) from the statement of comprehensive income<\/td><td class=\"has-text-align-right\" data-align=\"right\">121<\/td><td class=\"has-text-align-right\" data-align=\"right\">(5)<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,886<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,002<\/td><\/tr><tr><td>Other comprehensive gain<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,547)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,547)<\/td><\/tr><tr><td><strong>Total comprehensive (loss)\/income for the year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">121<\/td><td class=\"has-text-align-right\" data-align=\"right\">(5)<\/td><td class=\"has-text-align-right\" data-align=\"right\">338<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">455<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Balance at 31 July 2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,578<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>92,809<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>95,411<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"heading wp-block-heading\" id=\"Consolidatedbalance\">Consolidated and University Balance Sheet<\/h2>\n\n\n\n<h3 class=\"heading wp-block-heading\">As at 31 July 2024<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2023<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<\/strong><br><strong>2023<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>Notes<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Non-current assets<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Fixed assets<\/td><td>14<\/td><td class=\"has-text-align-right\" data-align=\"right\">162,209<\/td><td class=\"has-text-align-right\" data-align=\"right\">136,008<\/td><td class=\"has-text-align-right\" data-align=\"right\">162,209<\/td><td class=\"has-text-align-right\" data-align=\"right\">136,008<\/td><\/tr><tr><td>Investments<\/td><td>16<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,816<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,689<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,219<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,133<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">165,025<\/td><td class=\"has-text-align-right\" data-align=\"right\">138,697<\/td><td class=\"has-text-align-right\" data-align=\"right\">164,428<\/td><td class=\"has-text-align-right\" data-align=\"right\">138,141<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Current assets<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Stocks<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>86<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">60<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>86<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">60<\/td><\/tr><tr><td>Debtors<\/td><td>17<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>22,443<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,939<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>22,656<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,061<\/td><\/tr><tr><td>Investments<\/td><td>18<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td>30<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,090<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,599<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,595<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,317<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>40,621<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">59,136<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>40,339<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">58,976<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Creditors: amounts falling due within one year<\/strong><\/td><td>19<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(48,654)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(46,654)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(48,453)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(46,548)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Net current assets<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(8,033)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12,482<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(8,114)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12,428<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Total assets less current liabilities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>156,992<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">151,179<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>156,314<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">150,569<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Creditors: amounts falling due after more than one year<\/strong><\/td><td>20<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(60,034)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(53,894)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(60,034)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(53,894)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Provisions<\/strong><\/td><td>22<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Pension provisions<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(664)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,441)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(664)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,441)<\/td><\/tr><tr><td>Other provisions<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(206)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(279)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(206)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(279)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Total net assets<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>96,088<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">95,565<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>95,410<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">94,955<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Restricted reserves<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Income and expenditure reserve \u2013<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>endowment fund<\/td><td>23<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,253<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,076<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,578<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,456<\/td><\/tr><tr><td>Income and expenditure reserve \u2013<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>restricted reserve<\/td><td>24<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Unrestricted reserves<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Income and expenditure reserve \u2013<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Unrestricted<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>92,812<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">92,461<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>92,810<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">92,471<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Total reserves<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>96,088<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">95,565<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>95,411<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">94,955<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The Financial Statements were approved by the Council of the University of Gloucestershire on 26 November 2024, and were signed on its behalf by:<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Nicola De Iongh<br>Chair of Council<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Clare Marchant<br>Vice-Chancellor<\/p>\n<\/div>\n<\/div>\n\n\n\n<p>Company Number: 06023243<\/p>\n\n\n\n<h2 class=\"heading wp-block-heading\" id=\"Consolidatedcash\">Consolidated and University Cash Flow Statement<\/h2>\n\n\n\n<h3 class=\"heading wp-block-heading\">As at 31 July 2024<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td>&nbsp;<\/td><td>Notes<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2023<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2023<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><strong>Cash flow from operating activities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Surplus\/(deficit) for the year before tax<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,069<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,968)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,024)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Adjustment for non-cash items<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Depreciation<\/td><td>14<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,212<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,981<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,212<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,981<\/td><\/tr><tr><td>Loss\/(Gain) on investments<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(160)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(137)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(16)<\/td><\/tr><tr><td>(Increase)\/decrease in stock<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(26)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">38<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(26)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">38<\/td><\/tr><tr><td>Decrease\/(Increase) in debtors<\/td><td>18<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,527<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(7,508)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,462<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(7,364)<\/td><\/tr><tr><td>Increase in creditors<\/td><td>20<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,858<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,400<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,736<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,343<\/td><\/tr><tr><td>(Decrease)\/Increase in pension provisions<\/td><td>22<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,322)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,027<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,322)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,027<\/td><\/tr><tr><td>(Decrease)\/increase in other provisions<\/td><td>22<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(73)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">30<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(73)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">30<\/td><\/tr><tr><td>Balance sheet reclassification<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Adjustment for investing or financing<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Activities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Investment income<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,491)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,171)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,445)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,155)<\/td><\/tr><tr><td>Interest payable<\/td><td>10<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,974<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,163<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,975<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,163<\/td><\/tr><tr><td>Endowment income<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(11)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(12)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(17)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(23)<\/td><\/tr><tr><td>Loss on sale of fixed assets<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(4)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,145<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(4)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,145<\/td><\/tr><tr><td>Fixed asset impairment<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(232)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">232<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(232)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">232<\/td><\/tr><tr><td>Capital grant release to income<\/td><td>21<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,502)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,005)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,502)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,005)<\/td><\/tr><tr><td>Exchange (loss)\/gain<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(8)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">44<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(8)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">44<\/td><\/tr><tr><td><strong>Net cash inflow from operating activities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11,811<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">8,399<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11,621<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">8,416<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Cash flows from investing activities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Capital grant receipts<\/td><td>21<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,035<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,918<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,035<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,918<\/td><\/tr><tr><td>Investments<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>402<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">620<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>315<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">530<\/td><\/tr><tr><td>Investment income<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,412<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,020<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,394<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,005<\/td><\/tr><tr><td>Payments made to acquire fixed assets<\/td><td>14<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(32,542)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(22,551)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(32,542)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(22,551)<\/td><\/tr><tr><td>Payments made to acquire intangible fixed assets<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(71)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(34)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(51)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(26)<\/td><\/tr><tr><td>Proceeds from sales of intangible assets<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>79<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>51<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">26<\/td><\/tr><tr><td>Proceeds from sale of fixed assets<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;&nbsp;<\/td><\/tr><tr><td>New non-current assets<\/td><td>16<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(298)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(520)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(213)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(405)<\/td><\/tr><tr><td>Movement in deposits<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,536<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(575)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,536<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(575)<\/td><\/tr><tr><td><strong>Net cash outflow from investing activities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(12,443)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(14,095)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(12,472)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(14,078)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Cash flows from financing activities<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Interest paid<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,954)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,163)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,954)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,163)<\/td><\/tr><tr><td>Endowment cash received<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>17<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">23<\/td><\/tr><tr><td>New secured loans<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,000<\/td><\/tr><tr><td>Repayments of amounts borrowed<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,935)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,847)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,935)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,847)<\/td><\/tr><tr><td><strong>Net cash inflow from financing activities<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>123<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,002<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>128<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,013<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>(Decrease)\/Increase in cash and cash equivalents<\/strong><\/td><td>30<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(509)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">306<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(722)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">351<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Cash and cash equivalents at beginning of the year<\/td><td>30<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,599<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,293<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,317<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,966<\/td><\/tr><tr><td>Cash and cash equivalents at end of the year<\/td><td>30<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,090<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,599<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,595<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,317<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"heading wp-block-heading\" id=\"Notes\">Notes to the Financial Statements for the Year Ended 31 July 2024<\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td><strong>1 Funding body grants<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">Notes<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><em>Recurrent grant<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Office for Students<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,614<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5,843<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,614<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5,843<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Specific grants<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Office for Students<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>redundancy compensation<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">38<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">38<\/td><\/tr><tr><td><em>Deferred capital grants<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td class=\"has-text-align-right\" data-align=\"right\">22<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>573<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">630<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>573<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">630<\/td><\/tr><tr><td>Equipment<\/td><td class=\"has-text-align-right\" data-align=\"right\">22<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>360<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">382<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>360<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">382<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,570<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,893<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,570<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,893<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>2 Tuition fees and education contracts<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>Full time Home and EU students<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>46,375<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">48,233<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>46,375<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">48,233<\/td><\/tr><tr><td>Full time International students<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>14,752<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,938<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>14,752<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,938<\/td><\/tr><tr><td>Part time students<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,417<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,458<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,417<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,458<\/td><\/tr><tr><td>Other (short course) fees<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,754<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,585<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,754<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,585<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>67,298<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">66,214<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>67,298<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">66,214<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>3 Research grants and contracts<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>Research Councils<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,148<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">502<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,148<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">502<\/td><\/tr><tr><td>UK based charities<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>126<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">116<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>126<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">116<\/td><\/tr><tr><td>European Commission grants<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(302)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">246<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(302)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">246<\/td><\/tr><tr><td>Other grants and contracts<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,541<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,547<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,541<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,547<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,513<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,411<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,513<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,411<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>4 Other income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023&nbsp;<\/td><\/tr><tr><td>Residencies, catering and conferences<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,807<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,413<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,807<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,413<\/td><\/tr><tr><td>Release from deferred capital grants<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>569<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,993<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>569<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,993<\/td><\/tr><tr><td>Other services rendered<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>773<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">883<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>832<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">914<\/td><\/tr><tr><td>Other income<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,851<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,244<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,809<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,105<\/td><\/tr><tr><td>Movement in fair value of derivatives<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">124<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">124<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,657<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,017<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,549<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>5 Investment income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Investment income on endowments<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>158<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">92<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>112<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">76<\/td><\/tr><tr><td>Other investment income<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,333<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">955<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,333<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">955<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,491<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,047<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,445<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,031<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>6 Donations and endowments<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>New endowments<\/td><td class=\"has-text-align-right\" data-align=\"right\">24<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7<\/td><\/tr><tr><td>Donations with restrictions<\/td><td class=\"has-text-align-right\" data-align=\"right\">25<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><\/tr><tr><td>Unrestricted donations<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>17<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">23<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>7 Grant and fee income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Grant income from the OfS<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,080<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,562<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,080<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,562<\/td><\/tr><tr><td>Grant income from other bodies<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,571<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,737<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,571<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">6,737<\/td><\/tr><tr><td>Fee income for taught awards<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>65,435<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">63,984<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>65,435<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">63,984<\/td><\/tr><tr><td>Fee income for research awards<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,799<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,120<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,799<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,120<\/td><\/tr><tr><td>Fee income from non-qualifying courses<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>64<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">109<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>64<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">109<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>77,949<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">77,512<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>77,949<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">77,512<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>8 Staff<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Staff costs<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Wages and salaries<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>41,213<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">41,319<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>38,304<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">39,110<\/td><\/tr><tr><td>Social security costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,227<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,284<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,967<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,109<\/td><\/tr><tr><td>Pension costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,943<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,735<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,667<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,528<\/td><\/tr><tr><td>Staff costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>53,383<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">55,338<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>49,938<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">52,747<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-plain extra-pb\"><table><tbody><tr><td colspan=\"6\">A further breakdown of pension costs has been included in note 35 Pension Schemes.<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Fundamental restructuring costs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,018<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">709<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,018<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">709<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Staff numbers by department<\/em><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>Consolidated<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>University<\/td><\/tr><tr><td>Academic departments<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>436<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">457<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>433<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">457<\/td><\/tr><tr><td>Central administrative<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>470<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">503<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">438<\/td><\/tr><tr><td>Other including manual<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><\/tr><tr><td>Total staff numbers<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>912<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">968<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>829<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">903<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td colspan=\"6\">The staff numbers above relate to full time equivalents (including senior post holders). &nbsp;<\/td><\/tr><tr><td><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>Consolidated<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>University<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><em>Total remuneration of the Vice-Chancellor<\/em><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Salary<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>174<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">175<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>174<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">175<\/td><\/tr><tr><td>Payment in lieu of pensions &nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>29<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">21<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>29<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">21<\/td><\/tr><tr><td>Compensation for loss of office incl PILON<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">116<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">116<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>203<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">312<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>203<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">312<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td colspan=\"6\">The tenure of the Vice-Chancellor, Stephen Marston, ended on 31 July 2023. The Vice-Chancellor received \u00a365,250 as Payment in Lieu of Notice and \u00a350,750 as compensation for loss of employment.<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>Consolidated<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>University<\/td><\/tr><tr><td>Median pay ratio \u2013 All staff basic pay<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4.79<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4.39<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4.79<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4.39<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Median pay ratio \u2013 All staff total pay<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4.79<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4.36<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5.33<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4.72<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td colspan=\"6\">Please refer to pages 16-19 of the Senior Staff Remuneration section for further details on the University\u2019s approach to setting pay of the vice chancellor and senior staff.<\/td><\/tr><tr><td colspan=\"6\"><em>Emoluments of members of Executive (including the Vice-Chancellor)<\/em><\/td><\/tr><tr><td colspan=\"6\">The remuneration paid to members of the University Executive Group who served during the year including salary, non-consolidated performance pay, pension contributions, pay in lieu of notice and compensation for loss of office: &nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>\u00a3000<\/td><\/tr><tr><td>Salary<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>648<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">635<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<strong>648<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">635&nbsp;<\/td><\/tr><tr><td>Pension contributions<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>130<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">105<\/td><td class=\"has-text-align-right\" data-align=\"right\">130<\/td><td class=\"has-text-align-right\" data-align=\"right\">105<\/td><\/tr><tr><td>Payment in lieu of pensions<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">21<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">21<\/td><\/tr><tr><td>Compensation for loss of office incl PILON<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>29<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">116<\/td><td class=\"has-text-align-right\" data-align=\"right\">29<\/td><td class=\"has-text-align-right\" data-align=\"right\">116<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>808<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">877<\/td><td class=\"has-text-align-right\" data-align=\"right\">808<\/td><td class=\"has-text-align-right\" data-align=\"right\">877<\/td><\/tr><tr><td><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Numbers<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Numbers<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Numbers<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Numbers<\/td><\/tr><tr><td>Members of Executive whose emoluments are included above<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6 &nbsp;<br>4.88 FTE<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5 <br>4.79 FTE<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6 &nbsp;<br>4.88 FTE<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5 <br>4.79 FTE<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td colspan=\"6\">The above numbers include all members who were employed during the year. There were 5 members of the Executive team at the year end.<\/td><\/tr><tr><td colspan=\"6\">The number of staff with a basic salary of over \u00a3100,000 per annum who were paid for the whole year has been included below: &nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<br>Numbers<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>Numbers<\/td><\/tr><tr><td>\u00a3100,000 &#8211; \u00a3104,999<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td>\u00a3105,000 &#8211; \u00a3109,999<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td>\u00a3110,000 &#8211; \u00a3114,999<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>\u00a3120,000 &#8211; \u00a3124,999<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1<\/td><\/tr><tr><td>\u00a3145,000 &#8211; \u00a3149,999<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td>\u00a3170,000 &#8211; \u00a3174,999<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>Consolidated<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>University<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Compensation for loss of office payments<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>759<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">709<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>759<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">709<\/td><\/tr><tr><td>Number of staff whose compensation is included above<\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>66<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">23<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>66<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">23<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>All severance payments including compensation for loss of office in respect of higher paid staff are approved by RHRC Committee. Amounts for compensation for loss of office and redundancy for all other staff are approved by Executive in accordance with delegated authority.<\/p>\n\n\n\n<p><strong>Key management personnel<\/strong><\/p>\n\n\n\n<p>Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the University. Staff costs include compensation paid to key management personnel defined as those members of the senior management team who form the University Executive Committee.<\/p>\n\n\n\n<p>The university\u2019s key management personnel consist of the following people:<\/p>\n\n\n\n<p>Vice-Chancellor, Deputy Vice-Chancellor and Provost, Chief Operating Officer (PVC Student Experience), Chief Marketing Officer (PVC External Engagement), Chief Financial Officer.<\/p>\n\n\n\n<p>The Chair and non-executive members of Council receive no emoluments except for the staff appointed as council members.<\/p>\n\n\n\n<p>The above summaries should be read in conjunction with the Council statement on corporate governance.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>9 Other operating expenses<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>&nbsp;2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Consumable and non-capital items<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,799<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,138<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,799<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,143<\/td><\/tr><tr><td>Academic administration<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,094<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,041<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,094<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,042<\/td><\/tr><tr><td>Books and periodicals<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>682<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">689<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>682<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">689<\/td><\/tr><tr><td>Rents and premises<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,581<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,637<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,570<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,631<\/td><\/tr><tr><td>Heat, light, water and power<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,107<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,729<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,107<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,729<\/td><\/tr><tr><td>Repairs and general maintenance<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,740<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,682<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,740<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,682<\/td><\/tr><tr><td>Staff development and training<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>231<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">237<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>231<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">237<\/td><\/tr><tr><td>Staff travel and subsistence<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>867<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,041<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,385<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,626<\/td><\/tr><tr><td>Student travel and subsistence<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>701<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,216<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>701<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,216<\/td><\/tr><tr><td>Student bursaries<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,182<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,737<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,181<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,736<\/td><\/tr><tr><td>Marketing and agent commission<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,293<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,541<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,293<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,541<\/td><\/tr><tr><td>Postage, telephone, printing and reprographics<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>403<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">484<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>403<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">484<\/td><\/tr><tr><td>Insurance and finance<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>625<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">787<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>625<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">786<\/td><\/tr><tr><td>Professional fees and contractors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,791<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,422<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,779<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,410<\/td><\/tr><tr><td>Course franchising and partnerships<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,165<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,277<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,165<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,277<\/td><\/tr><tr><td>Purchases for resale<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>764<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">905<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>752<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">900<\/td><\/tr><tr><td>Equipment operating lease rentals<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>120<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">160<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>120<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">154<\/td><\/tr><tr><td>Students\u2019 Union grant<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>580<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">555<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>580<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">555<\/td><\/tr><tr><td>Fixed asset impairment<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(232)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">232<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(232)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">232<\/td><\/tr><tr><td>Other expenses<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(140)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(158)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23,353<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">24,521<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>26,817<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,074<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>9 Other operating expenses (continued)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Included within professional fees<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>External auditor\u2019s remuneration \u2013 External audit<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>84<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">71<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>84<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">71<\/td><\/tr><tr><td>External auditor\u2019s remuneration \u2013 audit of subsidiaries<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>10<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>External auditor\u2019s remuneration \u2013 non-audit<br>Services:<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Audit related assurance services<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><\/tr><tr><td>Other assurance services<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>Pension scheme audit<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2<\/td><\/tr><tr><td>Rental operating lease payments<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; <strong>536<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 457<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; <strong>536<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; 457<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>10 Interest and other finance costs<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>&nbsp;2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Loan interest<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,954<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,163<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,954<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,163<\/td><\/tr><tr><td>Net charge on pension schemes<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(962)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">342<\/td><td class=\"has-text-align-right\" data-align=\"right\">(962)<\/td><td class=\"has-text-align-right\" data-align=\"right\">342<\/td><\/tr><tr><td>Movement in fair value of derivatives<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>21<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"> &#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>21<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"> &#8211;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,012<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,505<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,012<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,505<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>11 Analysis of total expenditure by activity<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>&nbsp;2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Academic departments<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>42,417<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">40,883<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>41,620<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">40,267<\/td><\/tr><tr><td>Academic services<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>10,354<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,628<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,826<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,174<\/td><\/tr><tr><td>Research grants and contracts<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,698<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,644<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,684<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,598<\/td><\/tr><tr><td>Residences, catering and conferences<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,360<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,953<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,319<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,922<\/td><\/tr><tr><td>Premises<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>8,146<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,642<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,685<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,343<\/td><\/tr><tr><td>Administration<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,798<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">19,901<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,658<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">21,323<\/td><\/tr><tr><td>Other expenses<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>206<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,403<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>206<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,389<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>85,978<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">89,054<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>85,998<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">89,016<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>12 Access and Participation costs&nbsp;<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><br><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<br>\u00a3000<\/td><\/tr><tr><td>Access investment<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,376<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,637<\/td><\/tr><tr><td>Financial support<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>713<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">950<\/td><\/tr><tr><td>Disability support (excluding expenditure included in the two categories above)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>559<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">536<\/td><\/tr><tr><td>Research and Evaluation<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>72<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">79<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,720<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,202<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>i) \u00a31,859k (2023: \u00a32,095k) of these costs are already included in the overall staff costs figures included in the financial statements (see note 8).<\/p>\n\n\n\n<p>ii) Access and Participation plan published link: <a href=\"https:\/\/www.glos.ac.uk\/governance\/pages\/governance-and-structure.aspx\">https:\/\/www.glos.ac.uk\/governance\/pages\/governance-and-structure.aspx<\/a><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>&nbsp;13 Taxation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>&nbsp;2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><strong>Recognised in the statement of comprehensive income<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Corporation tax expense<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Factors affecting the tax charge<\/strong><\/p>\n\n\n\n<p>The tax assessed for the year is the standard rate of corporation tax in the UK. The difference is explained below:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>&nbsp;2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><strong>Factors affecting the tax charge<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>UK corporation tax at 19% (2023: 19%)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>393<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(374)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>380<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(385)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Effect of:<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Surplus\/deficit falling within charitable exemption<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(393)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">374<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(380)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">385<\/td><\/tr><tr><td><strong>Total tax expense<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td><strong>14 Tangible fixed assets<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Freehold land and buildings<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Leasehold land and buildings<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Equipment<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Assets under construction<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>a)&nbsp;Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Cost\/valuation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">153,005<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,247<\/td><td class=\"has-text-align-right\" data-align=\"right\">34,734<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,100<\/td><td class=\"has-text-align-right\" data-align=\"right\">219,086<\/td><\/tr><tr><td>Additions at cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">798<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">592<\/td><td class=\"has-text-align-right\" data-align=\"right\">31,152<\/td><td class=\"has-text-align-right\" data-align=\"right\">32,542<\/td><\/tr><tr><td>Transfers at cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">31<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">468<\/td><td class=\"has-text-align-right\" data-align=\"right\">(511)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(12)<\/td><\/tr><tr><td>Disposals<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,961)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,961)<\/td><\/tr><tr><td>At year end<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>153,834<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,247<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>33,833<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>58,741<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>249,655<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Depreciation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">55,132<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,378<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,568<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">83,078<\/td><\/tr><tr><td>Charge for the year<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,867<\/td><td class=\"has-text-align-right\" data-align=\"right\">76<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,399<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">6,342<\/td><\/tr><tr><td>Disposals<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,974)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,974)<\/td><\/tr><tr><td>At year end<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>58,999<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,454<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>25,993<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>87,446<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Net book value<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>At year end<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>94,835<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>793<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,840<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>58,741<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>162,209<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">97,873<\/td><td class=\"has-text-align-right\" data-align=\"right\">869<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,166<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,100<\/td><td class=\"has-text-align-right\" data-align=\"right\">136,008<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>b) University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Cost\/valuation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">153,005<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,247<\/td><td class=\"has-text-align-right\" data-align=\"right\">34,734<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,100<\/td><td class=\"has-text-align-right\" data-align=\"right\">219,086<\/td><\/tr><tr><td>Additions at cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">798<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">592<\/td><td class=\"has-text-align-right\" data-align=\"right\">31,152<\/td><td class=\"has-text-align-right\" data-align=\"right\">32,542<\/td><\/tr><tr><td>Transfers at cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">31<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">468<\/td><td class=\"has-text-align-right\" data-align=\"right\">(511)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(12)<\/td><\/tr><tr><td>Disposals<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,961)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,961)<\/td><\/tr><tr><td>At year end<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>153,834<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,247<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>33,833<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>58,741<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>249,655<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Depreciation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">55,132<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,378<\/td><td class=\"has-text-align-right\" data-align=\"right\">25,568<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">83,078<\/td><\/tr><tr><td>Charge for the year<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,867<\/td><td class=\"has-text-align-right\" data-align=\"right\">76<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,399<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">6,342<\/td><\/tr><tr><td>Disposals<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,974)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,974)<\/td><\/tr><tr><td>At year end<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>58,999<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,454<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>25,993<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>87,446<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Net book value<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>At year end<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>94,835<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>793<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,840<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>58,741<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>162,209<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">97,873<\/td><td class=\"has-text-align-right\" data-align=\"right\">869<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,166<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,100<\/td><td class=\"has-text-align-right\" data-align=\"right\">136,008<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>c) Revaluation of land and buildings<\/strong><\/p>\n\n\n\n<p>Land and buildings were revalued at 31 July 1997 by Bayley Donaldsons, Independent Chartered Surveyors. Certain properties, included in freehold land and building costs and earmarked for disposal under the building programme, were valued on an estimated open market value basis. The remaining land and buildings to be retained for use and occupation by the University have principally been valued at depreciated replacement cost in existing use. The likely replacement cost of buildings, which are listed as being of special architectural and historic interest has been calculated on the basis of reinstating the buildings, as originally designed and constructed. Those buildings, which due to their special nature, are rarely, if ever, sold on the open market, have been valued at depreciated replacement cost. This basis is considered appropriate as it reflects the fact that listed buildings and buildings of this specialised nature cannot be replaced with simpler and less expensive buildings.<\/p>\n\n\n\n<p>In the opinion of the valuers at the time of the valuation, depreciated replacement cost valuations for buildings on the above described basis are higher than an open market value for alternative use rather than existing use.<\/p>\n\n\n\n<p>Under the terms of the financial memorandum with the Office for Students, the proportion of the proceeds on sale of assets attributed to the publicly funded assets is retained by the University only with the approval of the Office for Students. All proceeds of sale retained by the University are required under Charities law to be re-invested in full in new capital assets.<\/p>\n\n\n\n<p>Freehold land at Oxstalls, The Folley and Hardwick was revalued as at 1 August 2014 by Bruton Knowles, Independent Chartered Surveyors.<\/p>\n\n\n\n<p>If both freehold and leasehold land and buildings had not been revalued before being deemed as cost on transition, and on the assumption that the assets transferred from the Gloucestershire County Council were at nil cost, they would have been included at the following historical cost amounts:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\" colspan=\"2\"><strong>Consolidated and University<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\" colspan=\"2\"><strong>Land and buildings<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Cost<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>137,101<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">135,603<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Aggregate depreciation based on cost<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>45,799<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">43,350<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>15 Service concession arrangements<\/strong><\/p>\n\n\n\n<p>The University has one service concession arrangement where service delivery has commenced.&nbsp; On 21 January 2016 the University entered a 46-year contract with a third-party provider for the creation of a student village at Pittville to include the refurbishment of existing student accommodation to house 215 students and the construction of new accommodation for an additional 577 students.&nbsp; The construction of the new accommodation was completed for the start of the 2017-18 Academic Year.<\/p>\n\n\n\n<p>The University nominates rooms in the student village on an annual basis, during the year ended 31 July 2024 the University nominated 75% of the accommodation available for the 2024-25 Academic Year.<\/p>\n\n\n\n<p><em>Movement in service concession arrangement assets:<\/em><\/p>\n\n\n\n<p>The asset value of the service concession included in debtors as at 31 July 2024 is \u00a34,389k (2023: \u00a34,353k).<\/p>\n\n\n\n<p><em>Movement in service concession arrangement liabilities:<\/em><\/p>\n\n\n\n<p>The total liability relating to the service concession included in creditors: amounts falling due within one year as at 31 July 2024 was \u00a34,389k (2023: \u00a34,353k).<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>16 Non-current investments<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Endowment asset investments<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Other fixed asset investments<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<br>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,684<\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,689<\/td><\/tr><tr><td>Additions at cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">298<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">298<\/td><\/tr><tr><td>Revaluation<\/td><td class=\"has-text-align-right\" data-align=\"right\">222<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">222<\/td><\/tr><tr><td>Disposals<\/td><td class=\"has-text-align-right\" data-align=\"right\">(394)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(394)<\/td><\/tr><tr><td>At year end<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,810<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,815<\/strong><\/td><\/tr><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,128<\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,133<\/td><\/tr><tr><td>Additions at cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">213<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">213<\/td><\/tr><tr><td>Revaluation<\/td><td class=\"has-text-align-right\" data-align=\"right\">180<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">180<\/td><\/tr><tr><td>Disposals<\/td><td class=\"has-text-align-right\" data-align=\"right\">(307)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(307)<\/td><\/tr><tr><td>At year end<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,213<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,218<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The non-current investments have been valued at market value.<\/p>\n\n\n\n<p><strong>a)<\/strong> <strong>Investment in subsidiary companies<\/strong><\/p>\n\n\n\n<p>Details of the companies, all registered in England and Wales, in which the University holds an interest, are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Name of company<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Percentage holding of ordinary shares<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Shareholding<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Principal business activity<\/strong><\/td><td>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Fullwood Park Limited<\/td><td class=\"has-text-align-center\" data-align=\"center\">100%<\/td><td class=\"has-text-align-center\" data-align=\"center\">100 Ordinary \u00a31 shares<\/td><td class=\"has-text-align-center\" data-align=\"center\">Provision of conference and catering services<\/td><td>&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">University of Gloucestershire Professional Services Limited<\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp; 100%<\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp; 1 Ordinary \u00a31 share<\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp; Provision and management of professional services staff &nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The registered office for Fullwood Park Limited and University of Gloucestershire Professional Services Limited is The Park, Cheltenham, Gloucestershire, GL50 2RH.<\/p>\n\n\n\n<p><strong>b) The Janet Trotter Trust<\/strong><\/p>\n\n\n\n<p>The activities of The Janet Trotter Trust, a registered charity, are consolidated within endowment reserves on the grounds that the University has a controlling influence over its activities.&nbsp; The accounts of The Janet Trotter Trust for the year to 31 July 2024 show total net assets of \u00a3675,411 (2023: \u00a3620,698) and net expenditure and movement in funds for the year of \u00a330,895 (2023: net income &#8211; \u00a35,561).<\/p>\n\n\n\n<p><strong>c) Other fixed asset investments<\/strong><\/p>\n\n\n\n<p>Other fixed asset investments include the share capital held by the University in Uliving@Gloucestershire Holdco Limited.&nbsp; The University holds 5,030 \u00a31 ordinary shares in the company, which comprises 10% of the issued share capital.&nbsp; The company was set up to manage the contract for the construction and running of the Pittville student village (see note 15).<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>17 Debtors<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Trade debtors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,970<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">13,241<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,957<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">13,226<\/td><\/tr><tr><td>Other debtors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,168<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,189<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,168<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,176<\/td><\/tr><tr><td>Service concession arrangements (note 15)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><\/tr><tr><td>Amounts owed by subsidiary companies<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>231<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">155<\/td><\/tr><tr><td>Prepayments and accrued income<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,917<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,156<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,911<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">9,151<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>22,445<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,939<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>22,657<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,061<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Included within other debtors is \u00a31,033,000 in respect of an interest bearing loan due from Uliving@Gloucestershire Finco Limited. The loan to Uliving@Gloucestershire Finco Limited was used by the company as part of the overall financing of the Pittville student village project (see note 15).&nbsp; The loan is for a period of 46 years with capital repayments to be made over the last 11 years.<\/p>\n\n\n\n<p>Amounts due from group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>18 Current investments<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Short term deposits<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>19 Creditors: amounts falling due within one year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Secured loans<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,647<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,647<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><\/tr><tr><td>Service concession arrangements (note 15)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><\/tr><tr><td>Payment received on account<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11,478<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,401<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11,478<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">11,401<\/td><\/tr><tr><td>Trade creditors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,541<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">983<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,474<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">893<\/td><\/tr><tr><td>Amounts owed to subsidiary companies<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">69<\/td><\/tr><tr><td>Social security and other taxation payable<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>984<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,214<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>984<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,214<\/td><\/tr><tr><td>Pensions<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,006<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">973<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,006<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">973<\/td><\/tr><tr><td>Deferred capital grants<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,555<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,093<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,555<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,093<\/td><\/tr><tr><td>Accruals and deferred income<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23,045<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">22,702<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>22,899<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">22,617<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>48,646<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">46,654<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>48,464<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">46,548<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>20 Creditors: amounts falling due after more than one year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Secured loans<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28,421<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,068<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28,421<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,068<\/td><\/tr><tr><td>Derivatives<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>Deferred capital grants<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31,162<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">26,826<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31,612<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">26,826<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>60,034<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">53,894<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>60,034<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">53,894<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis of secured and unsecured loans<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Due within one year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,647<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,647<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><\/tr><tr><td>Due between one and two years<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,960<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,960<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><\/tr><tr><td>Due between two and five years<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>462<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">24,133<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>462<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">24,133<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>32,068<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">30,003<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>32,068<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">30,003<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>In 2016, the University re-financed all of its existing interest bearing loans and finance leases into a new loan for \u00a315.7 million with the Royal Bank of Scotland. This loan runs to October 2026 and is managed using a series of short term interest contracts at LIBOR + 1.45%.&nbsp; This loan is secured on University property.<\/p>\n\n\n\n<p>In July 2024, the University entered a secured facility agreement with Barclays for \u00a342.9 million, consisting of three tranches: a term loan of \u00a327.9m and two Revolving Credit Facilities (RCF) \u2013 one of \u00a38m and a further RCF of \u00a37m. As at 31st July 2024, \u00a327.9 million had been drawn to refinance the former Barclays secured loan. The \u00a38m RCF facility is available to help support the university minimum liquidity requirements whilst the \u00a37m RCF facility is specifically linked to fixed asset disposals. The term loan runs to May 2026 and the RCF\u2019s run to July 2025 and December 2025, with all three tranches having options to extend.<\/p>\n\n\n\n<p>To reduce uncertainty, a swap contract with the Royal Bank of Scotland was put in place in 2005 to fix a proportion of the loan interest at 4.56%.&nbsp; This swap contract runs until 2025. This has been included in the balance sheet at the year-end valuation.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>21 Deferred capital grants<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated &amp; University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated &amp; University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated &amp; University<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Funding Councils<\/strong><br><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Other grants &amp; benefactions<\/strong><br><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<\/strong><br><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>At beginning of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td class=\"has-text-align-right\" data-align=\"right\">16,823<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,196<\/td><td class=\"has-text-align-right\" data-align=\"right\">24,019<\/td><\/tr><tr><td>Equipment<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,953<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,947<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,900<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">19,776<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,143<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,919<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Cash received<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,113<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,113<\/td><\/tr><tr><td>Equipment<\/td><td class=\"has-text-align-right\" data-align=\"right\">125<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,513<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,638<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,238<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,513<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,751<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Released to income and expenditure<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td class=\"has-text-align-right\" data-align=\"right\">(573)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(354)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(927)<\/td><\/tr><tr><td>Equipment<\/td><td class=\"has-text-align-right\" data-align=\"right\">(360)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(215)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(575)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(933)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(569)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,502)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Buildings<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>20,362<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6,843<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,205<\/strong><\/td><\/tr><tr><td><strong>Equipment<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,719<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,244<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,963<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23,081<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>10,087<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>33,168<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>22 Provisions<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>LGPS Defined benefit obligations<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Obligation to fund deficit on USS and CEFPS<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Pensioners<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; &nbsp; &nbsp; &nbsp; <strong>Other<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp; &nbsp; &nbsp; &nbsp; <strong>Total<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">659<\/td><td class=\"has-text-align-right\" data-align=\"right\">782<\/td><td class=\"has-text-align-right\" data-align=\"right\">279<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,720<\/td><\/tr><tr><td>Utilised during the year<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,545<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(268)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,277<\/td><\/tr><tr><td>Transfer from Income and Expenditure<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,545)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(659)<\/td><td class=\"has-text-align-right\" data-align=\"right\">149<\/td><td class=\"has-text-align-right\" data-align=\"right\">(72)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,127)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>663<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>207<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>870<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>LGPS Defined benefit obligations<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Obligation to fund deficit on USS and CEFPS<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Pensioners<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Other<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">659<\/td><td class=\"has-text-align-right\" data-align=\"right\">782<\/td><td class=\"has-text-align-right\" data-align=\"right\">279<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,720<\/td><\/tr><tr><td>Utilised during the year<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,545<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(268)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,277<\/td><\/tr><tr><td>Transfer from Income and Expenditure<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,545)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(659)<\/td><td class=\"has-text-align-right\" data-align=\"right\">149<\/td><td class=\"has-text-align-right\" data-align=\"right\">(72)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,127)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>663<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>207<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>870<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>23 Endowment reserves<\/strong> &nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Restricted permanent endowments<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Expendable endowments<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<br>2024<\/strong><br><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Total<br>2023<br>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Capital<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,337<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,592<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,929<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,895<\/td><\/tr><tr><td>Accumulated income<\/td><td class=\"has-text-align-right\" data-align=\"right\">(210)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(643)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(853)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(759)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,127<\/td><td class=\"has-text-align-right\" data-align=\"right\">949<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,076<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,136<\/td><\/tr><tr><td>New Endowments<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">6<\/td><td class=\"has-text-align-right\" data-align=\"right\">6<\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><\/tr><tr><td>Investment income<\/td><td class=\"has-text-align-right\" data-align=\"right\">56<\/td><td class=\"has-text-align-right\" data-align=\"right\">58<\/td><td class=\"has-text-align-right\" data-align=\"right\">114<\/td><td class=\"has-text-align-right\" data-align=\"right\">62<\/td><\/tr><tr><td>Expenditure<\/td><td class=\"has-text-align-right\" data-align=\"right\">(125)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(22)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(147)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(155)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(69)<\/td><td class=\"has-text-align-right\" data-align=\"right\">43<\/td><td class=\"has-text-align-right\" data-align=\"right\">(26)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(85)<\/td><\/tr><tr><td>Increase in market value of investments<\/td><td class=\"has-text-align-right\" data-align=\"right\">176<\/td><td class=\"has-text-align-right\" data-align=\"right\">29<\/td><td class=\"has-text-align-right\" data-align=\"right\">205<\/td><td class=\"has-text-align-right\" data-align=\"right\">25<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,234<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,020<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,254<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,076<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis by type of purpose<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Fellowships and scholarship prizes<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">9<\/td><td class=\"has-text-align-right\" data-align=\"right\">9<\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><\/tr><tr><td>Prize funds<\/td><td class=\"has-text-align-right\" data-align=\"right\">14<\/td><td class=\"has-text-align-right\" data-align=\"right\">82<\/td><td class=\"has-text-align-right\" data-align=\"right\">96<\/td><td class=\"has-text-align-right\" data-align=\"right\">91<\/td><\/tr><tr><td>Other funds<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,222<\/td><td class=\"has-text-align-right\" data-align=\"right\">929<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,151<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,977<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,236<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,020<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,256<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,076<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis by asset<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Current and non-current asset investments<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,801<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,683<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">455<\/td><td class=\"has-text-align-right\" data-align=\"right\">393<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,256<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">3,076<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Capital<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,337<\/td><td class=\"has-text-align-right\" data-align=\"right\">994<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,331<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,279<\/td><\/tr><tr><td>Accumulated income<\/td><td class=\"has-text-align-right\" data-align=\"right\">(210)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(665)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(875)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(787)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,128<\/td><td class=\"has-text-align-right\" data-align=\"right\">328<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,456<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,492<\/td><\/tr><tr><td>New Endowments<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">6<\/td><td class=\"has-text-align-right\" data-align=\"right\">6<\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><\/tr><tr><td>Investment income<\/td><td class=\"has-text-align-right\" data-align=\"right\">56<\/td><td class=\"has-text-align-right\" data-align=\"right\">12<\/td><td class=\"has-text-align-right\" data-align=\"right\">68<\/td><td class=\"has-text-align-right\" data-align=\"right\">46<\/td><\/tr><tr><td>Expenditure<\/td><td class=\"has-text-align-right\" data-align=\"right\">(125)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(7)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(132)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(135)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(69)<\/td><td class=\"has-text-align-right\" data-align=\"right\">12<\/td><td class=\"has-text-align-right\" data-align=\"right\">(57)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(81)<\/td><\/tr><tr><td>Increase in market value of investments<\/td><td class=\"has-text-align-right\" data-align=\"right\">176<\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\">181<\/td><td class=\"has-text-align-right\" data-align=\"right\">45<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,236<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>345<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,581<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,456<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis by type of purpose<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Fellowships and scholarship prizes<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">9<\/td><td class=\"has-text-align-right\" data-align=\"right\">9<\/td><td class=\"has-text-align-right\" data-align=\"right\">8<\/td><\/tr><tr><td>Prize funds<\/td><td class=\"has-text-align-right\" data-align=\"right\">14<\/td><td class=\"has-text-align-right\" data-align=\"right\">82<\/td><td class=\"has-text-align-right\" data-align=\"right\">96<\/td><td class=\"has-text-align-right\" data-align=\"right\">91<\/td><\/tr><tr><td>Other funds<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,222<\/td><td class=\"has-text-align-right\" data-align=\"right\">254<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,476<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,357<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,236<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>345<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,581<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,456<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis by asset<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Current and non-current asset investments<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,204<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,128<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">377<\/td><td class=\"has-text-align-right\" data-align=\"right\">328<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,581<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,456<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>24 Restricted Reserve<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<br>\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<br>\u00a3000<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">25<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">25<\/td><\/tr><tr><td>New endowments and donations<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><\/tr><tr><td>Expenditure<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(10)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(2)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(10)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(2)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis by type of purpose<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Scholarships and bursaries<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><\/tr><tr><td>Other funds<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">18<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>11<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">18<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>23<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>25 Revaluation Reserve<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<br>\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<br>\u00a3000<\/td><\/tr><tr><td><strong>Revaluations<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,815<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,815<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,815<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,815<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,815<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,815<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>27,815<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,815<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Contributions to depreciation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(27,815)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(27,815)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(27,815)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(27,815)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(27,815)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(27,815)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>(27,815)<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">(27,815)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Revaluation reserve<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>26 Lease obligations<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<br>\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<br>\u00a3000<\/td><\/tr><tr><td>Future minimum lease payments under non-cancellable operating leases are as follows:<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Within 1 year<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>535<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">439<\/td><td class=\"has-text-align-right\" data-align=\"right\">535<\/td><td class=\"has-text-align-right\" data-align=\"right\">439<\/td><\/tr><tr><td>Between 2 and 5 years<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,893<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,560<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,893<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,560<\/td><\/tr><tr><td>Over 5 years<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>934<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">734<\/td><td class=\"has-text-align-right\" data-align=\"right\">934<\/td><td class=\"has-text-align-right\" data-align=\"right\">734<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,361<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,733<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,361<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,733<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Representing:<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Land and buildings<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,271<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,585<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,271<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,585<\/td><\/tr><tr><td>Other operating leases<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>91<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">148<\/td><td class=\"has-text-align-right\" data-align=\"right\">91<\/td><td class=\"has-text-align-right\" data-align=\"right\">148<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,361<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,733<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,361<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,733<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>27 Capital commitments<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<br>\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>University<br>2024<br>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<br>\u00a3000<\/td><\/tr><tr><td>Authorised but not contracted<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,122<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,992<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,122<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,992<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Authorised and contracted<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>20,064<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">32,029<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>20,064<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">32,029<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>28 Contingent liabilities<\/strong><\/p>\n\n\n\n<p>The University has previously received a grant of \u00a3250,000 from the Church of England Central Board of Finance. This becomes payable in the event of the University withdrawing teacher training facilities.<\/p>\n\n\n\n<p><strong>29 Events after the reporting period<\/strong><\/p>\n\n\n\n<p>There has been no post balance sheet events.<\/p>\n\n\n\n<p><strong>30 Cash and cash equivalents<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>At beginning of year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>&nbsp; Cash flows<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>At end of year<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Cash at bank and in hand<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,599<\/td><td class=\"has-text-align-right\" data-align=\"right\">(509)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,090<\/strong><\/td><\/tr><tr><td>Short term deposits<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><td class=\"has-text-align-right\" data-align=\"right\">(12,536)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">31,137<\/td><td class=\"has-text-align-right\" data-align=\"right\">(13,045)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>18,092<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>University<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Cash at bank and in hand<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,317<\/td><td class=\"has-text-align-right\" data-align=\"right\">(722)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,595<\/strong><\/td><\/tr><tr><td>Short term deposits<\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><td class=\"has-text-align-right\" data-align=\"right\">(12,536)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">30,855<\/td><td class=\"has-text-align-right\" data-align=\"right\">(13,258)<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>17,597<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>31 Consolidated reconciliation of net debt<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><\/tr><tr><td>Net debt 1 August<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">31,757<\/td><\/tr><tr><td>Movement in cash and cash equivalents<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">509<\/td><\/tr><tr><td>Movement in secured loans<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,065<\/td><\/tr><tr><td>Other non-cash changes<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">37<\/td><\/tr><tr><td>Net debt 31 July<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">34,368<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Change in net debt<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,611<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Analysis of net debt:<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<\/strong><br><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><strong>Cash and cash equivalents<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,090<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,599<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Borrowings: amounts falling due within one year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Secured loans<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,647<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,935<\/td><\/tr><tr><td>Service concession arrangements<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>8,037<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">7,288<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><strong>Borrowings: amounts falling due after more than one year<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Secured loans<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28,421<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,068<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>28,421<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">27,068<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Net debt<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>34,368<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">31,757<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>32 Financial instruments<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Consolidated<br>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">Consolidated<br>2023<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Universit<\/strong>y<br>2024<\/td><td class=\"has-text-align-right\" data-align=\"right\">University<br>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><strong>Financial assets<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Financial assets at fair value through statement of comprehensive income<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&#8211; Listed investments<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,810<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,684<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,213<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,128<\/td><\/tr><tr><td><em>Financial assets that are equity instruments measured at cost less impairment<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&#8211; Other investments<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">5 &nbsp; &nbsp;<\/td><\/tr><tr><td><em>Financial assets that are debt instruments measured at amortised cost<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&#8211; Cash and cash equivalents<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,090<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,599<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,595<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2,317<\/td><\/tr><tr><td>&#8211; Current investments<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>16,002<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">28,538<\/td><\/tr><tr><td>&#8211; Trade debtors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,970<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">13,241<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,957<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">13,226<\/td><\/tr><tr><td>&#8211; Other debtors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,172<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,189<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,172<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,176<\/td><\/tr><tr><td>&#8211; Amounts owed by subsidiary companies<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>231<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">155<\/td><\/tr><tr><td>&#8211; Accrued income<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,546<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,443<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,546<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">1,443<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>36,594<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">49,699<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>35,721<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">48,988<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Financial liabilities<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Financial liabilities measured at amortised cost<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>&#8211; Secured loans<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>32,068<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">30,003<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>32,068<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">30,003<\/td><\/tr><tr><td>&#8211; Service concession arrangement<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,390<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">4,353<\/td><\/tr><tr><td>&#8211; Trade creditors<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,541<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">983<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,474<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">893<\/td><\/tr><tr><td>&#8211; Accruals<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>13,076<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12,712<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>12,988<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">12,647<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>52,075<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">48,051<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>51,920<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">47,896<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>33 Related party transactions<\/strong><\/p>\n\n\n\n<p>To capture information on related party transactions, the University has written to members of Council.&nbsp; Due to the nature of the University\u2019s operations and the composition of Council, being drawn from commerce, industry and the public sector, it is inevitable that transactions will take place with organisations in which a member of Council has a connection.&nbsp; All such connections are declared annually in the Register of Council Members Interests.&nbsp; All such transactions are conducted at arm\u2019s length and in accordance with the University\u2019s Financial Regulations with regards to procurement.<\/p>\n\n\n\n<p>Relevant significant relationships held by members of Council who served in the year are:<\/p>\n\n\n\n<ol style=\"list-style-type:lower-roman\" class=\"wp-block-list\">\n<li class=\"\">Ms Ingrid Barker is Chair of Gloucestershire Health and Care NHS Foundation Trust<\/li>\n\n\n\n<li class=\"\">Paul Crichard is Chief Information Security Officer for SERCO UK &amp; Europe<\/li>\n\n\n\n<li class=\"\">Nicola de Iongh is a Board member of the Gloucestershire Health and Care NHS Foundation Trust<\/li>\n\n\n\n<li class=\"\">Louise Livesey is a Trustee of Gloucestershire Rape and Sexual Abuse Centre<\/li>\n\n\n\n<li class=\"\">Steve Mawson is a Board member of the Gloucestershire LEP and Director of Finance at Gloucestershire County Council<\/li>\n\n\n\n<li class=\"\">Miss E Hill is a Senior Manager of the Gloucestershire Students\u2019 Union<\/li>\n\n\n\n<li class=\"\">Mr B Ajibola is a Senior Manager of the Gloucestershire Students\u2019 Union<\/li>\n\n\n\n<li class=\"\">Miss P Archer is a Trustee of the Gloucestershire Students&#8217; Union<\/li>\n\n\n\n<li class=\"\">Miss I Williams is a Trustee of the Gloucestershire Students&#8217; Union<\/li>\n\n\n\n<li class=\"\">Pam Sissons is a Director of Winchcombe School<\/li>\n<\/ol>\n\n\n\n<p>For the year ended 31 July 2024 expenses totalling \u00a32,485 (2023: \u00a3804) were claimed by seven Directors and Trustees in respect of their responsibilities as a Director and Trustee. The University does not remunerate its external Directors and Trustees.&nbsp; The salaries of members of staff who serve on Council do not include any element specific to this role.<\/p>\n\n\n\n<p>The University of Gloucestershire Students\u2019 Union, is a separately constituted entity which is governed by its own Board of Directors, of which Mr B Ajibola is a senior officer. The University has no financial interest, control or significant influence over policy decisions. The University helps to support the core activities with a block grant on an annual basis which include Student Representation; Student Opportunities; support for Student Volunteering; Student Events &amp; Entertainments; and Student Sport &amp; Societies. During the year sales of \u00a32,042 (2023: \u00a313,220) and purchases of \u00a3641,200 (2023: \u00a3614,879) relating to core activities were transacted with the Student Union. At the year-end a balance of \u00a39,250 (2023: \u00a3517) was due to The University of Gloucestershire Students\u2019 Union and a year-end balance of \u00a30 (2023: \u00a3290) was owed to The University.<\/p>\n\n\n\n<p><strong>34 The Teaching Regulation Agency<\/strong><\/p>\n\n\n\n<p>The University, acting as agent for the Teaching Regulation Agency, disbursed \u00a3514,000 (2023: \u00a3156,000) training bursaries to students undergoing Initial Teacher Training for the year ended 31 July 2024.&nbsp; The training bursaries have not been included in the income and expenditure of the University.<\/p>\n\n\n\n<p><strong>35 Pension schemes<\/strong><\/p>\n\n\n\n<p><strong>(a) Teachers\u2019 Pension Scheme<\/strong><\/p>\n\n\n\n<p>&nbsp;The Teachers&#8217; Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers&#8217; Pensions Regulations 2010 (as amended), and the Teachers\u2019 Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments in England and Wales that are maintained by local authorities, and in academies. In addition, teachers in many independent schools, and teachers and lecturers in some establishments of further and higher education may be eligible for membership.<\/p>\n\n\n\n<p>Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.<\/p>\n\n\n\n<p><strong>The Teachers Pension Budgeting and Valuation Account<\/strong><\/p>\n\n\n\n<p>Although members may be employed by various bodies, their retirement and other pension benefits are set out in the abovementioned regulations, made under the Superannuation Act (1972) and Public Service Pensions Act (2013), and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a \u2019pay as you go \u2018basis \u2013 contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.<\/p>\n\n\n\n<p>The Teachers&#8217; Pensions Regulations 2010 require an annual account &#8211; the Teachers&#8217; Pension Budgeting and Valuation Account &#8211; to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.<\/p>\n\n\n\n<p><strong>Valuation of the Teachers\u2019 Pension Scheme<\/strong><\/p>\n\n\n\n<p>As a result of the latest scheme valuation, employer contributions were increased in April 2024 from a rate of 23.6% to 28.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.<\/p>\n\n\n\n<p>A copy of the latest valuation report can be found by following this link to Valuation result | 10 | 2023 (teacherspensions.co.uk)<\/p>\n\n\n\n<p>The next valuation is expected to take effect in 2027.<\/p>\n\n\n\n<p><strong>Scheme Changes<\/strong><\/p>\n\n\n\n<p>In line with the requirements of the Public Service Pensions and Judicial Offices Act 2022, the Department for Education laid regulations which came into force on 1 April 2022, closing the legacy scheme to any further accrual which prevented any further discrimination.<\/p>\n\n\n\n<p>The regulatory changes, along with the ongoing Transitional Protection remedy, are being implemented in response to the McCloud-Sargeant discrimination ruling. The retrospective remedy offers members in scope a deferred choice of benefits, legacy or reformed, in respect of pensionable service during the remedy period (1 April 2015 to 31 March 2022).<\/p>\n\n\n\n<p>The total consolidated pension costs under the Teachers\u2019 Pension Scheme for the University were:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td><strong>2024<\/strong><\/td><td>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>\u00a3000<\/td><\/tr><tr><td>Contributions to Teachers\u2019 Pensions<\/td><td><strong>5,336<\/strong><\/td><td>4,931<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>b) Universities Superannuation Scheme<\/strong><\/p>\n\n\n\n<p>The institution participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions\u2019 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 \u201cEmployee benefits\u201d, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.<\/p>\n\n\n\n<p>FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The directors are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.<\/p>\n\n\n\n<p>The total cost charged to the statement of comprehensive income and expenditure is \u00a3164,930 (2023: \u00a3179,398).<\/p>\n\n\n\n<p>Deficit recovery contributions due within one year for the institution are \u00a30 (2023: \u00a351,494).<\/p>\n\n\n\n<p>A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in Note &#8211;, 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 profit and loss account.<\/p>\n\n\n\n<p>The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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 (the statutory funding objective). At the valuation date, the value of the assets of the scheme was \u00a373.1 billion and the value of the scheme\u2019s technical provisions was \u00a365.7 billion indicating a surplus of \u00a37.4 billion and a funding ratio of 111%. <\/p>\n\n\n\n<p>The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>CPI Assumption<\/td><td>Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less:<br>1.1% p.a to 2030, reducing linearly by 0.1%p.a from 2030.<\/td><\/tr><tr><td>Pension increases (subject to a floor of 0%) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<\/td><td>Benefits with no cap<br><br>CPI assumption plus 3bps<br><br>Benefits subject to a \u201csoft cap\u201d of 5% providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10% &nbsp; <br><br>CPI assumption less 3bps &nbsp; &nbsp;<\/td><\/tr><tr><td>Discount rate (forward rates)<\/td><td>Fixed interest gilt yield curve plus &nbsp; <br>Pre-retirement: 2.5% p.a. and Post retirement: 0.9% p.a.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme\u2019s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td><strong>2023 valuation<\/strong><\/td><\/tr><tr><td>Mortality base table<\/td><td>101% of S2PMA \u201clight\u201d for males and 95% of S3PFA for females<\/td><\/tr><tr><td>Future improvements to mortality<\/td><td>CMI_2021 with a smoothing parameter of 7.5 and an initial of 0.4% p.a. 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The current life expectancies on retirement at age 65 are:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td><strong>2024<\/strong><\/td><td>2023<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>Valuation<\/strong><\/td><td>Valuation<\/td><\/tr><tr><td>Males currently aged 65 (years)<\/td><td>23.7<\/td><td>24.0<\/td><\/tr><tr><td>Females currently aged 65 (years)<\/td><td>25.6<\/td><td>25.6<\/td><\/tr><tr><td>Males currently aged 45 (years)<\/td><td>25.4<\/td><td>26.0<\/td><\/tr><tr><td>Females currently aged 45 (years)<\/td><td>27.2<\/td><td>27.4<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>At 31 July 2023, the institution\u2019s balance sheet included a liability of \u00a3659,267 for future contributions payable under the deficit recovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the institution was no longer required to make deficit recovery contributions. The liability was released to the income and expenditure account.<\/p>\n\n\n\n<p><strong>c) Gloucestershire County Council Superannuation Scheme<\/strong><\/p>\n\n\n\n<p>Non-academic staff belong to the Gloucestershire County Council Superannuation Scheme. The scheme is a defined benefits scheme in the UK and is externally funded. &nbsp;&nbsp;The total contributions made for the year ended 31 July 2024 were \u00a34,898m, of which employer\u2019s contributions totalled \u00a33,920m and employees\u2019 contributions totalled \u00a3978m. The agreed contribution rates for future years are 22.1% for employers and range from 5.5% to 12.5% for employees, depending on salary.<\/p>\n\n\n\n<p>As at 31 July 2024 the scheme reported a surplus of \u00a329,414m (2023: \u00a319,049) following the actuarial valuation. The requirements of FRS102 states 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. The university is an active employer within the scheme and is therefore not entitled to a refund or reduction in contributions and has therefore reported a nil surplus in line with FRS102.<\/p>\n\n\n\n<p>The following information is based on the last full actuarial valuation carried out at 31 March 2022 updated to 31 July 2022 by a qualified independent actuary, Hymans Robertson.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>Latest actuarial valuations<\/td><td class=\"has-text-align-center\" data-align=\"center\">31 March 2022<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">&nbsp;<\/td><\/tr><tr><td>Investment returns per annum<\/td><td class=\"has-text-align-center\" data-align=\"center\">4.20%<\/td><\/tr><tr><td>Salary scale increases per annum<\/td><td class=\"has-text-align-center\" data-align=\"center\">3.20%<\/td><\/tr><tr><td>Pension increases per annum<\/td><td class=\"has-text-align-center\" data-align=\"center\">2.70%<\/td><\/tr><tr><td>Price Inflation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td class=\"has-text-align-center\" data-align=\"center\">2.70%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The estimate of contributions expected to be paid in the next year (year ending 31 July 2025) are \u00a33,423m at a contribution rate of 22.1% until the next actuarial valuation change in April 2026.<\/p>\n\n\n\n<p>The major assumptions used by the Actuary were:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31 July 2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">31 July 2023<\/td><td class=\"has-text-align-right\" data-align=\"right\">31 July 2022<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>%<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">%<\/td><td class=\"has-text-align-right\" data-align=\"right\">%<\/td><\/tr><tr><td>Pension increase rate<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.75<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.00<\/td><td class=\"has-text-align-right\" data-align=\"right\">10.1<\/td><\/tr><tr><td>Salary increase rate<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.25<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.50<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.00<\/td><\/tr><tr><td>Expected return on assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.0<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.05<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.50<\/td><\/tr><tr><td>Discount rate<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.0<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.05<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.50<\/td><\/tr><tr><td>Inflation assumption<\/td><td class=\"has-text-align-right\" data-align=\"right\">2.75<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.50<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.50<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The mortality assumptions assume that the current rate of improvements have peaked and will converge to a long term rate of 1.5%.&nbsp; Based on these assumptions, the average life expectancies at age 65 are:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><em>Current Pensioners<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31 July 2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">31 July 2023<\/td><td class=\"has-text-align-right\" data-align=\"right\">31 July 2023<\/td><\/tr><tr><td>Males<\/td><td class=\"has-text-align-right\" data-align=\"right\">21.1<\/td><td class=\"has-text-align-right\" data-align=\"right\">21.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">21.7<\/td><\/tr><tr><td>Females<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.4<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.5<\/td><td class=\"has-text-align-right\" data-align=\"right\">24.1<\/td><\/tr><tr><td>Future Pensioners (at age 45)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Males<\/td><td class=\"has-text-align-right\" data-align=\"right\">22.2<\/td><td class=\"has-text-align-right\" data-align=\"right\">22.3<\/td><td class=\"has-text-align-right\" data-align=\"right\">22.6<\/td><\/tr><tr><td>Females<\/td><td class=\"has-text-align-right\" data-align=\"right\">25.7<\/td><td class=\"has-text-align-right\" data-align=\"right\">25.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">25.8<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The amounts recognised in the Consolidated and University statement of income and expenditure, in accordance with the requirements of FRS 102 are:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td><em>Amounts included in staff costs<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Current service cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,774<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,693<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,774<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,693<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Amounts included in interest and other finance costs<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Interest income on plan assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">(6,809)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(4,600)<\/td><\/tr><tr><td>Interest on pension scheme liabilities<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,832<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,912<\/td><\/tr><tr><td>Net charge to other finance costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">977<\/td><td class=\"has-text-align-right\" data-align=\"right\">312<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td><em>Amount recognised in other comprehensive income<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Return on pension plan assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,016<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,231)<\/td><\/tr><tr><td>Changes in demographic assumptions<\/td><td class=\"has-text-align-right\" data-align=\"right\">241<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,045<\/td><\/tr><tr><td>Changes in financial assumptions<\/td><td class=\"has-text-align-right\" data-align=\"right\">(5,118)<\/td><td class=\"has-text-align-right\" data-align=\"right\">17,857<\/td><\/tr><tr><td>Experience (gains)\/losses arising on defined benefit obligations<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,684)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(8,921)<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,545)<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,750<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>An analysis of the amount shown in the balance sheets at 31 July 2024 and 31 July 2023 is:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31 July 2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">31 July 2023<\/td><\/tr><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Total market value of assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">149,568<\/td><td class=\"has-text-align-right\" data-align=\"right\">133,923<\/td><\/tr><tr><td>Actuarial value of scheme liabilities<\/td><td class=\"has-text-align-right\" data-align=\"right\">(149,568)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(133,923)<\/td><\/tr><tr><td>Balance of the scheme \u2013 Net pension liability recorded within pension provisions<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The movements in the net liability are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><em>Movement in net defined (liability) during the year<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Net defined liability in scheme at 1 August<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(8,377)<\/td><\/tr><tr><td>Current service cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,774)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(4,693)<\/td><\/tr><tr><td>Employer contributions<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,920<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,632<\/td><\/tr><tr><td>Past Service cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">(578)<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>Net interest on the defined (liability)<\/td><td class=\"has-text-align-right\" data-align=\"right\">977<\/td><td class=\"has-text-align-right\" data-align=\"right\">(312)<\/td><\/tr><tr><td>Actuarial gain\/(loss)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(1,545)<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,750<\/td><\/tr><tr><td>Net defined balance in scheme at 31 July<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td><em>Movement in present value of the pension scheme during the year<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Present value at 1 August<\/td><td class=\"has-text-align-right\" data-align=\"right\">133,923<\/td><td class=\"has-text-align-right\" data-align=\"right\">138,903<\/td><\/tr><tr><td>Current service cost (net of member contributions)<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,774<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,693<\/td><\/tr><tr><td>Net interest<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,832<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,912<\/td><\/tr><tr><td>Plan participants\u2019 contributions<\/td><td class=\"has-text-align-right\" data-align=\"right\">978<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,061<\/td><\/tr><tr><td>Actuarial (gain) \/ loss<\/td><td class=\"has-text-align-right\" data-align=\"right\">8,561<\/td><td class=\"has-text-align-right\" data-align=\"right\">(12,981)<\/td><\/tr><tr><td>Past Service cost<\/td><td class=\"has-text-align-right\" data-align=\"right\">578<\/td><td class=\"has-text-align-right\" data-align=\"right\">&#8211;<\/td><\/tr><tr><td>Actual benefit payments<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,078)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,665)<\/td><\/tr><tr><td>Present value at 31 July<\/td><td class=\"has-text-align-right\" data-align=\"right\">149,568<\/td><td class=\"has-text-align-right\" data-align=\"right\">133,923<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>31 July 2024<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">31 July 2023<\/td><\/tr><tr><td><em>Movement in the fair value of scheme assets<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>\u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\">\u00a3000<\/td><\/tr><tr><td>Fair value at 1 August<\/td><td class=\"has-text-align-right\" data-align=\"right\">133,923<\/td><td class=\"has-text-align-right\" data-align=\"right\">130,526<\/td><\/tr><tr><td>Expected return on assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,016<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,231)<\/td><\/tr><tr><td>Interest income on plan assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">6,809<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,600<\/td><\/tr><tr><td>Actual contributions paid by University<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,920<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,632<\/td><\/tr><tr><td>Plan participants\u2019 contributions<\/td><td class=\"has-text-align-right\" data-align=\"right\">978<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,061<\/td><\/tr><tr><td>Actual benefit payments<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,078)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,665)<\/td><\/tr><tr><td>Fair value at 31 July<\/td><td class=\"has-text-align-right\" data-align=\"right\">149,568<\/td><td class=\"has-text-align-right\" data-align=\"right\">133,923<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>History of experience gains and losses:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><tbody><tr><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">Year to July 2024<\/td><td class=\"has-text-align-right\" data-align=\"right\">Year to July 2023<\/td><td class=\"has-text-align-right\" data-align=\"right\">Year to July 2022<\/td><td class=\"has-text-align-right\" data-align=\"right\">Year to July 2021<\/td><td class=\"has-text-align-right\" data-align=\"right\">Year to July 2020<\/td><\/tr><tr><td><em>Difference between the expected<\/em> <em>and actual return on assets<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Amount (\u00a3\u2019000)<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,016<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,231)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2,749)<\/td><td class=\"has-text-align-right\" data-align=\"right\">20,047 &nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">(3,815) &nbsp;<\/td><\/tr><tr><td>Percentage of assets at year end<\/td><td class=\"has-text-align-right\" data-align=\"right\">4.69%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2.41)%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(2.11)%<\/td><td class=\"has-text-align-right\" data-align=\"right\">15.58%<\/td><td class=\"has-text-align-right\" data-align=\"right\">3.64%<\/td><\/tr><tr><td><em>Experience gains\/(losses) on liabilities<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td><\/tr><tr><td>Amount (\u00a3\u2019000)<\/td><td class=\"has-text-align-right\" data-align=\"right\">8,561<\/td><td class=\"has-text-align-right\" data-align=\"right\">(12,981)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(71,765)<\/td><td class=\"has-text-align-right\" data-align=\"right\">21,500<\/td><td class=\"has-text-align-right\" data-align=\"right\">15,103<\/td><\/tr><tr><td>Percentage of liabilities at year end<\/td><td class=\"has-text-align-right\" data-align=\"right\">5.72%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(9.69)%<\/td><td class=\"has-text-align-right\" data-align=\"right\">(51.67)%<\/td><td class=\"has-text-align-right\" data-align=\"right\">10.82%<\/td><td class=\"has-text-align-right\" data-align=\"right\">8.98%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The University is aware of the Virgin Media Ltd v NTL Pension Trustees II Ltd (and others) case. There is a potential for the outcome of the case to have an impact on the UK pension scheme. The case affects defined benefit schemes that provided contracted-out benefits before 6 April 2016 based on meeting the reference scheme test. Where scheme rules were amended, potentially impacting benefits accrued from 6 April 1997 to 5 April 2016, schemes needed the actuary to confirm that the reference scheme test was still being met by providing written confirmation under Section 37 of the Pension Scheme Act 1993. In the Virgin Media case the judge ruled that alterations to the scheme rules were voided and ineffective because of the absence of written actuarial confirmation required under Section 37 of the Pension Schemes Act 1993. The case was taken to The Court of Appeal in June 2024 and the original ruling upheld.<\/p>\n\n\n\n<p>As a result, there may be a further liability in the LGPS for benefits that were reduced by previous amendments, if those amendments prove invalid (ie: were made without obtaining s37 confirmation). The situation is under review it is therefore currently not possible at present to estimate the potential impact, if any, on the scheme and consequently the defined benefit obligation in the financial statements.<\/p>\n\n\n\n<p><strong>d) Church of England Funded Pensions Scheme<\/strong><\/p>\n\n\n\n<p>The University of Gloucestershire participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.<\/p>\n\n\n\n<p>Each participating Responsible Body in the Church of England Funded Pensions Scheme pays contributions at a common contribution rate applied to pensionable stipends.<\/p>\n\n\n\n<p>The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102.&nbsp; This means it is not possible to attribute the scheme\u2019s assets and liabilities to specific Responsible Body, and this means contributions are accounted for as if the scheme were a defined contribution scheme.&nbsp; The pensions costs charged to the Consolidated and University statement of comprehensive income and expenditure in the year are contributions payable towards benefits and expenses accrued in that year (2023: \u00a37k, 2022: \u00a310k), plus any figures arising from contributions in respect of the Scheme\u2019s deficit (see below). The 2021 valuation showed the Scheme to be fully funded and as such in 2023, following the valuation results being agreed, the deficit contributions paid were \u00a30 (2022: \u00a31k).<\/p>\n\n\n\n<p>A valuation of the Scheme is carried out once every three years.&nbsp; The most recent Scheme valuation completed was carried out at as 31 December 2021.&nbsp; The 2021 valuation revealed a surplus of \u00a3560m, based on assets of \u00a32,720m and a funding target of \u00a32,160m, assessed using the following assumptions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">An average discount rate of 2.7% p.a.;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">RPI inflation of 3.6% p.a. (and pension increases consistent with this);<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Increase in pensionable stipends in line with CPIH;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).<\/li>\n<\/ul>\n\n\n\n<p>Following the 31 December 2018 valuation, a deficit recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) were as set out in the table below.&nbsp; An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from 1 April 2022.&nbsp; Following finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.<\/p>\n\n\n\n<p>The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td><strong>% of pensionable stipends<\/strong><\/td><\/tr><tr><td><strong>31 December 2021<\/strong><\/td><td><strong>7.1% payable from January 2021 to December 2022<\/strong><\/td><\/tr><tr><td><strong>31 December 2022<\/strong><\/td><td><strong>Nil<\/strong><\/td><\/tr><tr><td><strong>31 December 2023<\/strong><\/td><td><strong>Nil<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>An interim reduction to deficit contributions to 3.2% of pensionable stipends was made with effect from April 2022, and remained in place until December 2022.<\/p>\n\n\n\n<p>For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme\u2019s rules.<\/p>\n\n\n\n<p>Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability.&nbsp; However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability as at 31 December 2022 is nil.&nbsp; The movement in the balance sheet liability over 2021 and over 2022 is set out in the table below.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td><strong>2023<\/strong><\/td><td><strong>2022<\/strong><\/td><\/tr><tr><td>Balance sheet liability at 1 January &nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;2,000<\/td><\/tr><tr><td>Deficit contribution paid<\/td><td>&#8211;<\/td><td>(1,000)<\/td><\/tr><tr><td>Interest cost (recognised in SoFA)<\/td><td>&#8211;<\/td><td>&#8211;<\/td><\/tr><tr><td>Remaining change to the balance sheet liability*&nbsp; (recognised in SoFA)<\/td><td>&#8211;<\/td><td>(1,000)<\/td><\/tr><tr><td>Balance sheet liability at 31 December &nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;&#8211;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>* Comprises change in agreed deficit recovery plan and change in discount rate and inflation assumptions between year-ends.<\/p>\n\n\n\n<p>This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions.&nbsp; No assumptions are needed for December 2022 as there are no agreed deficit recovery payments going forward.&nbsp; No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table class=\"has-fixed-layout\"><tbody><tr><td><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>December 2023<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>December 2022<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>December 2021<\/strong><\/td><\/tr><tr><td>Discount rate<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><td class=\"has-text-align-center\" data-align=\"center\">0.0% pa<\/td><\/tr><tr><td>Price inflation<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><\/tr><tr><td>Increase to total pensionable payroll<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><td class=\"has-text-align-center\" data-align=\"center\">n\/a<\/td><td class=\"has-text-align-center\" data-align=\"center\">-1.5% pa<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The legal structure of the scheme is such that if another Responsible Body fails, University of Gloucestershire could become responsible for paying a share of that failed Responsible Body\u2019s pension liabilities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contents Members of Council and Major Council Committees Honorary Posts, Officers and Advisers Operating and Financial Review (incorporating the Strategic Report) Independent Auditor&#8217;s Report to the Governing Body of the University of Gloucestershire Financial Statements for the Year Ended 31 July 2024 \u200b\u200b\u200b\u200b\u200bMembers of Council for the period 1 August 2023 to 31 July 2024 [&hellip;]<\/p>\n","protected":false},"author":79,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","footnotes":""},"schools":[],"campuses":[],"subject_area":[],"ht-kb-category":[],"ht-kb-tag":[],"class_list":["post-17671","ht_kb","type-ht_kb","status-publish","format-standard","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb\/17671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb"}],"about":[{"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/types\/ht_kb"}],"author":[{"embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/users\/79"}],"replies":[{"embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/comments?post=17671"}],"version-history":[{"count":145,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb\/17671\/revisions"}],"predecessor-version":[{"id":19826,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb\/17671\/revisions\/19826"}],"wp:attachment":[{"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/media?parent=17671"}],"wp:term":[{"taxonomy":"schools","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/schools?post=17671"},{"taxonomy":"campuses","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/campuses?post=17671"},{"taxonomy":"subject_area","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/subject_area?post=17671"},{"taxonomy":"ht_kb_category","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb-category?post=17671"},{"taxonomy":"ht_kb_tag","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb-tag?post=17671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}