{"id":8842,"date":"2021-10-26T14:14:40","date_gmt":"2021-10-26T14:14:40","guid":{"rendered":"https:\/\/www.glos.ac.uk\/information\/?post_type=ht_kb&#038;p=8842"},"modified":"2022-03-07T14:57:05","modified_gmt":"2022-03-07T14:57:05","slug":"financial-statements","status":"publish","type":"ht_kb","link":"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/financial-statements\/","title":{"rendered":"Financial Statements"},"content":{"rendered":"\n<section id=\"basic-hero-3955\" 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\t<svg aria-hidden=\"true\" version=\"1.2\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"visible\" preserveAspectRatio=\"none\" viewBox=\"0 0 26.99999 34\" width=\"26.99999\" height=\"34\"><g transform=\"translate(0, 0)\"><g transform=\"translate(0, -3.1606661732297425e-15) rotate(0)\"><path style=\"stroke-width: 0; stroke-linecap: butt; stroke-linejoin: miter; fill:!important;\" d=\"M14.01915,34h-14.01915l12.74437,-17.00258l-12.73251,-16.98277l14.01915,-0.01465l12.96898,17.03533zM1.41971,33.21688l12.26548,-0.01206l12.42483,-16.23922l-0.01441,-0.01895l-12.40957,-16.29953l-12.25616,0.01292l12.19852,16.26937z\" \/><\/g><defs><path id=\"path-1677365697801765\" d=\"M14.01915,34h-14.01915l12.74437,-17.00258l-12.73251,-16.98277l14.01915,-0.01465l12.96898,17.03533zM1.41971,33.21688l12.26548,-0.01206l12.42483,-16.23922l-0.01441,-0.01895l-12.40957,-16.29953l-12.25616,0.01292l12.19852,16.26937z\" \/><\/defs><\/g><\/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 2021<\/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\/sites\/129\/2020\/10\/06090118\/Chartered-Manager-Degree-Apprenticeship.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 class=\"\"><a href=\"#members\">Members of Council and Major Council Committees<\/a> <\/p>\n\n\n\n<p class=\"\"><a href=\"#Honorary\">Honorary Posts, Officers and Advisers<\/a> <\/p>\n\n\n\n<p class=\"\"><a href=\"#Operating\">Operating and Financial Review (incorporating the Strategic Report)<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#Section1\">Section 1:  Summary of the year<\/a><\/li><li><a href=\"#Strategic\">Section 2:  Strategic Priorities<\/a><\/li><li><a href=\"#Financial\">Section 3: Financial Performance<\/a><\/li><li><a href=\"#Future\">Section 4:  Future plans, risks and developments<\/a><\/li><li><a href=\"#Public\">Section 5:  Public benefit statement<\/a><\/li><li><a href=\"#Senior\">Section 6:  Senior staff remuneration<\/a><\/li><li><a href=\"#Corporate\">Section 7:  Corporate governance (including s172 statement)<\/a><\/li><\/ul>\n\n\n\n<p class=\"\"><a href=\"#Independent\">Independent Auditors Report to the Governing Body of the University of Gloucestershire&nbsp;&nbsp; <\/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;&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;<\/p>\n\n\n\n<p class=\"\"><a href=\"#Statements\">Financial Statements for the Year Ended 31 July 2021<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><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><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#Consolidatedcomp\">Consolidated and University Statement of Comprehensive Income and Expenditure&nbsp;<\/a> <\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><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><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><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><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"#Consolidatedcash\">Consolidated and University Cash Flow<\/a>&nbsp;<br>&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><li><a href=\"#Notes\">Notes to the Financial Statements<\/a><\/li><\/ul>\n\n\n\n<h2 class=\"heading wp-block-heading\"><\/h2>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000002342\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/03\/05144005\/Park-Campus-Shot.jpg\" style=\"object-position:34% 38%\" data-object-fit=\"cover\" data-object-position=\"34% 38%\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"members\">Members of Council and major 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 2020 to 31 July 2021<\/th><th><strong>\u200b<\/strong><br>Membership of major Council committees as at 31 July 2021<\/th><\/tr><\/thead><tbody><tr><td>\u200b\u200bMs I Barker <\/td><td><strong>Audit and Risk Committee<\/strong><\/td><\/tr><tr><td>Mr L Brown (resigned 30 June 2021)<\/td><td>Mrs P Sissons *<\/td><\/tr><tr><td>Mr P Bungard (Vice-Chair, resigned 31 July 2021)<\/td><td>Ms I Barker<\/td><\/tr><tr><td>Mr P Crichard<\/td><td>Mr P Crichard<\/td><\/tr><tr><td>Ms N de Iongh (Chair)<\/td><td>Mr C Fung<\/td><\/tr><tr><td>Mr C Fung<\/td><td>Mr S Mawson<\/td><\/tr><tr><td>Mr S Gardiner<\/td><td>Ms J Atherton (co-opted member)<\/td><\/tr><tr><td>Ms A Jones (appointed 1 July 2021)<\/td><td>Mr P Tinson (co-opted member)<\/td><\/tr><tr><td>Mr D Jones (resigned 31 October&nbsp;2020) <\/td><td><strong>Council and Foundation Standing Group<\/strong><\/td><\/tr><tr><td>Mr S Marston <\/td><td>The Rt Revd R Springett *<\/td><\/tr><tr><td>Mr A Mawby (resigned 7 December 2020) <\/td><td>Dr C Baker<\/td><\/tr><tr><td>Mr S Mawson <\/td><td>The Revd Canon Dr A Braddock<\/td><\/tr><tr><td>Mr S Maycock <\/td><td>Mr S Bullock <\/td><\/tr><tr><td>Dr A Misiura <\/td><td>Mr I Davies<\/td><\/tr><tr><td>Ms I Mitchell (resigned 30 June 2021) <\/td><td>Mr K Hobbis<\/td><\/tr><tr><td>Ms M Patrick <\/td><td>Mrs R Howie<\/td><\/tr><tr><td>Mr D Ramsay <\/td><td>Ms A Jones<\/td><\/tr><tr><td>Dr A Shafi (appointed 1 November 2020) <\/td><td>Dr A Long<\/td><\/tr><tr><td>Mrs P Sissons <\/td><td>Mr S Marston <\/td><\/tr><tr><td>Ms E Soros (appointed 11 January 2021) <\/td><td>Mr S Maycock<\/td><\/tr><tr><td>Mr D Soutter <\/td><td>Revd Dr M Parsons  <\/td><\/tr><tr><td>The Rt Revd R Springett (Vice-Chair from 1 August 2021) &nbsp;<\/td><td>Ms M Rawson <\/td><\/tr><tr><td>Ms A Sutton (appointed 1 July 2021) <\/td><td>Revd S Witcombe <\/td><\/tr><tr><td>Dr P Warry <\/td><td><\/td><\/tr><tr><td>Ms J Walkling (appointed 1 August 2021) <\/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 Apprentices<\/strong> <\/td><td>Mr S Gardiner<\/td><\/tr><tr><td> Ms J Hopkins (appointed 1 February 2021) <\/td><td>Mr S Marston<\/td><\/tr><tr><td> Ms S Perret (resigned 31 August 2021) <\/td><td>Mr S Maycock<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>Ms M Patrick<\/td><\/tr><tr><td><\/td><td><\/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>Mr S Gardiner<\/td><\/tr><tr><td><\/td><td>Mr S Marston<\/td><\/tr><tr><td>&nbsp;<\/td><td>Mr S Maycock<\/td><\/tr><tr><td><\/td><td>Dr A Shafi<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>Remuneration and Human Resources Committee<\/strong><\/td><\/tr><tr><td><\/td><td>Mr P Bungard *<\/td><\/tr><tr><td>&nbsp;<\/td><td>Ms N de Iongh<\/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>&nbsp;<\/td><td>Ms A Sutton<\/td><\/tr><tr><td><\/td><td>Dr P Warry<br><br>* denotes Chair<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"heading wp-block-heading\"><\/h2>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-12900000217\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2020\/09\/02130432\/Hardwick.jpg\" style=\"object-position:48% 72%\" data-object-fit=\"cover\" data-object-position=\"48% 72%\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Honorary\">Honorary posts, officers and advisers<\/h2>\n\n\n\n<p class=\"\"><\/p>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-table is-style-plain\"><table><thead><tr><th>Honorary posts<\/th><th>Registered office<\/th><\/tr><\/thead><tbody><tr><td><strong> <strong>Chancellor<\/strong><br><br><\/strong>Baroness Rennie Fritchie DBE<strong><br><br><strong>Pro Chancellors<\/strong><br><br><\/strong>Sir Henry Elwes<br><br>Rt Revd R Treweek <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> 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><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>Mr S Marston<br><br><em>Deputy Vice-Chancellor<\/em><br>Dr R O\u2019Doherty (resigned 31 October 2020)<br>Prof J Labbe (appointed 1 June 2021)<br><br><em>Chief Financial Officer<\/em><br>Mrs C Stallard<br><br><em>University Secretary and Registrar<br><\/em>Dr M Andrews<br><br><em>Dean of Academic Development<br><\/em>Prof D James<br><br><strong>Company Secretary<\/strong><br>Dr M Andrews\u200b<br><\/td><td><strong>Solicitors<\/strong><br>Pinsent Masons LLP<br>55 Colmore Row<br>BIRMINGHAM<br>B3 2FG<br><br><strong>Registered External Auditors<\/strong><br>Grant Thornton UK LLP<br>Seacourt Tower<br>Botley<br>OXFORD<br>OX2 0JJ<br><br><strong>Registered Internal Auditors<br><\/strong>KPMG LLP<br>St Nicholas House<br>31 Park Row<br>NOTTINGHAM<br>NG1 6FQ<br><br><strong>Bankers<br><\/strong>The Royal Bank of Scotland plc<br>PO Box 9<br>45 The Promenade<br>CHELTENHAM<br>GL50 1PY<br><br>HSBC PLC<br>62 George White Street<br>Cabot Circus<br>BRISTOL<br>BS1 3BA<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000002377\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/03\/08102012\/FCH-Teaching-Centre-1.jpg\" data-object-fit=\"cover\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" 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 class=\"\"> This report reviews the University\u2019s activities in the year 2020-21 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 class=\"\"><strong>Section 1: Summary of the year\u202f&nbsp;<\/strong>\u200b<\/p>\n\n\n\n<p class=\"\"><strong>Section 2: Strate<\/strong><strong>gic Priorities\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>S<\/strong><strong>ection 3: Financial Performance\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\">3.1 Key financial highlights\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">3.2 Review of the year\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">3.3 Financial sustainability and key performance indicators\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">3.4 Payment of creditors\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">3.5 Value for money\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">3.6 Accounting systems\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">3.7 Post balance sheet events\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\"><strong>Section\u202f4:\u202f Future plans, risks and developments\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>Section 5: Public benefit statement\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>Section 6: Senior staff remuneration\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\">6.1 Introduction\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.2 Remuneration and Human Resources Committee\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.3 Approach to senior staff remuneration\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.4 Remuneration of the Vice-Chancellor (Head of Institution)\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.5 Pay ratios\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.6 Remuneration of the Executive Group\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.7 External appointments\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">6.8 Expenses\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\"><strong>Section 7:\u202fCorporate Governance\u202f&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"\">7.1 Introduction\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">7.2 Summary of the University\u2019s structure of Corporate Governance\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">7.3 Financial responsibilities of the University\u2019s Council\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">7.4 Disclosure of information to Auditor\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">7.5 Statement of Internal Control\u202f&nbsp;<\/p>\n\n\n\n<p class=\" no-mb\">7.6 Statement by the Council Members in performance of their statutory duties in accordance with s172(1) Companies Act 2006<\/p>\n\n\n\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000002367\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/03\/08092008\/Francis-Close-Hall.jpg\" data-object-fit=\"cover\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"\"><\/p>\n\n\n\n<h2 class=\"heading has-text-align-center no-mt wp-block-heading\" id=\"Section1\">Section 1: Summary of the year<\/h2>\n<\/div><\/div>\n\n\n\n<h2 class=\"heading wp-block-heading\"><\/h2>\n\n\n\n<ol class=\"wp-block-list\"><li>The 2020\/21 operating and financial year was uniquely challenging, both for the University of Gloucestershire and the wider University sector. As the Coronavirus pandemic evolved, with fluctuations in transmission rates and the emergence of new variants, the University had to adapt rapidly. Despite all, the University was able to keep operating successfully. And during the year we put in place some major new strategic developments which will significantly shape our future growth and direction.<br><\/li><li>In responding to the pandemic, the University adopted a number of guiding principles. We followed Government advice at every stage, notably on when students were allowed to return to campus for face to face teaching and learning. We gave top priority to keeping our community safe, and we are proud of the responsible way staff and students supported and looked after each other, working together to keep everyone safe, with a very low rate of positive cases.<br><\/li><li>Within these constraints, we endeavored to keep all teaching, learning, assessment and support services operating on line so that students could continue to learn and achieve. Wherever possible within Government restrictions, we gave students access to our specialist facilities and equipment, recognizing that the applied and professional nature of most of our courses makes it important that students can undertake practical and creative project work. Thanks to the outstanding professionalism and commitment of our staff, we could make good use of our previous investment in technologies to provide high quality, engaging and varied resources for teaching and learning. We introduced online examinations, and all students were able to take assessments or exams in order to demonstrate their achievements and graduate on time.<br><\/li><li>Self-evidently, these were not circumstances that anyone wanted to face. Our students rightly felt that they were not getting the full University experience they had expected, missing many of the social and wider development opportunities normally available. Our staff faced the stresses and challenges of trying to teach and support students while working from home, often balancing home schooling or caring responsibilities as well. But both staff and students can be proud of the way our community pulled together, continuing to function successfully despite all.<br><\/li><li>As in every year, recruitment and retention of students has been critical. The University achieved growth of 709 (21%) in new student enrolments throughout the 2020\/21 academic year, compared with the previous year. That helped to lift our total student enrolments on campus, including higher and degree apprenticeships, to 8,879. In addition, we registered 2,819 student enrolments on validated and franchised courses delivered through partners compared with 2,534 in the previous year. Our total student enrolment, on campus and at partners, was therefore 11,486.<br><\/li><li>One factor contributing to this successful recruitment position is that the University has continued our strategy of extending the portfolio of courses we offer, particularly those with clear professional pathways to good careers. The School of Health and Social Care has achieved particular success, introducing new courses in 2020\/21 in Nursing (Learning Disabilities), Diagnostic Radiography, Operating Department Practice, and Nursing in a blended format distributed across centres in Oxford, Bristol, Bath and Swindon. We launched new courses in biomedical sciences, and in architecture, construction and the built environment, enrolling their first cohort in September 2021. The University has continued to invest in higher and degree apprenticeships, seeing them as an effective way to partner with employers in offering new routes to help learners gain skills and qualifications while in work. Our number of enrolled apprentices has risen from 40 in 2016\/17 to 561 in 2020\/21, and we expect to exceed 700 apprentice enrolments in 2021\/22.<\/li><\/ol>\n\n\n\n<ol start=\"7\" class=\"wp-block-list\"><li>In the light of these developments, the University undertook a major review during the year to assess our capacity for growth in student numbers over the next decade. We are a relatively small University, and we believe growth would bring greater resilience, and enable us to realise more fully our educational mission. We believe that the quality and style of University experience we offer will support long term growth in demand. The review took into account demographic trends, projected patterns of participation, trends in student applications by subject and age, and future skills demands. It concluded that the University could realistically aim for growth of over 50% by 2030, and the Council approved in March a Growth Ambition Plan profiled over that period. We will continue to extend and diversify our course portfolio, by subject, mode of delivery, and level in order to capitalize on the opportunities for growth we see. At the same time, and recognizing the increasingly competitive market for student recruitment and the risks apparent in the wider policy environment, we will review progress towards the ambition each year, and adjust the profile as needed.<br><\/li><li>This growth ambition will outstrip the University\u2019s existing on campus accommodation. Although we have allowed for both an increase in online learning by students and in home working by staff, we believe the reaction of most students to the pandemic shows that there remains a strong preference for on-campus, face-to-face delivery. So when the opportunity arose to purchase the former Debenhams Department Store in Gloucester, the University decided it was an excellent investment in securing our long-term accommodation needs. It is an iconic building offering some 20,000m2 of space in the heart of the historic city, adjacent to other major regeneration projects currently underway.<br><\/li><li>The new &#8216;City Campus&#8217; (formerly the Debenhams Department store in Gloucester) will house the School of Health and Social Care and the School of Education and Humanities, and will offer significant opportunities for new partnerships in the delivery of public services. It will place the University at the heart of our community, and has been widely welcomed by local stakeholders. The University completed the purchase for \u00a32.65 million + VAT. We are appointing the professional support we need in order to undertake a total redevelopment of the building to create an outstanding teaching and learning environment for our students and staff. The development will be funded through a combination of commercial borrowing, Government grants and fund-raising and will commence once all funds have been secured.<br><\/li><li>In our current strategic plan, our first goal is to enable all our students to achieve their full potential, progressing to successful careers and rewarding lives. Although lockdown significantly constrained the range of placements and extra-curricular activities (such as field trips) we could offer, we continued to provide employability support for all students through the Your Future Plan programme. We still achieved 3,358 placement opportunities for students, and a wide range of careers and employability events were provided online. Although we want to see significant further improvements, we were nonetheless pleased to see some modest gains for our graduates in the Graduate Outcome survey published in summer 2021: the overall \u201cpositive outcomes\u201d indicator for employment and further study was 91.5%, placing us in joint 90th place in the ranking of 153 HE providers. The subset of graduates securing jobs defined by the Government as graduate-level rose from 62.5% to 63.1%, although that definition remains highly contested. In the June 2021 release of the Longitudinal Education Outcomes dataset, 90.1% of our UK first degree graduates were in sustained employment, further study or both 1 year after graduation; 89.1% 3 years after graduation; and 89.6% 5 years after graduation, ranking us, respectively, joint 50th, 51st, and 16th out of 152 HE providers nationally.<br><\/li><li>Our second goal is to provide excellent teaching and support for learning for all our students. Driven by the requirements of lockdown, we developed rapidly during the year our use of technology to support learning. For much of the year, all teaching and learning had to be delivered online, and we used the full capability of our virtual learning environment (Moodle) to ensure that timetabled sessions were engaging and varied for students, combining lectures, group discussion, quizzes, a wide range of text and video learning resources, masterclasses and guest speakers. Personal tutor sessions, and wellbeing and counselling sessions, were also held on line. Whenever Government restrictions allowed, we welcomed students back to campus so that they could use our wide range of specialist facilities and equipment. Although it became clear as the year progressed that students found it challenging to have such a high proportion of teaching online, and were keen to revert to face to face teaching as soon as possible, the assessment and examination results indicated that they had nonetheless achieved academically to a level fully comparable with previous years.<br><\/li><li>Across the University sector, the results of the National Student Survey released in July 2021 showed an 8 percentage point fall in overall satisfaction, reflecting students\u2019 concerns about the impact of lockdown on their learning and their whole experience of University. UOG\u2019s results showed a smaller fall (of 6 percentage points) to 75% overall satisfaction, putting us 70th out of 134 HE providers and 1 percentage point above our benchmark. Two of our academic staff, Dr Colin Forster and Dr Alan Marvell, were awarded the accolade of National Teaching Fellowships by AdvanceHE in summer 2021, and we were also awarded one of only 14 AdvanceHE Collaborative Awards for Teaching Excellence for our reciprocal mentoring programme for BAME students and senior staff.<br><\/li><li>Within the research domain, the highlight of the year was the successful submission in March 2021 of our return to the Research Excellence Framework national peer review exercise. We will not get our quality ratings until 2022. But we know that we doubled both the number of research active staff we submitted this time (to 153) and the number of Units of Assessment (to 13 UOAs), compared with the previous REF in 2014. During the year we developed a new Research Strategy and action plan, aiming to build on recent progress to achieve further success over the period to the next REF, assumed to be in 2027. We have appointed new leaders for each of our Research Priority Areas and target Units of Assessment who will front the implementation of the new strategy.<br><\/li><li>Within our fourth strategic goal, to work with partners for mutual benefit, we focused during the year on strengthening and extending some key academic collaborations, including creating with New College Swindon the new Swindon and Wiltshire Institute of Technology, initiating with our long-standing partner the Fachhochschule des Mittlestands University in Germany a joint Cyber and Digital Innovation institute to promote economic regeneration in North Rhine Westphalia, and winning a contract to partner with the Politechnic Negeri Manado as part of the UK-Government funded Skills for Prosperity programme in Indonesia. Closer to home, the University\u2019s Growth Hub successfully switched our business support services online, and continued to provide much needed advice and support for SMEs struggling with the effects of lockdown, serving 584 business clients during the year. The project to create a new City Campus in the Debenhams building is itself a major opportunity to work with civic and business partners for the regeneration and community advancement of Gloucester.<br><\/li><li>In terms of our strategic enablers, we are proud that, as these accounts show, despite all the operating turbulence of the pandemic, we have nonetheless achieved a budget surplus of \u00a30.9 million, compared with our original budget forecast of a \u00a3(4.5) million deficit. In order to manage future financial risks and control costs, we have instituted a new defined contribution pension scheme in place of the Local Government Pension Scheme for new professional services staff recruited from Autumn 2021. Our HR focus has been on keeping our community safe and supporting staff to work from home, with full risk assessments and opinion surveys to gauge staff perceptions. Towards the end of the operating year, we published a new flexible policy for staff to combine home and office based working in future, learning from the experience of home working during lockdown. As well as the purchase of the Debenhams building, our estates developments this year have focused on creating new specialist spaces to support expansion of our course portfolio in biomedical sciences, architecture and construction, and allied health.<\/li><\/ol>\n\n\n\n<h3 class=\"heading wp-block-heading\"><\/h3>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000003093\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/07\/15115712\/Active-boxes-1-1-1-min.jpg\" style=\"object-position:62% 62%\" data-object-fit=\"cover\" data-object-position=\"62% 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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Strategic\">Section 2: Strategic Priorities<\/h2>\n<\/div><\/div>\n\n\n\n<p class=\"\">The University\u2019s strategic plan for the period 2017-2022 was reviewed and reaffirmed in summer 2019. The plan sets out <strong>four strategic goals<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>To provide a breadth and richness of experience that enables all our students to reach their full potential<\/li><li>To provide teaching and support for learning of the highest quality<\/li><li>To undertake excellent research and innovative professional practice which enrich students\u2019 learning and create impact and benefit for others<\/li><li>To build partnerships which create opportunity, innovation and mutual benefit for the communities we serve.<\/li><\/ol>\n\n\n\n<p class=\"\">We aspire to be a community which values positive human relationships in everything we do &#8211; supporting our students to belong, to engage, to thrive and to achieve their full potential; supporting our staff through rewarding jobs and valuing their professional contributions; and supporting the economic, social, environmental and cultural wellbeing of people in the diverse communities we serve. The restrictions consequent on the pandemic made it particularly difficult to sustain some aspects of community engagement, creating significant stress, disruption and anxiety for many people. Despite that, staff and students showed real commitment to supporting each other.<\/p>\n\n\n\n<p class=\"\">2020\/21 was the penultimate academic year in delivery of the strategic plan and work commenced in the Spring to develop the next strategic plan for the period 2022-27.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Achievements in 2020\/21<\/h3>\n\n\n\n<p class=\"\">The Covid pandemic continued to impact on the operations of the University. Whilst teaching and learning commenced on campus at the start of the academic year in September 2020, the University had to swiftly adjust delivery methods and priorities when the second lockdown started in January 2021, providing teaching, learning, assessment and student services online for most students for the next three months. Despite this change of focus the University made good progress against its strategic goals. Operational plans for the second half of the year focused on delivering teaching and learning online and preparing for the new academic year in September 2021 so as to provide a full student experience through a blended approach to delivery, whilst ensuring financial sustainability and preparing for growth in the academic portfolio.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p>To provide a breadth and richness of experience that enables all our students to reach their full potential<\/p><\/blockquote>\n\n\n\n<h4 class=\"heading wp-block-heading\">Student experience and satisfaction<\/h4>\n\n\n\n<p class=\"\">We want each student, during their time at the University, to gain the skills, knowledge, insight and confidence to transform their own lives for the better, well equipped by the time they graduate to go on to successful careers and rewarding lives.<\/p>\n\n\n\n<p class=\"\">During the academic year, we have taken great care to communicate clearly and in a timely way with our students in responding to the ongoing covid challenges. We have heard back from students that they have appreciated our approach, and believe we have provided them with the best possible opportunities for on-campus face-to-face delivery within the constraints of Government lockdown requirements. As we move into next academic year, we have taken care to reflect on the positives and learning from our experiences. We have developed a new Framework for Blended Learning, recognising that students want on campus experiences, including the wider benefits beyond the teaching itself.<\/p>\n\n\n\n<p class=\"\">Across the sector, the scores in the NSS have dipped reflecting student dissatisfaction with the impact of lockdown on the experiences and opportunities they were able to have. We believe we have done all we could to mitigate the challenges, and our NSS scores reflect that. Overall satisfaction is above our benchmark and in-line with the sector average, with above sector average results for assessment and feedback, academic support, learning resources, learning community and student voice questions.<\/p>\n\n\n\n<p class=\"\">Courses with 100% overall satisfaction are:<br>\u2022 BA Early Childhood Studies<br>\u2022 BA English<br>\u2022 BA Religion, Philosophy and Ethics<br>\u2022 BA\/BSc Geography<br>\u2022 BSc Animal Biology<\/p>\n\n\n\n<p class=\"\">A further eight courses achieved satisfaction of 90% or above. This is a tribute to staff who have continued to respond and adapt despite all the challenges of the pandemic.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Student Recruitment<\/h3>\n\n\n\n<p class=\"\">The University had a strong recruitment year as the sector eased out of the demographic dip and the number of 18-year olds entering higher education started to grow. The University\u2019s \u201cWho Cares \u2013 We Do\u201d marketing campaign continued to prove successful against sector-wide competition, winning the top HEIST award of the year for a University marketing campaign. 8,879 students registered as active at the University in 2020\/21. Including apprenticeships, there were 4,113 new entrants and 4,766 returning students. International and postgraduate student numbers continued to grow compared with the prior year.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/01150239\/PGNSS_hero.png\" alt=\"\" class=\"wp-image-8864\" width=\"600\" height=\"492\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/01150449\/table2.png\" alt=\"\" class=\"wp-image-8867\" width=\"600\" height=\"492\"\/><\/figure>\n\n\n\n<p class=\"\">The University attracts a wide range of student groups studying at different higher education levels, from foundation degrees to postgraduate research, although undergraduates in the 18-20 age group continue to be our biggest student group.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/01153236\/table-3.png\" alt=\"\" class=\"wp-image-8880\" width=\"600\" height=\"322\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/01153348\/table-4.png\" alt=\"\" class=\"wp-image-8881\" width=\"600\" height=\"322\"\/><\/figure>\n\n\n\n<h3 class=\"heading wp-block-heading\">Employability<\/h3>\n\n\n\n<p class=\"\"><br>The University\u2019s Your Future Plan (YFP) programme enables our students to engage in a varied programme of support, guidance and experiences to help them to make key decisions about their graduate careers, and to then develop their skills to enable them to be successful in the graduate labour market. The expectation of the programme is that every student is encouraged to develop their own plan for their graduate career from the outset of their first year of study, in order that they have the maximum opportunity to build their skills throughout their time at University.<br><br>Student employability-related data, and graduate outcomes are reported each year through two main publications:<br><br>\u2022 Graduate Outcomes (GO) \u2013 developed by HESA, the GO survey gathers feedback from graduates 15 months after completion. The survey outlines the current employment\/study status of the cohort, and identifies if the work is at professional level. The results are released in Spring\/Summer of each year.<br><br>\u2022 Longitudinal Education Outcomes (LEO) \u2013 which combines data from the Department for Education, the Department for Work &amp; Pensions, HMRC and HESA to look at employment activity and earnings of graduates from English HE providers 1, 3, 5 and 10 years after graduation.<\/p>\n\n\n\n<p class=\"\">In addition to GO and LEO, the Office for Students have recently introduced a new metric which has been titled Proceed. The Proceed metric will combine the Graduate Outcomes professional level data with student retention, progression and achievement data to understand how courses perform across the whole student cycle from course starts through to highly skilled employment.<\/p>\n\n\n\n<p class=\"\">Our latest Graduate Outcomes data that report destinations of the graduating class of 2019 show that 91.5% of the University\u2019s graduates were either in employment or further study (or both) 15 months after graduation. The survey also measured the level of jobs that graduates were undertaking, and the results indicated that 63.1% of our graduates were employed in \u2018professional level\u2019 jobs at the time of the survey.<\/p>\n\n\n\n<p class=\"\">The latest LEO data released in July 2021 shows that the University is in the upper middle quartile of institutions for graduates in sustained employment or further study for both 1 and 3 years after completion, and in the upper quartile 5 years after graduation.<\/p>\n\n\n\n<p class=\"\">The University has established an Employability &amp; Enterprise Programme Board that is chaired by the Vice Chancellor as a regular forum for colleagues to review progress and share good practice. In order to address some of the challenges presented by the pandemic to the local graduate labour market, the University has developed and rolled out a new post graduate certificate in Leadership, Enterprise and Professional Development. This qualification which was launched in September 2021 looks to help and support graduates that have struggled to secure a professional level role since graduating.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Student Wellbeing<\/h3>\n\n\n\n<p class=\"\">Supporting students with their own personal wellbeing is a key priority for the University. The pandemic greatly increased the challenge for the University in achieving this priority, given the anxiety and distress caused for many students.<\/p>\n\n\n\n<p class=\"\">As during the latter stages of the previous academic year, students faced a range of issues that were often hugely challenging, including health concerns for themselves and loved ones, anxiety, financial hardship, isolation, and the negative implications of living and studying through periods of lockdown. Support services across the University worked to ensure that students could access help and guidance through a blended approach throughout the different stages of national lockdown and restrictions.<\/p>\n\n\n\n<p class=\"\">A cross-institutional oversight group has maintained its work ensuring that the Student Wellbeing Strategy 2018-23 delivers against the various objectives contained within its nine themes. Through 2020\/21 progress was made with some key developments outlined below:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An on-line reporting tool centred on harassment, sexual misconduct, hate crime was launched in September 2020, enabling students to report concerns and incidents to Student Services either overtly or anonymously.<\/li><li>We maintained and further developed the partnership with MIND to support the delivery of Mental Health First Aid training to a range of student-facing staff.&nbsp;<\/li><li>In response to the work undertaken by British Universities &amp; Colleges Sport (BUCS) on behalf of the University, an action plan has been developed to a) enhance the support for sports clubs to maximise the wellbeing of players, and b) strengthen our approach to physical wellbeing for the student community.<\/li><li>the University became one of the first UK institutions to join the Student Minds Mental Health Charter programme for 2021\/22.<\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p>To provide teaching and support for learning of the highest quality. <\/p><\/blockquote>\n\n\n\n<p class=\"\">We want each graduate to leave equipped to achieve their potential and ready to pursue their ambitions successfully, for the benefit of society, their families and themselves.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Teaching Excellence&nbsp;<\/h3>\n\n\n\n<p class=\"\">In 2020\/21 we continued to implement our multi-year Learning Design Programme, and factored in the imperative to rapidly advance our blended learning environment and skills.&nbsp; All of our prior work to strengthen course design, to build a virtual environment for learning that reflects the academic needs of the students on the course, and to upskill staff to take advantage of the new environment, has paid off in terms of the student experience. It meant we have been able to support their learning effectively at a distance when in lockdowns or individual self-isolation.<\/p>\n\n\n\n<p class=\"\">The University developed a new Framework for Blended Learning that recognises that, while most teaching will be on campus during 2021\/22, there are some elements of our online approach that we wish to retain where it improves the experience and learning for our students.&nbsp; We are scheduling on-campus, face to face teaching and learning for the vast majority (95%) of the contact time, reflecting the overwhelming feedback from students about their preference to be on campus.&nbsp; There are many examples where online can work well, and every course has considered how to integrate that into their scheduled contact time.&nbsp; One example is that students prefer to meet online with Personal Tutors, and that is likely to boost engagement with that important element of our arrangements for academic advice and guidance.&nbsp;<\/p>\n\n\n\n<p class=\"\">Student satisfaction with assessment remains well above sector benchmarks, and has remained so over several years, reflecting the outcomes of our review of assessment programme.&nbsp; We know how important assessment is for student learning, and we will continue to refine and adapt our approaches to reflect our Framework for Blended Learning. In 2020\/21 the University swiftly implemented technology to enable online exams. This has proven to be an excellent environment for exams, and this will become our standard method for administering examinations.&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Learning spaces<\/h3>\n\n\n\n<p class=\"\">We continue to place face-to-face engagement and human relationships at the heart of effective learning, creating digitally rich on campus environments to support the work in each subject community. We are continuing to invest in excellent subject specific social learning spaces, high quality spaces for teaching, and access to specialist resources to complement the enhanced virtual learning environment. By the start of the 2021-22 year we will have completed the development of the new spaces for allied health professions, biomedical sciences, and Architecture, Construction and the Environment. We now have lecture capture and supporting audio and visual technology in all of our main teaching spaces.&nbsp; We are also trialling new more advanced classrooms for synchronous delivery remotely, working in partnership with JISC.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Academic strategy<\/h3>\n\n\n\n<p class=\"\">The implementation of the Academic Strategy for 2017- 2022 continued, with a focus on excellent teaching, learning environment and support for students.&nbsp; In recognition of our sustained focus on excellent teaching and teachers, we are proud to add two further new national teaching fellows to the number of our staff who have been recognised as National Teaching Fellows over the years.&nbsp; In addition we are also celebrating a Collaborative Award for Teaching Excellence (CATE) for our work in the area of equality and diversity, and specifically our well established and recognised reciprocal mentoring scheme<a>.&nbsp;<\/a><\/p>\n\n\n\n<p class=\"\">Such awards and accolades are built on a sustained programme to award University Teaching Fellowships, plus the high proportions of Fellows of the Higher Education Academy (62%) and academic staff who have teaching qualifications (73%) placing us ahead of the sector average.&nbsp; The results of our multi-year programmes of work to develop assessment practice and technology enhanced learning have enhanced critical areas that profoundly shape the experience of students and their learning opportunities.&nbsp;<\/p>\n\n\n\n<p class=\"\">Our Learning Design programme is continuing to support tutors in making best use of the new digital environment and opportunities.&nbsp; We have also reviewed and revised our academic staff workload allocation model (WAM), working in close partnership with the UCU representatives, to provide more time for the most important aspects of teaching, assessment, and support for students.&nbsp; This development has been well received, particularly at a time when colleagues are attempting to rapidly learn new skills in order to optimise the students experience in an increasingly digitally rich environment.<\/p>\n\n\n\n<p class=\"\">We delivered the University Festival of Learning online again in June 2021 with a continued focus on the challenges and successes of blended learning, and an opportunity to celebrate and reflect upon learning and teaching at the University of Gloucestershire.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Portfolio development<\/h3>\n\n\n\n<p class=\"\">The University continues to develop its course portfolio.&nbsp; We support professional and occupational development with new Higher and Degree Apprenticeships, where students gain a degree qualification while studying alongside their work commitments.&nbsp; Five new higher and degree apprenticeship were launched in the 2020\/21 academic year, including project management, digital marketing, and social work.&nbsp; Further apprenticeship courses are in development for 2021\/22, with new courses launching in accountancy, data science, and healthcare science.<\/p>\n\n\n\n<p class=\"\">The University again increased the postgraduate taught offer in 2020\/21 and continued to focus portfolio development in STEM and practical courses focussed on developing the skills sought by local and national employers. Our Arts school launched new courses in architecture and urban planning in September 2021, and new courses in biomedical sciences will be commencing in the School of Natural Social Sciences from the same date. The Business School carried out an in depth review of curriculum during the year and we launched a newly designed Global MBA.<\/p>\n\n\n\n<p class=\"\">School strategy discussions in the Spring focussed on delivering the University\u2019s growth ambitions and 2020\/21 saw the successful initiation of School Enhancement meetings allowing for subject level discussions on quality, improvement and enhancement, and also risk-based discussion of individual courses.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p>To undertake excellent research and innovative professional practice which enrich students\u2019 learning and create impact and benefit for others<\/p><\/blockquote>\n\n\n\n<p class=\"\">Our research has been successfully submitted to the national Research Excellence Framework exercise in March 2021 (REF2021).&nbsp; This was a tremendous achievement set against the challenge of concurrently trying to mitigate the impacts of COVID on our community.&nbsp; Our submission reflects the applied nature of our research, with 26 illustrations through our Impact Case Studies<\/p>\n\n\n\n<p class=\"\">Following the finalisation of our 2021 REF submission we developed a new Research Strategy, building on the good progress in implementing our Academic Strategy. We are at a stage of our evolution in research, with 13 submitted Units to the REF, and 30% of our academic staff submitted, where a separate Research Strategy was needed. This has allowed us to continue the momentum up to the REF 2021 submission, re-scoping our target Research Priority Areas (RPAs), and appointing new research leaders at RPA and Unit of Assessment (UoA) level. We are exploring the potential for a further five UoAs for submission to the next national REF exercise, including one or more in our growing Health portfolio area.<br><br>Our six new Research Priority Areas are aligned to our subject portfolio to enable all those academic staff capable and wishing to undertake high quality research to do so\u2019 We secured external funding for our research programmes totalling \u00a32.03m, and improved the spread of how that funding is distributed across our Schools. Over the whole REF period from 2014 to 2021, we have seen a sustained increase in competitively won funding for our research, and we aim to build further on this as we move into the next cycle.<br><br>Our leadership for research is continuing to improve, with an increasing number of colleagues progressing through our new Academic Career Pathways, and gaining appointments as Professors and Associate Professors. This includes some of our new subject areas and areas with less existing research capacity. Our Early Career Research Network has now matured to the point that we have representation on all RPA steering groups, and also at Research Committee. We continue to benefit from the leadership of our Women\u2019s Professors Group who are active in supporting and mentoring colleagues and hosting events of particular benefit to early career females. We continue to attend to gaps in terms of senior researcher representation.<br><br>The total number of PhD and other doctoral level completions across the REF2021 cycle has increased significantly from the last REF (153 completions compared to 56 in 2014) reflecting our maturing environment and the greater range of subjects developing high quality research. It was particularly pleasing to see Business entered into this REF, contributing a significant proportion of research degree completions, reflecting the strong reputation of our level 8 business programmes across the world. Our Research Degrees Strategy and Plan has been revised significantly, and we have appointed a new Head of Research Innovation to further grow our PGR student numbers, and to improve the proportion of our students that complete their studies.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p><br>To build partnerships which create opportunity, innovation and mutual benefit for the communities we serve.<br><\/p><\/blockquote>\n\n\n\n<p class=\"\">As a University, we work with partners to transform the wellbeing and prosperity of our community.<br><\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Community support<br><\/h3>\n\n\n\n<p class=\"\">Through 2020\/21 the University continued to engage with its local communities primarily through its four \u2018Community Liaison Groups\u2019. Each group met 3-4 times across the academic year, enabling representatives from residents\u2019 associations and elected councillors to meet with colleagues from the University and the SU, along with representatives from the local police constabulary and local council environmental health teams.<br><br>This engagement enables the University to share information and hear a range of issues from residents about the impact of the University in their neighbourhoods, and then seek to work in partnership to find solutions to any concerns. As in previous years, the representatives from each of the groups have shared that they find the meetings supportive, open and valuable. The existence of the liaison groups mean that members form effective relationships, and so get in touch with key University staff when issues develop in between meetings. This often leads to the speedy and effective resolution of problems.<br><br>The University has initiated a community liaison group to consider the new City Campus, with representation from the City and County council, local NHS trusts and schools. The development in Gloucester has been warmly welcomed and supported by the local community.<br><br>Other major areas of partnership development during the year include:<br><br>\u2022 Working with NHS partners in response to the pandemic. The University supported our nursing and allied health students to join the NHS frontline in supporting those affected by the virus; we provided equipment and PPE; we made our student accommodation available for use by NHS staff; and we kept our campuses open for the local community to take exercise.<br><\/p>\n\n\n\n<p class=\"\">\u2022 We continue to develop our portfolio of courses to meet the needs of local employers, including the major public services of education, police and social work as well as health.<\/p>\n\n\n\n<p class=\"\">\u2022 We have strengthened our links with key Further Education College partners, notably South Gloucestershire and Stroud College, Bath College and Yeovil College, and we have helped to create with New College Swindon the new Swindon and Wiltshire Institute of Technology.<\/p>\n\n\n\n<p class=\"\">\u2022 We have sustained through lockdown our partnerships with overseas partners in Germany, Malaysia, Vietnam, Sri Lanka, Indonesia, and Singapore.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Support for businesses<\/h3>\n\n\n\n<p class=\"\">The University continues to build on its track record of working with business, providing a single front door for business support and a key agent of economic development in the county. The University benefits from numerous links to business organisations, and substantial investment and support through the Growth Hub which is co-located in the Gloucestershire Business School at Oxstalls.<br><br>The Growth Hub, and its expanded network within the county, have now delivered support, advice and guidance to more than 10,000 businesses of which 42% have high growth potential. This, together with the work delivered by ESIF funded projects to support innovation, enterprise and new start-ups, represents a significant resource for the region. A recent BiGGAR report stated that the Gloucester Growth Hub has supported Gloucestershire businesses to create an estimated 560 jobs and \u00a3107 million GVA, since 2017. A survey of clients by BiGGAR, revealed that 86% were satisfied, or very satisfied, with their Growth Hub experience and 95% felt that the Hub simplifies the provision of business support services.<br><br>In 2020\/21, working with Gfirst LEP, the Growth Hub was instrumental in collating and reporting business impacts of Covid and emerging trends towards recovery. Over the period the Growth Hub was responsible for the allocation of nearly \u00a30.5 million of Government support to local businesses. We continue to work closely with the Gfirst LEP in support of the Gloucestershire Economic Recovery, through the Growth Hub activity and in working to develop new skills and provide placement students and graduates to meet emerging business needs.<br><br>In 2020 the Gloucestershire Business School launched a student-led consultancy, ThreeSixty. This initiative has been designed in consultation with the Gloucester Growth Hub and brings together students from accounting and finance, law, business management, leadership, marketing, events management, hospitality and sports to offer a young, dynamic and ambitious consultancy service. In 2020\/21 the Gloucester Business School applied for the Small Business Charter Award, and has been awarded this important accreditation for three years.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Enablers of the Strategic Plan:<br><\/h3>\n\n\n\n<h4 class=\"heading wp-block-heading\">People and culture<br><\/h4>\n\n\n\n<p class=\"\">2020\/21 was dominated by the COVID pandemic, and through engagement with our Health and Safety Committee, Covid working group, staff and trade unions, our focus in relation to our staff has continued to be their safety, health and wellbeing. Despite the challenging environment, the university recruited and onboarded 171 new employees in 2020\/2021, the majority of which was done in a virtual environment. Staff completing our onboarding survey indicated a 95% favourable score for their recruitment and onboarding experience. As the pandemic has evolved, we have benefited from the lessons we have learnt in understanding and demonstrating new ways of working, the result of which has been the introduction of an agile working framework to support future campus and remote working.<br>We are committed to equality, diversity and inclusion in all our activities but we acknowledge that there is more to do. This year in addition to re-energising the Equality, Diversity and Inclusion Committee, and our equality action plan, we have set up sub groups to support the delivery of those objectives and created further opportunities for staff to actively engage. Alongside our existing Black, Asian, and, Minority Ethnic plus Network and Women\u2019s Network , 2020 saw the establishment of our Pride Staff Network that is working to educate the wider University community on challenges facing the LGBTQ+ community. We have commenced development of our new Equality, Diversity and Inclusion Strategy and in 2021 our Reciprocal Mentoring Programme was shortlisted in the Times Higher Education Awards for \u201cOutstanding Contribution to Equality, Diversity and Inclusion\u201d and won a \u201cCollaborative Award for Teaching Excellence\u201d from AdvanceHE.<br><br>New academic career pathways which support the retention and motivation of our academic staff have been developed by the University. Since implementation 14 staff have applied for the titles of Professor and Associate Professor and a further six members of staff have been promoted or are new to the University.<br><br>One of the key actions from our 2020 staff engagement results involved a further survey to understand academic staff perceptions and views on the workload allocation model in place. Following engagement with trade unions and staff we have implemented a new Workload Allocation Model which will enable us to better support the workload of our academic staff.<br><br>The University has established a subsidiary company &#8211; University of Gloucestershire Professional Services Limited &#8211; for the future employment of professional services staff. This is part of a long-term strategy to reduce the University\u2019s financial exposure to future pension liabilities.<br><br>With regard to our support for our trade unions, in 2020\/21 there were 10 members of staff fulfilling paid trade union duties. The annual report on trade union facility time is published on the University website. <a href=\"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/trade-union-facilities-time\/\">https:\/\/www.glos.ac.uk\/information\/knowledge-base\/trade-union-facilities-time\/<\/a><\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Finance<\/h4>\n\n\n\n<p class=\"\">The University published a new Finance Strategy in 2018\/19 for the period 2019 to 2022. The Finance Strategy supports the delivery of the University\u2019s Strategic, Operational and Departmental Business Plans. The Strategy is designed to ensure the continued financial security of the University, identify and fully exploit profitable income lines with growth potential, and to maintain cash generation at a level to sustain the institution.<\/p>\n\n\n\n<p class=\"\"><br>Our financial results for the year are reviewed in Section 3.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\"><br>IT and Estates<\/h4>\n\n\n\n<p class=\"\">The University continues to invest in the development and maintenance of the Estate. In 2020\/21 the refurbishment of the Teaching Centre at Francis Close Hall for the new Architecture, Construction and the Environment subject community, and development of a new biomedical sciences laboratory for the School of Natural and Social Sciences was completed. At the Oxstalls campus, development work was completed to add valuable additional teaching and learning space to support the continued growth in Nursing and Allied Health by adding a mezzanine to an existing sports hall.<\/p>\n\n\n\n<p class=\"\">The Estates department priority during the year was to maintain a safe environment for our students and staff during the pandemic. Over the summer months, the team has undertaken work to prepare buildings in readiness for the start of the new year in Autumn 2021 and return to campus for staff and students. In terms of maintenance, routine cyclical repairs have also been undertaken which has maintained building condition assessment grades across the University Estate. A successful grant application to Salix resulted in a \u00a31.2million award that will allow the team to replace dated mechanical and electrical infrastructure across a number of buildings, which in turn will help reduce energy costs and reduce carbon consumption. Transport strategies were reviewed through the period, resulting in a significantly reduced tariff for the bus travel permit.<\/p>\n\n\n\n<p class=\"\">The most significant development for the University in 2020\/21 was the purchase of the Debenhams building in Gloucester. Design work is underway with refurbishment works due to commence in the coming year in readiness for a September 2023 opening of the first phase. The Cornerways villa in Cheltenham was sold during the period and the lease for the Delta property was assigned.<\/p>\n\n\n\n<p class=\"\">The transition to a blended delivery during the Covid pandemic was made possible through the University\u2019s prior investment in technology to enhance learning, ensuring a continuing positive experience for students as teaching and learning moved online. The University\u2019s virtual learning environment responded well to the increased pressure and the Moodle Virtual Learning Environment continued to be enhanced during the year. Librarians worked with academic colleagues compiling accessible, high quality, online learning resources for every course and increased use of the Talis library resource tool which students have embraced. New collaboration tools such as Elevate are in the process of being implemented and as in prior years the University continued to upgrade computer and AV equipment. The University also converted a traditional teaching space into a new Virtual Classroom. The University continued to achieve satisfaction rates above the sector average for learning resources as reported in the National Student Survey.<br>In 2020\/21 placement students had the opportunity to join the IT department to work on the development of new systems and databases that will significantly aid the University technology infrastructure.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Internationalisation<\/h4>\n\n\n\n<p class=\"\">The University is committed to being an academic community with a global outlook, recognising that our stakeholders are best served by an internationally engaged institution which furthers opportunities for intercultural learning, teaching and research.<br><br>The restrictions imposed by the global pandemic provided an opportunity to consider how we can best align our desire to enhance our students\u2019 global awareness with a recognition of the impact of travel on the environment, this meshed with our focus on sustainability education, which brings a global perspective to the design and development of our course portfolio as well as informal learning opportunities for students.<\/p>\n\n\n\n<p class=\"\"><br>The University continued to nurture and grow international partnerships, including making better use of technology and the digital environment. We are seeing a significant increase in applications from international students, and entered into a productive partnership with GUS to increase student recruitment in India.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Sustainability<\/h4>\n\n\n\n<p class=\"\">In 2020 the University exceeded the targets of its Carbon Strategy 2010-2020, having recorded a 47% reduction in carbon emissions between 2005 and 2019, for Scope 1 and 2 emissions categories. An ambitious new Carbon Strategy to target \u2018Net Zero\u2019 emissions by 2030 has now been developed, to increase the scale of our action on accelerating climate change, to continue driving down energy-related emissions and target the wider indirect emissions arising in our supply chain and commuting.<br><br>The University\u2019s green campuses offered open space for local people to support their wellbeing during the pandemic. The urban greening and biodiversity improvement project completed at Oxstalls campus, received a \u2018nature based solutions\u2019 award from the Countryside Charity in 2020.<br><br>The Learning Innovation for Tomorrow programme (LIFT) supported academic innovation projects to introduce sustainability education into our course portfolio and share this new learning with our surrounding community. Major academic achievements in sustainability include winning Green Gown Awards for Research with Impact, and Learning and Skills. The University was an invited member of the UK expert group that released a revised version of the national guidelines on Education for Sustainable Development in March 2021. The guidelines were commissioned by the Quality Assurance Agency and Advance HE, for use in all future HE courses.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Environmental Reporting<\/h4>\n\n\n\n<p class=\"\">The University is committed to improving our energy efficiency, continually looking at reducing energy use and its corresponding reduction in CO2 emissions. Environmental performance targets are reviewed on a regular basis and have now been agreed with the executive team for 2021 \u2013 2030. These targets are incorporated with our Net Zero Carbon Strategy 2030.<\/p>\n\n\n\n<p class=\"\">As required by the Companies Act 2006 (Strategic Report and Directors\u2019 Report) Regulations 2013 (\u2018the 2013 Regulations\u2019) and the Companies (Directors\u2019 Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 (\u2018the 2018 Regulations\u2019) the University reports on the Streamlined Energy and Carbon Reporting (SECR), results<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th><\/th><th class=\"has-text-align-right\" data-align=\"right\">2020\/21<\/th><th class=\"has-text-align-right\" data-align=\"right\">2019\/20<\/th><\/tr><\/thead><tbody><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Natural Gas consumption for on site operations (heating, catering, etc) &#8211; Scope 1 KWh<\/td><td class=\"has-text-align-right\" data-align=\"right\">7,901,541<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,725,230<\/td><\/tr><tr><td>Fuel used for site vehicle activity &#8211; Scope 1 KWh<\/td><td class=\"has-text-align-right\" data-align=\"right\">36,210<\/td><td class=\"has-text-align-right\" data-align=\"right\">40,735<\/td><\/tr><tr><td>Total CO2 emissions for Scope 1 activities (fuels used on site for organisational activity) Tonnes<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,608<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,063<\/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<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,216,246<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,389,196<\/td><\/tr><tr><td>Total CO2 emissions for Scope 2 activities (energy generated off site and used on site for organisational activity) Tonnes<\/td><td class=\"has-text-align-right\" data-align=\"right\">895<\/td><td class=\"has-text-align-right\" data-align=\"right\">790<\/td><\/tr><tr><td>Total Scope 1 &amp; 2 CO2 emissions Tonnes<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,503<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,853<\/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<\/td><td class=\"has-text-align-right\" data-align=\"right\">3<\/td><td class=\"has-text-align-right\" data-align=\"right\">122<\/td><\/tr><tr><td>Total CO2 emissions attributed to activity of business (Scope 1, 2 &amp; 3) Tonnes<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,506<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,976<\/td><\/tr><tr><td>Carbon emissions target set by business &#8211; 40% reduction in Scope 1 &amp;2 CO2 emissions by 2020 compared to 2005\/6 emissions<\/td><td class=\"has-text-align-right\" data-align=\"right\">52%<\/td><td class=\"has-text-align-right\" data-align=\"right\">62%<\/td><\/tr><tr><td>Intensity Ratio &#8211; Tonnes CO2 emitted per 1000m2 Gross Internal Area<\/td><td class=\"has-text-align-right\" data-align=\"right\">25.8<\/td><td class=\"has-text-align-right\" data-align=\"right\">22.2<\/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><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The reported data above was collected and analysed using a method based on the Green House Gas Reporting Protocol &#8211; Corporate Standard.<br><br>During 2020 the University considered a new Power Purchase Agreement for electricity supplied from windfarms but took the decision to wait until March 2022 as the current pricing was not beneficial. The pandemic continued to impact our capacity to deliver energy efficiency projects (reduced resources due to lockdowns and other priorities) and also our gas consumption (increases due to increased ventilation requirements). We also experienced an increase in electricity metrics in 2020\/21 compared to 2019\/20 due to the campus closure in the prior year as a result of Covid. The University actively looks to reduce its annual energy consumption, and a number of projects are planned for the coming year including the replacement of 6 gas boilers with air source heat pumps using a \u00a31.2M grant from Salix under the PSDS2 scheme.<br><br>More broadly in relation to sustainability, the University published an annual report detailing our goals, actions and achievements in relation to the promotion of sustainability across all our activities. The report is available at <a href=\"https:\/\/sustainability.glos.ac.uk\/annual-sustainability-report-published-for-2019-2020\/\" target=\"_blank\" rel=\"noopener\">https:\/\/sustainability.glos.ac.uk\/annual-sustainability-report-published-for-2019-2020\/<\/a><\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-1290000046\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2020\/07\/23132928\/park-villas.jpg\" data-object-fit=\"cover\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Financial\">Section 3: Financial performance<\/h2>\n<\/div><\/div>\n\n\n\n<p class=\"\"><br><br>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 class=\"\">The University has prepared its financial statements in accordance with FRS 102 and the financial highlights below show an improvement within cash generation and liquidity on last year.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Key financial highlights<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The net asset position before pension provisions has improved to \u00a397.9m (2020: \u00a392.0m);<\/li><li>The operating surplus after tax for the year has improved \u00a30.9m (2020: \u00a3(1.5)m);<\/li><li>The year-end liquidity position has strengthened, with net liquidity rising to 138 days (2020:126 days);<\/li><li>Cash generation from operating activities has increased, rising to 12.8% (2020: 11.1%);<\/li><li>Investment of \u00a37.7m in fixed assets;<\/li><\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Review of the year<\/h3>\n\n\n\n<h4 class=\"heading wp-block-heading\">Operating performance<\/h4>\n\n\n\n<p class=\"\">The University reports a consolidated operating surplus for the year of \u00a30.9m (2020:\u00a3(1.5)m). The reported surplus is after accounting for the FRS102 LGPS &amp; USS (non-cash) pension costs of \u00a35.2m and the adverse Covid related impacts which includes \u00a31m student residencies refunds in addition to increased IT and estates costs. Despite the very difficult market conditions and adverse financial impacts of Covid the University has achieved a strong operating performance with cash generation, liquidity and covenant compliance continuing to be our primary focus; all of which have remained strong throughout the year. The cash generated within the year has enabled the University to purchase a new 20,000sqm building, formerly occupied by Debenhams, supporting the University 10 year Growth Ambition Plan.<\/p>\n\n\n\n<p class=\"\">The University\u2019s strategy to extend the portfolio of courses on offer achieved a 21% increase in new student enrolments during 2020\/21 increasing tuition fee income for the year.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124136\/table-5-1.png\" alt=\"\" class=\"wp-image-9340\" width=\"521\" height=\"348\" srcset=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124136\/table-5-1.png 1000w, https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124136\/table-5-1-300x200.png 300w, https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124136\/table-5-1-768x512.png 768w, https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124136\/table-5-1-50x33.png 50w\" sizes=\"auto, (max-width: 521px) 100vw, 521px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124239\/table-6-1.png\" alt=\"\" class=\"wp-image-9342\" width=\"520\" height=\"447\" srcset=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124239\/table-6-1.png 776w, https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124239\/table-6-1-768x660.png 768w, https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/23124239\/table-6-1-50x43.png 50w\" sizes=\"auto, (max-width: 520px) 100vw, 520px\" \/><\/figure><\/div>\n\n\n\n<p class=\"\">Pay and non-pay costs in 2020\/21 are largely in line with prior years even after accounting for the \u00a35.2m FRS102 pension costs, evidencing the University\u2019s ability to manage its finances in an agile manner.<\/p>\n\n\n\n<p class=\"\">During 2018\/19 both INTO University Partnerships and the University undertook a joint strategic review of the jointly controlled entity, that was established to run international foundation programmes. As an outcome of the review the Board agreed to change the focus of the partnership reflecting the University\u2019s expertise in programme validation and concentrating on areas of emerging global demand. From September 2019, all on-campus preparation programmes ceased at the University\u2019s campus in Cheltenham. The long-term partnership will, however, continue. INTO will provide recruitment support for Direct Entry students and the University, in turn, will continue to validate Foundation and International Year One programmes at INTO\u2019s World Education Centre in London, as they do today. As a result of this change of focus, the activities and business of INTO University of Gloucestershire ceased in September 2019.<\/p>\n\n\n\n<p class=\"\">All costs associated with ceasing these activities were provided for in the 2018\/19 university and group accounts with minor adjustments being provided for in 2019\/20. All winding up costs were formally written off, against the prior year provisions, during 2020\/21. All legal and statutory duties relating to the cessation of the jointly controlled entity were finalised during 2020\/21 with an application to voluntarily strike off the company being submitted on 30 July 2021.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Capital investment<\/h4>\n\n\n\n<p class=\"\">Capital investment in the year has continued to deliver additional and upgraded space and facilities for new and expanding courses, particularly Bio medical sciences, ACE and Health. Capital expenditure has also been incurred to ensure all facilities remain covid secure. A new 20,000sqm building, formerly occupied by Debenhams was also purchased for \u00a32.65m plus VAT and supports the University 10 year Ambition growth plan. IT continues to support the business maintaining the core systems and infrastructure in addition to delivering significant projects to support and improve the student experience.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized is-style-default\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/99\/2021\/11\/01165824\/table-7-1024x673.png\" alt=\"\" class=\"wp-image-8898\" width=\"600\" height=\"337\"\/><\/figure>\n\n\n\n<h4 class=\"heading wp-block-heading\">Long term debt (secured loans)<\/h4>\n\n\n\n<p class=\"\">At the year end, our long-term borrowings (secured loans) were \u00a325.4m. During 2019\/20 both RBS and HSBC provided a 7-month capital repayment holiday providing a \u00a33.2m cash saving split across both 2019\/20 (\u00a31.4m) and 2020\/21 (\u00a31.8m). No changes were made to the term of the loans, HSBC expires in March 2023 and RBS in October 2026. The gearing ratio (including Service Concession) has decreased to 36.7% (2020: 41%) sitting comfortably below the target of 45% set out in the Finance Strategy.<\/p>\n\n\n\n<p class=\"\">Both the net debt to total income and minimum net assets bank covenants are reported as compliant.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\"><strong>Liquidity and treasury management<\/strong><\/h4>\n\n\n\n<p class=\"\">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.<\/p>\n\n\n\n<p class=\"\">Deposits held with any one bank should not exceed \u00a36m.&nbsp; At the balance sheet date \u00a326.1m was placed on deposit with a number of banks; average monthly balances held by deposit takers over the year were \u00a328.0m (2020: \u00a319.5m).<\/p>\n\n\n\n<p class=\"\">The year-end liquidity position has continued to exceed the target of 75 days set out in the Finance Strategy and at the year-end liquidity levels stood at 138 days (2020: 126 days).<br><br><\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\"><strong>Pensions and pension liability<\/strong><\/h4>\n\n\n\n<p class=\"\">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.<\/p>\n\n\n\n<p class=\"\">Under the Gloucestershire County Council Local Government Pension Scheme (LGPS) the net pension liability as at 31 July 2021 has increased to \u00a370.0m (2020: \u00a363.4m; 2019: \u00a341.0m).&nbsp; The increase in the liability this year is due to the change in financial and demographic assumptions resulting in the present value of the expected future liabilities being greater than the growth of the asset returns. 2020\/21 reported lower employer contributions of \u00a33.554m (2020: \u00a34.150m) as a result of lower past service costs.<\/p>\n\n\n\n<p class=\"\">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: \u00a3431k (2020: \u00a3418k), CEFPS: \u00a34k (2020: \u00a36k).<\/p>\n\n\n\n<p class=\"\">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.<\/p>\n\n\n\n<p class=\"\">Employer contributions to pension schemes were as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Pension scheme<\/strong><\/td><td><strong>Current Contribution&nbsp; rate<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2020\/21 \u00a3000<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2019\/20 \u00a3000<\/strong><\/td><\/tr><tr><td>LGPS<\/td><td>22.10% plus \u00a3155k pa<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,554<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,150<\/td><\/tr><tr><td>USS<\/td><td>21.10%<\/td><td class=\"has-text-align-right\" data-align=\"right\">199<\/td><td class=\"has-text-align-right\" data-align=\"right\">187<\/td><\/tr><tr><td>TPS<\/td><td>23.68%<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,102<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,738<\/td><\/tr><tr><td>Others including Church of England Scheme<\/td><td>39.9% (CEFPS)<\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td>&nbsp;<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7,865<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>8,085<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">During 2020\/21 a new Defined Contribution Pension Scheme was set up with Legal &amp; General and has been awarded the PQM Plus accreditation. From 2021\/22 all professional services staff, with the exception of those with continuous pensionable LGPS service will be recruited through the newly incorporated subsidiary company, University of Gloucestershire Professional Services Limited (UOGPSL) and will be eligible to join the scheme.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Financial sustainability and key performance indicators<\/h3>\n\n\n\n<p class=\"\">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.<\/p>\n\n\n\n<p class=\"\">This is the third year of the 2019-2022 finance strategy which has been designed to ensure the long term financial viability of the university, focusing on delivering an integrated approach linking academic, financial and business planning issues, enabling investment and development of a successful and financially sustainable academic institution with a sound financial base that is properly resourced to enable the University to pursue strategic opportunities.<\/p>\n\n\n\n<p class=\"\">COVID has adversely impacted the financial results of the University for the last two years, greater emphasis has therefore been placed on the cash generation metric and minimum cash balances during the recovery period whilst managing the financial sustainability.<\/p>\n\n\n\n<p class=\"\">The key performance indicators agreed within the Strategy are actively monitored to support delivery of the University\u2019s financial goals. 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.<\/p>\n\n\n\n<p class=\"\">The key objectives of the 2019-2022 Finance Strategy are to:<\/p>\n\n\n\n<p class=\"\">\u2022 ensure the continued financial security of the University;<br>\u2022 identify and fully exploit profitable income lines with growth potential;<br>\u2022 maintain cash generation at a level to sustain the business;<\/p>\n\n\n\n<p class=\"\">Performance against the targets included in the Finance Strategy is set out below:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Key financial indicator &nbsp;<\/strong><\/td><td><strong>Performance 2020-21<\/strong><\/td><td><strong>Finance strategy target 2019 to 2022<\/strong><\/td><\/tr><tr><td>Operating surplus &nbsp;<\/td><td>1.1%<\/td><td>2.1% of turnover<\/td><\/tr><tr><td>EBITDA as a % of total income<\/td><td>9.6%<\/td><td>7.6% of turnover<\/td><\/tr><tr><td>Cash generation from operating activities<\/td><td>12.8%<\/td><td>10% of turnover<\/td><\/tr><tr><td>Pay as a % of income<\/td><td>58.8%<\/td><td>Not to exceed 55% of income<\/td><\/tr><tr><td>Year-end liquidity ratio<\/td><td>138 days<\/td><td>75 days<\/td><\/tr><tr><td>Gearing \u2013 External borrowings (all borrowings and service concessions)<\/td><td>36.7%<\/td><td>not to exceed 45% of turnover<\/td><\/tr><tr><td>Investment in capital and maintenance &nbsp;&#8211; <br>capital (estates, equipment and IT) &nbsp;&#8211;<\/td><td>&nbsp; &nbsp; <br>9.5% <\/td><td>Investment as a % of income: &nbsp; <br>5% <\/td><\/tr><tr><td> recurrent maintenance <\/td><td>1.9% <\/td><td>1.8% <\/td><\/tr><tr><td>Diversification of the income base<\/td><td>6.5%<\/td><td>Growth of 5% per annum in non-regulated fees and grant income<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"heading wp-block-heading\">Payment of creditors<\/h3>\n\n\n\n<p class=\"\">It is the University\u2019s policy to obtain the best terms for all its business activities and therefore terms are negotiated with individual suppliers. 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. The University paid 92.1% (2020: 94.7%) of the 7,083 invoices received within 30 days of them being determined as valid and undisputed. The average (median) payment time for invoices was 21.1 days (2020:17.7 days).&nbsp; The University did not receive or make any payments in respect of the late payment of invoices.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Value for Money<\/h3>\n\n\n\n<p class=\"\">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\"><li>Transparency in how the University earns and spends money \u2013 data and infographics are published annually on the University website;<\/li><li>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, and the Academic Leadership Group monitors the level of offerings made by Schools biannually;<\/li><li>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 Union;<\/li><\/ul>\n\n\n\n<p class=\"\">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<h3 class=\"heading wp-block-heading\">Accounting systems<\/h3>\n\n\n\n<p class=\"\">The University continues with the development of the Agresso accounting software and related systems by undertaking regular system upgrades<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Post balance sheet events<\/h3>\n\n\n\n<p class=\"\">As set out in Note 31 in respect of the USS pension scheme, a new Schedule of Contributions based on the 2020 actuarial valuation has been agreed and came into effect from 1 October 2021. The Joint Negotiating Committee (JNC) has recommended benefit changes and these are subject to a member consultation which is due to conclude in February 2022. If the benefit changes are approved it would lead to an increase of \u00a3875k in the provision for the Obligation to fund the deficit on the USS pension which would instead be \u00a31.306m.&nbsp; Should the benefit changes not be approved the provision will increase by \u00a31.606m to \u00a32.037m. The corresponding adjustment will be reflected in the University&#8217;s Financial Statements for the year ended 31 July 2022.<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000001535\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2020\/12\/11152451\/Oxstalls.jpg\" style=\"object-position:48% 77%\" data-object-fit=\"cover\" data-object-position=\"48% 77%\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Future\">Section 4: Future plans and risks<\/h2>\n<\/div><\/div>\n\n\n\n<p class=\"\">The threat of COVID-19 remains a prominent feature at the start of the 2021\/22 academic year, though the impacts on teaching delivery and enjoyment of a normal student experience have receded significantly from a year ago. Our business as usual planning now incorporates adaptations to methods of delivery and our usage of premises from both a staff and student perspective.<\/p>\n\n\n\n<p class=\"\">The COVID Programme Board continues to meet, though less frequently than a year ago, and is ready to react swiftly to any new Government regulations or local situation. We continue to work closely with local Health representatives and are guided by relevant sector representative groups.<\/p>\n\n\n\n<p class=\"\">Student recruitment remains the most significant activity facing the University. The ten year Ambition Plan establishes both a need and a trajectory for annual growth in enrolments. Successful delivery of this growth ambition will enable the University to enhance its presence and reputation and will improve its financial sustainability. Competitive market pressures experienced during summer 2021 are expected to continue as all Universities seek to grow to compensate for the continued regulated fee cap freeze and turbulence in international student recruitment, though the growth in numbers of UK school leavers will offer some counter pressure.<\/p>\n\n\n\n<p class=\"\">The portfolio of academic provision is under regular review to ensure it remains current and competitive. Alongside these reviews, the prominence of our Higher Apprenticeship offer continues to increase in significance with a considerable increase in learner numbers and income in 2021\/22. A further development of our short course offer is underway, as we anticipate changes in the way learners of the future wish to participate in learning.<\/p>\n\n\n\n<p class=\"\">The Growth Ambition Plan is a key driver for the City Campus development, at the former Debenhams building in Gloucester. The existing University estate is almost at full capacity and growth in certain subject areas is not possible without extensive additional space over the coming years. This is a really exciting development for the University and the city Centre location will enable the University to forge new relationships with community and cultural organisations in the City. The new premises lend themselves well to a flexible phased development plan, whereby space demand, cost and affordability can drive the pace at which the project proceeds.<\/p>\n\n\n\n<p class=\"\">The year ahead will see plans for the initial development phase for the City Campus being finalised, with associated financing being put in place, through a combination of our own cash reserves, grants and external borrowings. On 27 October, Parliament announced that they will support the development through its Levelling Up Fund, of which the University is pleased to have secured \u00a39.7m towards this development.<\/p>\n\n\n\n<p class=\"\">The sector faces an inimical situation in relation to industrial relations as Unions react against current and future pay and pension arrangements. National or Local industrial action is being considered by both UCU and Unison and could generate some disruption to service delivery during the 2021\/22 academic year. The University works hard to maintain good relationships with local and regional Union representatives.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000002446\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/03\/08140651\/Clubs-and-Societies-2.jpg\" style=\"object-position:63% 48%\" data-object-fit=\"cover\" data-object-position=\"63% 48%\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Public\">Section 5: Public benefit statement<\/h2>\n\n\n\n<p class=\"\"><\/p>\n<\/div><\/div>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<p class=\"\">The University of Gloucestershire is an exempt charity under the terms of the Charities Act 2011.\u202fAs an exempt charity it is not required to be registered with the Charity\u202fCommission, but\u202fis 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.\u202f The Council have\u202ftaken into account\u202fthe 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.\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">The objectives of the University are the advancement of the Higher and Further Education of men and women by the provision, conduct and development of a university for the advancement of education, teaching, advice and research.\u202f The preceding sections, particularly sections two and three, more fully describe the activities of the University and should be considered alongside this statement, to gain a full understanding of the extent to which the activities of the University deliver a benefit to society.\u202f\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">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, for example in Malawi where the University has led a sport-based project for several years.\u202f\u202f\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">\u202fThe University also supports access to arts, musical and other cultural events. This includes long standing support for the Cheltenham Science Festival, Jazz Festival, Literature Festival \u2013 a partnership which enables students to access placement and work experience opportunities, as well as to attend in person and online events for free or at a discounted cost. While the Covid pandemic limited opportunities in 2020\/21, students from widening participation areas\u202fand partner schools and colleges\u202fhave, in the past, attended headline events sponsored by the University. In addition to this, the\u202fUniversity is a sponsor of the Gloucester History Festival and the Cheltenham Design Festival, and is an active contributor to the Gloucester Culture Trust, leading the Trust\u2019s programme of cultural entrepreneurship. The University sponsored the Rooftop Festival in Gloucester in July 2021, a unique multi-arts event held on the roof of a car park with a live programme of events delivered by local communities and many local artists, including some students, targeted at young people. Admission was on a \u2018pay what you like\u2019 basis with the aim of making this cultural event accessible to everyone. University students also provided pre-event marketing support, performed event management, performance and technician roles at the event, and captured footage to create a Rooftop 2021 film.&nbsp;\u202f\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">\u202fEducation at the University of Gloucestershire reaches far beyond the classroom.\u202f Our Strategic Plan emphasises our commitment to the development of graduates who are engaged, enquiring, empowered, empathetic and ethical. We pride ourselves on being an academic community that is student-centred, learning-led and research-informed.\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">Of the\u202f8,879\u202fstudents registered at the University in 2020\/21\u202f23%\u202fidentified themselves as having a disability,\u202f14%\u202fidentified themselves as part of the Black, Asian and Minority Ethnic (BAME)\u202fcommunity\u202fresident in the UK\u202fand 10.6% were\u202ffrom countries other than the UK.\u202f 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.\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">Outreach activities in 2021\/22 continued to be impacted by the Covid pandemic and further lockdowns.&nbsp;Despite this\u202fthe Outreach Team undertook\u202f267\u202factivities with students in schools and colleges, ranging from secondary school to college students and 42 additional events with their influencers. 11,285\u202fstudents\u202fengaged in outreach activities over the year.\u202f Activities took place on and off campus, and included blended delivery, with online outreach activities delivered through predominantly live-stream webinars and, when possible, face-face outreach.<\/p>\n\n\n\n<p class=\"\">The University works predominantly with schools and colleges, including institutions in its partnership network in Gloucestershire and neighbouring counties.\u202f It has strong strategic partnerships with further education colleges in the area, including South Gloucestershire and Stroud College and Bath College, and the new Institute of Technology in\u202fSwindon.\u202f Interventions are in place to work with a wide range of students to ensure our intake reflects all areas of society.\u202f Such projects include residential summer schools, opportunities to access subject taster sessions and application support.\u202f The University is supporting the Cheltenham Education Partnership of state and independent secondary schools in Cheltenham.\u202f&nbsp;<\/p>\n\n\n\n<p class=\"\">In 2020\/21\u202fthe University provided around\u202f\u00a33.1m\u202fin financial support to students through fee discounts, fee waivers and bursary\u202fawards.\u202f The University supports students from under-represented groups by offering financial support and a large financial assistance fund.\u202f Scholarships and bursaries are available to those who progress onto a course at the\u202fUniversity having previously studied at a partner college, whilst fee discounts are provided to alumni who wish to progress to postgraduate study.\u202f Examples include the Accommodation Waiver of up to \u00a31000 for students from low income backgrounds living in University managed Halls, and a 50% fee waiver along with up to \u00a32,000 depending on the level per year for care leavers.\u202fThe University also offers an Academic Merit Scholarship for full time students achieving a high level of entry qualifications, worth \u00a31,200 across the three years of a typical undergraduate programme.<\/p>\n\n\n\n<p class=\"\">In 2020\/21 the University awarded hardship funds totalling \u00a3738k to 1,305 students, including \u00a3520k additional funding made available through the Office for Students.<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000002958\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/05\/26073408\/Clearing.jpg\" style=\"object-position:30% 57%\" data-object-fit=\"cover\" data-object-position=\"30% 57%\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"\"><\/p>\n\n\n\n<h2 class=\"heading has-text-align-center no-mt wp-block-heading\" id=\"Senior\">Section 6: Senior staff remuneration<\/h2>\n<\/div><\/div>\n\n\n\n<p class=\"\">&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Introduction&nbsp;<\/h3>\n\n\n\n<p class=\"\">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.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">Throughout this report \u2018senior staff\u2019 is understood to mean the University Executive Committee (UEC), as defined in section 6.6. The UEC 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;<\/p>\n\n\n\n<p class=\"\">The Council has adopted the Committee of University Chairs (CUC) \u2018Higher Education Senior Staff Remuneration Code\u2019 (June 2018), including the supporting documents referred to by this Code, in its approach to senior staff remuneration.&nbsp; 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 2013) for all staff in the UEC 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 \u2018Regulatory advice 14: Guidance for providers for the Annual Financial Return 2021\u2019. 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Remuneration and Human Resources Committee&nbsp;<\/h3>\n\n\n\n<p class=\"\">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 human resources strategy and pay framework for all staff.&nbsp;<\/p>\n\n\n\n<p class=\"\">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 himself is not a member of RHRC, and plays no role whatsoever in establishing his 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;<\/p>\n\n\n\n<p class=\"\">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; It meets three times per year (normally October, February and June) with additional meetings as required.&nbsp;<\/p>\n\n\n\n<p class=\"\">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.&nbsp; The full Terms of Reference and Membership for RHRC (as with all Council sub-commitees) may be found on-line: <a href=\"http:\/\/www.glos.ac.uk\/governance\/council\/pages\/university-council.aspx \">http:\/\/www.glos.ac.uk\/governance\/council\/pages\/university-council.aspx <\/a>&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Approach to Senior Staff Remuneration&nbsp;<\/h3>\n\n\n\n<p class=\"\">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;<\/p>\n\n\n\n<p class=\"\">To ensure its approach to senior staff remuneration remains appropriate, RHRC periodically receives a pay review report which benchmarks the pay of Executive Group staff against sector norms. The last such report was commissioned by RHRC during 2017\/18. This report was produced by Korn Ferry Hay Group and provided information and comment on the competitiveness of remuneration for the Vice-Chancellor and the rest of the Executive group, taking account of market movements and changes in roles.&nbsp; It updated a previous benchmarking report, also produced by Hay Group, in 2016.&nbsp; This report adopted an approach to considering remuneration that included, inter alia, economic factors, competition, market rates, roles, and skills required of post holders.&nbsp; The comparison of market rates was based on four sources:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The annual higher education survey by the Universities and Colleges Employers\u2019 Association (UCEA);&nbsp;<\/li><li>Published data on the remuneration of Vice-Chancellors in an agreed list of comparator institutions;&nbsp;<\/li><li>Hay Group data on higher education;&nbsp;<\/li><li>Hay Group data on the general market (all organisations UK except for financial services).&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"\">RHRC had planned to commission a pay review in 2019\/20, but the situation at the time included the impact of the COVID-19 global pandemic and the national decision through JNCHES not to make any pay award for 2020\/21. The Review was therefore not commissioned. RHRC agreed to consider when to conduct the next Review at its meeting in October 2021.<\/p>\n\n\n\n<p class=\"\">Members of the Executive are appointed on fixed basic salaries as determined by job evaluation review and relevant benchmarking, which, subject to satisfactory performance, are increased 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 UEC).<\/p>\n\n\n\n<p class=\"\">Council has also agreed a policy for a salary supplement in lieu of pension contributions for staff who exceed the Lifetime Allowance. This scheme avoids potentially unlawful inducements, recognises a specific issue for a defined group of staff, is open and transparent, and is in line with practice in the higher education sector.&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Remuneration of the Vice-Chancellor (Head of Institution)&nbsp;<\/h3>\n\n\n\n<p class=\"\">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;<\/p>\n\n\n\n<p class=\"\">In 2020\/21 the Vice-Chancellor, Stephen Marston, received total remuneration of \u00a3189,816, comprising salary of \u00a3169,478 and payment in lieu of pension of \u00a320,337. The Vice-Chancellor received no employer contributions towards pension, having opted to terminate his active membership of the Local Government Pension Scheme. As a consequence, the Vice-Chancellor\u2019s total remuneration in 2020\/21 was less than his total remuneration in 2019\/20 of \u00a3196,679. No pay award was given for 2020\/21 for the Vice Chancellor, alongside a pay freeze for all staff through the JNCHES National pay bargaining. The salary for the Vice Chancellor remains substantially below average remuneration of Vice-Chancellors across the sector.<\/p>\n\n\n\n<p class=\"\">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, and published with the Vice-Chancellor\u2019s newsletter to all members of University staff.&nbsp; At the end of each year, the Vice-Chancellor\u2019s performance is assessed against those objectives and targets and his 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 is confident that the Vice-Chancellor\u2019s remuneration package is appropriate.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">Since his appointment in 2011, in no year has the Vice-Chancellor accepted a pay increase higher than the national pay award for University staff (excluding incremental drift). The Vice-Chancellor has never accepted a re-evaluation of his pay based on information provided by external benchmarking exercises.&nbsp; Although the Vice-Chancellor\u2019s contract provides for the award of a performance-related bonus, he has not taken such a bonus in any year.&nbsp; 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;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Pay Ratios&nbsp;<\/h3>\n\n\n\n<p class=\"\">The University calculates pay ratios according to the guidance issued by the Universities and Colleges Employers Association (UCEA). 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).<\/p>\n\n\n\n<p class=\"\">The pay ratio in 2020\/21 between the total pay of the Vice-Chancellor (\u00a3189,816) and the median full-time equivalent earnings of the whole University workforce (\u00a340,343) was 4.71 compared to a UK average of 7.0. In 2019\/20 the ratio was 4.74.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Remuneration of the Executive Group&nbsp;<\/h3>\n\n\n\n<p class=\"\">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 Committee during 2020\/21 (excluding the Vice-Chancellor) were as follows:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Dean of Academic Development, Professor David James&nbsp;<\/li><li>Deputy Vice-Chancellor, Dr Richard O\u2019Doherty (until 31st October 2020)<\/li><li>Deputy Vice-Chancellor, Professor Jackie Labbe (from 1st June 2021)<\/li><li>Chief Financial Officer, Camille Stallard&nbsp;<\/li><li>University Secretary and Registrar, Dr Matthew Andrews&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"\">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;<\/p>\n\n\n\n<p class=\"\">The table in Note 8 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;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">External appointments&nbsp;&nbsp;<\/h3>\n\n\n\n<p class=\"\">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;<\/p>\n\n\n\n<p class=\"\">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;<\/p>\n\n\n\n<p class=\"\">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\/&nbsp;\">https:\/\/www.glos.ac.uk\/information\/knowledge-base\/policy-for-senior-staff-on-external-activities\/&nbsp;<\/a><\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Expenses&nbsp;<\/h3>\n\n\n\n<p class=\"\">The University has a single published scheme for expenses that applies to all staff.&nbsp;<\/p>\n\n\n\n<p class=\"\">University Staff Expenses Policy:&nbsp;<a href=\"https:\/\/www.glos.ac.uk\/information\/knowledge-base\/university-staff-expenses-policy\/\">https:\/\/www.glos.ac.uk\/information\/knowledge-base\/university-staff-expenses-policy\/<\/a>&nbsp;&nbsp;RHRC receives an annual assurance that the scheme is operating effectively.&nbsp;&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000002350\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/03\/05160045\/Park-Campus-Design.jpg\" data-object-fit=\"cover\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Corporate\">Section 7: Corporate governance<\/h2>\n\n\n\n<p class=\"\"><\/p>\n<\/div><\/div>\n\n\n\n<h3 class=\"heading wp-block-heading\">Introduction&nbsp;<\/h3>\n\n\n\n<p class=\"\">The University is incorporated as a private company limited by guarantee, and is an exempt charity under the terms of the Charities Act 2011.&nbsp; Its objects, powers and framework of governance are set out in the Articles of Association, with the amended and latest set of Articles approved the University Council on 11 May 2021.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">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 is committed to best practice in all aspects of corporate governance.&nbsp; The University\u2019s Council has adopted, and ensured compliance with, the Committee of University Chairs\u2019 (CUC) Higher Education Code of Governance (2020), and has conducted its business in accordance with CUC good practice and principles and 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, including the regulatory notices and advice.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Summary of the University\u2019s structure of corporate governance&nbsp;<\/h3>\n\n\n\n<p class=\"\">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.&nbsp; 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 class=\"\">The roles of Chair and Vice-Chair of Council are separated from the role of the University\u2019s Chief Executive, the Vice-Chancellor.&nbsp; 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;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">In the conduct of its formal business, in addition to an annual strategic away day, the Council meets six times a year. Following the introduction of social distancing measures due to the Covid-19 pandemic, meetings of Council and its subcommittees moved on-line. The annual strategic day was held in person in June 2021. The formally constituted committees of Council are: Audit and Risk Committee (renamed during the year from Audit Committee), Finance and General Purposes Committee, Governance and Nominations Committee, Remuneration and Human Resources Committee and the Council, Foundation, and Chaplaincy Committee (renamed during the year from Council and Foundation Standing Group).&nbsp; All of these committees are constituted with formal terms of reference and membership, which are reviewed on an annual basis. The Scheme of Delegations further details the specific delegated powers of these committees. All these documents may be found on the University\u2019s web-site: <a href=\"https:\/\/www.glos.ac.uk\/governance\/council\/Pages\/universitycouncil.aspx&nbsp;\">https:\/\/www.glos.ac.uk\/governance\/council\/Pages\/universitycouncil.aspx&nbsp;<\/a><\/p>\n\n\n\n<p class=\"\">The Academic Board is the academic authority of the University and draws its membership from the staff and students of the University.&nbsp; Its principal role is to direct and regulate the teaching and learning and research work of the University and to advise Council accordingly.&nbsp; 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; The Vice-Chancellor is Chair of the Academic Board. The Academic Board and Council hold an annual joint meeting.<\/p>\n\n\n\n<p class=\"\">The 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.&nbsp; The Committee exercises oversight over internal audit arrangements, including recommending the appointment of internal auditors.&nbsp; 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.&nbsp; 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.&nbsp; 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 external auditors without officers of the University present.&nbsp;<\/p>\n\n\n\n<p class=\"\">The Finance and General Purposes Committee (FGPC) 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.&nbsp; 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;&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">The 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.&nbsp; 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;&nbsp;<\/p>\n\n\n\n<p class=\"\">The 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 6.2.&nbsp;<\/p>\n\n\n\n<p class=\"\">The 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;&nbsp;&nbsp; <\/p>\n\n\n\n<p class=\"\">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. A new review of governance arrangements commenced at the end of the 2019\/20 financial year and reported in 2020\/21.&nbsp; This was a detailed, comprehensive, and externally-led review undertaken by Advance HE. The review combined a desk-based study with interviews with members of Council and its officers, observations of Council and its committees, a detailed questionnaire, and other activities. The University\u2019s governance structures and arrangements were evaluated against the latest CUC Higher Education Code of Governance and other benchmarks and comparisons made against the practices employed elsewhere in the higher education and other sectors. The report 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. 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. It is also innovative in use of the Board Apprentice scheme to develop future Board talent.\u2019 The report also made recommendations and suggestions for further improvement in governance practice. These were accepted by Council and an action plan agreed to ensure their implementation.&nbsp;&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Financial&nbsp;responsibilities of the University\u2019s Council&nbsp;&nbsp;<\/h3>\n\n\n\n<p class=\"\">In accordance with the University\u2019s Articles of Association, the Council is responsible for the oversight of the University\u2019s affairs and is required to present audited financial statements for each financial year, which include a statement on corporate governance and internal control.&nbsp;<\/p>\n\n\n\n<p class=\"\">Working through its established sub-committees, the Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the University and to enable it to ensure that the financial statements are prepared in accordance with the University\u2019s Articles of Association, the 2019 Statement of Recommended Practice (SORP): Accounting for Further and Higher Education, and other relevant accounting standards.&nbsp; In addition, to the terms and conditions of the OfS \u2018Regulatory Notice 9: Accounts Direction. Under those terms and conditions, 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 and of the surplus or deficit of the University for that year. In preparing these financial statements, the Council has ensured that:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>suitable accounting policies are selected and applied consistently;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>judgements and estimates are made that are reasonable and prudent;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>applicable accounting and financial reporting standards have been followed, subject to any material departures disclosed and explained in the financial statements;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>financial statements are prepared on the going concern basis unless it is inappropriate to presume that the University will continue in operation.&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p class=\"\">The Council has taken all reasonable steps, through its senior officers and Audit and Risk Committee, to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>ensure that all funds from any source are used only for the purposes for which they have been given;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>ensure that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources;&nbsp;<\/li><li>safeguard the assets of the University and prevent and detect fraud;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>secure the economical, efficient and effective management of the University\u2019s resources and expenditure.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Disclosure of information to Auditor&nbsp;&nbsp;<\/h3>\n\n\n\n<p class=\"\">At the date of making this report, the Council confirms the following:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>so far as each Member of Council is aware, there is no relevant information needed by the University\u2019s auditor in connection with preparing their report of which the University\u2019s auditor is unaware;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>each Member of Council has taken all the steps that he\/she ought to have taken as a Member of Council in order to make himself\/herself aware of any relevant information needed by the University\u2019s auditors in connection with preparing their report and to establish that the University\u2019s auditor is aware of that information.&nbsp;<\/li><\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Statement of Internal Control&nbsp;<\/h3>\n\n\n\n<p class=\"\">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;&nbsp;<\/p>\n\n\n\n<p class=\"\">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 class=\"\">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.&nbsp; This process has been in place for the year ended 31 July 2021 and up to the date of approval of the financial statements.&nbsp;<\/p>\n\n\n\n<p class=\"\">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.&nbsp; The risk framework is aligned with the University\u2019s Strategic Plan for 2017-22 and reflects the importance of the four institutional goals in the Plan. It has been designed to cover all risks including governance, management, quality, reputational and financial, whilst focusing on the most important risks.&nbsp; 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 Executive Committee, Audit and Risk Committee and Council.&nbsp; These reports on risk coincide with reports on the University\u2019s operating plan.&nbsp; The University\u2019s approach to risk management is considered annually by the internal auditors.&nbsp;<\/p>\n\n\n\n<p class=\"\">Risk management is fully incorporated into the corporate planning and decision-making processes of the institution, and, as already noted, informs the work undertaken by Internal Audit. The University Executive Committee 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.&nbsp; 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.<\/p>\n\n\n\n<p class=\"\">In addition to this, Council oversees the University\u2019s performance in meeting its strategic objectives through the approval and monitoring of the annual Operating Plan. Regular updates on performance are presented to Council during the year, with a full year-end report considered in November. The Operating Plan for the following year is approved by Council every June.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"\">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.&nbsp; 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.&nbsp; 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.&nbsp; 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.&nbsp; 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;&nbsp;<\/p>\n\n\n\n<p class=\"\">In September 2018, the University successfully achieved registration with the Office for Students, without any specific conditions being applied to its registration.&nbsp; This registration has been maintained consistently since.&nbsp;<\/p>\n\n\n\n<p class=\"\">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<h3 class=\"heading wp-block-heading\">Statement by the Council Members in performance of their statutory duties in accordance with s172(1) Companies Act 2006<\/h3>\n\n\n\n<p class=\"\">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 2021.&nbsp;<\/p>\n\n\n\n<p class=\"\">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<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-image-fill has-grey-light-background-color has-background\"><figure class=\"wp-block-media-text__media\" style=\"background-image:url(https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2020\/10\/19083435\/rsnur-health-and-social-care-Nursing-MA-or-MSc-by-Research-MRes-PhD-2.jpg);background-position:50% 50%\"><img decoding=\"async\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2020\/10\/19083435\/rsnur-health-and-social-care-Nursing-MA-or-MSc-by-Research-MRes-PhD-2.jpg\" alt=\"Woman in black dress pointing out something on a piece of paper to woman in white top\" class=\"wp-image-129000001149 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<h4 class=\"heading wp-block-heading\">Consequences of any decision in the long term<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">To support these considerations, the University prepared a Finance Strategy for 2019-2022 and a Strategic Plan for 2017-2022 with reviews being performed mid-term to ensure the goals are still valid and achievable.&nbsp; Additional information on these, along with consideration of the specific risks the university are managing can be found within Section 4 of our Operating and Financial Review.&nbsp;<\/p>\n<\/div><\/div>\n\n\n\n<h4 class=\"heading wp-block-heading\">Employees<\/h4>\n\n\n\n<p class=\"\">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 all staff briefings and regular newsletters. We have also set up a Women\u2019s network and BAME network in addition to the Equality, Diversity and Inclusion Committee.&nbsp; It is important to us that 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, whether it is work related or not. We also feel it is crucial that staff members are recognised for their hard work and achievements and the annual staff awards are a way to celebrate these with the whole of the University. Further details can be found within the \u2018People and Culture\u2019 segment of Section 2 of our Operating and Financial Review.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Business relationships:&nbsp; Students<\/h4>\n\n\n\n<p class=\"\">Students are the key to everything we do. Our current strategic plan for the period 2017-2022 focuses several of its goals on students and the service\/support that they need.&nbsp; In particular, two of the University\u2019s strategic goals are to provide a breadth and richness of experience that enables all our students to reach their full potential, and to provide teaching and support for learning of the highest quality.<\/p>\n\n\n\n<p class=\"\">We have provided updates on the work that has been undertaken during the year to achieve these goals within the \u2018Strategic Goals\u2019 segment of Section 1 and within Section 2 of our Operating and Financial Review.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Suppliers<\/h4>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">Impact on communities and the environment<em>&nbsp;&nbsp;<\/em><\/h4>\n\n\n\n<p class=\"\">As mentioned within Section 2 of 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. Further details on this can be found within Section 2 of our Operating and Financial Review.<\/p>\n\n\n\n<p class=\"\">The University remains positioned as the number 1 UK university for sustainability in the league table published by People and Planet in 2019. In 2020 the University also achieved re-certification of its Environmental Management System, which is accredited to the ISO 14001: 2015 Standard, externally audited by British Standards Institute. Further details on the approach to sustainability that the University takes can be found within the \u2018Enablers of the strategic plan\u2019 segment of Section 2 of our Operating and Financial Review.&nbsp;<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">Maintaining high standard of business conduct<em>&nbsp;<\/em><\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">The Operating and Financial Review and the S172 Statement of Council Members set out<a href=\"#operating\"> here<\/a> was approved by the Council of the University of Gloucestershire on 25 November 2021, and was signed on its behalf by:&nbsp;<\/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 class=\"\">Nicola de longh<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 class=\"\">Stephen Marston<br>Vice-Chancellor<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-1290000047\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2020\/07\/23132945\/pittville.jpg\" data-object-fit=\"cover\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Independent\">Independent auditor&#8217;s report to the Governing Body of The University of Gloucestershire<\/h2>\n<\/div><\/div>\n\n\n\n<h3 class=\"heading wp-block-heading\">Opinion<\/h3>\n\n\n\n<p class=\"\">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 2021, which The Statement of Principal Accounting Policies, The consolidated and University Statement of Income and Expenditure, The Consolidated and University Statement of Changes in Reserves, the Consolidated and University Balance Sheet, The Consolidated and University Cash Flow Statement 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<h3 class=\"heading wp-block-heading\">In our opinion, the financial statements:<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>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 2021 and of the group&#8217;s and the parent university&#8217;s deficit, 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><li>have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and the Statement of Recommended Practice: Accounting for Further and Higher Education published in October 2018; and<\/li><li>have been prepared in accordance with the requirements of the Companies Act 2006.<\/li><\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Basis for opinion<\/h3>\n\n\n\n<p class=\"\">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<h3 class=\"heading wp-block-heading\">Conclusions relating to going concern<\/h3>\n\n\n\n<p class=\"\">We are responsible for concluding on the appropriateness of the Council\u2019s 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 and the parent university to cease to continue as a going concern.<\/p>\n\n\n\n<p class=\"\">In our evaluation of the Council\u2019s conclusions, we considered the inherent risks associated with the group\u2019s and the parent university\u2019s business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the Council and the related disclosures and analysed how those risks might affect the group\u2019s and the parent university\u2019s financial resources or ability to continue operations over the going concern period.<\/p>\n\n\n\n<p class=\"\">Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group\u2019s and the parent university\u2019s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.<\/p>\n\n\n\n<p class=\"\">In auditing the financial statements, we have concluded that the Council\u2019s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.<\/p>\n\n\n\n<p class=\"\">The responsibilities of the Council with respect to going concern are described in the \u2018Responsibilities of the Council for the financial statements\u2019 section of this report.<\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-image-fill has-charcoal-black-color has-grey-light-background-color has-text-color has-background\"><figure class=\"wp-block-media-text__media\" style=\"background-image:url(https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/07\/15132137\/UoG-Community-1024x1024.jpg);background-position:50% 50%\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/07\/15132137\/UoG-Community-1024x1024.jpg\" alt=\"Students in lab\" class=\"wp-image-129000003106 size-full\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<h3 class=\"heading wp-block-heading\">Other information<\/h3>\n\n\n\n<p class=\"\">The Council are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor\u2019s report thereon. 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 class=\"\">In connection with our audit of the financial statements, 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 or a material misstatement of the other information. 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.<\/p>\n<\/div><\/div>\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 class=\"\">In our opinion, based on the work undertaken in the course of the audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>the information given in the strategic report and the directors\u2019 report, prepared for the purposes of company law, included in the members\u2019 report for the financial year for which the financial statements are prepared is consistent with the financial statements; and<\/li><li>the strategic report and the directors\u2019 report included in the members\u2019 report have been prepared in accordance with applicable legal requirements<\/li><\/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 class=\"\">In the light of the knowledge and understanding of the group and the parent university and its 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 members\u2019 report<strong>.<\/strong><\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Opinion on other matters prescribed by the Office for Student\u2019s (\u2018OfS\u2019) accounts direction (issued October 2019)<\/h3>\n\n\n\n<p class=\"\">In our opinion, in all material respects:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>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><li>funds provided by the OfS, have been applied in accordance with the relevant terms and conditions; and any other terms and conditions attached to them, and<\/li><li>the requirements of the OfS\u2019s accounts direction (issued October 2019) have been met.<\/li><\/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 class=\"\">We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>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><li>the parent university financial statements are not in agreement with the accounting records and returns; or<\/li><li>certain disclosures of the Council&#8217;s remuneration specified by law are not made; or<\/li><li>we have not received all the information and explanations we require for our audit.<\/li><\/ul>\n\n\n\n<p class=\"\">We have nothing to report in respect of the following matters where the OfS accounts direction (issued October 2019) requires us to report to you where:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>the parent university\u2019s grant and fee income, as disclosed in the note to the accounts, has been materially misstated; or<\/li><li>the parent university\u2019s expenditure on access and participation activities for the financial year, as disclosed in the note to the accounts, has been materially misstated.<\/li><\/ul>\n\n\n\n<h3 class=\"heading wp-block-heading\">Responsibilities of Council for the financial statements<\/h3>\n\n\n\n<p class=\"\">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 class=\"\">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 intend to liquidate the group or parent university or to cease operations, or have 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 class=\"\">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. 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 class=\"\">A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council\u2019s website at: www.frc.org.uk\/auditorsresponsibilities. This description forms part of our auditor\u2019s report.<br><br>Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).<\/p>\n\n\n\n<p class=\"\">The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:<\/p>\n\n\n\n<p class=\"\">We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and parent university, and the sector in which it operates. We determined that the following laws and regulations were most significant;<\/p>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>financial reporting legislation (FEHE SORP 2019, United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 and the OfS Accounts Direction (October 2019));<\/li><li>regulatory environment (including the OfS framework and relevant OfS regulatory notices); and<\/li><li>the Higher Education Code of Governance published by the CUC.<\/li><\/ul>\n\n\n\n<p class=\"\">The engagement team remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>We understood how the group and parent university is complying with these legal and regulatory frameworks by making inquiries of management, internal audit, and those charged with governance. We enquired of management and those charged with governance whether there were any instances of non-compliance with laws and regulations, or whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our review of board minutes and through our legal and professional expenses review;<\/li><li>To assess the potential risks of material misstatement, including how a fraud might occur, we obtained an understanding of:<\/li><\/ul>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>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><\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\"><li>The group and parent university\u2019s control environment including the adequacy of procedures for authorisation of transactions<\/li><\/ol>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>We assessed the susceptibility of the group and parent university\u2019s financial statements to material misstatement, including how fraud might occur. Audit procedures perform by the engagement team included:<\/li><\/ul>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Evaluating the processes and controls established to address the risks related to irregularities and fraud;<\/li><li>Testing manual journal entries, in particular journal entries relating to management estimates and entries determined to be large or relating to unusual transactions;<\/li><li>Challenging assumptions and judgements made by management in its significant accounting estimates;<\/li><li>Identifying and testing related party transactions; and<\/li><li>Completion of audit procedures to conclude on the compliance of disclosures in the financial statements with applicable financial reporting requirements.<\/li><\/ol>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team&#8217;s knowledge and understanding of the industry in which the group and parent university operates in, its understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation<\/li><li>We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud, or non-compliance with laws and regulations throughout the audit.<\/li><\/ul>\n\n\n\n<p class=\"\">From the procedures performed we did not identify any material matters relating to non-compliance with laws and regulations or matters in relation to fraud.<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\">Use of our report<\/h3>\n\n\n\n<p class=\"\">This report is made solely to the university&#8217;s members, 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=\"\"><strong>Adam Terry<\/strong><br><strong>Senior Statutory Auditor<\/strong><br><strong>for and on behalf of Grant Thornton UK LLP<\/strong><br><strong>Statutory Auditor, Chartered Accountants<\/strong><br><strong>Oxford<\/strong><br>30 November 2021<\/p>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000003213\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/09\/23111143\/Open-day-1-scaled.jpg\" data-object-fit=\"cover\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Statements\">Financial statements for the year ended 31 July 2021<\/h2>\n<\/div><\/div>\n\n\n\n<h3 class=\"heading wp-block-heading\" id=\"Statement\">Statement of Principal Accounting Policies<\/h3>\n\n\n\n<h4 class=\"heading wp-block-heading\">1. Basis of preparation<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">The financial statements are presented in Sterling (\u00a3).<\/p>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">2. Significant judgements and estimates<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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. Changes will be recorded, with corresponding effect in profit or loss, when, and if, better information is obtained.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">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<h5 class=\"heading wp-block-heading\">Finance Lease<\/h5>\n\n\n\n<p class=\"\">The University has entered into an agreement with Cityheart (Gloucester) Limited who operate student residences in Gloucester. The residences are being funded by Aviva Investors. Under the terms of the contractual arrangements, if Cityheart (Gloucester) Limited default on their lease with Aviva Investors, the University will inherit a liability. 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. 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. Management will continue to monitor progress on the contract and assess the need to recognise any ongoing liabilities, should they arise. 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<h5 class=\"heading wp-block-heading\">Provisions<\/h5>\n\n\n\n<p class=\"\">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<h5 class=\"heading wp-block-heading\">Impairment of assets<\/h5>\n\n\n\n<p class=\"\">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<h5 class=\"heading wp-block-heading\">Recoverability of debtors<\/h5>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">3. Going concern<\/h4>\n\n\n\n<p class=\"\">The Council approved a budget for the year to 31 July 2022 at its June 2021 meeting and considered this alongside a 10 year Affordability Model relating to the new City Campus development. Having secured a better understanding of the recruitment and enrolments position for Autumn 2021, a revised budget was then presented to F&amp;GP and Council in the early Autumn of 2021, reflecting improved opening balances, a shortfall against original budget targets and the impact of agreed mitigating actions. The 10 year Affordability Model has also been updated to reflect a lower start point with a slower growth trajectory, with a slower pace of capital investment alongside a reduced financing requirement. Despite the adverse budget movement, cash remains strong and well in excess of our Finance Strategy target.<\/p>\n\n\n\n<p class=\"\">Under the FRC guidance the University has utilised the self-assessment questionnaire that provides a 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 disclosure. The assessment included a review of forecasts and budgets, mitigating actions in response to Covid risks, 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. A Continued Viability Statement has also been developed by management and considered by Council. 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 viable.<\/p>\n\n\n\n<p class=\"\">The activities which present greatest financial uncertainty to the university are student recruitment, retention and student accommodation income. Although student recruitment and enrolment has fallen short of target in Autumn 2021, new enrolment across the 2021\/22 academic year is expected broadly to match enrolment in 2020\/21, which saw a significant (21%) increase compared with the year before. Covid has created additional turbulence and uncertainty in recruitment, which the University does not expect to continue for the long term. Neither retention nor accommodation would jeopardise University financial sustainability, though the combined impact of financial shortfalls in these two areas could create some short term financial stress<\/p>\n\n\n\n<p class=\"\">The result of reverse stress testing has indicated that the University could withstand some adverse movement in the areas of uncertainty, giving comfort over cash solvency for the year and into 2022\/23. The cash generation to interest cover ratio, as set out in our bank loans, has a much tighter headroom and could only withstand a modest adverse variance before compliance was called into question. Further stress testing has identified a \u2018remote but possible\u2019 set of scenarios totaling \u00a32.8m which identifies a more manageable level of revenue at risk. Mitigating actions which could total c\u00a32.5m have been identified and could be called upon should a material adverse situation arise. Decisions on these actions would be considered alongside seeking covenant waivers from our lenders. The University benefits from good relations with our lenders, who have expressed sound understanding of the sector and our performance within the sector. Obviously, these scenarios would create significant challenge for the University in maintaining the full range and quality of our educational activities, but the results show that the University could sustain operational and financial viability even in these circumstances of exceptional stress.<\/p>\n\n\n\n<p class=\"\">The position for recruitment in 2022\/23 is in part expected to follow on from the experience of Autumn 2021, as Government Policy on summer exams glides results back to pre-pandemic rates. However, some of the factors that created turbulence in the 2021 cycle, including the inability to hold on campus open days and applicant events, are not expected to recur. At the same time, the University expansion of course offering, coupled with growth in the school leaver population and continuing relative buoyancy in demand from overseas and postgraduate applicants, are expected to deliver growth at around 6-7% per annum on both new and existing courses. The financial performance for the year is expected to report a further deficit, driven by the high LGPS non-cash charge, but cash generation is projected to remain at 11% of turnover.<br><\/p>\n\n\n\n<p class=\"\">The City Campus development project commences during 2021\/22, with the main spend for phase 1 being incurred during 2022\/23. Financing arrangements will be put in place prior to major construction contractual commitments being entered into and will be re-assessed for affordability at key milestone dates during the process. One component of the new loan agreement and consent from existing lenders to the new loan, will be to consider financial covenant tests. We envisage that the development costs and funding will be excluded from the covenant tests during the period of draw down of development funds and as such will not impact on covenant compliance tests. This will form part of the bank loan tender negotiations.<\/p>\n\n\n\n<p class=\"\">Based on information and knowledge available to the Council in carrying out this review the Council has a reasonable expectation that the University has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Council continues to adopt the going concern basis for preparing the accounts.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">4. Basis of consolidation<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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<h4 class=\"heading wp-block-heading\">5. Grants<\/h4>\n\n\n\n<p class=\"\">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. 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 class=\"\">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. 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 class=\"\">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 class=\"\">Government capital building grants are capitalised and released as follows:<\/p>\n\n\n\n<p class=\"\">\u2022 building maintenance &#8211; against expenditure in the year it is incurred;<br>\u2022 building development or improvement &#8211; over the expected useful life of the asset.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">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<h4 class=\"heading wp-block-heading\">6. Recognition of income<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount.<\/p>\n\n\n\n<p class=\"\">Bursaries and Scholarships are accounted for gross as expenditure and not deducted from income.<\/p>\n\n\n\n<p class=\"\">Investment income is credited to the Consolidated and University statement of income and expenditure on a receivable basis.<\/p>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">7. Donations and endowments<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">Donations and endowments with donor imposed restrictions are recognised in income when the University is entitled to the funds. Income is retained within the restricted 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 class=\"\">Donations with no restrictions are recognised in income when the University is entitled to the funds.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">There are four main types of donations and endowments identified within reserves:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Restricted donations \u2013 the donor has specified that the donation must be used for a particular objective.<\/li><li>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.<\/li><li>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.<\/li><li>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><\/ol>\n\n\n\n<h4 class=\"heading wp-block-heading\">8. Tangible fixed assets<\/h4>\n\n\n\n<p class=\"\">Fixed Assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses.<br><\/p>\n\n\n\n<p class=\"\"><strong>Freehold Land and Buildings<\/strong><br>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.<br><\/p>\n\n\n\n<p class=\"\"><strong>Leasehold Land and Buildings<\/strong><br>Leasehold land and buildings are included at cost.<br>Additions to freehold and leasehold land and buildings are capitalised at cost.<br><\/p>\n\n\n\n<p class=\"\"><strong>Plant and Equipment<\/strong><br>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<h4 class=\"heading wp-block-heading\">9. Depreciation<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">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\"><table><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>Pre July 2006 acquisitions<\/td><td>Post July 2006 acquisitions<\/td><\/tr><tr><td>Freehold and Leasehold Land and Buildings:<\/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>&nbsp; Buildings<\/td><td>Major adaptations<\/td><td>10-25 years<\/td><td>Component life&nbsp;&nbsp; 5-40 years<\/td><\/tr><tr><td>&nbsp; Plant<\/td><td>Up to 1994-1995<\/td><td>10 years<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp; Plant<\/td><td>From 1994-1995<\/td><td>20 years<\/td><td>Component life&nbsp; 10-30 years<\/td><\/tr><tr><td>Equipment:<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp; Apparatus and equipment<\/td><td>&nbsp;<\/td><td>5 years<\/td><td>5 years<\/td><\/tr><tr><td>&nbsp; Computer equipment<\/td><td>&nbsp;<\/td><td>3 years<\/td><td>Component life&nbsp;&nbsp;&nbsp; 3-10 years<\/td><\/tr><tr><td>&nbsp; Motor vehicles<\/td><td>&nbsp;<\/td><td>5 years<\/td><td>5 years<\/td><\/tr><tr><td>&nbsp; Furniture, fixtures and fitting<\/td><td>&nbsp;<\/td><td>10 years<\/td><td>Component life&nbsp;&nbsp; 10-15 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">10. Impairments of assets and assets held for disposal<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">Assets classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell, as defined above. 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. 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. 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 class=\"\">No depreciation is charged on assets classified as held for sale.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">11. Stocks<\/h4>\n\n\n\n<p class=\"\">Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">12. Cash and cash equivalents<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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<h4 class=\"heading wp-block-heading\">13. Taxation<\/h4>\n\n\n\n<p class=\"\">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. 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 class=\"\">Value Added Tax on purchases exceeds Value Added Tax on sales. 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 class=\"\">Fullwood Park Limited and Gloucestershire ISC Limited and University of Gloucestershire Professional Services Limited are liable for UK corporation tax. 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 class=\"\">Fullwood Park Limited is registered for VAT.<\/p>\n\n\n\n<p class=\"\">Both the University and University of Gloucestershire Professional Services Limited are part of the same VAT group.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">14. Financial instruments<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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<h5 class=\"heading wp-block-heading\">Financial assets<\/h5>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">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 class=\"\">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<h5 class=\"heading wp-block-heading\">Financial liabilities<\/h5>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">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 class=\"\">Financial liabilities are de\u2011recognised when the liability is discharged, cancelled, or expires.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">15. Investments<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">Current asset investments are held at fair value with movements recognised in the surplus or deficit.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">16.  Finance and operating leases<\/h4>\n\n\n\n<p class=\"\">Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the outstanding balance of the lease.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">17. Interest payable and financial instruments<\/h4>\n\n\n\n<p class=\"\">The University uses derivative financial instruments such as interest rate swaps to reduce exposure to interest rate movements on its loans. 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. Interest differentials under these swaps are recognised by adjusting net interest payable over the periods of the contracts.<\/p>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">18. Pension scheme arrangements<\/h4>\n\n\n\n<p class=\"\">Retirement benefits to employees of the University are provided by Defined Benefit Schemes, which are funded by contributions from the University and employees. 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 class=\"\">Contributions to the Schemes are recognised as an expense in the year so as to spread the cost of the pensions over the employees\u2019 working lives with the University.<\/p>\n\n\n\n<p class=\"\">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. 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 class=\"\">The University has adopted in full the requirements of FRS 102 for the Local Government Pension Scheme.<\/p>\n\n\n\n<p class=\"\">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. 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 class=\"\">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. Employers have recently been advised of increases from Sept 2019 onwards.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">19. Employment benefits<\/h4>\n\n\n\n<p class=\"\">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. 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<h4 class=\"heading wp-block-heading\">20. Repairs and maintenance costs<\/h4>\n\n\n\n<p class=\"\">Expenditure on routine corrective maintenance is charged to the income and expenditure account as it is incurred.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">21. Foreign currencies<\/h4>\n\n\n\n<p class=\"\">Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year-end rates. The resulting exchange differences are dealt with in the determinations of income and expenditure for the financial year.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">22. Provisions<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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. 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 class=\"\">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 class=\"\">Contingent assets and liabilities are not recognised in the Statement of Financial Position but are disclosed in the notes.<\/p>\n\n\n\n<h4 class=\"heading wp-block-heading\">23. Capitalisation of finance costs and interest<\/h4>\n\n\n\n<p class=\"\">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<h4 class=\"heading wp-block-heading\">24. Bad and doubtful debts<\/h4>\n\n\n\n<p class=\"\">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. 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<h4 class=\"heading wp-block-heading\">25. Service concession arrangements<\/h4>\n\n\n\n<p class=\"\">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 class=\"\">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<h4 class=\"heading wp-block-heading\">26. Reserves<\/h4>\n\n\n\n<p class=\"\">Reserves are classified as restricted or unrestricted. 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. 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<h3 class=\"heading wp-block-heading\" id=\"Consolidatedcomp\">Consolidated and University Statement of Comprehensive Income and Expenditure<\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th> Year ended 31 July 2021 <\/th><th><\/th><th>Consolidated 2021<\/th><th>Consolidated 2020<\/th><th>University 2021<\/th><th>University<br>2020<\/th><\/tr><\/thead><tbody><tr><td>Income<\/td><td>Notes<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><\/tr><tr><td>Funding body grants<\/td><td>1<\/td><td>5,956<\/td><td>5,911<\/td><td>5,956<\/td><td>5,911<\/td><\/tr><tr><td>Tuition fees and education contracts<\/td><td>2<\/td><td>63,971<\/td><td>60,548<\/td><td>63,971<\/td><td>60,548<\/td><\/tr><tr><td>Research grants and contracts<\/td><td>3<\/td><td>2,030<\/td><td>1,938<\/td><td>2,030<\/td><td>1,938<\/td><\/tr><tr><td>Other income<\/td><td>4<\/td><td>7,967<\/td><td>9,099<\/td><td>7,967<\/td><td>9,038<\/td><\/tr><tr><td>Investment income<\/td><td>5<\/td><td>324<\/td><td>311<\/td><td>250<\/td><td>274<\/td><\/tr><tr><td>Donations and endowments<\/td><td>6<\/td><td>4<\/td><td>27<\/td><td>15<\/td><td>35<\/td><\/tr><tr><td><strong>Total income<\/strong><\/td><td>&nbsp;<\/td><td><strong>80,252<\/strong><\/td><td><strong>77,834<\/strong><\/td><td><strong>80,189<\/strong><\/td><td><strong>77,744<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Expenditure<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Staff costs<\/td><td>8<\/td><td>51,451<\/td><td>48,233<\/td><td>51,451<\/td><td>48,233<\/td><\/tr><tr><td>Restructuring costs<\/td><td>8<\/td><td>185<\/td><td>395<\/td><td>185<\/td><td>395<\/td><\/tr><tr><td>Depreciation of tangible fixed assets<\/td><td>14<\/td><td>6,928<\/td><td>7,057<\/td><td>6,928<\/td><td>7,057<\/td><\/tr><tr><td>Other operating expenses<\/td><td>9<\/td><td>20,264<\/td><td>22,333<\/td><td>20,260<\/td><td>21,801<\/td><\/tr><tr><td>Interest and other finance<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Costs<\/td><td>10<\/td><td>1,505<\/td><td>1,666<\/td><td>1,505<\/td><td>1,666<\/td><\/tr><tr><td><strong>Total expenditure<\/strong><\/td><td><strong>11<\/strong><\/td><td><strong>80,333<\/strong><\/td><td><strong>79,684<\/strong><\/td><td><strong>80,329<\/strong><\/td><td><strong>79,152<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Deficit before other gains\/(losses) and<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>share of operating surplus of<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>jointly controlled entity<\/td><td>&nbsp;<\/td><td>(81)<\/td><td>(1,850)<\/td><td>(140)<\/td><td>(1,408)<\/td><\/tr><tr><td>Share of operating surplus in jointly controlled entity<\/td><td>17<\/td><td>&nbsp; &#8211;<\/td><td>&nbsp; 507&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td>&nbsp; &#8211;<\/td><td>&nbsp; &#8211;<\/td><\/tr><tr><td>Gain\/(losses) on investments<\/td><td>&nbsp;<\/td><td>381<\/td><td>(61)<\/td><td>335<\/td><td>(52)<\/td><\/tr><tr><td>Gain on disposal of fixed assets<\/td><td>&nbsp;<\/td><td>667<\/td><td>&#8211;<\/td><td>667<\/td><td>&#8211;<\/td><\/tr><tr><td><strong>Surplus\/(deficit) before tax<\/strong><\/td><td>&nbsp;<\/td><td><strong>967<\/strong><\/td><td><strong>(1,404)<\/strong><\/td><td><strong>862<\/strong><\/td><td><strong>(1,460)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Taxation<\/td><td>13<\/td><td>(49)<\/td><td>(71)<\/td><td>(49)<\/td><td>(71)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Surplus\/(deficit) for the year<\/strong><\/td><td>&nbsp;<\/td><td><strong>918<\/strong><\/td><td><strong>(1,475)<\/strong><\/td><td><strong>813<\/strong><\/td><td><strong>(1,531)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Other comprehensive (losses)\/income<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Actuarial loss in respect of pension schemes<\/td><td>36<\/td><td>(1,453)<\/td><td>(18,918)<\/td><td>(1,453)<\/td><td>(18,918)<\/td><\/tr><tr><td>Currency translation differences<\/td><td>&nbsp;<\/td><td>(72)<\/td><td>34<\/td><td>(72)<\/td><td>34<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Total comprehensive loss for the year<\/strong><\/td><td>&nbsp;<\/td><td><strong>(607)<\/strong><\/td><td><strong>(20,359)<\/strong><\/td><td><strong>(712)<\/strong><\/td><td><strong>(20,415)<\/strong><\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Represented by:<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Endowment comprehensive income\/(loss) for the year<\/td><td>&nbsp;<\/td><td>346<\/td><td>(97)<\/td><td>239<\/td><td>&nbsp;(118)<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Restricted comprehensive loss for the year<\/td><td>&nbsp;<\/td><td>(1)<\/td><td>(6)<\/td><td>(1)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Unrestricted comprehensive loss for the year<\/td><td>&nbsp;<\/td><td>(952)<\/td><td>(20,256)<\/td><td>(950)<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,291)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>(607)<\/strong><\/td><td><strong>(20,359)<\/strong><\/td><td><strong>(712)<\/strong><\/td><td><strong>(20,415)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Surplus\/(deficit) for the year attributable to the University<\/strong><\/td><td>&nbsp;<\/td><td><strong>918<\/strong><\/td><td><strong>(1,475)<\/strong><\/td><td><strong>813<\/strong><\/td><td><strong>(1,531)<\/strong><\/td><\/tr><\/tbody><\/table><figcaption>All items of income and expenditure related to continuing activities.<\/figcaption><\/figure>\n\n\n\n<h3 class=\"heading wp-block-heading\" id=\"Consolidatedreserves\">Consolidated and University Statement of Changes in Reserves<br>Year ended 31 July 2021<\/h3>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th>Consolidated<\/th><th><\/th><th>Income and expenditure account<\/th><th><\/th><th><\/th><th><\/th><th><\/th><th><\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>Endowment<\/td><td>Restricted<\/td><td>Unrestricted<\/td><td>&nbsp;<\/td><td>Revaluation Reserve<\/td><td>&nbsp;<\/td><td>&nbsp;Total<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>&nbsp;<strong> Balance at 1 August 2019<\/strong><\/td><td><strong>3,115<\/strong><\/td><td><strong>28<\/strong><\/td><td><strong>43,833<\/strong><\/td><td>&nbsp;<\/td><td><strong>434<\/strong><\/td><td>&nbsp;<\/td><td><strong>47,410<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Deficit from the statement of comprehensive income<\/td><td>(97)<\/td><td>(6)<\/td><td>(1,372)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(1.475)<\/td><\/tr><tr><td>Other comprehensive loss<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>(18,884)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(18,884)<\/td><\/tr><tr><td>Transfers between revaluation and<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>income and expenditure reserve<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>434<\/td><td>&nbsp;<\/td><td>(434)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>Total comprehensive loss for the year<\/td><td>(97)<\/td><td>(6)<\/td><td>(19,822)<\/td><td>&nbsp;<\/td><td>(434)<\/td><td>&nbsp;<\/td><td>(20,359)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Balance at 1 August 2020<\/strong><\/td><td><strong>3,018<\/strong><\/td><td><strong>22<\/strong><\/td><td><strong>24,011<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>27,051<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Surplus\/(deficit) from the statement of comprehensive income<\/td><td>346<\/td><td>(1)<\/td><td>573<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>918<\/td><\/tr><tr><td>Other comprehensive loss<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>(1,525)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(1,525)<\/td><\/tr><tr><td>Total comprehensive income(loss) for the year<\/td><td>346<\/td><td>(1)<\/td><td>(952)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(607)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Deconsolidation adjustment<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>(44)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(44)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Balance at 31 July 2021<\/strong><\/td><td><strong>3,364<\/strong><\/td><td><strong>21<\/strong><\/td><td><strong>23,015<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>26,400<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th>University<\/th><th><\/th><th>Income and expenditure account<\/th><th><\/th><th><\/th><th><\/th><th><\/th><th><\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>Endowment<\/td><td>Restricted<\/td><td>Unrestricted<\/td><td>&nbsp;<\/td><td>Revaluation reserve<\/td><td>&nbsp;<\/td><td>&nbsp;Total<\/td><\/tr><tr><td>&nbsp;<\/td><td><\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>&nbsp; <strong>Balance at 1 August 2019<\/strong><\/td><td><strong>2,571<\/strong><\/td><td>28<\/td><td><strong>43,922<\/strong><\/td><td>&nbsp;<\/td><td><strong>434<\/strong><\/td><td>&nbsp;<\/td><td><strong>46,955<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Deficit from the statement of comprehensive income<\/td><td>(118)<\/td><td>(6)<\/td><td>(1,407)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(1,531)<\/td><\/tr><tr><td>Other comprehensive loss<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>(18,884)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(18,884)<\/td><\/tr><tr><td>Transfers between revaluation and<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>income and expenditure reserve<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>434<\/td><td>&nbsp;<\/td><td>(434)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>Total comprehensive loss for the year<\/td><td>(118)<\/td><td>(6)<\/td><td>(19,857)<\/td><td>&nbsp;<\/td><td>(434)<\/td><td>&nbsp;<\/td><td>(20,415)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Balance at 1 August 2020<\/strong><\/td><td><strong>2,453<\/strong><\/td><td><strong>22<\/strong><\/td><td><strong>24,065<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>26,540<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Surplus\/(deficit) from the statement of comprehensive income<\/td><td>239<\/td><td>(1)<\/td><td>575<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>813<\/td><\/tr><tr><td>Other comprehensive loss<\/td><td>&#8211;<\/td><td>&#8211;<\/td><td>(1,525)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(1,525)<\/td><\/tr><tr><td>Total comprehensive income\/(loss) for the year<\/td><td>239<\/td><td>(1)<\/td><td>(950)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(712)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Balance at 31 July 2021<\/strong><\/td><td><strong>2,692<\/strong><\/td><td><strong>21<\/strong><\/td><td><strong>23,115<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>25,828<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"heading wp-block-heading\" id=\"Consolidatedbalance\">Consolidated and University Balance Sheet<br>As at 31 July 2021<\/h3>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th><\/th><th><\/th><th> Consolidated <\/th><th> Consolidated <\/th><th> University <\/th><th> University <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2021<\/td><td>2020<\/td><td>2021<\/td><td>2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>Notes<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><\/tr><tr><td>Non-current assets<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Fixed assets<\/td><td>14<\/td><td>118,504<\/td><td>118,234<\/td><td>118,504<\/td><td>118,234<\/td><\/tr><tr><td>Investments<\/td><td>16<\/td><td>2,967<\/td><td>2,623<\/td><td>2,379<\/td><td>2,109<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>121,471<\/strong><\/td><td><strong>120,857<\/strong><\/td><td><strong>120,883<\/strong><\/td><td><strong>120,343<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Current assets<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Stocks<\/td><td>&nbsp;<\/td><td>87<\/td><td>79<\/td><td>87<\/td><td>79<\/td><\/tr><tr><td>Debtors<\/td><td>18<\/td><td>17,535<\/td><td>14,613<\/td><td>17,612<\/td><td>14,750<\/td><\/tr><tr><td>Investments<\/td><td>19<\/td><td>26,055<\/td><td>23,317<\/td><td>26,055<\/td><td>23,317<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td>31<\/td><td>1,470<\/td><td>2,282<\/td><td>1,363<\/td><td>2,135<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>45,147<\/strong><\/td><td><strong>40,291<\/strong><\/td><td><strong>45,117<\/strong><\/td><td><strong>40,281<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Creditors: amounts falling due<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>within one year<\/td><td>20<\/td><td>(28,641)<\/td><td>(24,432)<\/td><td>(28,595)<\/td><td>(24,419)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Net current assets<\/strong><\/td><td>&nbsp;<\/td><td><strong>16,506<\/strong><\/td><td><strong>15,859<\/strong><\/td><td><strong>16,522<\/strong><\/td><td><strong>15,862<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Total assets less current liabilities<\/strong><\/td><td>&nbsp;<\/td><td><strong>137,977<\/strong><\/td><td><strong>136,716<\/strong><\/td><td><strong>137,405<\/strong><\/td><td><strong>136,205<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Creditors: amounts falling due<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>after more than one year<\/td><td>21<\/td><td>(39,413)<\/td><td>(43,943)<\/td><td>(39,413)<\/td><td>(43,943)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Provisions<\/td><td>23<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Pension provisions<\/td><td>&nbsp;<\/td><td>(71,481)<\/td><td>(64,968)<\/td><td>(71,481)<\/td><td>(64,968)<\/td><\/tr><tr><td>Other provisions<\/td><td>&nbsp;<\/td><td>(683)<\/td><td>(754)<\/td><td>(683)<\/td><td>(754)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Total net assets<\/strong><\/td><td>&nbsp;<\/td><td><strong>26,400<\/strong><\/td><td><strong>27,051<\/strong><\/td><td><strong>25,828<\/strong><\/td><td><strong>26,540<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Restricted reserves<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Income and expenditure reserve \u2013<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>endowment fund<\/td><td>24<\/td><td>3,364<\/td><td>3,018<\/td><td>2,692<\/td><td>2,453<\/td><\/tr><tr><td>Income and expenditure reserve \u2013<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>restricted reserve<\/td><td>25<\/td><td>21<\/td><td>22<\/td><td>21<\/td><td>22<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Unrestricted reserves<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Income and expenditure reserve \u2013<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Unrestricted<\/td><td>&nbsp;<\/td><td>23,015<\/td><td>24,011<\/td><td>23,115<\/td><td>24,065<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Total reserves<\/strong><\/td><td>&nbsp;<\/td><td><strong>26,400<\/strong><\/td><td><strong>27,051<\/strong><\/td><td><strong>25,828<\/strong><\/td><td><strong>26,540<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The Financial Statements were approved by the Council of the University of Gloucestershire on 25 November 2021, and were signed on its behalf by:<\/p>\n\n\n\n<p class=\"\">Nicola De Iongh<br>Chair of Council<\/p>\n\n\n\n<p class=\"\">Stephen Marston<br>Vice-Chancellor<\/p>\n\n\n\n<p class=\"\">Company number: 06023243<\/p>\n\n\n\n<h3 class=\"heading wp-block-heading\" id=\"Consolidatedcash\">Consolidated and University Cash Flow Statement<br>Year ended 31 July 2021<\/h3>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th><\/th><th>Notes<\/th><th>Consolidated 2021<\/th><th><\/th><th>Consolidated 2020<\/th><th><\/th><th>University 2021<\/th><th><\/th><th>University 2020<\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Cash flow from operating activities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Surplus\/(deficit) for the year before tax<\/td><td>&nbsp;<\/td><td>967<\/td><td>&nbsp;<\/td><td>(1,404)<\/td><td>&nbsp;<\/td><td>862<\/td><td>&nbsp;<\/td><td>(1,460)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Adjustment for non-cash items<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Depreciation<\/td><td>14<\/td><td>6,928<\/td><td>&nbsp;<\/td><td>7,057<\/td><td>&nbsp;<\/td><td>6,928<\/td><td>&nbsp;<\/td><td>7,057<\/td><\/tr><tr><td>(Gain)\/loss on investments<\/td><td>&nbsp;<\/td><td>(381)<\/td><td>&nbsp;<\/td><td>61<\/td><td>&nbsp;<\/td><td>(335)<\/td><td>&nbsp;<\/td><td>52<\/td><\/tr><tr><td>(Increase)\/decrease in stock<\/td><td>&nbsp;<\/td><td>(5)<\/td><td>&nbsp;<\/td><td>22<\/td><td>&nbsp;<\/td><td>(5)<\/td><td>&nbsp;<\/td><td>22<\/td><\/tr><tr><td>(Increase) in debtors<\/td><td>18<\/td><td>(3,489)<\/td><td>&nbsp;<\/td><td>(1,322)<\/td><td>&nbsp;<\/td><td>(3,429)<\/td><td>&nbsp;<\/td><td>(1,273)<\/td><\/tr><tr><td>Increase in creditors<\/td><td>20<\/td><td>2,984<\/td><td>&nbsp;<\/td><td>1,891<\/td><td>&nbsp;<\/td><td>2,950<\/td><td>&nbsp;<\/td><td>1,991<\/td><\/tr><tr><td>Increase in pension provisions<\/td><td>23<\/td><td>5,060<\/td><td>&nbsp;<\/td><td>3,385<\/td><td>&nbsp;<\/td><td>5,060<\/td><td>&nbsp;<\/td><td>3,385<\/td><\/tr><tr><td>(Decrease)\/increase in other provisions<\/td><td>23<\/td><td>(71)<\/td><td>&nbsp;<\/td><td>687<\/td><td>&nbsp;<\/td><td>(71)<\/td><td>&nbsp;<\/td><td>180<\/td><\/tr><tr><td>Share of operating (surplus) in joint controlled entity<\/td><td>&nbsp;<\/td><td>&nbsp; &#8211;<\/td><td>&nbsp;<\/td><td>&nbsp; (507)<\/td><td>&nbsp;<\/td><td>&nbsp; &#8211;<\/td><td>&nbsp;<\/td><td>&nbsp; &#8211;<\/td><\/tr><tr><td>Jointly controlled entity \u2013 deconsolidation<\/td><td>&nbsp;<\/td><td>(44)<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Adjustment for investing or financing<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Activities<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Investment income<\/td><td>&nbsp;<\/td><td>(562)<\/td><td>&nbsp;<\/td><td>(447)<\/td><td>&nbsp;<\/td><td>(488)<\/td><td>&nbsp;<\/td><td>(410)<\/td><\/tr><tr><td>Interest payable<\/td><td>10<\/td><td>586<\/td><td>&nbsp;<\/td><td>768<\/td><td>&nbsp;<\/td><td>586<\/td><td>&nbsp;<\/td><td>768<\/td><\/tr><tr><td>Endowment income<\/td><td>&nbsp;<\/td><td>(4)<\/td><td>&nbsp;<\/td><td>(27)<\/td><td>&nbsp;<\/td><td>(15)<\/td><td>&nbsp;<\/td><td>(35)<\/td><\/tr><tr><td>Fixed asset impairment<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>32<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>32<\/td><\/tr><tr><td>Gain on sale of fixed assets<\/td><td>&nbsp;<\/td><td>(667)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(667)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>Capital grant release to income<\/td><td>&nbsp;<\/td><td>(1,658)<\/td><td>&nbsp;<\/td><td>(1,638)<\/td><td>&nbsp;<\/td><td>(1,658)<\/td><td>&nbsp;<\/td><td>(1,638)<\/td><\/tr><tr><td>Exchange (loss)\/gain<\/td><td>&nbsp;<\/td><td>(72)<\/td><td>&nbsp;<\/td><td>34<\/td><td>&nbsp;<\/td><td>(72)<\/td><td>&nbsp;<\/td><td>34<\/td><\/tr><tr><td>Corporation tax paid<\/td><td>&nbsp;<\/td><td>(49)<\/td><td>&nbsp;<\/td><td>(71)<\/td><td>&nbsp;<\/td><td>(49)<\/td><td>&nbsp;<\/td><td>(71)<\/td><\/tr><tr><td><strong>Net cash inflow from operating activities<\/strong><\/td><td>&nbsp;<\/td><td><strong>9,523<\/strong><\/td><td>&nbsp;<\/td><td><strong>8,521<\/strong><\/td><td>&nbsp;<\/td><td><strong>9,597<\/strong><\/td><td>&nbsp;<\/td><td><strong>8,634<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Cash flows from investing activities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Capital grant receipts<\/td><td>&nbsp;<\/td><td>943<\/td><td>&nbsp;<\/td><td>497<\/td><td>&nbsp;<\/td><td>943<\/td><td>&nbsp;<\/td><td>497&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><\/tr><tr><td>Investments<\/td><td>&nbsp;<\/td><td>445<\/td><td>&nbsp;<\/td><td>641<\/td><td>&nbsp;<\/td><td>312<\/td><td>&nbsp;<\/td><td>563<\/td><\/tr><tr><td>Investment income<\/td><td>&nbsp;<\/td><td>246<\/td><td>&nbsp;<\/td><td>266<\/td><td>&nbsp;<\/td><td>233<\/td><td>&nbsp;<\/td><td>254<\/td><\/tr><tr><td>Payments made to acquire fixed assets<\/td><td>&nbsp;<\/td><td>(7,628)<\/td><td>&nbsp;<\/td><td>(3,269)<\/td><td>&nbsp;<\/td><td>(7,628)<\/td><td>&nbsp;<\/td><td>(3,269)<\/td><\/tr><tr><td>Payments made to acquire intangible fixed assets<\/td><td>&nbsp;<\/td><td>(78)<\/td><td>&nbsp;<\/td><td>(45)<\/td><td>&nbsp;<\/td><td>(16)<\/td><td>&nbsp;<\/td><td>(21)<\/td><\/tr><tr><td>Proceeds from sales of intangible assets<\/td><td>&nbsp;<\/td><td>77<\/td><td>&nbsp;<\/td><td>45<\/td><td>&nbsp;<\/td><td>17<\/td><td>&nbsp;<\/td><td>21<\/td><\/tr><tr><td>Proceeds from sales of fixed assets<\/td><td>&nbsp;<\/td><td>1,096<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1,096<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>New non-current assets<\/td><td>&nbsp;<\/td><td>(331)<\/td><td>&nbsp;<\/td><td>(578)<\/td><td>&nbsp;<\/td><td>(232)<\/td><td>&nbsp;<\/td><td>(504)<\/td><\/tr><tr><td>Movement in deposits<\/td><td>&nbsp;<\/td><td>(2,738)<\/td><td>&nbsp;<\/td><td>(3,692)<\/td><td>&nbsp;<\/td><td>(2,738)<\/td><td>&nbsp;<\/td><td>(3,692)<\/td><\/tr><tr><td><strong>Net cash outflow from investing activities<\/strong><\/td><td>&nbsp;<\/td><td><strong>(7,968)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(6,135)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(8,013)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(6,151)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Cash flows from financing activities<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Interest paid<\/td><td>&nbsp;<\/td><td>(586)<\/td><td>&nbsp;<\/td><td>(763)<\/td><td>&nbsp;<\/td><td>(586)<\/td><td>&nbsp;<\/td><td>(763)<\/td><\/tr><tr><td>Endowment cash received<\/td><td>&nbsp;<\/td><td>4<\/td><td>&nbsp;<\/td><td>27<\/td><td>&nbsp;<\/td><td>15<\/td><td>&nbsp;<\/td><td>35<\/td><\/tr><tr><td>Repayments of amounts borrowed<\/td><td>&nbsp;<\/td><td>(1,785)<\/td><td>&nbsp;<\/td><td>(2,177)<\/td><td>&nbsp;<\/td><td>(1,785)<\/td><td>&nbsp;<\/td><td>(2,177)<\/td><\/tr><tr><td><strong>Net cash outflow from financing activities<\/strong><\/td><td>&nbsp;<\/td><td><strong>(2,367)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(2,913)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(2,356)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(2,905)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td> <strong>(Decrease) in cash and cash<\/strong><br><strong>equivalents<\/strong> <\/td><td>&nbsp;<\/td><td><strong>(812)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(527)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(772)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(422)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td> Cash and cash equivalents at beginning of the year <\/td><td>31<\/td><td><strong>2,282<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,809<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,135<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,557<\/strong><\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td> Cash and cash equivalents at end of the year <\/td><td>31<\/td><td><strong>1,470<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,282<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,363<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,135<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-cover alignfull no-mb\"><img decoding=\"async\" class=\"wp-block-cover__image-background wp-image-129000003148\" alt=\"\" src=\"https:\/\/cmsr-web-assets.glos.ac.uk\/sites\/129\/2021\/07\/27153653\/36284370881_9146635180_o-scaled.jpg\" style=\"object-position:48% 47%\" data-object-fit=\"cover\" data-object-position=\"48% 47%\"\/><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 has-blue-dark-background-color has-background-dim no-mt\" style=\"min-height:135px;aspect-ratio:unset;\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"heading has-text-align-center wp-block-heading\" id=\"Notes\"> Notes to the Financial Statements for the Year Ended 31 July 2021 <\/h2>\n<\/div><\/div>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th><\/th><th>Notes<\/th><th>Consolidated<\/th><th><\/th><th>Consolidated<\/th><th><\/th><th>University<\/th><th><\/th><th>University<\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td>2020<\/td><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td>2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td> <strong>1. Funding body grants<\/strong> <\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><em>Recurrent grant<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Office for Students<\/td><td>&nbsp;<\/td><td>4,681<\/td><td>&nbsp;<\/td><td>4,640<\/td><td>&nbsp;<\/td><td>4,681<\/td><td>&nbsp;<\/td><td>4,640<\/td><\/tr><tr><td>Teaching Regulation Agency<\/td><td>&nbsp;<\/td><td>200<\/td><td>&nbsp;<\/td><td>240<\/td><td>&nbsp;<\/td><td>200<\/td><td>&nbsp;<\/td><td>240<\/td><\/tr><tr><td><em>Specific grants<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td> Office for Students redundancy compensation  <\/td><td>&nbsp;<\/td><td>28<\/td><td>&nbsp;<\/td><td>23<\/td><td>&nbsp;<\/td><td>28<\/td><td>&nbsp;<\/td><td>23<\/td><\/tr><tr><td><em>Deferred capital grants<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td>22<\/td><td>544<\/td><td>&nbsp;<\/td><td>535<\/td><td>&nbsp;<\/td><td>544<\/td><td>&nbsp;<\/td><td>535<\/td><\/tr><tr><td>Equipment<\/td><td>22<\/td><td>503<\/td><td>&nbsp;<\/td><td>473<\/td><td>&nbsp;<\/td><td>503<\/td><td>&nbsp;<\/td><td>473<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>5,956<\/strong><\/td><td>&nbsp;<\/td><td><strong>5,911<\/strong><\/td><td>&nbsp;<\/td><td><strong>5,956<\/strong><\/td><td>&nbsp;<\/td><td><strong>5,911<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>2 Tuition fees and education contracts<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Full time Home and EU students<\/td><td>&nbsp;<\/td><td>53,319<\/td><td>&nbsp;<\/td><td>52,294<\/td><td>&nbsp;<\/td><td>53,319<\/td><td>&nbsp;<\/td><td>52,294<\/td><\/tr><tr><td>Full time International students<\/td><td>&nbsp;<\/td><td>5,863<\/td><td>&nbsp;<\/td><td>4,484<\/td><td>&nbsp;<\/td><td>5,863<\/td><td>&nbsp;<\/td><td>4,484<\/td><\/tr><tr><td>Part time students<\/td><td>&nbsp;<\/td><td>2,503<\/td><td>&nbsp;<\/td><td>2,684<\/td><td>&nbsp;<\/td><td>2,503<\/td><td>&nbsp;<\/td><td>2,684<\/td><\/tr><tr><td>Other (short course) fees<\/td><td>&nbsp;<\/td><td>2,286<\/td><td>&nbsp;<\/td><td>1,086<\/td><td>&nbsp;<\/td><td>2,286<\/td><td>&nbsp;<\/td><td>1,086<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>63,971<\/strong><\/td><td>&nbsp;<\/td><td><strong>60,548<\/strong><\/td><td>&nbsp;<\/td><td><strong>63,971<\/strong><\/td><td>&nbsp;<\/td><td><strong>60,548<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>3 Research grants and contracts<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Research Councils<\/td><td>&nbsp;<\/td><td>345<\/td><td>&nbsp;<\/td><td>123<\/td><td>&nbsp;<\/td><td>345<\/td><td>&nbsp;<\/td><td>123<\/td><\/tr><tr><td>UK based charities<\/td><td>&nbsp;<\/td><td>35<\/td><td>&nbsp;<\/td><td>51<\/td><td>&nbsp;<\/td><td>35<\/td><td>&nbsp;<\/td><td>51<\/td><\/tr><tr><td>European Commission grants<\/td><td>&nbsp;<\/td><td>1,088<\/td><td>&nbsp;<\/td><td>862<\/td><td>&nbsp;<\/td><td>1,088<\/td><td>&nbsp;<\/td><td>862<\/td><\/tr><tr><td>Other grants and contracts<\/td><td>&nbsp;<\/td><td>562<\/td><td>&nbsp;<\/td><td>902<\/td><td>&nbsp;<\/td><td>562<\/td><td>&nbsp;<\/td><td>902<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>2,030<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,938<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,030<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,938<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>4 Other income<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td> Residencies, catering and conferences<\/td><td>&nbsp;<\/td><td>2,823<\/td><td>&nbsp;<\/td><td>3,666<\/td><td>&nbsp;<\/td><td>2,823<\/td><td>&nbsp;<\/td><td>3,666<\/td><\/tr><tr><td>Release from deferred capital grants<\/td><td>&nbsp;<\/td><td>&nbsp; 611<\/td><td>&nbsp;<\/td><td>&nbsp; 630<\/td><td>&nbsp;<\/td><td>&nbsp; 611<\/td><td>&nbsp;<\/td><td>&nbsp; 630<\/td><\/tr><tr><td>Other services rendered<\/td><td>&nbsp;<\/td><td>944<\/td><td>&nbsp;<\/td><td>1,035<\/td><td>&nbsp;<\/td><td>944<\/td><td>&nbsp;<\/td><td>1,035<\/td><\/tr><tr><td>Other income<\/td><td>&nbsp;<\/td><td>3,351<\/td><td>&nbsp;<\/td><td>3,632<\/td><td>&nbsp;<\/td><td>3,351<\/td><td>&nbsp;<\/td><td>3,571<\/td><\/tr><tr><td>Movement in fair value of derivatives<\/td><td>&nbsp;<\/td><td>&nbsp; 238<\/td><td>&nbsp;<\/td><td>&nbsp; 136<\/td><td>&nbsp;<\/td><td>&nbsp; 238<\/td><td>&nbsp;<\/td><td>&nbsp; 136<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>7,967<\/strong><\/td><td>&nbsp;<\/td><td><strong>9,099<\/strong><\/td><td>&nbsp;<\/td><td><strong>7,967<\/strong><\/td><td>&nbsp;<\/td><td><strong>9,038<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>5 Investment income<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Investment income on endowments<\/td><td>&nbsp;<\/td><td>128<\/td><td>&nbsp;<\/td><td>110<\/td><td>&nbsp;<\/td><td>54<\/td><td>&nbsp;<\/td><td>71<\/td><\/tr><tr><td>Other investment income<\/td><td>&nbsp;<\/td><td>196<\/td><td>&nbsp;<\/td><td>201<\/td><td>&nbsp;<\/td><td>196<\/td><td>&nbsp;<\/td><td>203<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>324<\/strong><\/td><td>&nbsp;<\/td><td><strong>311<\/strong><\/td><td>&nbsp;<\/td><td><strong>250<\/strong><\/td><td>&nbsp;<\/td><td><strong>274<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>6 Donations and endowments<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>New endowments<\/td><td>24<\/td><td>2<\/td><td>&nbsp;<\/td><td>21<\/td><td>&nbsp;<\/td><td>2<\/td><td>&nbsp;<\/td><td>21<\/td><\/tr><tr><td>Donations with restrictions<\/td><td>25<\/td><td>2<\/td><td>&nbsp;<\/td><td>6<\/td><td>&nbsp;<\/td><td>2<\/td><td>&nbsp;<\/td><td>6<\/td><\/tr><tr><td>Unrestricted donations<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>8<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>4<\/strong><\/td><td>&nbsp;<\/td><td><strong>27<\/strong><\/td><td>&nbsp;<\/td><td><strong>15<\/strong><\/td><td>&nbsp;<\/td><td><strong>35<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>7 Grant and fee income<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Grant income from the OfS<\/td><td>&nbsp;<\/td><td>4,646<\/td><td>&nbsp;<\/td><td>4,220<\/td><td>&nbsp;<\/td><td>4,646<\/td><td>&nbsp;<\/td><td>4,220<\/td><\/tr><tr><td>Grant income from other bodies<\/td><td>&nbsp;<\/td><td>4,008<\/td><td>&nbsp;<\/td><td>4,370<\/td><td>&nbsp;<\/td><td>4,008<\/td><td>&nbsp;<\/td><td>4,370<\/td><\/tr><tr><td>Fee income for taught awards<\/td><td>&nbsp;<\/td><td>62,337<\/td><td>&nbsp;<\/td><td>59,089<\/td><td>&nbsp;<\/td><td>62,337<\/td><td>&nbsp;<\/td><td>59,089<\/td><\/tr><tr><td>Fee income for research awards<\/td><td>&nbsp;<\/td><td>1,630<\/td><td>&nbsp;<\/td><td>1,455<\/td><td>&nbsp;<\/td><td>1,630<\/td><td>&nbsp;<\/td><td>1,455<\/td><\/tr><tr><td>Fee income from non-qualifying courses<\/td><td>&nbsp;<\/td><td>5<\/td><td>&nbsp;<\/td><td>4<\/td><td>&nbsp;<\/td><td>5<\/td><td>&nbsp;<\/td><td>4<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>72,626<\/strong><\/td><td>&nbsp;<\/td><td><strong>69,138<\/strong><\/td><td>&nbsp;<\/td><td><strong>72,626<\/strong><\/td><td>&nbsp;<\/td><td><br><strong>69,138<\/strong><br><\/td><\/tr><\/tbody><\/table><figcaption>A change has been made to the split in the comparatives (no change to the total) as management believe it is a more accurate disclosure.<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th> <\/th><th> Consolidated 2021 <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> University&nbsp; 2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>8. Staff<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>staff costs<\/em><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td>Wages and salaries<\/td><td>35,776<\/td><td>&nbsp;<\/td><td>34,082<\/td><td>&nbsp;<\/td><td>35,776<\/td><td>&nbsp;<\/td><td>34,082<\/td><\/tr><tr><td>Social security costs<\/td><td>3,537<\/td><td>&nbsp;<\/td><td>3,410<\/td><td>&nbsp;<\/td><td>3,537<\/td><td>&nbsp;<\/td><td>3,410<\/td><\/tr><tr><td>Pension costs (see note 36)<\/td><td>12,138<\/td><td>&nbsp;<\/td><td>10,741<\/td><td>&nbsp;<\/td><td>12,138<\/td><td>&nbsp;<\/td><td>10,741<\/td><\/tr><tr><td><strong>Staff costs<\/strong><\/td><td><strong>51,451<\/strong><\/td><td>&nbsp;<\/td><td><strong>48,233<\/strong><\/td><td>&nbsp;<\/td><td><strong>51,451<\/strong><\/td><td>&nbsp;<\/td><td><strong>48,233<\/strong><\/td><\/tr><tr><td><strong>Fundamental restructuring costs<\/strong>&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;&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;<\/td><td>&nbsp; 185<\/td><td>&nbsp; &nbsp;<\/td><td>&nbsp; 395<\/td><td>&nbsp;<\/td><td>&nbsp; 185<\/td><td>&nbsp;<\/td><td>&nbsp; 395<\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp; 2021<\/td><td>&nbsp;<\/td><td>&nbsp; 2020<\/td><\/tr><tr><td><em>Staff numbers by department<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Academic departments<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>446<\/td><td>&nbsp;<\/td><td>415<\/td><\/tr><tr><td>Central administrative<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>434<\/td><td>&nbsp;<\/td><td>424<\/td><\/tr><tr><td>Other including manual<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>10<\/td><td>&nbsp;<\/td><td>11<\/td><\/tr><tr><td>Total staff numbers<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>890<\/strong><\/td><td>&nbsp;<\/td><td><strong>850<\/strong><\/td><\/tr><tr><td> The staff numbers above relate to full time equivalents (including senior post holders). <\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td>2020<\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><em>Total remuneration of the Vice-Chancellor<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Salary<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>170<\/td><td>&nbsp;<\/td><td>170<\/td><\/tr><tr><td>Pension contributions<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>17<\/td><\/tr><tr><td>Payment in lieu of pensions<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>20<\/td><td>&nbsp;<\/td><td>10<\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>190<\/strong><\/td><td>&nbsp;<\/td><td><strong>197<\/strong><\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td>2020<\/td><\/tr><tr><td>Median pay ratio \u2013 All staff basic pay<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>4.46<\/td><td>&nbsp;<\/td><td>4.46<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Median pay ratio \u2013 All staff total pay<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>4.71<\/td><td>&nbsp;<\/td><td>4.74<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td> Please refer to the Senior Staff Remuneration section for further details on the University\u2019s approach to setting pay of the vice chancellor and senior staff. <\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><em><strong>Emoluments of members of Executive (including the Vice-Chancellor)<\/strong><\/em><\/p>\n\n\n\n<p class=\"\">The remuneration paid to members of the University Executive Group who served during the year including salary, non-consolidated performance pay, pension contributions and any pay in lieu of notice:<\/p>\n\n\n\n<figure class=\"wp-block-table alignwide\"><table><tbody><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2021<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2020<\/strong><\/td><\/tr><tr><td><\/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>Salary<\/td><td class=\"has-text-align-right\" data-align=\"right\">575<\/td><td class=\"has-text-align-right\" data-align=\"right\">658<\/td><\/tr><tr><td>Pension contributions<\/td><td class=\"has-text-align-right\" data-align=\"right\">84<\/td><td class=\"has-text-align-right\" data-align=\"right\">122<\/td><\/tr><tr><td>Payment in lieu of pensions<\/td><td class=\"has-text-align-right\" data-align=\"right\">20<\/td><td class=\"has-text-align-right\" data-align=\"right\">10<\/td><\/tr><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>680<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>790<\/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><\/tr><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Numbers<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Numbers<\/strong><\/td><\/tr><tr><td>Members of Executive whose emoluments are included above<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>6<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>7<\/strong><\/td><\/tr><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4.42 FTE<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5.25 FTE<\/strong><\/td><\/tr><\/tbody><\/table><figcaption>The above numbers include all members who were employed during the year. There were 5 members of the Executive team at the year end.<\/figcaption><\/figure>\n\n\n\n<p class=\"\">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:<\/p>\n\n\n\n<figure class=\"wp-block-table alignwide\"><table><tbody><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Numbers<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>Numbers<\/strong><\/td><\/tr><tr><td>\u00a3100,000 &#8211; \u00a3104,999<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td>\u00a3110,000 &#8211; \u00a3114,999<\/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>\u00a3115,000 &#8211; \u00a3119,999<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td>\u00a3125,000 &#8211; \u00a3129,999<\/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>\u00a3140,000 &#8211; \u00a3144,999<\/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>\u00a3165,000 &#8211; \u00a3169,999<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><td class=\"has-text-align-right\" data-align=\"right\">1<\/td><\/tr><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4<\/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><\/tr><tr><td><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2021<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2020<\/strong><\/td><\/tr><tr><td><\/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>Compensation for loss of office payments<\/td><td class=\"has-text-align-right\" data-align=\"right\">185<\/td><td class=\"has-text-align-right\" data-align=\"right\">395<\/td><\/tr><tr><td>Number of staff whose compensation is included above<\/td><td class=\"has-text-align-right\" data-align=\"right\">12<\/td><td class=\"has-text-align-right\" data-align=\"right\">62<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The numbers above include adjustments from the prior year accruals. 9 staff received compensation for loss of office payments during 2020\/21.<\/p>\n\n\n\n<p class=\"\">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<h3 class=\"heading wp-block-heading\">Key management personnel<\/h3>\n\n\n\n<p class=\"\">Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the University. Staff costs includes 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 class=\"\">The Chair and non-executive members of Council receive no emoluments with the exception of the staff appointed as council members.<\/p>\n\n\n\n<p class=\"\">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 alignwide is-style-stripes\"><table><thead><tr><th> 9 Other operating expenses <\/th><th> Consolidated 2021 <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> University 2021 <\/th><th><\/th><th> University<br>&nbsp;2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Consumable and non-capital items<\/td><td>2,682<\/td><td>&nbsp;<\/td><td>2,190<\/td><td>&nbsp;<\/td><td>2,682<\/td><td>&nbsp;<\/td><td>2,186<\/td><\/tr><tr><td>Academic administration<\/td><td>936<\/td><td>&nbsp;<\/td><td>969<\/td><td>&nbsp;<\/td><td>936<\/td><td>&nbsp;<\/td><td>969<\/td><\/tr><tr><td>Books and periodicals<\/td><td>615<\/td><td>&nbsp;<\/td><td>568<\/td><td>&nbsp;<\/td><td>615<\/td><td>&nbsp;<\/td><td>568<\/td><\/tr><tr><td>Rents and premises<\/td><td>2,696<\/td><td>&nbsp;<\/td><td>4,310<\/td><td>&nbsp;<\/td><td>2,694<\/td><td>&nbsp;<\/td><td>4,287<\/td><\/tr><tr><td>Heat, light, water and power<\/td><td>1,073<\/td><td>&nbsp;<\/td><td>902<\/td><td>&nbsp;<\/td><td>1,073<\/td><td>&nbsp;<\/td><td>902<\/td><\/tr><tr><td>Repairs and general maintenance<\/td><td>1,648<\/td><td>&nbsp;<\/td><td>1,234<\/td><td>&nbsp;<\/td><td>1,648<\/td><td>&nbsp;<\/td><td>1,234<\/td><\/tr><tr><td>Staff development and training<\/td><td>130<\/td><td>&nbsp;<\/td><td>169<\/td><td>&nbsp;<\/td><td>130<\/td><td>&nbsp;<\/td><td>169<\/td><\/tr><tr><td>Staff travel and subsistence<\/td><td>330<\/td><td>&nbsp;<\/td><td>677<\/td><td>&nbsp;<\/td><td>330<\/td><td>&nbsp;<\/td><td>677<\/td><\/tr><tr><td>Student travel and subsistence<\/td><td>831<\/td><td>&nbsp;<\/td><td>1,358<\/td><td>&nbsp;<\/td><td>831<\/td><td>&nbsp;<\/td><td>1,358<\/td><\/tr><tr><td>Student bursaries<\/td><td>2,088<\/td><td>&nbsp;<\/td><td>1,587<\/td><td>&nbsp;<\/td><td>2,091<\/td><td>&nbsp;<\/td><td>1,591<\/td><\/tr><tr><td>Marketing and agent commission<\/td><td>2,214<\/td><td>&nbsp;<\/td><td>2,637<\/td><td>&nbsp;<\/td><td>2,214<\/td><td>&nbsp;<\/td><td>2,637<\/td><\/tr><tr><td>Postage, telephone, printing and reprographics<\/td><td>357<\/td><td>&nbsp;<\/td><td>434<\/td><td>&nbsp;<\/td><td>357<\/td><td>&nbsp;<\/td><td>434<\/td><\/tr><tr><td>Insurance and finance<\/td><td>508<\/td><td>&nbsp;<\/td><td>1,044<\/td><td>&nbsp;<\/td><td>508<\/td><td>&nbsp;<\/td><td>540<\/td><\/tr><tr><td>Professional fees and contractors<\/td><td>1,886<\/td><td>&nbsp;<\/td><td>1,466<\/td><td>&nbsp;<\/td><td>1,881<\/td><td>&nbsp;<\/td><td>1,461<\/td><\/tr><tr><td>Course franchising and partnerships<\/td><td>1,219<\/td><td>&nbsp;<\/td><td>1,092<\/td><td>&nbsp;<\/td><td>1,219<\/td><td>&nbsp;<\/td><td>1,092<\/td><\/tr><tr><td>Purchases for resale<\/td><td>315<\/td><td>&nbsp;<\/td><td>740<\/td><td>&nbsp;<\/td><td>315<\/td><td>&nbsp;<\/td><td>740<\/td><\/tr><tr><td>Equipment operating lease rentals<\/td><td>161<\/td><td>&nbsp;<\/td><td>161<\/td><td>&nbsp;<\/td><td>161<\/td><td>&nbsp;<\/td><td>161<\/td><\/tr><tr><td>Students\u2019 Union grant<\/td><td>473<\/td><td>&nbsp;<\/td><td>408<\/td><td>&nbsp;<\/td><td>473<\/td><td>&nbsp;<\/td><td>408<\/td><\/tr><tr><td>Fixed asset impairment<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>32<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>32<\/td><\/tr><tr><td>Other expenses<\/td><td>102<\/td><td>&nbsp;<\/td><td>355<\/td><td>&nbsp;<\/td><td>102<\/td><td>&nbsp;<\/td><td>355<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>20,264<\/strong><\/td><td>&nbsp;<\/td><td><strong>22,333<\/strong><\/td><td>&nbsp;<\/td><td><strong>20,260<\/strong><\/td><td>&nbsp;<\/td><td><strong>21,801<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Included within professional fees<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>External auditor\u2019s remuneration \u2013 External audit<\/td><td>66<\/td><td>&nbsp;<\/td><td>66<\/td><td>&nbsp;<\/td><td>65<\/td><td>&nbsp;<\/td><td>64<\/td><\/tr><tr><td>External auditor\u2019s remuneration \u2013 non-audit services:<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Taxation services<\/td><td>4<\/td><td>&nbsp;<\/td><td>7<\/td><td>&nbsp;<\/td><td>4<\/td><td>&nbsp;<\/td><td>7<\/td><\/tr><tr><td>Other services<\/td><td>9<\/td><td>&nbsp;<\/td><td>3<\/td><td>&nbsp;<\/td><td>9<\/td><td>&nbsp;<\/td><td>3<\/td><\/tr><tr><td>Rental operating lease payments<\/td><td>538<\/td><td>&nbsp;<\/td><td>1,869<\/td><td>&nbsp;<\/td><td>538<\/td><td>&nbsp;<\/td><td>1,869<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th> 10 Interest and other finance costs <\/th><th> Consolidated 2021 <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> University 2021 <\/th><th><\/th><th> University<br>&nbsp;2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Loan interest<\/td><td>586<\/td><td>&nbsp;<\/td><td>763<\/td><td>&nbsp;<\/td><td>586<\/td><td>&nbsp;<\/td><td>763<\/td><\/tr><tr><td>Movement in the fair value of derivatives<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>5<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>5<\/td><\/tr><tr><td>Net charge on pension schemes<\/td><td>919<\/td><td>&nbsp;<\/td><td>898<\/td><td>&nbsp;<\/td><td>919<\/td><td>&nbsp;<\/td><td>898<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>1,505<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,666<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,505<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,666<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide\"><table><tbody><tr><td><strong>11. Analysis of total expenditure by activity<\/strong><\/td><td>Consolidated 2021<\/td><td>&nbsp;<\/td><td>Consolidated 2020<\/td><td>&nbsp;<\/td><td>University 2021<\/td><td>&nbsp;<\/td><td>University<br>&nbsp;2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Academic departments<\/td><td>35,572<\/td><td>&nbsp;<\/td><td>34,168<\/td><td>&nbsp;<\/td><td>35,572<\/td><td>&nbsp;<\/td><td>34,168<\/td><\/tr><tr><td>Academic services<\/td><td>10,303<\/td><td>&nbsp;<\/td><td>9,995<\/td><td>&nbsp;<\/td><td>10,303<\/td><td>&nbsp;<\/td><td>9,995<\/td><\/tr><tr><td>Research grants and contracts<\/td><td>1,620<\/td><td>&nbsp;<\/td><td>1,227<\/td><td>&nbsp;<\/td><td>1,620<\/td><td>&nbsp;<\/td><td>1,227<\/td><\/tr><tr><td>Residences, catering and conferences<\/td><td>3,403<\/td><td>&nbsp;<\/td><td>5,693<\/td><td>&nbsp;<\/td><td>3,403<\/td><td>&nbsp;<\/td><td>5,693<\/td><\/tr><tr><td>Premises<\/td><td>7,037<\/td><td>&nbsp;<\/td><td>6,364<\/td><td>&nbsp;<\/td><td>7,037<\/td><td>&nbsp;<\/td><td>6,364<\/td><\/tr><tr><td>Administration<\/td><td>17,153<\/td><td>&nbsp;<\/td><td>18,371<\/td><td>&nbsp;<\/td><td>17,153<\/td><td>&nbsp;<\/td><td>18,371<\/td><\/tr><tr><td>Other expenses<\/td><td>5,245<\/td><td>&nbsp;<\/td><td>3,866<\/td><td>&nbsp;<\/td><td>5,241<\/td><td>&nbsp;<\/td><td>3,334<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>80,333<\/strong><\/td><td>&nbsp;<\/td><td><strong>79,684<\/strong><\/td><td>&nbsp;<\/td><td><strong>80,329<\/strong><\/td><td>&nbsp;<\/td><td><strong>79,152<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>12. Access and Participation costs&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp; 2021<\/td><td>&nbsp;<\/td><td>&nbsp; 2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Access investment<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>1,451<\/td><td>&nbsp;<\/td><td>1,565<\/td><\/tr><tr><td>Financial support<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>1,304<\/td><td>&nbsp;<\/td><td>1,358<\/td><\/tr><tr><td>Disability support (excluding expenditure included in the two categories above)<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>354<\/td><td>&nbsp;<\/td><td>329<\/td><\/tr><tr><td>Research and Evaluation<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>78<\/td><td>&nbsp;<\/td><td>75<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>3,187<\/strong><\/td><td>&nbsp;<\/td><td><strong>3,327<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">(i) \u00a31,643k (2020: \u00a31,659k) 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 class=\"\">(ii) The published Access and Participation plan can be found using the following link: https:\/\/www.glos.ac.uk\/governance\/pages\/governance-and-structure.aspx<\/p>\n\n\n\n<figure class=\"wp-block-table alignwide\"><table><tbody><tr><td><strong>13. Taxation<\/strong><\/td><td>Consolidated 2021<\/td><td>&nbsp;<\/td><td>Consolidated 2020<\/td><td>&nbsp;<\/td><td>University 2021<\/td><td>&nbsp;<\/td><td>University<br>&nbsp;2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Recognised in the statement of comprehensive income<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Corporation tax expense<\/td><td><strong>49<\/strong><\/td><td>&nbsp;<\/td><td><strong>71<\/strong><\/td><td>&nbsp;<\/td><td><strong>49<\/strong><\/td><td>&nbsp;<\/td><td><strong>71<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>Factors affecting the tax charge<\/strong><\/p>\n\n\n\n<p class=\"\">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 alignwide\"><table><tbody><tr><td>&nbsp;<\/td><td>Consolidated 2021<\/td><td>&nbsp;<\/td><td>Consolidated 2020<\/td><td>&nbsp;<\/td><td>University 2021<\/td><td>&nbsp;<\/td><td>University<br>&nbsp;2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Factors affecting the tax charge<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>UK corporation tax at 19% (2020: 19%)<\/td><td>184<\/td><td>&nbsp;<\/td><td>(210)<\/td><td>&nbsp;<\/td><td>164<\/td><td>&nbsp;<\/td><td>(223)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Effect of:<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Surplus\/deficit falling within charitable exemption<\/td><td>(184)<\/td><td>&nbsp;<\/td><td>210<\/td><td>&nbsp;<\/td><td>(164)<\/td><td>&nbsp;<\/td><td>223<\/td><\/tr><tr><td>Adjustment in respect of previous years<\/td><td>49<\/td><td>&nbsp;<\/td><td>71<\/td><td>&nbsp;<\/td><td>49<\/td><td>&nbsp;<\/td><td>71<\/td><\/tr><tr><td><strong>Total tax expense<\/strong><\/td><td>49<\/td><td>&nbsp;<\/td><td>71<\/td><td>&nbsp;<\/td><td>49<\/td><td>&nbsp;<\/td><td>71<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide\"><table><tbody><tr><td><strong>14 Tangible fixed assets<\/strong><\/td><td>&nbsp;<\/td><td>Freehold land and buildings<\/td><td>&nbsp;<\/td><td>Leasehold land and buildings<\/td><td>&nbsp;<\/td><td>Equipment<\/td><td>&nbsp;<\/td><td>Assets under construction<\/td><td>&nbsp;<\/td><td>Total<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Cost\/valuation<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>148,107<\/td><td>&nbsp;<\/td><td>4,960<\/td><td>&nbsp;<\/td><td>33,458<\/td><td>&nbsp;<\/td><td>507<\/td><td>&nbsp;<\/td><td>187,032<\/td><\/tr><tr><td>Additions at cost<\/td><td>&nbsp;<\/td><td>137<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1,421<\/td><td>&nbsp;<\/td><td>6,099<\/td><td>&nbsp;<\/td><td>7,657<\/td><\/tr><tr><td>Transfers at cost<\/td><td>&nbsp;<\/td><td>90<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>286<\/td><td>&nbsp;<\/td><td>(376)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>Disposals<\/td><td>&nbsp;<\/td><td>(475)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(2,037)<\/td><td>&nbsp;<\/td><td>(29)<\/td><td>&nbsp;<\/td><td>(2,541)<\/td><\/tr><tr><td>At year end<\/td><td>&nbsp;<\/td><td><strong>147,859<\/strong><\/td><td>&nbsp;<\/td><td><strong>4,960<\/strong><\/td><td>&nbsp;<\/td><td><strong>33,128<\/strong><\/td><td>&nbsp;<\/td><td><strong>6,201<\/strong><\/td><td>&nbsp;<\/td><td><strong>192,148<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Depreciation<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>43,249<\/td><td>&nbsp;<\/td><td>2,407<\/td><td>&nbsp;<\/td><td>23,142<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>68,798<\/td><\/tr><tr><td>Charge for the year<\/td><td>&nbsp;<\/td><td>3,928<\/td><td>&nbsp;<\/td><td>207<\/td><td>&nbsp;<\/td><td>2,793<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>6,928<\/td><\/tr><tr><td>Disposals<\/td><td>&nbsp;<\/td><td>(72)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(2,010)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(2,082)<\/td><\/tr><tr><td>At year end<\/td><td>&nbsp;<\/td><td><strong>47,105<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,614<\/strong><\/td><td>&nbsp;<\/td><td><strong>23,925<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>73,644<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Net book value<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At year end<\/strong><\/td><td>&nbsp;<\/td><td><strong>100,754<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,346<\/strong><\/td><td>&nbsp;<\/td><td><strong>9,203<\/strong><\/td><td>&nbsp;<\/td><td><strong>6,201<\/strong><\/td><td>&nbsp;<\/td><td><strong>118,504<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td><strong>104,858<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,553<\/strong><\/td><td>&nbsp;<\/td><td><strong>10,316<\/strong><\/td><td>&nbsp;<\/td><td><strong>507<\/strong><\/td><td>&nbsp;<\/td><td><strong>118,234<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>b)&nbsp;&nbsp;&nbsp;&nbsp; Institution<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Cost\/valuation<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>148,107<\/td><td>&nbsp;<\/td><td>4,960<\/td><td>&nbsp;<\/td><td>33,458<\/td><td>&nbsp;<\/td><td>507<\/td><td>&nbsp;<\/td><td>187,032<\/td><\/tr><tr><td>Additions at cost<\/td><td>&nbsp;<\/td><td>137<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1,421<\/td><td>&nbsp;<\/td><td>6,099<\/td><td>&nbsp;<\/td><td>7,657<\/td><\/tr><tr><td>Transfers at cost<\/td><td>&nbsp;<\/td><td>90<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>286<\/td><td>&nbsp;<\/td><td>(376)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>Disposals<\/td><td>&nbsp;<\/td><td>(475)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(2,037)<\/td><td>&nbsp;<\/td><td>(29)<\/td><td>&nbsp;<\/td><td>(2,541)<\/td><\/tr><tr><td>At year end<\/td><td>&nbsp;<\/td><td><strong>147,859<\/strong><\/td><td>&nbsp;<\/td><td><strong>4,960<\/strong><\/td><td>&nbsp;<\/td><td><strong>33,128<\/strong><\/td><td>&nbsp;<\/td><td><strong>6,201<\/strong><\/td><td>&nbsp;<\/td><td><strong>192,148<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Depreciation<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>43,249<\/td><td>&nbsp;<\/td><td>2,407<\/td><td>&nbsp;<\/td><td>23,142<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>68,798<\/td><\/tr><tr><td>Charge for the year<\/td><td>&nbsp;<\/td><td>3,928<\/td><td>&nbsp;<\/td><td>207<\/td><td>&nbsp;<\/td><td>2,793<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>6,928<\/td><\/tr><tr><td>Disposals<\/td><td>&nbsp;<\/td><td>(72)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(2,010)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(2,082)<\/td><\/tr><tr><td>At year end<\/td><td>&nbsp;<\/td><td><strong>47,105<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,614<\/strong><\/td><td>&nbsp;<\/td><td><strong>23,925<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>73,644<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Net book value<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At year end<\/strong><\/td><td>&nbsp;<\/td><td><strong>100,754<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,346<\/strong><\/td><td>&nbsp;<\/td><td><strong>9,203<\/strong><\/td><td>&nbsp;<\/td><td><strong>6,201<\/strong><\/td><td>&nbsp;<\/td><td><strong>118,504<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td><strong>104,858<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,553<\/strong><\/td><td>&nbsp;<\/td><td><strong>10,316<\/strong><\/td><td>&nbsp;<\/td><td><strong>507<\/strong><\/td><td>&nbsp;<\/td><td><strong>118,234<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>c) Revaluation of land and buildings<\/strong><\/p>\n\n\n\n<p class=\"\">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 class=\"\">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 class=\"\">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 class=\"\">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 class=\"\">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-stripes\"><table><thead><tr><th><\/th><th><\/th><th>Consolidated and Institution<br>Land and buildings<\/th><th><\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td><br>2020 <br><\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Cost<\/td><td><strong>130,637<\/strong><\/td><td>&nbsp;<\/td><td><strong>130,829<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Aggregate depreciation based on cost<\/td><td><strong>38,371<\/strong><\/td><td>&nbsp;<\/td><td><strong>35,986<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The prior year figures have been amended from \u00a3101,439 to \u00a3130,829 and \u00a335,970 to \u00a335,986 for accuracy.<\/p>\n\n\n\n<p class=\"\"><strong>15. Service concession arrangements<\/strong><\/p>\n\n\n\n<p class=\"\">The University has one service concession arrangement where service delivery has commenced.&nbsp; On 21 January 2016 the University entered into 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 class=\"\">The University nominates rooms in the student village on an annual basis, during the year ended 31 July 2021 the University nominated 82% of the accommodation available for the 2021-22 Academic Year. Since the year end, this nomination has increased to 82.45%.<\/p>\n\n\n\n<p class=\"\"><em>Movement in service concession arrangement assets:<\/em><\/p>\n\n\n\n<p class=\"\">The asset value of the service concession included in debtors as at 31 July 2021 is \u00a34,036k (2020: \u00a34,603k).<\/p>\n\n\n\n<p class=\"\"><em>Movement in service concession arrangement liabilities:<\/em><\/p>\n\n\n\n<p class=\"\">The total liability relating to the service concession included in creditors: amounts falling due within one year as at 31 July 2021 was \u00a34,036k (2020: \u00a34,603k).<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th>16 Non-current investments<\/th><th><\/th><th><\/th><th>Endowment asset investments <\/th><th><\/th><th>Other fixed asset investments <\/th><th><\/th><th>Total &nbsp; &nbsp; <\/th><\/tr><\/thead><tbody><tr><td><\/td><td><\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2,618<\/td><td>&nbsp;<\/td><td>5<\/td><td>&nbsp;<\/td><td>2,623<\/td><\/tr><tr><td>Additions at cost<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>331<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>331<\/td><\/tr><tr><td>Revaluation<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>397<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>397<\/td><\/tr><tr><td>Disposals<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>(384)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(384)<\/td><\/tr><tr><td>At year end<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>2,962<\/strong><\/td><td>&nbsp;<\/td><td><strong>5<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,967<\/strong><\/td><\/tr><tr><td>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp; &nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Institution<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2,104<\/td><td>&nbsp;<\/td><td>5<\/td><td>&nbsp;<\/td><td>2,109<\/td><\/tr><tr><td>Additions at cost<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>232<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>232<\/td><\/tr><tr><td>Revaluation<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>308<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>308<\/td><\/tr><tr><td>Disposals<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>(270)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(270)<\/td><\/tr><tr><td>At year end<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>2,374<\/strong><\/td><td>&nbsp;<\/td><td><strong>5<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,379<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The non-current investments have been valued at market value.<\/p>\n\n\n\n<p class=\"\"><strong>a) Investment in subsidiary companies<\/strong><\/p>\n\n\n\n<p class=\"\">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-stripes\"><table><thead><tr><th> <strong>Name of company<\/strong> <\/th><th> <strong>Percentage holding of<\/strong> <strong>ordinary share<\/strong> <\/th><th> <strong>Shareholding<\/strong> <\/th><th> <strong>Principal business activity<\/strong> <\/th><th><\/th><\/tr><\/thead><tbody><tr><td>Fullwood Park Limited<\/td><td>100%<\/td><td>100 Ordinary \u00a31 shares<\/td><td>Provision of conference and catering services<\/td><td>&nbsp;<\/td><\/tr><tr><td>Gloucestershire ISC Limited &nbsp; &nbsp; <br><\/td><td>100% &nbsp; &nbsp;<\/td><td>1 Ordinary \u00a31 share &nbsp; &nbsp; <\/td><td>Holding interests in joint venture activities &nbsp;&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>University of Gloucestershire Professional Services Limited<\/td><td>100%<\/td><td>1 Ordinary \u00a31 share<\/td><td>Provision and management of professional services staff<\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The registered office for Fullwood Park Limited, Gloucestershire ISC Limited and University of Gloucestershire Professional Services Limited is The Park, Cheltenham, Gloucestershire, GL50 2RH.<\/p>\n\n\n\n<p class=\"\">Gloucestershire ISC Limited is in the process of being voluntarily struck off. An application was made on 30 July 2021 to strike off the company (see note 17). The consolidated financial accounts do not include those of Gloucestershire ISC Limited due to all transactions having been written off prior to the financial year end.<\/p>\n\n\n\n<p class=\"\">University of Gloucestershire Professional Services Limited was incorporated on 28 April 2021. Trading activity commenced in September 2021, therefore no financial transactions have been included in the consolidated financial statements.<\/p>\n\n\n\n<p class=\"\"><strong>b) The Janet Trotter Trust<\/strong><\/p>\n\n\n\n<p class=\"\">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 2021 show total net assets of \u00a3673,762 (2020: \u00a3566,559) and net income and movement in funds for the year of \u00a360,523 (2020: \u00a329,645).<\/p>\n\n\n\n<p class=\"\"><strong>c) Other fixed asset investments<\/strong><\/p>\n\n\n\n<p class=\"\">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<p class=\"\"><strong>17. Investment in Jointly Controlled Entity<\/strong><\/p>\n\n\n\n<p class=\"\">On 20 February 2013 the University entered into a Limited Liability Partnership Agreement, INTO Gloucestershire LLP, with INTO University Partnerships Limited. Gloucestershire ISC Limited invested \u00a3150,000 into INTO Gloucestershire LLP and has a 50% share of the jointly controlled entity.&nbsp; The remaining 50% share of INTO Gloucestershire LLP was owned by INTO University of Gloucestershire Limited, a wholly owned subsidiary of INTO University Partnerships Limited. The University also entered into an Admission Agreement with Gloucestershire County Council and INTO Gloucestershire Limited, relating to the admission of INTO Gloucestershire LLP to the Gloucestershire County Council Local Government Pension Scheme, to enable two employees transferred to the jointly controlled entity to be members of the Pension Scheme.<\/p>\n\n\n\n<p class=\"\">On 20 February 2013, Gloucestershire ISC Limited entered into a revolving loan facility agreement to lend up to \u00a3600,000 to INTO Gloucestershire LLP, at an interest rate of 2% above the Bank of England base rate. At 31 July 2020 the capital balance was \u00a30 (2019: \u00a3600,000) due to a deed of waiver agreement being entered into in March 2020.<\/p>\n\n\n\n<p class=\"\">During 2018\/19 both INTO University Partnerships and the University undertook a joint strategic review of the jointly controlled entity. As an outcome of the review the Board agreed to change the focus of the partnership. As a result of this change of focus, the activities and business of INTO University of Gloucestershire has ceased.<\/p>\n\n\n\n<p class=\"\">All costs associated with ceasing these activities were provided for in the 2018\/19 university and group accounts with minor adjustments being provided for in the 2019\/20. All costs were formally written off, against the prior year provisions, during 2020\/21. All legal and statutory duties relating to the cessation of the jointly controlled entity were finalised during 2020\/21 with an application to voluntarily strike off the company being submitted on 30 July 2021.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th> 18 Debtors <\/th><th> Consolidated 2021 <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> Institution 2021 <\/th><th><\/th><th> Institution 2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Trade debtors<\/td><td>9,055<\/td><td>&nbsp;<\/td><td>5,657<\/td><td>&nbsp;<\/td><td>9,012<\/td><td>&nbsp;<\/td><td>5,654<\/td><\/tr><tr><td>Other debtors<\/td><td>1,134<\/td><td>&nbsp;<\/td><td>1,338<\/td><td>&nbsp;<\/td><td>1,133<\/td><td>&nbsp;<\/td><td>1,333<\/td><\/tr><tr><td>Service concession arrangements (note 15)<\/td><td>4,036<\/td><td>&nbsp;<\/td><td>4,603<\/td><td>&nbsp;<\/td><td>4,036<\/td><td>&nbsp;<\/td><td>4,603<\/td><\/tr><tr><td>Amounts owed by subsidiary companies<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>119<\/td><td>&nbsp;<\/td><td>184<\/td><\/tr><tr><td>Prepayments and accrued income<\/td><td>3,310<\/td><td>&nbsp;<\/td><td>3,015<\/td><td>&nbsp;<\/td><td>3,312<\/td><td>&nbsp;<\/td><td>2,976<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>17,535<\/strong><\/td><td>&nbsp;<\/td><td><strong>14,613<\/strong><\/td><td>&nbsp;<\/td><td><strong>17,612<\/strong><\/td><td>&nbsp;<\/td><td><strong>14,750<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">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<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>19. Current investments<\/strong><\/td><td>Consolidated 2021<\/td><td>Consolidated 2020<\/td><td>Institution 2021<\/td><td>Institution 2020<\/td><\/tr><tr><td><\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><td>\u00a3000<\/td><\/tr><tr><td>Short term deposits<\/td><td><strong>26,055<\/strong><\/td><td><strong>23,317<\/strong><\/td><td><strong>26,055<\/strong><\/td><td><strong>23,317<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th> 20. Creditors: amounts falling due within one year <\/th><th> Consolidated 2021 <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> Institution 2021 <\/th><th><\/th><th> Institution 2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Secured loans<\/td><td>3,570<\/td><td>&nbsp;<\/td><td>1,785<\/td><td>&nbsp;<\/td><td>3,570<\/td><td>&nbsp;<\/td><td>1,785<\/td><\/tr><tr><td>Service concession arrangements (note 15)<\/td><td>4,036<\/td><td>&nbsp;<\/td><td>4,603<\/td><td>&nbsp;<\/td><td>4,036<\/td><td>&nbsp;<\/td><td>4,603<\/td><\/tr><tr><td>Payment received on account<\/td><td>7,357<\/td><td>&nbsp;<\/td><td>2,016<\/td><td>&nbsp;<\/td><td>7,357<\/td><td>&nbsp;<\/td><td>2,016<\/td><\/tr><tr><td>Trade creditors<\/td><td>1,905<\/td><td>&nbsp;<\/td><td>3,149<\/td><td>&nbsp;<\/td><td>1,905<\/td><td>&nbsp;<\/td><td>3,146<\/td><\/tr><tr><td>Social security and other taxation payable<\/td><td>948<\/td><td>&nbsp;<\/td><td>922<\/td><td>&nbsp;<\/td><td>948<\/td><td>&nbsp;<\/td><td>922<\/td><\/tr><tr><td>Pensions<\/td><td>916<\/td><td>&nbsp;<\/td><td>846<\/td><td>&nbsp;<\/td><td>916<\/td><td>&nbsp;<\/td><td>846<\/td><\/tr><tr><td>Deferred capital grants<\/td><td>1,753<\/td><td>&nbsp;<\/td><td>1,747<\/td><td>&nbsp;<\/td><td>1,753<\/td><td>&nbsp;<\/td><td>1,747<\/td><\/tr><tr><td>Accruals and deferred income<\/td><td>8,156<\/td><td>&nbsp;<\/td><td>9,364<\/td><td>&nbsp;<\/td><td>8,110<\/td><td>&nbsp;<\/td><td>9,354<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>28,641<\/strong><\/td><td>&nbsp;<\/td><td><strong>24,432<\/strong><\/td><td>&nbsp;<\/td><td><strong>28,595<\/strong><\/td><td>&nbsp;<\/td><td><strong>24,419<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>&nbsp;<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>21. Creditors: amounts falling due after more than one year<\/strong><\/td><td>Consolidated 2021<\/td><td>&nbsp;<\/td><td>Consolidated 2020<\/td><td>&nbsp;<\/td><td>Institution 2021<\/td><td>&nbsp;<\/td><td>Institution 2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Secured loans<\/td><td>21,850<\/td><td>&nbsp;<\/td><td>25,420<\/td><td>&nbsp;<\/td><td>21,850<\/td><td>&nbsp;<\/td><td>25,420<\/td><\/tr><tr><td>Derivatives<\/td><td>357<\/td><td>&nbsp;<\/td><td>596<\/td><td>&nbsp;<\/td><td>357<\/td><td>&nbsp;<\/td><td>596<\/td><\/tr><tr><td>Deferred capital grants<\/td><td>17,206<\/td><td>&nbsp;<\/td><td>17,927<\/td><td>&nbsp;<\/td><td>17,206<\/td><td>&nbsp;<\/td><td>17,927<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>39,413<\/strong><\/td><td>&nbsp;<\/td><td><strong>43,943<\/strong><\/td><td>&nbsp;<\/td><td><strong>39,413<\/strong><\/td><td>&nbsp;<\/td><td><strong>43,943<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Analysis of secured and unsecured loans<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Due within one year<\/td><td>3,570<\/td><td>&nbsp;<\/td><td>1,785<\/td><td>&nbsp;<\/td><td>3,570<\/td><td>&nbsp;<\/td><td>1,785<\/td><\/tr><tr><td>Due between one and two years<\/td><td>15,847<\/td><td>&nbsp;<\/td><td>3,570<\/td><td>&nbsp;<\/td><td>15,847<\/td><td>&nbsp;<\/td><td>3,570<\/td><\/tr><tr><td>Due between two and five years<\/td><td>5,541<\/td><td>&nbsp;<\/td><td>18,710<\/td><td>&nbsp;<\/td><td>5,541<\/td><td>&nbsp;<\/td><td>18,710<\/td><\/tr><tr><td>Due in five years or more<\/td><td>462<\/td><td>&nbsp;<\/td><td>3,140<\/td><td>&nbsp;<\/td><td>462<\/td><td>&nbsp;<\/td><td>3,140<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>25,420<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,205<\/strong><\/td><td>&nbsp;<\/td><td><strong>25,420<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,205<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">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. Due to COVID-19 an amendment agreement to the original loan contract was entered into in July 2020, providing a 7-month capital repayment holiday reducing the capital repayment during 2021 to \u00a30.8m, no change has been made to the term of the loan which is due to end in October 2026.<\/p>\n\n\n\n<p class=\"\">A further \u00a320 million secured loan facility was taken out with HSBC in 2017 to fund the development of a new business school building and sports centre at the Oxstalls Campus. The loan has now been fully drawn down with the final tranche of \u00a32.25m being drawn in November 2018. The loan is for an initial term of five years, with an option to extend. The option to extend the facility to March 2023 was approved in August 2019, revised rates of LIBOR + 1.30% was effective from September 2019. Due to COVID-19, a 7-month capital repayment holiday was approved in July 2020 reducing the capital repayment during 2021 to \u00a31m, no change has been made to the term of the loan which is due to end in March 2023.<\/p>\n\n\n\n<p class=\"\">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<p class=\"\">During 2017\/18 the University entered into a 1.5% CAP facility with RBS to assist managing the additional interest rate risk associated with its additional borrowings with HSBC.<\/p>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th> 22 Deferred capital grants <\/th><th><\/th><th> <strong>Consolidated &amp; Institution<\/strong> <\/th><th><\/th><th> <strong>Consolidated &amp; Institution<\/strong> <\/th><th><\/th><th> <strong>Consolidated &amp; Institution<\/strong> <\/th><\/tr><\/thead><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>Funding Councils<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>Other grants &amp; benefactions<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>Total<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>At beginning of year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td>&nbsp;<\/td><td>7,894<\/td><td>&nbsp;<\/td><td>8,351<\/td><td>&nbsp;<\/td><td>16,245<\/td><\/tr><tr><td>Equipment<\/td><td>&nbsp;<\/td><td>2,791<\/td><td>&nbsp;<\/td><td>638<\/td><td>&nbsp;<\/td><td>3,429<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>10,685<\/strong><\/td><td>&nbsp;<\/td><td><strong>8,989<\/strong><\/td><td>&nbsp;<\/td><td><strong>19,674<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Cash received<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td>&nbsp;<\/td><td>261<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>261<\/td><\/tr><tr><td>Equipment<\/td><td>&nbsp;<\/td><td>589<\/td><td>&nbsp;<\/td><td>93<\/td><td>&nbsp;<\/td><td>682<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>850<\/strong><\/td><td>&nbsp;<\/td><td><strong>93<\/strong><\/td><td>&nbsp;<\/td><td><strong>943<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Released to income and expenditure<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Buildings<\/td><td>&nbsp;<\/td><td>(544)<\/td><td>&nbsp;<\/td><td>(476)<\/td><td>&nbsp;<\/td><td>(1,020)<\/td><\/tr><tr><td>Equipment<\/td><td>&nbsp;<\/td><td>(503)<\/td><td>&nbsp;<\/td><td>(135)<\/td><td>&nbsp;<\/td><td>(638)<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>(1,047)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(611)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(1,658)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Buildings<\/strong><\/td><td>&nbsp;<\/td><td><strong>7,611<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>7,875<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>15,486<\/strong><\/td><\/tr><tr><td><strong>Equipment<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,877<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>596<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>3,473<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>10,488<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>8,471<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>18,959<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th> 23 Provisions <\/th><th><\/th><th><\/th><th> LGPS Defined benefit obligations <\/th><th><\/th><th> Obligation to fund deficit on USS and CEFPS <\/th><th><\/th><th> Pensioners <\/th><th><\/th><th> Other <\/th><th><\/th><th> Total <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>63,382<\/td><td>&nbsp;<\/td><td>425<\/td><td>&nbsp;<\/td><td>1,161<\/td><td>&nbsp;<\/td><td>754<\/td><td>&nbsp;<\/td><td>65,722<\/td><\/tr><tr><td>Utilised during the year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>1,453<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(252)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1,201<\/td><\/tr><tr><td>Transfer from Income and Expenditure account<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>5,182<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>119<\/td><td>&nbsp;<\/td><td>(71)<\/td><td>&nbsp;<\/td><td>5,241<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>70,017<\/strong><\/td><td>&nbsp;<\/td><td><strong>436<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,028<\/strong><\/td><td>&nbsp;<\/td><td><strong>683<\/strong><\/td><td>&nbsp;<\/td><td><strong>72,164<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>LGPS Defined benefit obligations &nbsp;<\/td><td>&nbsp;<\/td><td>Obligation to fund deficit on USS and CEFPS<\/td><td>&nbsp;<\/td><td>Pensioners &nbsp;<\/td><td>&nbsp;<\/td><td>Other<\/td><td>&nbsp;<\/td><td>Total<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Institution<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>63,382<\/td><td>&nbsp;<\/td><td>425<\/td><td>&nbsp;<\/td><td>1,161<\/td><td>&nbsp;<\/td><td>754<\/td><td>&nbsp;<\/td><td>65,722<\/td><\/tr><tr><td>Utilised during the year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>1,453<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>(252)<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1,201<\/td><\/tr><tr><td>Transfer from Income and Expenditure<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>5,182<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>119<\/td><td>&nbsp;<\/td><td>(71)<\/td><td>&nbsp;<\/td><td>5,241<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>70,017<\/strong><\/td><td>&nbsp;<\/td><td><strong>436<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,028<\/strong><\/td><td>&nbsp;<\/td><td><strong>683<\/strong><\/td><td>&nbsp;<\/td><td><strong>72,164<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-stripes\"><table><thead><tr><th> <strong>24. Endowment reserves<\/strong> <\/th><th> <strong>Restricted permanent<\/strong> <strong>endowments<\/strong> <\/th><th><\/th><th> <strong>Expendable endowments<\/strong> <strong>&nbsp;<\/strong>  <\/th><th><\/th><th> <strong>Total<\/strong> <strong>&nbsp;<\/strong> <strong>2021<\/strong>  <\/th><th><\/th><th> Total &nbsp; 2020  <\/th><\/tr><\/thead><tbody><tr><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Capital<\/td><td>2,093<\/td><td>&nbsp;<\/td><td>1,619<\/td><td>&nbsp;<\/td><td>3,712<\/td><td>&nbsp;<\/td><td>3,673<\/td><\/tr><tr><td>Accumulated income<\/td><td>(13)<\/td><td>&nbsp;<\/td><td>(681)<\/td><td>&nbsp;<\/td><td>(694)<\/td><td>&nbsp;<\/td><td>(556)<\/td><\/tr><tr><td>&nbsp;<\/td><td>2,080<\/td><td>&nbsp;<\/td><td>938<\/td><td>&nbsp;<\/td><td>3,018<\/td><td>&nbsp;<\/td><td>3,117<\/td><\/tr><tr><td>New Endowments<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1<\/td><td>&nbsp;<\/td><td>1<\/td><td>&nbsp;<\/td><td>22<\/td><\/tr><tr><td>Investment income<\/td><td>78<\/td><td>&nbsp;<\/td><td>77<\/td><td>&nbsp;<\/td><td>155<\/td><td>&nbsp;<\/td><td>18<\/td><\/tr><tr><td>Expenditure<\/td><td>(117)<\/td><td>&nbsp;<\/td><td>(48)<\/td><td>&nbsp;<\/td><td>(165)<\/td><td>&nbsp;<\/td><td>(138)<\/td><\/tr><tr><td>&nbsp;<\/td><td>(39)<\/td><td>&nbsp;<\/td><td>30<\/td><td>&nbsp;<\/td><td>(9)<\/td><td>&nbsp;<\/td><td>(98)<\/td><\/tr><tr><td>Increase in market value of investments<\/td><td>300<\/td><td>&nbsp;<\/td><td>55<\/td><td>&nbsp;<\/td><td>355<\/td><td>&nbsp;<\/td><td>(1)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>2,341<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>1,023<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>3,364<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>3,018<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Analysis by type of purpose<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Fellowships and scholarship prizes<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>36<\/td><\/tr><tr><td>Prize funds<\/td><td>13<\/td><td>&nbsp;<\/td><td>71<\/td><td>&nbsp;<\/td><td>84<\/td><td>&nbsp;<\/td><td>86<\/td><\/tr><tr><td>Other funds<\/td><td>2,328<\/td><td>&nbsp;<\/td><td>941<\/td><td>&nbsp;<\/td><td>3,269<\/td><td>&nbsp;<\/td><td>2,896<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>2,341<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>1,023<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>3,364<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>3,018<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Analysis by asset<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Current and non-current asset investments<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2,960<\/td><td>&nbsp;<\/td><td>2,671<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>404<\/td><td>&nbsp;<\/td><td>347<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>3.364<\/strong><\/td><td>&nbsp;<\/td><td><strong>3,018<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Institution<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Capital<\/td><td>2,093<\/td><td>&nbsp;<\/td><td>973<\/td><td>&nbsp;<\/td><td>3,066<\/td><td>&nbsp;<\/td><td>3,042<\/td><\/tr><tr><td>Accumulated income<\/td><td>(13)<\/td><td>&nbsp;<\/td><td>(600)<\/td><td>&nbsp;<\/td><td>(613)<\/td><td>&nbsp;<\/td><td>(472)<\/td><\/tr><tr><td>&nbsp;<\/td><td>2,080<\/td><td>&nbsp;<\/td><td>373<\/td><td>&nbsp;<\/td><td>2,453<\/td><td>&nbsp;<\/td><td>2,570<\/td><\/tr><tr><td>New Endowments<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>1<\/td><td>&nbsp;<\/td><td>1<\/td><td>&nbsp;<\/td><td>21<\/td><\/tr><tr><td>Investment income<\/td><td>80<\/td><td>&nbsp;<\/td><td>3<\/td><td>&nbsp;<\/td><td>83<\/td><td>&nbsp;<\/td><td>19<\/td><\/tr><tr><td>Expenditure<\/td><td>(117)<\/td><td>&nbsp;<\/td><td>(36)<\/td><td>&nbsp;<\/td><td>(153)<\/td><td>&nbsp;<\/td><td>(158)<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>(37)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(32)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(69)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(118)<\/strong><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td>Increase in market value of investments<\/td><td>300<\/td><td>&nbsp;<\/td><td>8<\/td><td>&nbsp;<\/td><td>308<\/td><td>&nbsp;<\/td><td>1<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>2,343<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>349<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>2,692<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>2,453<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Analysis by type of purpose<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Fellowships and scholarship prizes<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>11<\/td><td>&nbsp;<\/td><td>36<\/td><\/tr><tr><td>Prize funds<\/td><td>14<\/td><td>&nbsp;<\/td><td>71<\/td><td>&nbsp;<\/td><td>85<\/td><td>&nbsp;<\/td><td>86<\/td><\/tr><tr><td>Other funds<\/td><td>2,329<\/td><td>&nbsp;<\/td><td>267<\/td><td>&nbsp;<\/td><td>2,596<\/td><td>&nbsp;<\/td><td>2,331<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>2.343<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>349<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>2,692<\/strong><\/td><td>&nbsp;<\/td><td>2,453<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Analysis by asset<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Current and non-current asset investments<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>2,375<\/td><td>&nbsp;<\/td><td>2,106<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>317<\/td><td>&nbsp;<\/td><td>347<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>2,692<\/strong><\/td><td>&nbsp;<\/td><td><strong>2,453<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th> <strong>25. Restricted Reserve<\/strong> <\/th><th> <strong>Consolidated<\/strong> <strong>2021<\/strong> <strong>&nbsp;<\/strong> <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> <strong>Institution<\/strong> <strong>&nbsp;2021<\/strong> <\/th><th><\/th><th> Institution 2020  <\/th><\/tr><\/thead><tbody><tr><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><\/tr><tr><td>At beginning of year<\/td><td><strong>22<\/strong><\/td><td>&nbsp;<\/td><td>28<\/td><td>&nbsp;<\/td><td><strong>22<\/strong><\/td><td>&nbsp;<\/td><td>28<\/td><\/tr><tr><td>New endowments and donations<\/td><td><strong>2<\/strong><\/td><td>&nbsp;<\/td><td>6<\/td><td>&nbsp;<\/td><td><strong>2<\/strong><\/td><td>&nbsp;<\/td><td>6<\/td><\/tr><tr><td>Expenditure<\/td><td><strong>(3)<\/strong><\/td><td>&nbsp;<\/td><td>(12)<\/td><td>&nbsp;<\/td><td><strong>(3)<\/strong><\/td><td>&nbsp;<\/td><td>(12)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>21<\/strong><\/td><td>&nbsp;<\/td><td><strong>22<\/strong><\/td><td>&nbsp;<\/td><td><strong>21<\/strong><\/td><td>&nbsp;<\/td><td><strong>22<\/strong><\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Analysis by type of purpose<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Scholarships and bursaries<\/td><td><strong>7<\/strong><\/td><td>&nbsp;<\/td><td>8<\/td><td>&nbsp;<\/td><td><strong>7<\/strong><\/td><td>&nbsp;<\/td><td>8<\/td><\/tr><tr><td>Other funds<\/td><td><strong>14<\/strong><\/td><td>&nbsp;<\/td><td>14<\/td><td>&nbsp;<\/td><td><strong>14<\/strong><\/td><td>&nbsp;<\/td><td>14<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>21<\/strong><\/td><td>&nbsp;<\/td><td><strong>22<\/strong><\/td><td>&nbsp;<\/td><td><strong>21<\/strong><\/td><td>&nbsp;<\/td><td><strong>22<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th> <strong>26 Revaluation Reserve<\/strong> <\/th><th> <strong>Consolidated<\/strong> <strong>2021<\/strong> <strong>&nbsp;<\/strong> <\/th><th><\/th><th> Consolidated 2020 &nbsp; <\/th><th><\/th><th> <strong>Institution<\/strong> <strong>&nbsp;2021<\/strong>  <\/th><th><\/th><th> Institution 2020  <\/th><\/tr><\/thead><tbody><tr><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><td><\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Revaluations<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td>27,815<\/td><td>&nbsp;<\/td><td>27,815<\/td><td>&nbsp;<\/td><td>27,815<\/td><td>&nbsp;<\/td><td>27,815<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>27,815<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,815<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,815<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,815<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Contributions to depreciation<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td><strong>(27,815)<\/strong><\/td><td>&nbsp;<\/td><td>(27,381)<\/td><td>&nbsp;<\/td><td><strong>(27,815)<\/strong><\/td><td>&nbsp;<\/td><td>(27,381)<\/td><\/tr><tr><td>Released in year<\/td><td><strong>&#8211;<\/strong><\/td><td>&nbsp;<\/td><td>(434)<\/td><td>&nbsp;<\/td><td><strong>&#8211;<\/strong><\/td><td>&nbsp;<\/td><td>(434)<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>(27,815)<\/strong><\/td><td>&nbsp;<\/td><td>(27,815)<\/td><td>&nbsp;<\/td><td><strong>(27,815)<\/strong><\/td><td>&nbsp;<\/td><td>(27,815)<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Revaluation reserve<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>&#8211;<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>&#8211;<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>At beginning of year<\/td><td><strong>&#8211;<\/strong><\/td><td>&nbsp;<\/td><td>434<\/td><td>&nbsp;<\/td><td><strong>&#8211;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>434<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th> 27 Lease obligations <\/th><th> <strong>Consolidated 2021<\/strong> <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> <strong>Institution 2021<\/strong> <\/th><th><\/th><th> Institution 2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Future minimum lease payments under non-cancellable operating leases are as follows:<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Within 1 year<\/td><td><strong>483<\/strong><\/td><td>&nbsp;<\/td><td>689<\/td><td>&nbsp;<\/td><td><strong>483<\/strong><\/td><td>&nbsp;<\/td><td>689<\/td><\/tr><tr><td>Between 2 and 5 years<\/td><td><strong>1,526<\/strong><\/td><td>&nbsp;<\/td><td>1,884<\/td><td>&nbsp;<\/td><td><strong>1,526<\/strong><\/td><td>&nbsp;<\/td><td>1,884<\/td><\/tr><tr><td>Over 5 years<\/td><td><strong>1,468<\/strong><\/td><td>&nbsp;<\/td><td>1,704<\/td><td>&nbsp;<\/td><td><strong>1,468<\/strong><\/td><td>&nbsp;<\/td><td>1,704<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>3,477<\/strong><\/td><td>&nbsp;<\/td><td><strong>4,277<\/strong><\/td><td>&nbsp;<\/td><td><strong>3,477<\/strong><\/td><td>&nbsp;<\/td><td><strong>4,277<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Representing:<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Land and buildings<\/td><td><strong>3,334<\/strong><\/td><td>&nbsp;<\/td><td>4,078<\/td><td>&nbsp;<\/td><td><strong>3,334<\/strong><\/td><td>&nbsp;<\/td><td>4,078<\/td><\/tr><tr><td>Other operating leases<\/td><td><strong>143<\/strong><\/td><td>&nbsp;<\/td><td>199<\/td><td>&nbsp;<\/td><td><strong>143<\/strong><\/td><td>&nbsp;<\/td><td>199<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>3,477<\/strong><\/td><td>&nbsp;<\/td><td><strong>4,277<\/strong><\/td><td>&nbsp;<\/td><td><strong>3,477<\/strong><\/td><td>&nbsp;<\/td><td><strong>4,277<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th> 28 Capital commitments <\/th><th> <strong>Consolidated 2021<\/strong> <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> <strong>Institution 2021<\/strong> <\/th><th><\/th><th> Institution 2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Authorised but not contracted<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>32,062<\/strong><\/td><td>&nbsp;<\/td><td><strong>3,199<\/strong><\/td><td>&nbsp;<\/td><td><strong>32,062<\/strong><\/td><td>&nbsp;<\/td><td><strong>3,199<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Authorised and contracted<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>At end of year<\/strong><\/td><td><strong>1,527<\/strong><\/td><td>&nbsp;<\/td><td><strong>695<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,527<\/strong><\/td><td>&nbsp;<\/td><td><strong>695<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>29. Contingent liabilities<\/strong><\/p>\n\n\n\n<p class=\"\">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 class=\"\"><strong>30. Events after the reporting period<\/strong><\/p>\n\n\n\n<p class=\"\">As set out in Note 31 in respect of the USS pension scheme, a new Schedule of Contributions based on the 2020 actuarial valuation has been agreed and came into effect from 1 October 2021. The Joint Negotiating Committee (JNC) has recommended benefit changes and these are subject to a member consultation which is due to conclude in February 2022. If the benefit changes are approved it would lead to an increase of \u00a3875k in the provision for the Obligation to fund the deficit on the USS pension which would instead be \u00a31.306m.&nbsp; Should the benefit changes not be approved the provision will increase by \u00a31.606m to \u00a32.037m. The corresponding adjustment will be reflected in the University&#8217;s Financial Statements for the year ended 31 July 2022.<\/p>\n\n\n\n<p class=\"\"><strong>31. Cash and cash equivalents<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td><strong>At beginning of year<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>Cash flows<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>At end of year<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>\u00a3000<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>\u00a3000<\/strong><\/td><\/tr><tr><td><strong>Consolidated<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Cash at bank and in hand<\/td><td>2,282<\/td><td>&nbsp;<\/td><td>(812)<\/td><td>&nbsp;<\/td><td><strong>1,470<\/strong><\/td><\/tr><tr><td>Short term deposits<\/td><td>23,317<\/td><td>&nbsp;<\/td><td>2,738<\/td><td>&nbsp;<\/td><td><strong>26,055<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>25,599<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,926<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,525<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><\/tr><tr><td><strong>Institution<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><\/tr><tr><td>Cash at bank and in hand<\/td><td>2,135<\/td><td>&nbsp;<\/td><td>(772)<\/td><td>&nbsp;<\/td><td><strong>1,363<\/strong><\/td><\/tr><tr><td>Short term deposits<\/td><td>23,317<\/td><td>&nbsp;<\/td><td>2,738<\/td><td>&nbsp;<\/td><td><strong>26,055<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>25,452<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,966<\/strong><\/td><td>&nbsp;<\/td><td><strong>27,418<\/strong><\/td><\/tr><tr><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<strong>32. Consolidated reconciliation of net debt<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>Consolidated 2021<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td><strong>\u00a3000<\/strong><\/td><\/tr><tr><td>Net debt 1 August<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>30,122<\/td><\/tr><tr><td>Movement in cash and cash equivalents<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>812<\/td><\/tr><tr><td>Movement in secured loans<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>(1,785)<\/td><\/tr><tr><td>Other non-cash changes<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>(806)<\/td><\/tr><tr><td>Net debt 31 July<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>28,343<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><\/tr><tr><td><strong>Change in net debt<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>(1,779)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><\/tr><tr><td><strong>Analysis of net debt:<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>Consolidated 2021<\/strong><\/td><td>&nbsp;<\/td><td>Consolidated 2020<\/td><\/tr><tr><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Cash and cash equivalents<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>1,470<\/strong><\/td><td>&nbsp;<\/td><td>2,282<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Borrowings: amounts falling due within one year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Secured loans<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>3,570<\/strong><\/td><td>&nbsp;<\/td><td>1,785<\/td><\/tr><tr><td>Service concession arrangements<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>4,036<\/strong><\/td><td>&nbsp;<\/td><td>4,603<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>7,606<\/strong><\/td><td>&nbsp;<\/td><td><strong>6,388<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Borrowings: amounts falling due after more than one year<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Secured loans<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>21,850<\/strong><\/td><td>&nbsp;<\/td><td>25,420<\/td><\/tr><tr><td>Derivatives<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>357<\/strong><\/td><td>&nbsp;<\/td><td>596<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>22,207<\/strong><\/td><td>&nbsp;<\/td><td><strong>26,016<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><strong>Net debt<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>28,343<\/strong><\/td><td>&nbsp;<\/td><td><strong>30,122<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><thead><tr><th> 33 Financial instruments <\/th><th> <strong>Consolidated 2021<\/strong> <\/th><th><\/th><th> Consolidated 2020 <\/th><th><\/th><th> <strong>Institution 2021<\/strong> <\/th><th><\/th><th> Institution 2020 <\/th><\/tr><\/thead><tbody><tr><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td><strong>\u00a3000<\/strong><\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><strong>Financial assets<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Financial assets at fair value through statement of comprehensive income<\/em><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Listed investments<\/td><td><strong>2,962<\/strong><\/td><td>&nbsp;<\/td><td>2,618<\/td><td>&nbsp;<\/td><td><strong>2,374<\/strong><\/td><td>&nbsp;<\/td><td>2,104<\/td><\/tr><tr><td><em>Financial assets that are equity instruments measured at cost less impairment<\/em><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Other investments<\/td><td><strong>5<\/strong><\/td><td>&nbsp;<\/td><td>5<\/td><td>&nbsp;<\/td><td><strong>5<\/strong><\/td><td>&nbsp;<\/td><td>5<\/td><\/tr><tr><td><em>Financial assets that are debt instruments measured at amortised cost<\/em><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Cash and cash equivalents<\/td><td><strong>1,470<\/strong><\/td><td>&nbsp;<\/td><td>2,282<\/td><td>&nbsp;<\/td><td><strong>1,363<\/strong><\/td><td>&nbsp;<\/td><td>2,135<\/td><\/tr><tr><td>Current investments<\/td><td><strong>26,055<\/strong><\/td><td>&nbsp;<\/td><td>23,317<\/td><td>&nbsp;<\/td><td><strong>26,055<\/strong><\/td><td>&nbsp;<\/td><td>23,317<\/td><\/tr><tr><td>Trade debtors<\/td><td><strong>9,055<\/strong><\/td><td>&nbsp;<\/td><td>5,657<\/td><td>&nbsp;<\/td><td><strong>9,012<\/strong><\/td><td>&nbsp;<\/td><td>5,654<\/td><\/tr><tr><td>Other debtors<\/td><td><strong>1,134<\/strong><\/td><td>&nbsp;<\/td><td>1,338<\/td><td>&nbsp;<\/td><td><strong>1,133<\/strong><\/td><td>&nbsp;<\/td><td>1,333<\/td><\/tr><tr><td>Amounts owed by subsidiary companies<\/td><td><strong>&#8211;<\/strong><\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td><strong>121<\/strong><\/td><td>&nbsp;<\/td><td>184<\/td><\/tr><tr><td>Accrued income<\/td><td><strong>1,238<\/strong><\/td><td>&nbsp;<\/td><td>1,021<\/td><td>&nbsp;<\/td><td><strong>1,238<\/strong><\/td><td>&nbsp;<\/td><td>982<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>41,919<\/strong><\/td><td>&nbsp;<\/td><td><strong>36,238<\/strong><\/td><td>&nbsp;<\/td><td><strong>41,301<\/strong><\/td><td>&nbsp;<\/td><td><strong>35,714<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Financial liabilities<\/strong><\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Financial liabilities measured at amortised cost<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Secured loans<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>25,420<\/strong><\/td><td>&nbsp;<\/td><td>27,205<\/td><td>&nbsp;<\/td><td><strong>25,420<\/strong><\/td><td>&nbsp;<\/td><td>27,205<\/td><\/tr><tr><td>Service concession arrangement<\/td><td><\/td><td><\/td><td><strong>4,036<\/strong><\/td><td><\/td><td>4,603<\/td><td><\/td><td><strong>4,036<\/strong><\/td><td><\/td><td>4,603<\/td><\/tr><tr><td>Trade creditors<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>1,856<\/strong><\/td><td>&nbsp;<\/td><td>3,149<\/td><td>&nbsp;<\/td><td><strong>1,856<\/strong><\/td><td>&nbsp;<\/td><td>3,146<\/td><\/tr><tr><td>Accruals<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>5,708<\/strong><\/td><td>&nbsp;<\/td><td>5,664<\/td><td>&nbsp;<\/td><td><strong>5,704<\/strong><\/td><td>&nbsp;<\/td><td>5,660<\/td><\/tr><tr><td>Derivatives<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>357<\/strong><\/td><td>&nbsp;<\/td><td>596<\/td><td>&nbsp;<\/td><td><strong>357<\/strong><\/td><td>&nbsp;<\/td><td>596<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>&nbsp;<\/strong><\/td><td>&nbsp;<\/td><td><strong>37,377<\/strong><\/td><td>&nbsp;<\/td><td><strong>41,217<\/strong><\/td><td>&nbsp;<\/td><td><strong>37,373<\/strong><\/td><td>&nbsp;<\/td><td><strong>41,210<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>34. Related party transactions<\/strong><\/p>\n\n\n\n<p class=\"\">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 class=\"\">Relevant significant relationships held by members of Council who served in the year are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Mr P Bungard is Chief Executive of Gloucestershire County Council<\/li><li>Mr S Marston is a board member of South Gloucestershire and Stroud Commercial Services Limited, a Board member of the Gloucester Culture Trust, and a Board member of AdvanceHE<\/li><li>Ms I Mitchell is Education Officer of the Gloucestershire Students\u2019 Union<\/li><li>Ms Ingrid Barker is Chair of Gloucestershire Health and Care NHS Foundation Trust<\/li><li>Mr L Brown is President of the Gloucestershire Students\u2019 Union<\/li><\/ul>\n\n\n\n<p class=\"\">For the year ended 31 July 2021 expenses totalling \u00a3402 (2020: \u00a32,005) were claimed by two Directors and Trustees in respect of their responsibilities as Directors and Trustees. 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 class=\"\">The University of Gloucestershire Students\u2019 Union, is a separately constituted entity which is governed by its own Board of Directors, of which Mr Luc Brown is President. 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 \u00a3372 (2020: \u00a35,237) and purchases of \u00a3583,724 (2020: \u00a3520,701) relating to core activities were transacted with the Student Union. At the year-end a balance of \u00a3372 (2020: \u00a30) was due to The University of Gloucestershire Students\u2019 Union and a year-end balance of \u00a318,039 (2020: \u00a30) was owed to The University.<\/p>\n\n\n\n<p class=\"\"><strong>35. The Teaching Regulation Agency<\/strong><\/p>\n\n\n\n<p class=\"\">The University, acting as agent for the Teaching Regulation Agency (previously known as the National College for Teaching and Leadership), disbursed \u00a31,030,100 (2020: \u00a3682,875) training bursaries to students undergoing Initial Teacher Training for the year ended 31 July 2021.&nbsp; The training bursaries have not been included in the income and expenditure of the University.<\/p>\n\n\n\n<p class=\"\"><strong>36. Pension schemes<\/strong><\/p>\n\n\n\n<p class=\"\"><strong>(a) Teachers\u2019 Pension Scheme<\/strong><\/p>\n\n\n\n<p class=\"\">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, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">Although members may be employed by various bodies, their retirement and other pension benefits are set out in 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 class=\"\">The Teachers&#8217; Pensions Regulations 2010 require an annual account, the Teachers&#8217; Pension Budgeting and Valuation Account, 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 class=\"\">As a result of the latest scheme valuation employer contributions were increased in September 2019 from a rate of 16.4% to 23.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary costs to cover administration expenses.<\/p>\n\n\n\n<p class=\"\">The next valuation is expected to take effect in 2023.<\/p>\n\n\n\n<p class=\"\">A copy of the latest valuation report can be found by following this link to the <a href=\"file:\/\/\/C:\/Users\/s2100671\/AppData\/Local\/Microsoft\/Windows\/INetCache\/Content.Outlook\/BFXX3W1F\/the%20Teachers\u2019%20Pension%20Scheme%20website\">Teachers\u2019 Pension Scheme website<\/a><\/p>\n\n\n\n<p class=\"\">In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government\u2019s application for permission to appeal the Court of Appeal\u2019s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.<\/p>\n\n\n\n<p class=\"\">Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation aimed at providing evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS. The outcome of that consultation was published by the Government in February 2021, confirming that the remedy would take the form of a deferred choice underpin and the members in scope. The Department is now working with stakeholders on the detail of TPS specific changes to deliver the remedy and with the scheme administrator to put in place arrangements for implementation.<\/p>\n\n\n\n<p class=\"\">In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DfE is currently working to establish what changes are necessary to address this discrimination.<\/p>\n\n\n\n<p class=\"\">Any impact of these events will be taken into account when the next scheme valuation is implemented. This is scheduled to be implemented in April 2023, based on April 2020 data.<\/p>\n\n\n\n<p class=\"\">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\"><table><tbody><tr><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td>2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Contributions to Teachers\u2019 Pensions<\/td><td>4,102<\/td><td>&nbsp;<\/td><td>3,738<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>b) Universities Superannuation Scheme<\/strong><\/p>\n\n\n\n<p class=\"\">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 class=\"\">&nbsp;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 class=\"\">The total cost charged to the statement of comprehensive income and expenditure is \u00a3199,433 (2020: \u00a3186,806).<\/p>\n\n\n\n<p class=\"\">Deficit recovery contributions due within one year for the institution are \u00a354,728 (2020: \u00a318,397).<\/p>\n\n\n\n<p class=\"\">The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2018 (the valuation date), which was carried out using the projected unit method. A valuation as at 31 March 2020 is underway but not yet complete.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">The 2018 valuation was the fifth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was \u00a363.7 billion and the value of the scheme\u2019s technical provisions was \u00a367.3 billion indicating a shortfall of \u00a33.6 billion and a funding ratio of 95%.<\/p>\n\n\n\n<p class=\"\">The key financial assumptions used in the 2018 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\"><table><tbody><tr><td>Pension increases (CPI)<\/td><td class=\"has-text-align-left\" data-align=\"left\">Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a.<\/td><\/tr><tr><td>Discount rate (forward rates)<\/td><td class=\"has-text-align-left\" data-align=\"left\">Years 1-10: CPI+0.14% reducing linearly to CPI \u2013 0.73% <br>Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21 <br>Years 21 +: CPI + 1.55%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme\u2019s experience carried out as part of the 2018 actuarial valuation. The mortality assumptions used in these figures are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>2018 valuation<\/strong><\/td><\/tr><tr><td>Mortality base table<\/td><td>Pre-retirement: 71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females Post retirement: 97.6% of SAPS S1NMA \u201clight\u201d for males and 102.7% of RFV00 for females<\/td><\/tr><tr><td>Future improvements to mortality<\/td><td>CMI_2017 with a smoothing parameter of 8.5 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 class=\"\">The current life expectancies on retirement at age 65 are:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td>2021<br>Valuation<\/td><td>2020<br>Valuation<\/td><td><\/td><td><\/td><\/tr><tr><td>Males currently aged 65 (years)<\/td><td>24.6<\/td><td>24.4<\/td><td><\/td><td><\/td><\/tr><tr><td>Females currently aged 65 (years)<\/td><td>26.1<\/td><td>25.9<\/td><td><\/td><td><\/td><\/tr><tr><td>Males currently aged 45 (years)<\/td><td>26.6<\/td><td>26.3<\/td><td><\/td><td><\/td><\/tr><tr><td>Females currently aged 45 (years)<\/td><td>27.9<\/td><td>27.7<\/td><td><\/td><td><\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">A new deficit recovery plan was put in place as part of the 2018 valuation, which requires payment of 2% of salaries over the period 1 October 2019 to 30 September 2021 at which point the rate will increase to 6%. The 2020 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td>2021<\/td><td>2020<\/td><\/tr><tr><td>Discount rate<\/td><td>0.89%<\/td><td>0.74%<\/td><\/tr><tr><td>Pensionable salary growth<\/td><td>3.00%<\/td><td>3.00%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">c) Gloucestershire County Council Superannuation Scheme<\/p>\n\n\n\n<p class=\"\">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 2021 were \u00a35,170m, of which employer\u2019s contributions totalled \u00a33,564m and employees\u2019 contributions totalled \u00a31,036m. 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 class=\"\">The following information is based on the last full actuarial valuation carried out at 31 March 2016 updated to 31 July 2021 by a qualified independent actuary, Hymans Robertson.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Latest actuarial valuations<\/td><td>31 March 2016<\/td><\/tr><tr><td>Market value of assets at date of last valuation<\/td><td>\u00a31,703m<\/td><\/tr><tr><td>Investment returns per annum<\/td><td>4.00%<\/td><\/tr><tr><td>Salary scale increases per annum<\/td><td>2.40%<\/td><\/tr><tr><td>Pension increases per annum<\/td><td>2.10%<\/td><\/tr><tr><td>Price Inflation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td>2.10%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The estimate of contributions expected to be paid in the next year (year ending 31 July 2022) are \u00a33,571m at a contribution rate of 22.1% until the next actuarial valuation change in April 2022.<\/p>\n\n\n\n<p class=\"\">The major assumptions used by the Actuary were:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td>31 July 2021<\/td><td>31 July 2020<\/td><td>31 July 2019<\/td><\/tr><tr><td>&nbsp;<\/td><td>%<\/td><td>%<\/td><td>%<\/td><\/tr><tr><td>Pension increase rate<\/td><td>2.80<\/td><td>2.10<\/td><td>2.40<\/td><\/tr><tr><td>Salary increase rate<\/td><td>3.10<\/td><td>2.40<\/td><td>2.70<\/td><\/tr><tr><td>Expected return on assets<\/td><td>1.60<\/td><td>1.40<\/td><td>2.10<\/td><\/tr><tr><td>Discount rate<\/td><td>1.60<\/td><td>1.40<\/td><td>2.10<\/td><\/tr><tr><td>Inflation assumption<\/td><td>1.60<\/td><td>1.40<\/td><td>2.10<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">The mortality assumptions assume that the current rate of improvements have peaked and will converge to a long term rate of 1.25%.&nbsp; Based on these assumptions, the average life expectancies at age 65 are:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td>31 July 2021<\/td><td>31 July 2020<\/td><td>31 July 2019<\/td><\/tr><tr><td><em>Current Pensioners<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Males<\/td><td>21.9<\/td><td>21.7<\/td><td>21.5<\/td><td>&nbsp;<\/td><\/tr><tr><td>Females<\/td><td>24.3<\/td><td>23.9<\/td><td>23.7<\/td><td>&nbsp;<\/td><\/tr><tr><td>Future Pensioners (at age 45)<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Males<\/td><td>22.9<\/td><td>22.4<\/td><td>22.3<\/td><td>&nbsp;<\/td><\/tr><tr><td>Females<\/td><td>26.0<\/td><td>25.3<\/td><td>25.0<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">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\"><table><tbody><tr><td>&nbsp;<\/td><td>2021<\/td><td>&nbsp;<\/td><td>2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td><em>Amounts included in staff costs<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Current service cost<\/td><td>7,830<\/td><td>&nbsp;<\/td><td>7,009<\/td><\/tr><tr><td>Past service cost (including curtailments)<\/td><td>0<\/td><td>&nbsp;<\/td><td>174<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>7,830<\/strong><\/td><td>&nbsp;<\/td><td><strong>7,183<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Amounts included in interest and other finance costs<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Interest income on plan assets<\/td><td>(1,483)<\/td><td>&nbsp;<\/td><td>(2,210)<\/td><\/tr><tr><td>Interest on pension scheme liabilities<\/td><td>2,399<\/td><td>&nbsp;<\/td><td>3,095<\/td><\/tr><tr><td>Net charge to other finance costs<\/td><td><strong>916<\/strong><\/td><td>&nbsp;<\/td><td><strong>885<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Amount recognised in other comprehensive income<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Return on pension plan assets<\/td><td>20,047<\/td><td>&nbsp;<\/td><td>(3,815)<\/td><\/tr><tr><td>Changes in demographic assumptions<\/td><td>(2,477)<\/td><td>&nbsp;<\/td><td>1,823<\/td><\/tr><tr><td>Changes in financial assumptions<\/td><td>(21,101)<\/td><td>&nbsp;<\/td><td>(14,512)<\/td><\/tr><tr><td>Experience (gains)\/losses arising on defined benefit obligations<\/td><td>2,078<\/td><td>&nbsp;<\/td><td>(2,414)<\/td><\/tr><tr><td>&nbsp;<\/td><td><strong>(1,453)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(18,918)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>An analysis of the amount shown in the balance sheets at 31 July 2021 and 31 July 2020 is: &nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>&nbsp;<\/td><td>31 July 2021<\/td><td>&nbsp;<\/td><td>31 July 2020<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Total market value of assets<\/td><td>128,671<\/td><td>&nbsp;<\/td><td>104,843<\/td><\/tr><tr><td>Actuarial value of scheme liabilities<\/td><td>(198,687)<\/td><td>&nbsp;<\/td><td>(168,224)<\/td><\/tr><tr><td>Deficit in the scheme \u2013 Net pension liability recorded within pension provisions<\/td><td><strong>(70,016)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(63,381)<\/strong><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><em>&nbsp;<\/em>The movements in the net liability are as follows:<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Movement in net defined (liability) during the year<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Net defined liability in scheme at 1 August<\/td><td>(63,381)<\/td><td>&nbsp;<\/td><td>(40,545)<\/td><\/tr><tr><td>Current service cost<\/td><td>(7,830)<\/td><td>&nbsp;<\/td><td>(7,009)<\/td><\/tr><tr><td>Employer contributions<\/td><td>3,564<\/td><td>&nbsp;<\/td><td>4,150<\/td><\/tr><tr><td>Impact of settlement and curtailment<\/td><td>0<\/td><td>&nbsp;<\/td><td>(174)<\/td><\/tr><tr><td>Net interest on the defined (liability)<\/td><td>(916)<\/td><td>&nbsp;<\/td><td>(885)<\/td><\/tr><tr><td>Actuarial gain\/(loss)<\/td><td>(1,453)<\/td><td>&nbsp;<\/td><td>(18,918)<\/td><\/tr><tr><td>Net defined (liability) in scheme at 31 July<\/td><td><strong>(70,016)<\/strong><\/td><td>&nbsp;<\/td><td><strong>(63,381)<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><em>&nbsp;<\/em> <em>Movement in present value of the pension scheme during the year<\/em><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td>Present value at 1 August<\/td><td>168,224<\/td><td>&nbsp;<\/td><td>144,165<\/td><\/tr><tr><td>Current service cost (net of member contributions)<\/td><td>7,830<\/td><td>&nbsp;<\/td><td>7,009<\/td><\/tr><tr><td>Past service costs (including curtailments)<\/td><td>0<\/td><td>&nbsp;<\/td><td>174<\/td><\/tr><tr><td>Net interest<\/td><td>2,399<\/td><td>&nbsp;<\/td><td>3,095<\/td><\/tr><tr><td>Plan participants\u2019 contributions<\/td><td>1,036<\/td><td>&nbsp;<\/td><td>1,020<\/td><\/tr><tr><td>Actuarial gain\/(loss)<\/td><td>21,500<\/td><td>&nbsp;<\/td><td>15,103<\/td><\/tr><tr><td>Actual benefit payments<\/td><td>(2,302)<\/td><td>&nbsp;<\/td><td>(2,342)<\/td><\/tr><tr><td>Present value at 31 July<\/td><td><strong>198,687<\/strong><\/td><td>&nbsp;<\/td><td><strong>168,224<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td>31 July 2021<\/td><td>&nbsp;<\/td><td>31 July 2020<\/td><\/tr><tr><td><em>Movement in the fair value of scheme assets<\/em><\/td><td>\u00a3000<\/td><td>&nbsp;<\/td><td>\u00a3000<\/td><\/tr><tr><td>Fair value at 1 August<\/td><td>104,843<\/td><td>&nbsp;<\/td><td>103,620<\/td><\/tr><tr><td>Expected return on assets<\/td><td>20,047<\/td><td>&nbsp;<\/td><td>(3,815)<\/td><\/tr><tr><td>Interest income on plan assets<\/td><td>1,483<\/td><td>&nbsp;<\/td><td>2,210<\/td><\/tr><tr><td>Actual contributions paid by University<\/td><td>3,564<\/td><td>&nbsp;<\/td><td>4,150<\/td><\/tr><tr><td>Plan participants\u2019 contributions<\/td><td>1,036<\/td><td>&nbsp;<\/td><td>1,020<\/td><\/tr><tr><td>Actual benefit payments<\/td><td>(2,302)<\/td><td>&nbsp;<\/td><td>(2,342)<\/td><\/tr><tr><td>Fair value at 31 July<\/td><td><strong>128,671<\/strong><\/td><td>&nbsp;<\/td><td><strong>104,843<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>History of experience gains and losses<\/strong><\/td><td>&nbsp;<\/td><td>Year to July 2021<\/td><td>&nbsp;Year to July 2020<\/td><td>&nbsp;<\/td><td>Year to July 2019<\/td><td>&nbsp;<\/td><td>Year to July 2018<\/td><td><\/td><td>&nbsp;<\/td><td>Year to July 2017<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Difference between the expected<\/em> <em>and actual return on assets<\/em><\/td><td>&nbsp;<\/td><\/tr><tr><td>Amount (\u00a3\u2019000)<\/td><td>&nbsp;<\/td><td>20,047<\/td><td>(3,815)<\/td><td>&nbsp;<\/td><td>3,951<\/td><td>&nbsp;<\/td><td>4,906 <\/td><td><\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/td><td>&nbsp;8,125 <\/td><\/tr><tr><td>Percentage of assets at year end<\/td><td><\/td><td>15.58%<\/td><td>(3.64)%<\/td><td><\/td><td>3.81%<\/td><td><\/td><td>5.26%<\/td><td><\/td><td><\/td><td>9.78%<\/td><td><\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><tr><td><em>Experience gains\/(losses) on liabilities<\/em><\/td><td>&nbsp;<\/td><\/tr><tr><td>Amount (\u00a3\u2019000)<\/td><td>&nbsp;<\/td><td>1<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td>&nbsp;<\/td><td>&#8211;<\/td><td><\/td><td>&nbsp;<\/td><td>(2,052)<\/td><td>&nbsp;<\/td><\/tr><tr><td>Percentage of liabilities at year end<\/td><td>&nbsp;<\/td><td>0%<\/td><td>0%<\/td><td>&nbsp;<\/td><td>0%<\/td><td>&nbsp;<\/td><td>0%<\/td><td><\/td><td>&nbsp;<\/td><td>(1.77)%<\/td><\/tr><tr><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td><\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><td>&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">d) Church of England Funded Pensions Scheme<\/p>\n\n\n\n<p class=\"\">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 class=\"\">Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.<\/p>\n\n\n\n<p class=\"\">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 (2021: \u00a310k, 2020: \u00a310k), plus figures highlighted in the table below, giving a total charge of \u00a38k for 2021 (2020: \u00a323k).<\/p>\n\n\n\n<p class=\"\">A valuation of the Scheme is carried out once every three years.&nbsp; The most recent Scheme valuation completed was carried out as at 31 December 2018.&nbsp; The 2018 valuation revealed a deficit of \u00a350m, based on assets of \u00a31,818m and a funding target of \u00a31,868m, assessed using the following assumption<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>An average discount rate of 3.2% p.a.;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>RPI inflation of 3.4% p.a. (and pension increases consistent with this);<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Increase in pensionable stipends of 3.4% p.a.;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Mortality in accordance with 95% of the S3NA_VL tables, with allowance for improvements in mortality rates in line with the CMI2018 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7 and an initial addition to mortality improvements of 0.5% pa.<\/li><\/ul>\n\n\n\n<p class=\"\">Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><em>&nbsp;<\/em> <em>% of pensionable stipends<\/em><\/td><td>January 2018 to December 2020<\/td><td>&nbsp;<\/td><td>January 2021 to December 2022<\/td><\/tr><tr><td>Deficit repair contributions<\/td><td>11.9%<\/td><td>&nbsp;<\/td><td>7.1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">As at 31 December 2018 the deficit recovery contributions under the recovery plan in force at that time were 11.9% of pensionable stipends until December 2025.<\/p>\n\n\n\n<p class=\"\">As at 31 December 2019 and 31 December 2020 the deficit recovery contributions under the recovery plan in force were as set out in the above table.<\/p>\n\n\n\n<p class=\"\">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 class=\"\">Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability.&nbsp; The movement in the balance sheet liability over 2017 and over 2018 is set out in the table below.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp; &nbsp;<\/td><td>&nbsp; 2020<\/td><td>&nbsp;<\/td><td>&nbsp;2019<\/td><\/tr><tr><td>&nbsp;<\/td><td>\u00a3<\/td><td>&nbsp;<\/td><td>\u00a3<\/td><\/tr><tr><td>Balance Sheet liability at 1 January 2020<\/td><td>6,000                <\/td><td>&nbsp;<\/td><td>19,000                          <\/td><\/tr><tr><td>Deficit contributions paid<\/td><td>(3,000)<\/td><td>&nbsp;<\/td><td>(3,000)<\/td><\/tr><tr><td>Interest cost&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td>0<\/td><td>&nbsp;<\/td><td>0<\/td><\/tr><tr><td>Remaining change to the balance sheet liability* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td>1,000<\/td><td>&nbsp;<\/td><td>(10,000)<\/td><\/tr><tr><td>Balance Sheet liability at 31 December 2020&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/td><td>4,000<\/td><td>&nbsp;<\/td><td>6,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">&nbsp; *comprises change in agreed deficit recovery plan and change in discount rate between year-ends<\/p>\n\n\n\n<p class=\"\">This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>&nbsp;<\/td><td>December 2020<\/td><td>&nbsp;<\/td><td>December 2019<\/td><td>&nbsp;<\/td><td>December 2018<\/td><\/tr><tr><td>Discount rate<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.2%<\/td><td>&nbsp;<\/td><td>1.1%<\/td><td>&nbsp;<\/td><td>2.1%<\/td><\/tr><tr><td>Price inflation<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1%<\/td><td>&nbsp;<\/td><td>2.8%<\/td><td>&nbsp;<\/td><td>3.1%<\/td><\/tr><tr><td>Increase to total pensionable payroll<\/td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.6%<\/td><td>&nbsp;<\/td><td>1.3%<\/td><td>&nbsp;<\/td><td>1.6%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\">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 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) Section 1: Summary of the year Section 2: Strategic Priorities Section 3: Financial Performance Section 4: Future plans, risks and developments Section 5: Public benefit statement Section 6: Senior staff remuneration Section 7: Corporate [&hellip;]<\/p>\n","protected":false},"author":43,"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-8842","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\/8842","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\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/comments?post=8842"}],"version-history":[{"count":136,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb\/8842\/revisions"}],"predecessor-version":[{"id":12723,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb\/8842\/revisions\/12723"}],"wp:attachment":[{"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/media?parent=8842"}],"wp:term":[{"taxonomy":"schools","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/schools?post=8842"},{"taxonomy":"campuses","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/campuses?post=8842"},{"taxonomy":"subject_area","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/subject_area?post=8842"},{"taxonomy":"ht_kb_category","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb-category?post=8842"},{"taxonomy":"ht_kb_tag","embeddable":true,"href":"https:\/\/www.glos.ac.uk\/information\/wp-json\/wp\/v2\/ht-kb-tag?post=8842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}