Financial Statements 2021 by Buckinghamshire New University

FINANCIAL STATEMENTS for year ending 31 July 2021

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CONTENTS Welcome to the 2020-21 Financial Statements

Our Achievements in 2020-21

Strategic Report

Public Benefit Statement

Research, Enterprise & Regeneration Activities

Teaching Impact

Environment

Community Engagement

Outreach & Widening Participation

External Engagement

Strategic Risks

Financial Review

Statement of Corporate Governance

Statement of Internal Control

Statement of Responsibilities of the University’s Council

Independent Auditor's Report to the Council of Buckinghamshire New University

Statement of Principal Accounting Policies

Accounting Estimates & Judgements

Notes to the Accounts

Board of Governors & Advisors

Legal & Administration

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WELCOME TO THE 2020-21 FINANCIAL STATEMENTS We are delighted to present the annual report and financial statements for Buckinghamshire New University (BNU) for 2020-21. 2021 marked the 130th anniversary of the University’s founding as the School of Art and Science in High Wycombe in 1891. In spite of many changes since then, our mission remains to transform lives through inspiring, employment- and profession-focused education, enabling people to impact society positively and their future.

The University has continued to experience rapid growth in student numbers, making us one of the top 20 fastest growing higher education providers in 2020-21.

This was the second full year since the approval of the University’s strategy, Impact 2022, and these financial statements document continued strong performance against the strategy’s key performance indicators. Reflecting the University’s continuing effective and prudent financial management, our financial performance has been excellent during a year in which the impact of the COVID-19 pandemic totalled £2 million. With a surplus of £3.4m, more than 200 days’ liquidity, and staff costs held below 50% of income, all but one of our key performance indicators are either close to or exceeding the Impact 2022 targets. We are especially proud that this has been achieved against a backdrop of continuing challenges caused by the pandemic, especially reductions in commercial sources of income and from halls of residence lettings, and increased costs in student support, digital resources, and ensuring our campuses are COVID-secure. Academic performance has also been strong. The University has continued to experience rapid growth in student numbers, making us one of the top 20 fastest growing higher education providers in 2020-21. The University’s student retention rates exceed our benchmark by 1.4%. And league table performance has also been excellent, with our aggregate ranking rising by 10 places to 99th in the UK, and to 77th in the Guardian University Guide, the University’s highest ever ranking. These indicators imply the University is on track to meet the corresponding Impact 2022 targets. However, some indicators have been impacted by the COVID-19 pandemic. As at nearly all other universities, student satisfaction fell this year, reflecting the disappointment students felt at the continuing restrictions on face-to-face teaching. The University’s indicator of graduate or highly skilled employment also fell, reflecting the impact of the pandemic on employment opportunities. We attribute the University’s robust health in part to a clear strategic vision, capable management, and a focused approach to performance. We attribute emerging from the pandemic in such

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a state to the University’s principlesbased approach to managing the pandemic, driven by the intent to ‘do the right thing’ by our students, staff and communities. The result has seen low levels of infection among our students and staff, good relations with our local communities, and students returning to face-to-face teaching just as quickly as government guidance allowed. This year we have continued to invest in new course offerings, including winning c. £300k of funding from Health Education England to develop new programmes in Midwifery, Paramedic Science, and Physiotherapy. We have seen the start of new apprenticeship routes for Thames Valley Police representing the beginning of a significant new partnership. The University’s first Knowledge Exchange Framework confirmed the significance of the University’s work in exchanging knowledge with partners, including in building skills, enterprise and entrepreneurship. 2020-21 saw the University do much to further its strategic work around social responsibility. Most significantly, the University has led the creation of a new sector-wide pledge to support the entry and success in higher education of Gypsy, Traveller, Roma, Showman and Boater (GTRSB) students. This is the culmination of work ongoing

Professor Nick Braisby Vice-Chancellor and Chief Executive Officer

at the University for some years and delivers against a commitment the Vice-Chancellor gave to a House of Lords round table in 2019. We are delighted to see other institutions around the UK taking the pledge or actively working towards it. The University has refocused its partnership working at Pinewood Studios in South Buckinghamshire, created the Institute for Health and Social Care, successfully stewarded the Buckinghamshire UTC into a multi-academy trust, and developed a new strategic vision for its hotel and conference facility, Missenden Abbey, as an international hotel school.

Our thanks also to Dr Michael Hipkins for his 10 years’ loyal and dedicated service to the University who stepped down this year from his roles as Pro Chancellor and Chair of Council. Our University community is very grateful for Michael’s tireless support and we are so proud of all that has been achieved under his tenure.

In summary, and despite the ongoing challenges posed by COVID-19, the University has emerged this year in very strong shape – performing well against our strategic objectives, growing student numbers, achieving financial sustainability, developing our reputation, and continuing to make a major contribution to society through meeting our ethical and social responsibilities. We thank our staff, Council and partners for their continued support, and our students for being such excellent ambassadors for the University. Without their hard work it would not have been possible for the University to have performed so strongly in such a challenging year.

Maggie Galliers CBE Chair of Council

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OUR ACHIEVEMENTS IN 2020-21 TOP 30 UNIVERSITY (27th) for student satisfaction with quality of teaching, up 21 places

Cash in bank up £14.2m to £37.2m

Total income up 29.2% to £151.5m

Operating surplus of £3.4m

FINANCIAL HIGHLIGHTS

Rose 15 places to rank 77th place in the Guardian University Guide 2022, third consecutive improvement in overall position

10th highest in UK for our spend on services and facilities, up 27 places 25th highest in UK for our student-staff ratio

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7th highest postgraduate employment rate in the UK (98%) across multi-faculty UK universities 84.8% student continuation rates, exceeding sector benchmark

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S E L I M 4 5 0 , 10

or t hallenge in supp ed for BRIT C cl cy / n ra le / op d walke r young pe th charities fo of mental heal

Donations through BNU’s Give to Refresh initiative to tackle hygiene poverty supported 890 local families using a food bank.

University community raised £4k for RAG charities: the Julius Little Foundation and The Florence Nightingale Hospice.

29% rise in postgraduate students in 2020-21 74% increase in degree apprenticeship learners 2020-21 year

£1.54m funding for BNU Students’ Union to support the best student experience at BNU

3150 pupils took part in our schools outreach activities

Students volunteered 7,000+ hours of their time to help others

BNU was shortlisted in three categories for THE Awards 2020, widely known as the Oscars of higher education which ‘highlight and champion the very best of the talent and creativity that shines out from’ the UK’s universities.

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TOTAL INCOME UP 29.2% TO £151.5M

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STRATEGIC REPORT 1. B uckinghamshire New University Since its foundation in 1891 as the School of Science and Art, and in spite of undergoing many changes of name and location, Buckinghamshire New University’s mission has always been to transform lives through inspiring, employment- and profession-focused education, enabling people to impact society positively and their future. Our vision is for Buckinghamshire New University to become a University that is highly connected, permeable, studentand customer-focused, businessoriented, strategically aligned, impactful and aligned to strategic partners. Our roots are intimately woven into the heritage of our communities and the industries they have supported. In the 20th century, we developed strong links with local crafts like furniture-making and cabinetry, design and manufacture. In 1999 we were awarded University College status and became known as Buckinghamshire Chilterns University College. In 2007, we adopted our current name – Buckinghamshire New University. In 2009 we consolidated our various sites, creating our principal campus at High Wycombe, and in 2010 we opened the innovative Gateway Building, a stateof-the-art integrated learning complex which won a prestigious RIBA award. The University now operates over three campuses. In addition to the site at High Wycombe, we operate satellite campuses at Uxbridge in north-west London, and in Aylesbury, Buckinghamshire. We have three halls of residence in High Wycombe with a combined capacity of 885 bedrooms: 486 en-suite rooms at Hughenden Park Student Village and at Windsor House, and 399 rooms at Brook Street. Over the past 10 years or so, we have invested in excess of £100m to create state-of-the-art facilities, including the University library, media production studios, our multi-million pound Human Performance, Exercise and Wellbeing Centre and physiotherapy clinic. In 2019,

we completed the redevelopment of the south wing of our High Wycombe campus, creating new learning areas and an innovation hub, and established new social learning and Nursing simulation facilities at our site in Aylesbury. In addition, the University owns and operates Missenden Abbey, at Great Missenden, Buckinghamshire, a converted 12th Century abbey supplemented by modern facilities to create an exceptional conference, wedding and events venue. Today, the region in which the University operates, and covered by the Buckinghamshire Local Enterprise Partnership, is the 4th strongest within the UK for competitiveness, reflecting the extent of business start- ups and the depth of the knowledge-based economy. Our work with business reflects the county’s unique potential as a hub of infrastructure spend and development, including HS2, the EastWest rail link, the Oxford-Cambridge Arc, the Aylesbury garden town project, Heathrow expansion and Buckinghamshire Healthcare NHS Trust.

1.1 University Strategy During 2020-21, the University continued its work to implement its strategy, Impact 2022. The strategy sets our long-term strategic vision to be an innovative, teaching-oriented University, delivering sector-leading and lifechanging educational and employment outcomes for our students. It establishes a set of interconnected strategies for the University to make significant progress against this longer-term vision by 2022. Impact 2022 is detailed in section 4 of the Strategic Report.

1.2 Student Numbers 2020-21 saw a number of challenges to student recruitment, yet the University continued to see growth in its core student numbers, building on that seen in previous years. Overall full-time equivalent (FTE) student numbers stand at 18,719, having grown by 26% year on year. This increase has been driven by strong organic growth in

the numbers of students studying at the University – 5,657, having grown year on year by 9%. The numbers of students studying at partner institutions on validated or franchise provision (13,062) have increased more dramatically, but in line with expectations as intakes at new partners continue with their study on later years of their programmes. In 2020-21, there were 3,111 FTE students at partners studying a University-validated award, and 9,951 studying University awards under franchise, 92% of which are offered in the UK, and 8% overseas. Growth in BNU student numbers reflected increasing diversity in the courses we offer, with the numbers of apprenticeships growing by 21% year on year, 7% growth in undergraduate students, and 1% growth in the numbers of taught postgraduate students. This diversity means that our student body comprised 80% undergraduate students, 8% postgraduate (taught and research) students, and 12% apprenticeships; a small amount of FE provision comprised <1% of the student body. Of the student body, 87% were of Home fee status, 9% from the EU, and 3% overseas students. Student recruitment in 2020-21 was impacted by the COVID-19 pandemic, specifically the cancellation of A level examinations scheduled for the summer of 2020, and their replacement by centre assessed grades. The resultant grade inflation caused considerable instability with students widely reported to have sought places at more highly ranked institutions than would otherwise have been the case. In 2020-21, however, BNU continued to see very strong demand for its courses throughout the Universities and Colleges Admissions Service (UCAS) cycle – the volume of applications for full-time undergraduate places, for example, growing by 17% year on year. Applications for 2021-22 have continued to grow, also at another 17% year on year, leading to expectations that our overall student body will continue to grow further in the coming year.

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1.3 A Diverse Student Body Traditionally, and reflecting its focus on widening participation, BNU has had one of the most diverse student bodies in the country. This has continued in 2020-21. In 2020-21, of BNU students, 60% were female against a national average for higher education in 2019-20 of 57%. 53% of our students were White compared to a national average in 2019-20 of 75%; 23% of our students were Black, 16% were Asian, and 5% were of mixed ethnicity, compared to 2019-20 national averages of 8%, 12% and 4% respectively.

2. S trategic Developments This section outlines key developments in the past year in helping ensure the University delivers against the strategic objectives of Impact 2022.

2.1 Education 2.1.1 D esign for Health and Wellbeing BNU's online MA Interior Design for Health and Wellbeing course became the first Master’s qualification to receive accreditation from the Society of British and International Design (SBID). SIBD represents the interior design industry on a global stage and promotes the highest standards in education, development and sustainability in design and construction.

2.1.2 A viation BNU launched a new Master’s qualification in Aviation Security in collaboration with the International Civil Aviation Organisation (ICAO), a specialised agency of the United Nations (UN). The two-year, parttime qualification represents the first time ICAO has partnered with an academic institution; BNU is a Corporate Partner in its TRAINAIR PLUS programme, taught by specialists with industry experience.

2.1.3 Accelerated Degrees BNU launched new accelerated provision to help graduates start their professional, managerial and technical careers quicker. We developed accelerated degrees in response to COVID-19 as a way of increasing flexibility in our undergraduate course offerings to students. By allowing a new entry point midway through the academic year, students can start their programme in January, and move on to their second year as soon as September of the same year. We also introduced degrees with shorter foundation years across a range of subjects enabling students to start foundation years in January and finish in July, and guaranteeing a place on their chosen course ready to start their undergraduate degrees in September of the same year.

2.1.4 Thames Valley Police 2020-21 saw the University launch two routes for those wanting to become a police officer. The partnership between Thames Valley Police (TVP) and BNU saw more than 35 new police officers join TVP via its two new student officer entry programmes: the three-year Police Constable Degree Apprenticeship (PCDA) entry route for those who do not already hold a degree qualification, and the twoyear Degree Holder Entry Programme (DHEP) entry route for those that do. The launch of these new entry routes represents the result of two years of hard work and collaboration between the two organisations.

2.1.5 New Health Degrees 2020-21 also saw the University successfully win c. £300k in funding from Health Education England in order to develop three new health programmes: BSc Paramedic Science, BSc Midwifery, and MSc Physiotherapy. Each will make a valuable contribution to education and training in London and the South-East, helping the country meet much needed recruitment targets for the health professions.

The BSc Paramedic Science has been developed in partnership with South Central Ambulance Service NHS Foundation Trust and London Ambulance Service NHS Trust and will be delivered from the University’s High Wycombe and Uxbridge campuses, supporting workforce development in the Thames Valley and London regions.

2.1.6 Sport 2020-21 saw the University extend its provision in sport via a new partnership with Academy 23. The partnership will enable a squad of rising football stars to train at an elite level and achieve a degree at the same time. The hybrid curriculum of training and academic study enables players to choose from a range of degree programmes from Sports Psychology to Early Childhood and Primary Education, all while receiving high quality coaching, training and competition. In addition, in 2020-21 the University obtained Talented Athlete Scholarship Scheme (TASS) Dual Career Accreditation, recognising our capability in helping talented athletes to reach their potential in education alongside achieving success in their sport. In achieving this accreditation, BNU joins a small number of UK universities to receive external validation for the support and reassurance it already provides to its talented athletes. We currently support 34 studentathletes with stars from Reading Rockets basketball club, the Swim England Performance Centre and Academy.

2.2 Digital In support of the Impact 2022 Strategy, our ‘Building a Digital Learning Organisation’ strategy was developed and formally adopted by the University in January 2021. The strategy aims to transform teaching, learning, research and the delivery of support services through the innovative use of technology and to ensure that everyone can use digital services, data and technology confidently to enhance the student experience.

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2.3 R esearch and Knowledge Exchange In 2020-21, the first results of the sector-wide Knowledge Exchange Framework (KEF) were published. BNU scored highly for the way we share knowledge with wider society, performing strongly against other similar institutions in three key areas: skills, enterprise and entrepreneurship (where the institution was placed in the top 30% of similar institutions); public and community engagement (top 40%); and working with the public and third sectors (top 50%). Led by Research England, the purposes of the KEF are to provide: universities with new tools to understand, benchmark and improve their individual performance; businesses and partners with information on universities’ strengths in KE; and greater public visibility and accountability of university KE activities.

2.4 Social Responsibility 2.4.1 Definition of antisemitism 2020-21 saw the University actively debate its position in respect of the definition of antisemitism proposed by the International Holocaust Remembrance Alliance (IHRA). Following a request for all UK universities to adopt the definition formally, this was debated by the University’s Senate and its Council, the University’s governing body. The University formally adopted the definition, though with additional caveats to safeguard the protection of free speech. We believed that doing so was consistent with our historic mission to create a learning community that is truly inclusive, and would inform our existing policies on racism, discrimination, harassment and bullying.

2.4.2 GRTSB into HE Pledge The University has led the collaborative development of a good practice ‘pledge’ for universities to sign up to, aimed at supporting access to Higher Education and recognition within universities, for members of the Gypsy, Traveller, Roma, Showman

and Boater (GTRSB) communities. The GTRSB into Higher Education Pledge is a public commitment by higher education institutions to take greater steps in creating a more inclusive and welcoming environment for GTRSB students to enable them to develop academically and personally. Universities will also carry out more outreach and engagement work with local GTRSB communities. The Pledge is a collaboration between BNU, the GTRSB community, Non-Governmental Organisations (Friends, Families and Travellers; the Advisory Council for the Education of Romany and other Travellers; and the Traveller Movement), academics, and follows the University’s commitment given at a House of Lords round table event in September 2019. The Pledge requires institutions to self-report progress against four core commitments: data collection; organisational and institutional culture; outreach; and inclusion, celebration and commemoration. Alongside BNU, several universities have also signed-up, including Winchester, Strathclyde, Sunderland, and Hull and a larger number is currently in the process of doing so. The Pledge has been supported by the Office for Students. Chris Millward, Director for Fair Access and Participation at OfS, said: “We welcome the pledge as a commitment for universities to build on this work and to share effective practice.”

2.4.3 GRTSB into HE Bursaries The bursary is the latest step in supporting the pledge, with the University offering students £1,000 each year to support them during their studies, which is pro rata for those studying part-time. As well as the bursary, the University offers accommodation, assistance with university applications, and a mentor throughout a student's studies.

2.5 Reputation The University performed well in league

tables during 2020-21, resulting in a significant rise in our aggregate position.

2.5.1 Complete University Guide BNU climbed 22 places to 102nd in the 2022 Complete University Guide’s (CUG) league table of UK universities, the joint third highest rise of all institutions. BNU also rose four places to 13th in the South-East rankings, and ranks 83rd for all universities in England, capping a strong performance in this year’s CUG rankings. The University climbed 21 places into the UK’s top 30 for student satisfaction with our quality of teaching (27th), which ranks joint fourth in London and the South-East. BNU’s academic services spend on supporting services such as libraries and IT was the twelfth highest in the UK, eighth highest in London and the SouthEast, and third highest in the South-East. In a new metric, BNU also ranked in the top half (59th) of all institutions for graduate prospects, which measures whether recent graduates agree that their current activity fits with their future plans.

2.5.2 Guardian University Guide BNU climbed 15 further places to 77th in the latest Guardian University Guide (GUG) which represents the 18th highest rise across all UK universities. This is the University’s third consecutive rise in the GUG with a 44-place ranking improvement since 2019. We continue to be rated highly for the resources we invest to support our students and were 16th highest in the UK for expenditure in this area. On average, the University climbed in the GUG rankings by almost 11 places at subject level, improving our performance in 8 out of the 12 Guide’s subject areas in which BNU featured in both 2020 and 2021.

2.5.3 The Times and Sunday Times Good University Guide Disappointingly, the University fell 7 places to 119th in the Times and Sunday Times Good University Guide 2022, although there were again some

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strong results at both institutional and subject level. BNU ranked 10th in the UK for the amount spent on services and facilities, up 27 places on the previous year. In England, BNU ranked 25th for its student-staff ratio and was 36th in the UK; and BNU ranked 39th in England for teaching quality (out of 105 institutions) and nine of its course clusters were in the top quartile for Teaching Quality: Drama, Dance and Cinematics (1st); Accounting and Finance (2nd); Business, Management and Marketing (3rd); Sport Science (7th); Psychology (8th); Sociology (11th) Criminology (12th); Art and Design (13th); Computer Science (16th). Five of BNU’s course clusters were in the top quartile for Student Experience in England: Drama, Dance and Cinematics (1st); Accounting and Finance (3rd); Sports Science (7th); Psychology (10th); Business, Management and Marketing (14th).

2.6 Recognition 2.6.1 MoD Gold Award BNU was amongst 140 employers nationwide to receive the prestigious ‘Gold Award’ from the Ministry of Defence. The award celebrates the University’s outstanding support for those who serve, veterans and their families and is recognised as the ‘highest badge of honour’. We are a committed supporter of military and veteran employability, and of the families of service personnel who are often subject to job and school disruption due to postings around the UK and abroad. The University has a significant number of former service personnel in full time employment and we are proactive in our engagement with students to develop links with and understanding of military opportunities. We employ serving military personnel as associate lecturers and within affiliate parties such as Oxford University Air Squadron and Oxford University Officer Training Corps, both of which recruit from BNU’s student body.

2.6.2 Times Higher Education (THE) Award Nominations In 2020-21, BNU was delighted to be shortlisted in three categories of THE

Awards 2020: Outstanding Marketing / Communications team; Outstanding Technician of the Year; and Widening Participation or Outreach Initiative of the Year. In the case of Samantha McCormack (nominated for Outstanding Technician of the Year) this was her second successive nomination, recognising her work in simulation and moulage for our healthcare students. Shortlisting in the category of Outstanding Marketing / Communications Team recognised the development and launch of the BNU Employee Network (BEN) intranet, and nomination in the category of Widening Participation or Outreach Initiative of the Year celebrated the University’s work in widening participation amongst Gypsies, Travellers, Roma, Showmen and Boaters.

2.6.3 Student Nursing Times Awards 2020-21 also saw the University named as a finalist across five categories in the Student Nursing Times Awards: Educator of the Year; Nursing Associate Trainee of the Year; Student Nurse of the Year: Adult; Student Nurse of the Year: Children; Teaching Innovation of the Year.

2.6.4 Internal Changes 2020-21 saw the University complete a number of significant internal developments. These included the in-house development and successful launch of the University’s new brand. Combining elements of modernity with heritage, and refreshing the University’s brand values, the work was led by the University’s Marketing and Student Recruitment team. A Student Experience Committee was established in 2020-21 and is responsible for monitoring key performance measures in relation to the student experience including the contribution of BNU Students’ Union. Following an independent review of the University’s business and law programmes, the University made changes to its school structure, creating the new School of Business and Law, and the School of Digital and Creative Industries.

2020-21 also saw the successful launch of the University’s Institute for Health and Social Care. Focused on meeting the needs of our key strategic partners in the health and social care sector, the Institute is intended to enhance the quality, timeliness and responsiveness of the University’s provision to the needs of the sector. In 2020-21, the University completed the development of its Pinewood site. Reorganisation of its partnership arrangement has enabled the University to refocus its efforts on the delivery of higher education at the Pinewood site in South Buckinghamshire. The University owns and operates Missenden Abbey, a converted 12th Century abbey in Great Missenden, Buckinghamshire, which has been supplemented by modern facilities to create an exceptional conference, wedding and events venue. The University has taken the past year to refocus its objectives for Missenden Abbey and has committed to the creation of an international hotel school. This will involve developing the Abbey as a hotel facility, as well as the creation of an academic offer that will meet the needs of the hospitality industry. The University is also a sponsor for the Buckinghamshire University Technical College (UTC). Chaired by the Vice-Chancellor, the UTC’s Board of Governors has been engaged in identifying a Multi-Academy Trust for the UTC to join, in order to enhance its school improvement plans and future financial resilience. The Board has successfully worked with the Merchant Taylors’ Oxfordshire Academy Trust (MTOAT), and the transfer to the MTOAT has now been approved by the Department for Education. Lastly, the University was delighted to appoint as Chair of the University’s Council, Maggie Galliers CBE, who joined the University on 1 August 2021 with a wealth of experience of education, and considerable experience at board level. The University Executive Team also welcomed Ian Harper, the University’s Commercial and Business Development Director.

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3 Our Regulatory and Competitive Environment The University operates in a competitive national and international market attracting students and staff from across the region, the United Kingdom and around the world to study and work at one of our campuses. We are an autonomous institution and determine our own mission and strategy, although as a supplier of publicly funded higher education, we are subject to regulation and legislation to ensure that we act responsibly in our use of public funds. The University is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011. The Higher Education and Research Act of 2017 (HERA) established the Office for Students (OfS) as the principal regulator of the University as a charitable institution. The OfS’s primary aim is to ensure that English higher education is delivering positive outcomes for students – past, present, and future – and to ensure that students, from all backgrounds (particularly the most disadvantaged), can access, succeed in, and progress from higher education. The OfS focuses on delivering four primary regulatory objectives, that all students, from all backgrounds, and with the ability and desire to undertake higher education: • are supported to access, succeed in, and progress from, higher education; • receive a high quality academic experience, and their interests are protected while they study or in the event of provider, campus or course closure; • are able to progress into employment or further study, and their qualifications hold their value over time; and • receive value for money. The University has a highly diverse mix of students, with regulated limits to fees for UK and undergraduate students. There is flexibility to set fee levels for postgraduate and EU and international students.

All universities which charge fees for home undergraduate students above £6,165 a year (up to the limit of £9,250) are required to submit an Access and Participation Plan to the OfS. The University’s annual Access and Participation plan was approved at the time of registration and a five-year plan was approved by the OfS in September 2019 which runs until 2024-25. The plan commented positively on our record in opening up higher education to all that can benefit. Our progress towards meeting targets since approval of the plan contains many highlights, including the fact that the University has no attainment gap for disabled students (indeed they achieve a higher rate of good honours), the fact that our black awarding gap has been steadily falling to stand now at around two thirds the size of the gap seen across the sector, and that our overall BAME awarding gap is half what it was five years ago. The regulatory environment continues to evolve, and the University has taken steps to ensure its compliance with OfS requirements by consolidating responsibility for University compliance oversight into the role of University Secretary and Clerk to the Council.

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4 Our Objectives and Strategies During 2019-20, the University formally adopted its new strategy, Impact 2022. The University consulted widely in the development of the strategy, reaching out to all our key stakeholders for their views and insight. The result is a strategy that focuses the University’s activity over three years as it builds on the transformation programme which was completed at the end of 2018-19.

strong, ensuring our sustainability through realising efficiencies, growth, expansion, and investment. Above all, we will be a vibrant, inclusive community that inspires learning, develops potential, widens participation and ambitiously transforms lives.

Impact 2022 sets the University’s long-term strategic vision to be an innovative, teaching-oriented University, delivering sector-leading and lifechanging educational and employment outcomes for our students. We aim to deliver research and innovation that impacts and enhances lives and society and underpins our educational offer. We seek to be an outwardlyfocused institution, entrepreneurial in spirit, meeting our ethical and social responsibilities, expanding our reach through working in partnership with learners, communities, employers, the public, and strategic partners. We will be a learning organisation, enabling our staff to flourish, build their expertise and professional practice, and continuously excel and improve our organisational effectiveness. We will be financially

Impact 2022 establishes a set of interconnected strategies for the University to make significant progress against this longer-term vision by 2022. Impact 2022 is structured around two core strategies, Education and Research and Knowledge Exchange. Aligned to these, it prioritises work on four underpinning areas of strategic resource and infrastructure – Digital, People, Finance, and our Estate, and on four cross-cutting strategic themes –Social Responsibility and Reputation, Customer Service, One University, and Commercial.

CORE STRATEGIES RESE ARCH & KNOWLEDGE E XCHANGE

Commercial

ESTATE

One university

PEOPLE

Customer service

FINANCIAL

Social responsibility and reputation

DIGITAL

STRATEGIC THEMES

EDUCATION

STRATEGIC RESOURCES

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The over-arching aims of each of these strategic elements are as follows.

Education

The University aims to develop sector-leading impact, becoming renowned for an education that is flexible and practice-based, built around the needs of its students and ensuring their career success.

Research and Knowledge Exchange

Research and knowledge exchange activities will enrich our inclusive, learning community. They will help us reach out to the public, to our communities, and to our key strategic partners. They will help us to innovate and continually improve our enquiry-based education.

Social Responsibility and Reputation

We aim to be a University that always meets its social responsibilities and is able to deliver successfully for those that engage with us for the services we provide. We will set and achieve high standards, celebrate and promote our successes, and be self-critical where we need to improve further.

Customer Service

Key to our success will be identifying, understanding and responding to our customers, ensuring that our services are continually adapted to meet their needs. We will always question what we could have done to improve customer satisfaction, and will ask for and act on feedback on our performance.

One University

We will ensure our services and operations are integrated and holistic, with teams increasingly working across the boundaries of their School or Professional Service, so that our customers’ experience is of one, cohesive organisation. We will encourage staff to take end-to-end responsibility ensuring customers feel that they interact with One University. We will build and foster one community and encourage continuous learning working closely with our alumni and students.

Commercial

We will deliver greater and more sustainable financial returns from those activities with a commercial focus. We will ensure that business to business services and relationships enable the University to take advantage of commercial opportunities. We will ensure our commercial work is agile, responsive, and flexible, rooted in an accurate understanding of income and financial and opportunity costs.

Digital

We will shape our digital strategy around the need to prepare our students for a world of work rooted in the cutting-edge use of digital technology. We will develop our core infrastructure, promoting the functionality and behaviour needed to support the strategies of Impact 2022. The student and user experience will be at the heart of the digital strategy positioning the University to take full advantage of new technology, including shaping, improving and transforming our business processes.

People

We will create a diverse workplace culture which prizes the high performance that will be key to our success and develops our people, their skills, attitudes and behaviours and ensures their alignment with strategic priorities. We will support our people putting in place structures and processes to promote well-being, reward and recognise our staff, and ensure they are supported to fulfil the expectations of their roles.

Financial

We will develop the financial capabilities, resources and infrastructure to ensure we can invest appropriately in our strategic priorities. We will generate annual surpluses, meet our ongoing need for capital investment, manage our financial affairs prudently, including controlling cost, and ensure that the money we have works hard for us and in a way that respects our social responsibilities.

Estate

We will ensure our whole estate conveys a coherent and appropriate look and feel for the University, one that reflects our strategic vision, mission and values. We will refurbish and redevelop our campuses to ensure they support learning, enhance the University community, providing a sense of destination and arrival, and contribute to minimising our impact on the environment.

16 | Financial Statements 2020-21 | Buckinghamshire New University

Impact 2022 aims to produce a University that is financially strong, growing in student numbers, and providing an excellent learning and student experience. Impact 2022 differs from the University’s previous strategy in relation to the size, scale and nature of its franchise provision, prioritising strategic fit and alignment over the volume of student numbers. The University expects the numbers of students in franchise provision to remain broadly stable, whilst Impact 2022 will see continued growth in core BNU numbers. The overall success of Impact 2022 will be measured against a clear and simple set of key performance indicators and targets. The targets in the table below are those that the University will aim to achieve by 2022. The following financial indicators and targets were set against the financial performance of the University in 2018-19, and since then the University’s financial statements reflect the full income and cost value of franchise partnership activity. As a consequence, to understand University financial performance against some of the above targets – surplus, staff costs and liquidity – they need to be related to an income figure adjusted to reflect the net contribution from those partnerships.

Indicator

Target

Current year

Last year

Student numbers

7,000-7,500 FTE (Full Time Equivalent)

5,657

5,209

Overall student satisfaction

Above 85%

70.0%

83.5%

Retention

Above benchmark

84.8%

87.5%

Highly skilled employment

Above benchmark

64.6%

69.9%

Reputation

80th or better in aggregate across league tables;

99th

109th

TEF

Gold

Silver

Annual surplus

7-10%

4.7%

6.1%

Staff costs

Less than 50% of income

48.7%

48.0%

Liquidity

In excess of 150 days

206

134

*FTE: full time equivalent

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Our performance 2020-21 has seen the University make further progress towards the objectives of 2020-21, even as the HE sector has been challenged by the efforts to safely deliver courses during the COVID-19 pandemic. Despite the consequences of the pandemic showing some effect upon the outcomes of students throughout the sector, the University’s key performance indicators demonstrate that a rising reputation has contributed to growth being achieved which leads to a very strong financial performance.

Student numbers Assisted by earlier work to introduce new courses and boosted by an agile response to the government’s support for fast-track first-year sessions for students dissuaded from entering HE in autumn 2020, the University has seen rapid growth in the 2020-21 academic year. Overall growth of 9% between December 2019 and December 2020 puts the University in the top 20 fastest growing providers for the most recent rates of growth available. This was achieved through 21% growth in apprenticeships and 20% growth in taught postgraduate provision, on top of healthy 5% growth in first degree provision, which still constitutes over two-thirds of BNU’s full-time equivalent provision.

League table ranking The University has continued its ascent in domestic league tables, climbing from an aggregate position of 109th across the three rankings that were published in 2020 to an aggregate position of 99th in the same rankings in 2021. Climbs of 22 places in the Complete University Guide and 15 places in the Guardian University Guide have accelerated the University away from its position in 2017, when it ranked 120 or lower in every publication. The rate of increase in the Complete University Guide was the third-highest of all institutions while the twoyear climb in the Guardian was the 6th highest. Progress in the Sunday

Sunday Times Good University Guide has been slower, and the 2021 publication showed a small decline. Having achieved the Impact 2022 objective of a top 80 position in the 2021 Guardian publication, the University expects to achieve an aggregated position of 80th in the 2022 rankings, when averaged across all three publications.

Overall student satisfaction Set with reference to the sector average satisfaction rate in 2018, BNU had got very close to its Impact 2022 target of 85% in 2020, reaching a high of 83.5% and exceeding its benchmark rate of 82.4%. In 2021 the entire sector saw a large drop in satisfaction levels of -8% as students reflected on their experience during the pandemic. In reflection of this, the University’s benchmark for full time first degree overall satisfaction fell to 75.7% and the University’s overall satisfaction rate fell further, to 70%. Unlike some universities, BNU places a high premium on practical, face-to-face teaching, and the pandemic therefore had a more significant impact on the University, compromising its ability to provide the high-quality experience we normally provide for our students. As the University emerges from the pandemic, and teaching is less disrupted, we anticipate student satisfaction returning to our pre-pandemic levels. Although responses to the headline ‘overall I was satisfied with my course’ question were disappointing for the 2021 graduating cohort, there were other sections of the survey in which students expressed greater satisfaction. Bucks Students' Union continues to rank in the top 5 nationally while relative gains for organisation management puts the University in the top half of all institutions. Satisfaction with the timeliness of feedback to BNU students was maintained, significantly above benchmark, even as students across the sector voiced their dissatisfaction with how this had declined at other providers.

The response to the pandemic was better in some subjects than in others. 100% of Dance students were satisfied with their course while several subjects increased their relative position amongst other providers.

Retention BNU exceeds its benchmark for retention of students, with 81.2% of the full time first degree population included in the official 2018-19 HESA metric continuing at the University after their year of entry, compared to a benchmark of 79.8%. The proportion of BNU students leaving HE after their year of entry was lower than benchmarked – 15.5% against 16.3%. Although superior to benchmark, these figures do not reflect the strong retention performance of the courses delivered by BNU. In particular, the School of Nursing maintained a continuation rate of over 94% for the third year running while the School of Health Care & Social Work improved its rate to over 91%.

Highly-skilled employment Now measured by the Graduate Outcomes survey, which assesses the proportion of students undertaking graduate-level occupations 15 months after completion of their degree, the 2018-19 cohort showed a decline in employment prospects for students starting their careers during the pandemic. The unemployment rate of BNU graduates, previously the 4th-lowest in the UK at 2%, increased to 5.2% for the 2018-19 cohort. There are still no official metrics for the highly-skilled metric but the definition used by the Sunday Times University Guide saw 64.6% of graduates enter a graduate level occupation or enter further study – a proportion that ranks 100th in the sector after a decline of 5.3% from 69.9%. This decline is similar to those observed throughout the sector and may decline further before recovering – the employment prospects of those graduating in 201920 were even more affected by the pandemic than those of the students who have been surveyed so far.

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TEF The University was awarded a Silver TEF rating in 2018 and this was due to expire in 2021, although there have been no opportunities for new assessments. In June 2021 the Office for Students announced that BNU’s award would be extended for a further year but that no providers should be promoted or used to inform student choice. Subject to further announcement and consultation, it is expected that a new window for TEF submissions will be opened in summer 2022 and new awards announced in 2023.

Surplus In spite of the disruption to campus activity throughout 2020-21 and the additional resources that were deployed to keep students and staff safe, the University has recorded an operating surplus of 4.9%. This is second successive surplus following deficits of 7.8% and 4.3% in the two preceding years and demonstrates the resilient footing of the University.

Staff costs This impressive financial performance has been achieved against a prudent approach to the cost base, including staff costs, which have been maintained at under 50% of income for a second successive year. Having been 54% in 2018-19, the proportion of staff costs as a proportion of income is now 49.3%, reflecting work undertaken as part of BNU’s Fit for Future programme, which led to reduced staffing in some areas balanced by additional staffing aligned to Impact 2022 and its growth agenda.

Liquidity The University has further improved its cash position in 2020-21, with resulting advantages for liquidity. By reaching 206 days, the net liquidity days statistic has now exceeded the Impact 2022 target of 150 days. This further increases the University’s capacity to face the uncertainties and potential challenges that the HE environment is encountering.

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PUBLIC BENEFIT STATEMENT Our University has been transforming lives for 130 years, from developing our students’ full potential to making a positive impact to the environment and in our communities. The University’s Impact 2022 strategy expresses the importance of corporate social responsibility and reaffirms our commitment to reduce our environmental impact; increase sustainability; and address challenges by building effective and strategic partnerships. BNU was the first university in the UK to achieve Gold CSR Accreditation, with its commitment described by the awarding body as ‘a visible testimony of excellence’ in CSR.   Being a responsible corporate citizen is important to us and so we will:   - deliver against our mission as a civic University, engaging with communities in Buckinghamshire and elsewhere.  - engage effectively with business, actively contributing to the local and national industrial strategies, and economic growth within the region.  - minimise the environmental impact of our estate by setting new targets to meet the highest standards around energy, waste and travel.   The most direct beneficiaries of our impact are our highly diverse community of undergraduate and postgraduate students who choose BNU for sector-leading and lifechanging education, designed to deliver excellent employment outcomes.   We provide an education that works for all regardless of background or circumstance, and provides skills for life, to meet the global challenges of the 21st century. In The Times and Sunday Times Good University Guide, based on 202021 data, we are proud that BNU:

• rose 8 places to rank 26th for social inclusion out of all universities in England;  • had the 21st lowest dropout rate in the UK for students from deprived areas; and  • had the 23rd lowest black attainment gap across UK universities.  These achievements highlight our strength in supporting all BNU students to succeed, underpinning our mission to widen participation through the transformative education we provide.   BNU supports tens of thousands of regional jobs with its beneficial impact estimated to be in the region of £0.95bn annually, reflecting the economic activity of the University’s students, staff, and alumni. BNU students work in and support many key local industries, including the vitally important health and social care sector, and are active contributors to local and regional charities and voluntary groups.  And a report by the Higher Education Policy Institute showed that international students delivered a net economic benefit of £25.9 billion to the UK in 2018-19, with significant contributions across the constituencies in which BNU’s campuses are based:  • Uxbridge and South Ruislip: £129.4m • High Wycombe: £45.6m • Aylesbury: £20.1m

Throughout the year, our University community worked tirelessly to play our part in fighting against COVID-19. We also continued our long-hold commitment to make a positive contribution and impact through our business activity across several key areas: • Research, enterprise and regeneration activities • Teaching impact • Environment • Community engagement • Outreach and widening participation activities • External engagement

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RESE ARCH, ENTERPRISE & REGENERATION ACTIVITIES Our research is focused on ensuring that the University is a catalyst for positive change. We engage with the wider world in many different ways and knowledge exchange has long been at the heart of our research and innovation activities. We are passionate about working collaboratively with industry and our local communities to benefit both the economy and society.

Knowledge Exchange Framework BNU scored highly for the way we share knowledge with wider society in the first Knowledge Exchange Framework (KEF) results published in March 2021. We performed strongly against other similar institutions in three key areas including skills, enterprise and entrepreneurship (top 30%); public and community engagement (top 40%); and working with the public and third sectors (top 50%). Led by Research England, the purposes of the KEF are to provide: • universities with new tools to understand, benchmark and improve their individual performance; • businesses and partners with information on universities’ strengths in KE; and • greater public visibility and accountability of university KE activities. We will continue to work tirelessly to expand our KE activities at a local, national, and international level.

Arc Universities Group Buckinghamshire New University is a proud member of the Arc Universities Group (AUG), a network of nine universities between Oxford and Cambridge, formed to foster collaboration, research, skills and innovation to support the economic growth of the Oxford-Cambridge Arc region. Our Vice-Chancellor, Professor Nick Braisby and Provost and Deputy Vice-Chancellor, Professor Gavin Brooks are respectively members of the AUG’s Governing and Operating Boards. The boards comprise senior representatives from the AUG whom work together with government, Local Enterprise Partnerships (LEPs), Growth Boards and business to deliver the Arc’s economic development goals and support growth, inclusivity and resilience across the region. BNU is also represented on the OxfordCambridge Arc Universities Group’s Environment Partnership Board (EPB) with an agenda focused on three areas: • Natural assets - the protection and enhancement of the natural capital of the Oxford-Cambridge Arc region • Sustainable infrastructure - the environmental sustainability ambitions of infrastructure bodies, companies, utilities, and their professional advisors; and • Employment opportunities for a green economy - the green economy and recovery opportunities in the Arc.  People living and working in the Oxford-Cambridge Arc value highly its natural environment assets, wildlife, landscapes and green spaces. Conserving and enhancing the natural environment of these areas are at the heart of the Government’s ambitions for the Arc region. At BNU, we are responding to these regional and global challenges by conducting research and developing new course programmes:

Clean water: esearch on water security and pollution levels is both informing Government policy and helping to improve access to clean water on a global scale, as well as for the Arc region. • BNU is part of the four-year £4.3 million PANIWATER (Photoirradiation and Adsorption Novel Innovations for Water-treatment) programme, a joint EU-Indianfunded project through the Horizon 2020 programme and the Indian Department of Science & Technology (DST). BNU is one of 18 partners across the UK, Ireland, Spain, Italy, Cyprus and India. Prototype solar water disinfection (SoDis) jerry cans, designed at BNU, kill harmful microbes in water to benefit India’s rural communities, which account for more than 60 million people within its 1.3 billion population.   • The jerrycans and SoDis buckets are already being used by more than 500 families in the Chikwawa region of Malawi, in southeast Africa, through a BNU project with the Polytechnic University of Malawi, as part of an earlier EU Horizon 2020-funded WATERSPOUTT Project. WATERSPOUTT is coordinated by researchers at the Royal College of Surgeons in Ireland (RCSI) and aims to reduce the number of people worldwide relying on unsafe drinking water.  Its work with BNU has also included being part of a trial of transparent plastic jerry cans for solar water disinfection in rural communities in Ethiopia. • BNU academics have also advised on water disinfection buckets used in primary schools in rural Masaka, Uganda.

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Life below water: by highlighting and researching marine environmental challenges, the Arc universities are helping to drive initiatives that have a global impact, not only on policy but also on the attitudes of individuals. • At BNU, our research is addressing the decarbonisation of sport leisure marinas through our involvement in the Carbon Neutral Management of Sport Marinas International Master Modules programme. The programme has been created to meet future skills needs; enhance the opportunities for cooperation between higher education, vocational educational training and industry; and boost the exchange and transfer of knowledge to increase know-how. Life on land: with a landscape ranging from low rolling hills of the Chilterns to the open landscapes of Bedfordshire, good land stewardship is crucial for the 1.15 million hectares which comprise the Arc region. • BNU has biodiversity projects across our estates including green rooves and wildflower and meadow planting programmes. All AUG members are also working in partnership to raise public awareness of environmental challenges. BNU is part of SOCLIMPACT, a European innovation projected funded by the EU Horizon 2020 scheme. This innovative project

models climate change effects and their socioeconomic impacts in European islands, aiming to develop climate projections, and assess impact, risk and vulnerability to island communities. Universities in the Arc region also play a highly important role in the development of the aviation and aerospace sectors. Ranking third in the world, behind only the USA and China, the UK is a significant player in the aerospace industry. In the Oxford-Cambridge Arc area, there is world-class capability and a tradition of deep collaboration. Historically, the Arc region was the birthplace of the Royal Flying Corps, the forerunner to the RAF, and is now home to a network of aerospace companies. BNU makes its own contribution to the industry with our pioneering dual aviation and pilot degree programmes which equip professionals with the skills they need to succeed in an ever-changing and dynamic sector. In 2020, the AUG members began working together so that real progress could be made in meeting the enormous aerospace and aviation challenges of our times, chiefly readying the industry for its transition to netzero emissions, in line with the UK Government’s ambitious target to be carbon neutral by 2050. This collective and systems approach between the AUG members and industry has led to the proposed Oxford-Cambridge

Virtual Institute for Aviation (OCAVIA). Guided by an industry advisory board, OCAVIA will offer a systems approach to enable real-time modelling and integration of technology into aircraft, and aircraft into wider operations. This will include assessing how the jobs, responsibilities and skills of tomorrow’s aviation professionals will inevitably need to adapt to the new operating environment. In addition to BNU’s AUG contribution, academics from our School of Aviation and Security have collaborated with the European Commission Joint Research Centre to estimate regional variation in air transport connectivity across the EU, UK and EEA regions. The research project, supported by Research England’s Quality-Related Research Strategic Priorities Funding (QR SPRF), involved the development of a new regional air transport vulnerability and dependence index to estimate the impact of disparities in air transport access and mobility in the post-pandemic period. In total, the research project analysed sub-regional air access inequality across 13,883 N3 regions in Europe. The resulting invaluable data will now aid policy makers and industry in their immediate understanding of the changing levels of disparity in air transport connectivity and access across the EU, EEA and UK regions, before, during and after the COVID-19 pandemic.

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Research with Gypsy, Traveller, Roma, Showman and Boater (GTRSB) communities New BNU research, funded by the Ministry of Housing, Communities and Local Government and commissioned by GTR development organisation GATE Herts, demonstrated that Anti-Gypsy hate crime and hate speech were linked to both attempted and completed suicides in the Gypsy, Traveller, Roma, Showman and Boater communities. The first-of-its-kind pilot study of people from the Gypsy, Traveller, Roma, Showman and Boater (GTRSB) communities estimated there have been 131 suicide attempts known to NGO support workers over a fiveyear period ending in 2020. A large proportion of NGO support workers who took part in the study said the vast majority (90%) of their clients who had completed, or attempted, suicide had experienced hate incidents. All of the GTRSB respondents to a survey ran as part of the study said they had experienced hate incidents or discrimination, with the most common experiences being: exclusion and discrimination from and within services (94%); reinforcement of negative stereotypes through mainstream media representations (89%); social media abuse (87%); and racial hatred caused by media incitement (82%). Only 10% of respondents to this survey said they would formally report hate incidents, while one-in-three neither knew how to make such a report or felt that it would be too much bother given their lack of trust in a positive outcome. School bullying was highlighted by 78% of respondents as one of the most common forms of hate incidents they had experienced. The BNU study also found that one-in-five GTRSB people who have experienced a suicide within their family were aged 18 to 30, with two-thirds of these young people experiencing a suicide of a close relative. The profound impact of exposure to multiple suicides at such a young age is likely to exacerbate their own risk factors for suicide, which include exposure to hate incidents, according to the research.

BNU’s ground-breaking study is a key intervention in the continued fight for the rights of Gypsy, Traveller, Roma, Showman, and Boater communities to be treated equally and valued by the institutions that should serve them. Our University continues to widen access to higher education and increase support for these communities, to close the equality gap and remove some of the unnecessary barriers to social inclusion they have faced for far too long, for example through a new GTRSB bursary.

Buckinghamshire Life Sciences Innovation Centre We are proud to be a partner in the Buckinghamshire Life Sciences Innovation Centre which supports innovative businesses to develop products focused on health and wellbeing, prevention, and public health and, in so doing, meet the health needs of our region and improve patient outcomes. BNU is also among a consortium of eight higher education institutions, led by Imperial College London, tackling medtech challenges through the MedTech SuperConnector programme. Dr Ricardo Khine, BNU’s Head of School of Health Care & Social Work and Associate Professor, Health Care (CPPD & Partnerships), developed a study to define the opportunity and potential for Advanced Clinical Practice (ACP) roles in oncology services. The research was conducted to utilise a qualitative study design using focus groups and set objectives to explore local profiles, role development, opportunities for standardisation of ACPs in therapeutic radiography and to determine resource requirements to roll out and ensure continuation of the existing and new roles. The focus groups enabled participants to tell their stories and share experiences. Key findings concluded that the need for standardisation in job descriptions, roles and responsibilities and a key understanding of career progression were essential to ensure continuation of the existing and new roles.

Enterprise activities We have also recently expanded our team within the University’s Research and Enterprise Directorate to include a Knowledge Transfer Partnership Manager and an Innovation and Knowledge Exchange Manager. Together, these new roles will facilitate increased external engagement within the local community, both with local businesses and institutions and will ultimately work to increase our research impact, reputation and involvement within Buckinghamshire and the surrounding areas. BNU is now represented as members of various local Chambers of Commerce and engages with the Buckinghamshire unitary authority through a range of partnerships and projects to ensure that we actively utilise our academic expertise to engage and participate in ways that benefit our external partners. Bucks HSC Ventures is a three-year health and social care innovation programme hosted by BNU and funded by the European Regional Development Fund (ERDF) in collaboration with Buckinghamshire Healthcare NHS Trust, Buckinghamshire County Council, Oxford Academic Health Science Network and Buckinghamshire Clinical Commissioning Group. Bucks HSC Ventures has provided over 1143 hours of direct support – with a market value of more than £128,000 - to 164 micros, small and medium enterprises (SMEs) through a variety of workshops, masterclasses, webinars, events, and networking opportunities. Innovative ideas are based on themes such as ‘Best Start in Life’, ‘Prevention’, ‘Age Well’, and ‘Staff Wellness’ with the aim of establishing Buckinghamshire as the ‘go to’ destination for health and social care innovation, and ultimately improving patient care within the region. Bucks HSC Ventures has supported an exciting array of beneficiaries including a BNU Master’s student who successfully launched Coggi, a ground-breaking digital app which uses immersive AR technology to help children promote their own psychological wellbeing with the aim of preventing or lessening future mental health problems. The Bucks HSC Ventures programme’s Value Proposition workshops helped the student to

Buckinghamshire New University | Financial Statements 2020-21 | 23

identify future commercial opportunities and how to develop a strong pitch ahead of seeking R&D funding to validate the use of Coggi as a tool for improving children’s wellbeing while in hospital.

Regeneration activities BNU supports regeneration activity in the region with projects to support graduates’ start-ups and to provide know-how to SMEs in Buckinghamshire following a £1.2m investment from the Ministry of Housing, Communities and Local Government (MHCLG), as part of the European Regional Development Fund Programme (ERDF). The GLIDE programme seeks to increase entrepreneurship and stimulate the local economy by supporting small and local businesses during the economic recovery period following the COVID-19 pandemic. Through the use of knowledge, expertise, technology and research capabilities that already reside within BNU, the programme aims to help our graduates start their own businesses across a variety of industries, as well as to develop and enrich existing SMEs to develop their business and increase reach within the market. Challenge Works is a programme designed to bring the power of innovation generated through the private sector to work on reducing costs and improving the effectiveness of the public sector’s response to key challenges facing society. By using the ‘hackathon’ methodology, the private sector can create innovative products, services and processes to help address both local and wider challenges. The programme will also focus on knowledge exchange between our academics at BNU and private sector businesses participating in the programme, fostering better and lasting relationships with the wider business community and making BNU a preferred place for businesses to access support.

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TE ACHING IMPACT We are proud to train the nurses; operating department practitioners; midwives, paramedics, social workers and police officers of the future, many of whom choose to stay on and work in the local area after graduation. All our graduates make a difference in the real world through their significant contribution to sectors and industries including design; music and film; sport; business and law; and aviation. We provide a high-quality learning experience for all our students, and we have outlined in the Strategic Report the league table successes the University has achieved in 2020-21. The University’s improved rankings are testament to our proud history of offering employment focused and skills-based learning. Applying knowledge in authentic work-related scenarios is a hallmark of every course at BNU. From day one, we encourage our students to focus on their future careers and to take advantage of the many opportunities to bolster their job prospects while they study. In partnership with Bucks Students’ Union, we do everything we can to ensure our students are well prepared to stand out in the highly competitive employment market when they graduate. It is why BNU graduates go on to be successful in their chosen careers, and we take great pride in all that they achieve. We are also proud that our library has been re-accredited with the Book Industry Communication Technology Excellence in Libraries (TEiLA) award which honours libraries for their adoption of best practice and industry standards and their investment in beneficial technologies. This award demonstrates that our staff and students benefit from BNU’s optimum use of technologies in book and e-book acquisition and in our self-issue machines which use RFID technology for efficient book circulation. It is just one way in which BNU strives to provide our staff and students with access to learning resources and services in the most efficient way.

Developing courses to ensure graduates succeed in the real world • BNU’s Human Performance Lab was praised for helping volunteers achieve a ‘remarkable health turnaround’ in the ‘21 Day Body Turnaround’ Channel 4 programme with BNU honorary Dr Michael Mosley which aired in June 2021. Initial lab testing at BNU of the volunteers revealed they were all likely to be at risk from debilitating conditions such as diabetes, high blood pressure, heart disease, chronic inflammation and stress. Further tests by BNU staff showed that most had the aerobic fitness age of someone at least 20 years older. After following Dr Mosley’s exercise and diet regime for 21 days, the tests were repeated at BNU with the results demonstrating the health improvements for each participant. Dr Mosely said: ‘Key to their success were the tests we did at Buckinghamshire New University, where I was delighted to receive an honorary doctorate a few years ago. My volunteers found doing the tests very motivating and were impressed by the expertise of the staff.’ Our Human Performance Lab specialises in human physiology, biomechanics and psychology. It plays an important role in assisting and facilitating student learning on a range of sports science academic courses, while also being available to athletes and teams who wish to improve their training and performance with advice from the university’s experienced consultants. BNU alumni who have used the lab for their studies have gone on to successful careers in sports analysis and coaching at Premier League football clubs and in other sports, while the lab’s sports science consultants provide support to athletes across a range of sports and disciplines.

• BNU was selected as one of five UK institutions to take part in the UK Fashion and Textile Association’s (UKFT) ‘MADE IT’ 2020-21 programme. The project aims to bring together design graduates and manufacturers, enriching studies with specialist industry knowledge and providing a foundation for those hoping to start a career in manufacturing. The programme is made up of three elements: a Production and Sourcing Masterclass, highlighting the breadth of job opportunities across the supply chain; a production internship, immersing students within a manufacturing environment; and the development of quality internship material for both students and employers, with the aim of raising the quality and expectations of internships across the industry. BNU is proud to enter into this new partnership as part of an ongoing commitment to providing practical experiences that aid our students’ future employability. We are passionate about developing graduates with industry-ready skills who are equipped to consider their position in the wider ethical and economic attributes of the fashion and textiles sector. • BNU’s online MA Interior Design for Health and Wellbeing course became the first Master’s qualification to receive accreditation from the Society of British and International Design (SBID). SIBD represents the interior design industry on a global stage and promotes the highest standards in education, development and sustainability in design and construction. We are proud to play our part in changing the design industry for the better by actively promoting health and wellbeing. The programme involves industry professionals contributing to students' learning and research to enrich the student experience, along with contributions from experts across the healthcare design sector.

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• Two news ways of becoming a police officer has seen people aged 19-44 from all walks of life join the force via a partnership between BNU and Thames Valley Police (TVP). More than 35 new police officers have joined Thames Valley Police (TVP) via the University’s two new student officer entry programmes: the three-year Police Constable Degree Apprenticeship (PCDA) entry route for those who do not already hold a degree qualification, and the two-year Degree Holder Entry Programme (DHEP) entry route for those that do. The two cohorts are aged from 19 to 44 years old and 55% of new recruits are female, while 13% have Black, Asian or MultiEthnic backgrounds. They bring with them a variety of previous life and work experience including experience in community mental health support, the military, retail and leisure, foster care, the prison service, teaching and animal welfare.

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ENVIRONMENT We take our environmental responsibilities seriously and are committed to building on our achievements. The University’s Impact 2022 strategy expresses the importance of corporate social responsibility and reaffirms our commitment to reducing our impact on the environment; increase sustainability in our operations and education; and address challenges through building effective and strategic partnerships.

Projects we have undertaken to reduce BNU’s carbon footprint:

Impact 2022 set new targets to meet the highest standards in relation to our environment, including energy, waste and travel. We will deliver against our mission as a civic University, engaging with communities across the county of Buckinghamshire and elsewhere. We will engage effectively with business, actively contributing to the local and national industrial strategies, and economic growth within the region. We will minimise the impact of our estate on the environment.

Net zero carbon emissions

We were the first university to receive a Gold CSR Award. In 2020, BNU signed the United Nations Sustainable Development Goals (SDGs) Accord. We have committed to publicly sharing our submissions to the UN to provide transparency around our progress against the 17 SDGs which span climate change, reducing inequalities, promoting economic growth, providing quality education and tackling poverty. Although we are at an early stage of explicitly aligning the SDGs to our strategic work, we are very proud of all that our University community has already done to make a positive impact locally, nationally and globally. In 2020 we announced our pledge to go carbon net zero by 2030 - 20 years ahead of the Government’s target. We are moving towards embedding sustainability into our curriculum for all disciplines and course programmes.

Our sustainability principles are to: Create a sustainable campus. Enable, empower and support the BNU community to tackle their sustainability impacts. Provide the education, advancement dissemination and application of sustainable development.

A full audit and review of all plant, machinery, mechanical and electrical equipment across our estate was undertaken, using financial cost / benefit analysis, to identify where capital investment is required to reduce our carbon emissions. We have proud to have already succeeded in reducing our carbon footprint by 55% since 2011.

Energy costs and consumption Energy costs consist of two key elements: electricity and gas. Our Estate Management Report indicates the University’s gas costs in terms of both price and % consumption are in line with the lower quartile of the sector. For electricity, however, both price and % consumption are in the upper quartile. This is partly driven by the fact that we have opted to use a nuclear carbon neutral tariff which attracts a price premium. A review of electricity consumption is planned for 2021-22 to identify areas of focus to improve both our tariff and consumption.

Enhancing our campuses Maximise the impact of BNU's environmental sustainability activities at local, regional, national and international levels through collaboration, partnership and communications. Become a leader across the HE sectors in terms of environmental sustainability.

During the year, we developed plans to enhance our campuses to improve the experience of our students and staff. The team with whom we work share our commitment to the UN Sustainable Development Goals (SDGs) and are purpose driven in their work. We are committed to meeting the Social Value Act by procuring goods and services from social enterprises. • We have developed a partnership with a local social enterprise and charity which salvages materials for reuse and supports disadvantaged people into employment.

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• The micro-SMEs with whom we have worked are committed to sustainable landscape and planting practices. All plants have been chosen for their variation and support in enhancing biodiversity and urban greening. They will support wildlife with small fruits and flowering in the spring. Many are drought-resistant and chosen in consideration of climate resilience. • Timber to create planters has been salvaged from the Millennium Stadium in Cardiff where it was a previously a board walk. It is self-maintaining without the need for reapplied paint finishes, and the planters will serve as homes for bees to support biodiversity. The timber is treated with a product that is based upon purified and refined natural resources. • A wildflower garden at our High Wycombe Campus supports biodiversity, and we have created green roof spaces at our Hughenden Student Village halls of residence.

• Investment in a modern building management system has enabled greater control of utility spend. Our building management system controls heating, cooling and hot water, and increases the amount of time when the plant can be turned off. During the COVID-19 outbreak, this enabled building services systems to be monitored and managed successfully off campus. • Our mechanically ventilated buildings recover heat before air is expelled, which is used to preheat air entering the building to save on energy consumption and keep our campuses COVID-secure. We achieve up to 80% heat / cooling recovery from our ventilation systems. Variable speed pumps reduce energy requirements under different loads and we use highly efficient air source heat pumps. • Electric vehicles comprise 66% of our fleet, and we have an electric car club scheme for staff, along with charging points for our employees’ electric vehicles. • We are working to reduce our carbon emissions further still by migrating from gas to electric boilers and improving insulation by replacing windows with energy efficient secondary glazing units. • We continue to replace old lighting with LED units, and install presence and absence detectors to turn off lights when rooms are not in use.

We put our energy into saving energy • In 2021, the University invested £255k for photovoltaic cells places on three buildings at our High Wycombe Campus. Since installation, these cells have generated 920,581 KWHs of power and generated a cost saving of £125k plus a further energy offset saving of £80k. • We have installed solar panels capable of producing up to 138,000 kWh of energy per year. This equates to an annual saving of 70 tonnes of carbon.

• We have installed low flow shower heads in our student accommodation and fitted flow controls to urinals. • We specify that our IT equipment must be energy efficient.

Responsible waste management We manage and dispose of our waste responsibly. • Recycling facilities are available for paper, card, plastics, metal, electrical equipment, batteries and mattresses.

• We are working on food recycling at our campuses and halls of residence, and coffee cup recycling for our cafes. Customers using a reusable cup already receive discounts on hot drink purchases to discourage the use of paper cups. • Office furniture is reused and repaired until it is no longer economical to do so. • We have upcycled furniture from other organisations, saving items from landfill, and will continue to repurpose them across our learning and social spaces. • We work in partnership with a local charity wood merchant to recycle products as outdoor furniture across our estate. • Waste that cannot be recycled is sent to a waste-to-energy plant where possible, and to landfill as a last resort. • All hazardous waste is stored in suitable containers and disposed of by specialist contractors. • We have removed more than 5,000 plastic straws from our bars and cafes.

The Bucks New Usage upcycling scheme This scheme holds a gold level Green Apple Award for Environmental Best Practice, redistributes used and unwanted items from student accommodation, such as bedding, crockery, small electricals and kitchen equipment. We also offer items to other new students when they arrive at BNU. This is both sustainable and helps our students to save money they would have had to spend to prepare for university life. Last year around 150 black bags of unwanted items were redistributed, all of which would otherwise have gone to landfill. Clothing and excess items are donated to the YMCA or Wycombe Food Hub. All donations are delivered using the University’s electric car, our post van or are collected in person to minimise our environmental impact.

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COMMUNITY ENGAGEMENT Helping our local communities Responding to the COVID-19 pandemic • Our Operating Department Practitioner and nursing students rose to the challenges of COVID-19 by joining the front line of the NHS response. We are so proud of how they demonstrated a sustained and dedicated sense of duty and selfless determination to provide compassionate and effective care solutions to patients and their families. It is commendable that they applied their time and skills empathetically, courageously and effectively in a true spirit of altruism. • Student nurses from BNU revealed how they conquered personal and professional fears to help save patients’ lives during the COVID-19 pandemic. In the Living with Fear: Reflections on COVID-19 book, student nurses who joined the frontline while completing their studies described how their fears inspired them to flourish and grow at a time of national crisis. The book brought together the thoughts of 22 frontline professionals, including clinicians, nurses, therapists, doctors, academics, and people with lived experience of COVID-19, reflecting on what they expected, what they saw, and how this impacted them. The concept of fear is the underlying theme throughout the book, which combines first-hand accounts with academic research and details the clear strategies put in place to make clinical decision-making easier. • BNU was incredibly proud to host Buckinghamshire’s first large-scale COVID-19 vaccination site at its Aylesbury campus. The University joined forces with the NHS and Buckinghamshire Council to provide COVID-19 vaccinations, with the site being operated by Oxford Health NHS Foundation Trust. Our Aylesbury campus already has a strong track record in healthcare, offering a range of traditional degrees and apprenticeships across the health and social care field, which makes its involvement in the vaccination effort even more fitting. Staff from BNU’s nursing programmes also helped to train almost 40 COVID-19 vaccinators so that the mass vaccination site could open on schedule.

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OUR COVID RESPONSE The cost of our COVID response: £2.0m We received an incremental Hardship Funding Grant allocation from the OfS of £0.9m in the year, to provide additional support for our students experiencing financial hardship over the challenging period of the COVID-19 pandemic. This additional funding, together with our own funded programme of planned support for students, delivered a broad programme of support for our students in 2020-21:

£74k was shared between 211 students living in private accommodation impacted by COVID-19 through the Everyday Living Allowance.

More than 800 students received grants totalling £100k through the Bucks Emergency Allowance.

£88k was shared between 223 students who encountered a financial emergency and required support for technology and software through the Learning Technology Grant.

£323k of hardship funding was given to BNU’s eligible education partners in support of students experiencing financial hardship.

Student Wellbeing and Engagement Team and Multifaith Chaplaincy responded to 30,273 student emails

DISCOUNTS & REBATES

3276 students completed their studies and graduated from BNU

Discounts worth £850k

to students on our 2020-21 accommodation rates for our halls of residence

Rent rebates totalling £800k

were given to all students with halls contracts when Government restrictions forced us to close campuses

335 digital learning training sessions supported our staff to deliver high quality online teaching.

Fee waivers of £800k+

for students in University accommodation when oncampus teaching ceased due to Government restrictions.

3000 pupils engaged in 61 BNU events to widen participation in HE with groups typically underrepresented.

1284 University staff’s donations created 113 presents for students staying in halls over the festive period. The University provided these students with hampers containing 1200+ festive treats.

57 COVID-related updates ensured staff were kept informed during the pandemic.

Nursing and Operating Department Practitioner students supported frontline NHS workers by staying on placement during the November 2020 and Spring 2021 lockdowns. 21,820 vaccine doses administered at NHS clinic hosted on Aylesbury campus.

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Playing our part in tackling hygiene poverty

Making a difference to help others

Providing financial support for students in need

BNU’s Give to Refresh initiative saw staff and students joining forces with the national Beauty Banks (BB) charity to help local people living in hygiene poverty. The initiative brought together residents, retailers, businesses and politicians in a campaign spearheaded by a local media partnership. We became the first university community in London and the South to set up a public BB donation point and collected more than 1,000 items before COVID-19 lockdowns closed our campuses. We worked with organisations including food banks, homeless centres and schools to encourage them to register with BB and avoid missing out. It’s just one of the ways we’ve been transforming lives for 130 years. Our donations to a local food bank supported 890 local families living in poverty.

• During the October 2020 half term, Bucks Students’ Union provided free hot meals to all school-aged children in support of Marcus Rashford’s campaign to tackle poverty. More than £8,000 was donated to the Union’s Just Giving page in support of the SU’s ‘Free Hot meals for All’ initiative. During the 2020 Christmas holidays, the Union donated 458 festive bags of food, entertainment and treats to pupils at three High Wycombe schools.

We received an incremental Hardship Funding Grant allocation from the OfS totalling £0.9m in the year, to provide additional support for our students experiencing financial hardship over the challenging period of the COVID-19 pandemic. This additional funding, together with our own funded programme of planned support for students, has combined to deliver a broad programme of support for our students in 2020-21.

We continue to build partnerships with local retailers to siphon off damaged but usable stock from landfill to Give to Refresh and help those in need. And the impact of Give to Refresh has already extended beyond our walls with local school pupils inspired by the University to create donation points in their school community. And Bucks Students’ Union received an Excellent rating in the Green Impact Award with special mention by the auditor about the impressive reach of the Give to Refresh initiative. Our university community is proud that Jo Jones, co-founder of Beauty Banks, has recognised BNU’s ‘keen and active’ support to help those living in hygiene poverty. A local food bank, One Can Trust, also spoke of our positive impact and the ‘huge help’ BNU’s donations had made to ‘people who need it most in the local community.’

• COVID restrictions prevented an annual lunch for older people and instead the Union delivered 70 hampers, with items donated by students and staff, to the Cherry Garth residential home. Chocolate selection boxes were also donated to Wycombe Homeless Connection to spread some festive cheer, in addition to student fundraising for the charity and Hillingdon Food Bank. • In May 2021, BNU staff took part in the British Inspiration Trust’s (BRIT) 2021 Challenge, to raise awareness and funds for five young adult mental health charities. Supported by our alumna, BRIT ambassador and Paralympic rowing gold medallist, Naomi Riches, MBE, our staff completed 10,054 miles through a range of activities and raised nearly £2,500 for the charities. • The University’s volunteering policy gives all staff two days’ paid leave each year to support charities of their choice. Charities which continue to benefit from this initiative include the Samaritans, Hounds for Heroes, Blood Bikes, and local hospices. Bucks Students’ Union also promotes volunteering to students and a total of 7,020 volunteering hours were logged in 2020-21.

In addition to free equipment for students through the award-winning Bucks New Usage scheme, our Bucks Hardship Fund provides discretionary financial assistance to help our students remain in higher education. It is particularly aimed at those students who need financial help to meet specific course and living costs that cannot be met from other sources of support. The fund can provide emergency payments for unexpected financial crises. Payments are usually given as grants, which do not have to be repaid, of up to £3k per year of study. We also offer interest-free loans to students on a short-term basis. We recognised that many of our students continued to face various difficulties due to the ongoing impact of COVID-19 during 2020-21, when part-time employment ceased and their usual way of studying was disrupted. And so we took further steps to ease our students’ worries and concerns by: • Continuing our Bucks Emergency Allowance, in addition to our existing Hardship Fund, for students to claim up to £250 to meet any pressing money issues. More than 800 students received grants totalling £100k through the Bucks Emergency Allowance. • Introducing the Everyday Living Allowance (up to £400) to support students living in private accommodation impacted by COVID-19 to cover ‘everyday’ costs such as food, toiletries, utilities, bills and medicine. A total of £74k was shared between 211 students through this allowance.

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• Introducing the Learning Technology Grant (up to £500) to support all students who encountered a financial emergency and required support for costs for technology and software to enhance their learning. £88k was shared between 223 students in total through this allowance. • Distributing £323k of hardship funding direct to BNU’s eligible education partners in support of students experiencing financial hardship. • Reducing our 2020-21 halls of residence accommodation charges from the start of the year by 10-30% which represented total discounts of more than £850k to our students who could not commute to University. Giving rent rebates to students in our halls from the last week of December in 2020 until April 2021, when Government restrictions forced us to close campuses, resulted in savings of more than £800k for our students. • Giving 56 food boxes to student flats where residents had to isolate due to suspected or positive COVID-19 cases. • Offering quarantine food bags to provide short-term food for 120 international students who were required to quarantine following arrival into the UK. • Giving a food hamper and present to 113 students who were staying in halls over the festive period. • Wrote a second open letter to private landlords in January 2021 asking that they recognise the exceptional circumstances and consider rent discounts or early release from contracts for students.

Supporting Bucks Students’ Union Buckinghamshire New University is the principal funding partner of Bucks Students’ Union, an independent educational charity with a mission to make life better for students at BNU. We invest in the Students’ Union because we believe it is important to support their work, not only in supporting and developing our students, but in building links between their members and the local community; charity fundraising; volunteering; citizenship and endeavours to promote fair trade, sustainability, social inclusion and environmental and ecological good practice. In 2020-21, Bucks Students’ Union received a funding grant of £1.54m from the University. This enables the Students’ Union’s to run its unique Big Deal initiative so that all students, irrespective of their income, can access recreation, sports and skills development opportunities for free. This removes any financial barriers to participating fully in all aspects of university life at BNU.

NDACA We are proud to host the National Disability Arts Collection and Archive (NDACA), the first physical location of its kind dedicated to Britain’s disability arts movement which features more than 3,500 pieces of artwork. Our commitment to NDACA is a symbol of our overall commitment to supporting achievement among disabled people. Unfortunately, the COVID-19 pandemic has prevented us from welcoming researchers, heritage professionals and those interested in this important area of the UK’s cultural identity to BNU for much of the year.

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OUTRE ACH & WIDENING PARTICIPATION We are proud of everyone in our diverse and inclusive University community and work tirelessly to break down barriers to ensure that everyone can benefit from the transformative education we provide. Some 23% of our students come from postcodes with lower participation rates in higher education, and 35% are from areas of deprivation.

Celebrating Black History Month

Our outreach work

Black History Month is an important time in BNU’s calendar as we reflect on the history of Black people and the immense contribution they and other ethnic groups make to our University and the society we live in today. Throughout October 2020, staff and students celebrated Black History Month with a series of events that recognised the positive contributions and achievements of Black, Asian and Minority Ethnic group communities. BNU’s celebrations began with a staff launch event for Black History Month, led by our Black, Asian and Minority Ethnic (BAME) Staff Network, which provides a platform for members to learn about diversity in an inclusive and open environment. The Network is responsible for raising awareness and promoting opportunities for attracting a diverse group of staff and students.

Last year we continued our work with local schools and colleges as part of our commitment to widening participation (WP) amongst those groups typically underrepresented in higher education. Despite the challenges raised by COVID-19, we were delighted that more than 3000 school pupils engaged across 61 BNU events.

Different themes shaped BNU’s Black History Month including promoting understanding about Black culture; educating and inspiring others; and reflecting on personal history and experiences in the UK as Black people or allies of Black people. Bucks' Students Union held activities and events including film nights and receptions. Our strong performance in widening participation in higher education amongst underrepresented groups, and in supporting all students to complete their studies and succeed, was highlighted in The Times and Sunday Times Good University Guide 2022 in which BNU had the 23rd lowest black attainment gap across UK universities. BNU continues to make great strides in addressing racial inequalities and create an inclusive culture and environment where individuals are able to thrive, irrespective of their race or ethnicity. To help facilitate progress, we have pledged our commitment to the principles of the Advance Higher Education Race Equality Charter (REC), improving the representation, progression and success of staff and students from different ethnic backgrounds within higher education.

Around half (48%) of the young people we worked with during the year would be first-generation University students; about one in three (35%) were members of the BAME community; and 6% identified as disabled. Three in every five students lived in areas with low participation to university (POLAR4 Q1 and Q2) and 35% lived in high deprivation areas. In addition, we welcomed students from the Probation Service, Young Carers, military families and 55 care-experienced students. We adapted our activities in response to the changing COVID-19 restrictions by delivering virtual, in-person and blended activities throughout the year, including taster days, careers days and careers advice and guidance sessions across groups from Years 8 to 13. We are committed to playing our part to respond to the increasing emphasis by government and schools on the importance of careers advice. It’s important to us to help students in their career choices and illustrate the pathways available to them, whether or not this includes higher education.   Our Futures Days campus visits are aimed at Year 9 students, offering a first-hand experience of university life to encourage them to consider higher education, irrespective of their background. Last year we held 15 Futures Days which were offered to all local schools which meet our WP criteria. For older age groups, we support both their move into further education and their application to higher education, as well as offering parents’ information evenings and HE workshops. We actively seek to recruit Student Ambassadors who attended our target WP schools to provide relatable role models to the school pupils with whom we work.

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We continued our outreach work throughout the COVID-19 lockdowns, consulting with schools to create a range of virtual and face to-face sessions to meet the needs of their pupils which were supported with new resources and social media activity. This included an eight-week Fashion Futures initiative where academics in our Fashion course team provided subjectspecific widening participation support. We also organised a virtual Q&A session to help parents support their children in transitioning from school to higher education and supported whole year groups with interview skills and training. BNU is a partner in Study Higher, part of the National Collaborative Outreach Programme, which targets students from areas where progression to higher education is low. As well as taking part in joint ventures with our partners Oxford Brookes University, The University of Reading and The University of Oxford – we promote higher education study across the region through the use of cuttingedge ‘simulator’ technology that places participants in virtual career environments. We successfully adapted our Simulate Your Future activity to be COVID-secure and were delighted to see around 1,400 young people take part in Simulate Your Future events during the year. As part of our widening participation work, we invited local school pupils to help us celebrate International Women’s Day by joining a Q&A session with our female leaders. The pupils asked the panel questions including who their female role models were, how they viewed the future for women in the workplace, and what advice they would give them about entering the world of work. We were delighted to welcome the young women to our University community, and to pass on a range of experiences and views about women in the workplace to help inform their future education and career choices.

Widening participation in higher education In January 2021, Buckinghamshire New University launched the Gypsy, Traveller, Roma, Showmen and Boater (GTRSB) into Higher Education Pledge, to encourage universities, colleges and other educational institutions to publicly commit to undertaking certain steps to support GTRSB students into and within higher education. The Pledge’s core requirements are: improved data gathering on GTRSB students and staff at universities; changing institutional cultures; wider outreach to GTRSB students within widening participation activities; and greater celebration and commemoration of GTRSB communities. A launch event in the same month, led by our ViceChancellor, Professor Nick Braisby, was attended by more than 150 people, including other universities, regulators, politicians, NGOs and GTRSB communities. Eight Pledge signatories were made after the launch with more universities currently finalising approval of their commitment. The GRT Social Work Association also supports the Pledge. For 2020-21, BNU also introduced a GTRSB bursary to further encourage and support members of these communities to access higher education. This is in addition to the support we already offer with accommodation, assistance with university applications, and providing mentorship throughout a student's time at BNU. There have been three recipients of the bursary in 2020-21.

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E X TERNAL ENGAGEMENT Our external engagement work is reflected in and driven by our University strategy, Impact 2022, and the imperatives it contains for the University to become better connected and more permeable, ever more student- and customer focused, business-oriented, strategically aligned and, above all, impactful. An essential aspect of the strategy is for the University to build strategic partnerships and alliances especially locally and throughout our region, but also further afield as well.

Helping to drive the skills agenda

Our executive team’s contribution

The University’s improved engagement with the Buckinghamshire Local Enterprise Partnership (BLEP) reflects our commitment to help drive the skills agenda for the county and meet the needs of the local employers and the region. We also work closely with the unitary Buckinghamshire Council to support them in progressing many of their ambitions.

External engagement is deeply reflected in the activities of the senior team as they lead the delivery of Impact 2022 and its commitment to strengthen engagement with key strategic partners.

We play our part in responding to the needs of the Skills for Jobs white paper in partnership with local FE colleges, the UTC, as well as primary and secondary schools. BNU is also proud to belong to the Arc Universities Group of nine universities that is driving forwards the research and education needs of the South of England. We provide incubation spaces at our High Wycombe and Aylesbury campuses, enabling entrepreneurs and business start-ups to work flexibly and at low cost.

The University is a member of GuildHE, one of two officially recognised representative bodies for higher education which enable the voices of universities to be heard, the other being Universities UK, of which the University is also an active member, through the contributions of the Vice-Chancellor, Professor Nick Braisby. In April 2021, we were proud to play our part in lobbying Government to reconsider stage two of its roadmap out of lockdown which saw shops, hairdressers, gyms, spas, and theme parks reopen but no mention of when students could resume their on-campus studies. Our Vice-Chancellor Professor Nick Braisby highlighted that students were ‘being forgotten and left in limbo with no return date in sight and so we welcomed the government’s decision to enable students to return to campuses in May 2021. The ViceChancellor also raised with the Department for Education some challenges with its proposed student number control and its relationship with franchise provision, intervention which also resulted in the Department issuing clarification and revised guidance. The University is also a member of the All Party Parliamentary Universities Group. The Vice-Chancellor has a number of external roles which help ensure the University’s voice influences national policy. During 2020-21, Professor Braisby continued his work

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as a member of the Universities UK Racial Harassment Advisory Group, established to develop practical guidance for universities on preventing and responding to all forms of racial harassment experienced by staff and students. The group published its recommendations in November 2020. Professor Braisby also served as a member of JISC’s Learning and Teaching Reimagined Advisory Board, enabling the University to contribute its vision of what learning and teaching should look like in 2030. The Board oversaw the JISC report Learning and Teaching Reimagined, which was also published in November 2020. The Vice-Chancellor is also a member of the Learning Analytics and Innovation Board sponsored by Civitas Learning Inc. The University is a member of two representative bodies – GuildHE and Universities UK – and Professor Braisby represents the University at meetings of both. Since 2019 he has served as a member of the UUK’s Treasurer’s Committee and, with reforms to this committee, now serves on both the UUK’s Audit and Risk and Resources committees. In May 2021 the Vice-Chancellor joined the Executive Board of GuildHE. Within the region, the Vice-Chancellor Chairs the Strategic Board for the Bucks Health and Social Care Academy, a novel, innovative multi-partner organisation, jointly founded by the University and Buckinghamshire Healthcare NHS Trust, and bringing together Buckinghamshire Council, Buckinghamshire College Group, Buckinghamshire LEP, Fed Bucks (the GPs’ Federation), Health Education England, and the Universities of Bedfordshire and Buckingham. The Vice-Chancellor chairs the Board of Governors for the University-sponsored Buckinghamshire University Technical College and sits on the Development Board for Bucks Culture. The ViceChancellor joins other senior leaders of higher education institutions as a member of the West London HEI Vice-Chancellor’s group, a group aimed at ensuring higher education

plays a significant role in the economic regeneration of West London, a region especially badly hit by the COVID-19 pandemic. The Vice-Chancellor also represents the University on the Buckinghamshire Council sponsored Strategic Partners Board. In October 2020, Professor Braisby joined the Board of Trustees for the University College of Estate Management. Professor Gavin Brooks, the University’s Provost and Deputy Vice-Chancellor is Chair of a county-wide group charged by Government with ensuring that the skills taught in universities, schools and colleges match what local employers need for their businesses to thrive, both now and in the future. The Skills Advisory Panel (SAP) brings together local employers and education providers to address the county’s skills challenges, which include helping people who have lost their jobs as a consequence of COVID-19 to retrain or transfer their existing skills to another sector. The SAP, one of many set up in local authority areas across the country since 2018, meets quarterly and reports to the Buckinghamshire Local Enterprise Partnership (LEP) Board. Buckinghamshire New University has received £2.9 million of LEP funding since 2017 to support a variety of projects that benefit the county’s economy and health sector, including its Health and Digital Business Hubs and the Bucks Health and Social Care Academy. The first Buckinghamshire Local Skills Report, by Buckinghamshire Local Enterprise Partnership (Bucks LEP) and Buckinghamshire Skills Hub, highlighted the strong collaborative culture between education providers, and between employers and educators. Its findings showed that Buckinghamshire benefits from further and higher education institutions with a strong history of business engagement, and a focus on applied learning and employability. The report is set to become an annual publication, with Buckinghamshire Local Enterprise Partnership hoping it will become ‘the ‘go-to’ document for everything skills-related within

Buckinghamshire, bringing together evidence, strategy, information on current and planned initiatives and examples of best practice.’ Further afield, BNU is part of the Heathrow Skills Partnership, helping to adapt and reskill the existing workforce and create a pipeline of talent not only to benefit Heathrow but also the wider infrastructure industry.

Working with NHS Trusts and social care providers The University has very strong links with NHS Trusts and social care providers in the region. Our expansion in health and the establishment of the Institute for Health and Social Care will help to address the health needs of the county, and the UK more widely, by playing our part to shape and support the health and social care agenda in the region and across the UK. The leadership shown by the University in helping to establish the Academy for HSC, working with FE colleges to co-create and deliver, relevant work-based training programmes and meet the health needs of the region, demonstrates our commitment to being an anchor institution within our county and the towns in which our campuses are based.

Supporting careers in media and creative sectors During the year we have expanded the University’s footprint with a new campus at Pinewood Studios to address the shortfall in jobs within the media and creative sectors. BNU is also represented on the High Wycombe BID company (HWBIDCo), helping to inform developments and activity in the town for the benefit of students and the community.

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Proud to be good neighbours We continue to work in partnership within our local communities with Bucks Students’ Union which has a good working relationship with Neighbourhood Watch and Thames Valley Police. Together we create a Community Guide to promote the importance of living safely and sensibly in the community.

Providing dual career development for our student athletes The University is proud to work with Bucks Students’ Union, Swim England, and Wycombe District Swimming Club, as a national performance centre for swimming to promote dual career development for athletes. The University is also accredited by Sport England and the Football Association Women’s Super League Academy programme (linked with Reading Women’s FC Academy) to deliver sport science services and support players’ academic and sporting aspirations. In 2020-21, BNU joined a small number of UK universities in achieving Talented Athlete Scholarship Scheme (TASS) Dual Career Accreditation in recognition of the support and reassurance we provide to help talented athletes to reach their potential in education alongside achieving success in their sport.

Supporting service families and employment for veterans BNU is amongst 140 employers nationwide to receive the prestigious ‘Gold Award’ from the Ministry of Defence. The award celebrates the University’s outstanding support for those who serve, veterans and their families and is recognised as the ‘highest badge of honour’. The University’s focus is to develop career-ready graduates and support military students with programmes led by employed veterans and reservists. BNU is a committed supporter of military and veteran employability, and of the families of service personnel who are often subject to job and school disruption due to postings around the UK and abroad. BNU has a significant number of former service personnel in full time employment, teaching on various courses and partnership activities, and is proactive in its engagement with students to develop links with, and understanding of, military opportunities. The University employs serving military personnel as associate lecturers and within affiliate parties such as Oxford University Air Squadron and Oxford University Officer Training Corps, both of which recruit from BNU’s student body. In our Access and Participation Plan submitted to the OfS, we emphasise a commitment to supporting service

families through events for children / students from military backgrounds. External engagement includes membership of the Buckinghamshire Armed Forces Covenant Civilian and Military Partnership Board. BNU also works with the British Legion, RAFA, NHS and various charities including Hounds for Heroes. Wider advocacy continues with BNU’s ongoing membership of The Service Children’s Progression (SCiP) Alliance: a partnership of organisations focused on improving outcomes for children from military families. The University is working collaboratively in a government-funded outreach project working with universities, schools and colleges in Oxfordshire, Swindon, Buckinghamshire and Berkshire. BNU also offers dedicated programmes for military personnel such as BA (Hons) Organisational Capability Development and BSc (Hons) Strength and Conditioning Armed Forces. Both programmes are designed to be cost viable opportunities for military personnel to gain education and career enhancement. New programmes starting in 2022 will expand further the University’s provision and relationship with the military community. Current research being carried out at BNU investigates the increasing prevalence of veteran suicides related to PTSD. The University plans to set out a programme of events and awareness sessions to improve understanding of this issue both within and outside the University.

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STRATEGIC RISKS During 2020-21 the University was subject to the ongoing conditions of OfS registration, and also adheres to the Committee of University Chairs (CUC) Higher Education Code of Governance. As such the governing body must ensure institutional financial health including adopting effective systems of control and risk management which promote value for money, meet mandatory audit requirements, and produce accurate and quality assured institutional data. In order to ensure that the strategy and its key performance indicators can be achieved, the University’s Council also identifies and closely monitors business risks. Members of our executive team provide regular briefings to the Audit Committee and to the University’s Council, allowing Governors to monitor the assessment, mitigation and responses to these risks. In 2020-21, the process for risk assessment was maintained following the substantial assurance that internal auditors expressed in their review of the risk management framework in 2017-18. The audit concluded that our processes of informing the assessment of risk at the strategic level through monitoring at a local level provided substantial assurance that associated risks material to the achievement of the University’s objectives are adequately managed and controlled. In 2020-21 our review of these processes has concluded that they continue to operate effectively. Further details on our risk management procedures and policies are set out in the statement of corporate governance. Strategic risks each fall into one or more of four risk areas, namely financial sustainability, compliance, reputation and organisational effectiveness, and are listed below:

Failure to control costs, grow income and invest in the future Failure to recruit to targets for student numbers Failure to deliver student success outcomes, including retention and completion targets Programmes do not deliver key graduate attributes, employment skills and experience opportunities Provision fails to meet academic standards On non-academic grounds, the university breaches the conditions of registration with the Office for Students or otherwise transgresses sector regulations

Failure to support and oversee quality and student experience or meet targets for income generation and outputs for research and enterprise through our partnerships Failure to meet income targets and delivery of strategy for growth in research and enterprise activity Failure to deliver the organisational change set out in the people strategy Failure to deliver fit-for-purpose digital systems and technology Failure to deliver value for money, high quality services and facilities Failure to ensure the safety and security of staff

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Results for the 2020-21 financial year are a consolidated group surplus of £3.4m (2019-20 £4.1m), exceeding the budget submitted to the Office for Students (OfS).

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FINANCIAL REVIEW The financial statements presented by the University’s Council comprise the consolidated results of the University and its subsidiary companies (the Group). The Group companies undertake activities which, for legal or commercial reasons, are more appropriately channelled through a limited company. Where possible, subsidiary companies pay their taxable profits to the University under the Gift Aid scheme.

Key Financial Highlights The results for the group for the year ended 31 July 2021 are summarised below:

Income

2020-21 £m 151.5

2019-18 £m 117.3

Expenditure

148.0

113.2

Surplus / (Deficit) before other gains and losses

3.4

4.1

Other items

0.0

Surplus / (Deficit) for the year

3.4

4.1

Cash at bank

37.2

23.0

Results for the Year Ended 31 July 2021

The Group Results for the 2020-21 financial year are a consolidated group surplus of £3.4m (2019-20 £4.1m), exceeding the budget submitted to the Office for Students (OfS). This is a positive performance compared to last year - the prior year having benefited from a oneoff gain on acquisition credit of £3.2m, shown under exceptional income, which arose from the acquisition of Buckinghamshire Education Skills and Training (BEST) as a wholly owned subsidiary at the start of that year - especially considering the ongoing impact of COVID-19 on the Group. During the year the University has grown income from its own provision and has seen continued increases in income from its key partnerships primarily a result of two key partners introduced within the last three years whose students now account for over 50% of partnership students. As these partners progress to a full three years of students, studying this growth in income is expected to stabilise in future years. In the year, total income for the Group is reported at £151.5m (2019-20 £117.3m), an increase of 29.2% on last year. The most significant change from last year is shown in income from full

time Home and EU students of £126.2m (2019-20 £91.0m) an increase of 38.7% on last year, which was predominantly the result of growing the strong partner base within the University in the year. Figure 1 shows a breakdown of the Group’s income by category, 91% of income comes from tuition fees with the remaining 9% coming from a variety of smaller sources. Total expenditure for the Group is £148.0m (2019-20 £113.2m), an increase of 30.8% on last year. The most significant change from last year is shown in note 8 - academic related expenditure of £109.8m (2019-20 £80.7m) an increase of 36.1% - this reflects the increasing level of partnership activity and the associated costs of the partners’ provision of educational services. Total expenditure on staff costs of £35.8m (2019-20 £31.5m) now represents 23.6% of total income (excluding restructuring costs), an improvement of 3.3% from last year’s figure of 26.9%. Other operating expenses for the year of £103.2m (2019-20 £73.3m) are 68.2% of income, an increase from the previous year’s 62.5% and a result of the associated

costs of increased partnership activity. Figure 2 shows a breakdown of the Group’s expenditure, demonstrating that 74.10% is related to academic activities with the largest part of the remaining 26.0% being incurred on administrative and central services. The Group’s income and expenditure have both been impacted by the ongoing effects of COVID-19. The impact of COVID-19 for the Group in the year ended 31 July 2021 was £2.0m (£1.8m for the University, £0.2m for Missenden Abbey Limited). Income for the University was reduced primarily due to applying discounts to students’ accommodation charges in the second term of the year so that they could return home, partially offset by OfS funding, while the Missenden Abbey activities continued to be heavily affected by the restrictions on the hospitality industry. The University implemented a programme of increased spend throughout the year on cleaning and consumables with additional maintenance spend towards the end of the year to address priority safety and refresh works in support of the return of students to campus in September.

Buckinghamshire New University | Financial Statements 2020-21 | 41

1.9%

Figure 1: Consolidated Group Income 2020-21

1.9% 90.5%

9.5%

90.5%

9.5%

0.5%

5.4%

0.6% 0.5%

5.4%

0.3% 0.3% 0.2%

0.6%

0.3% 0.3% Tuition Fees - 90.5%

Tuition Fees - 90.5%

Funding Body Grants - 5.4%

Missenden Abbey Conference Centre - 0.3%

Residences & Catering - 1.9%

Research Grants & Contracts - 0.2%

Education Contracts and Apprenticeships - 0.5%

0.3%& Nurses Reimbursements - 0.3% Student Union

Other Income - 0.6% Funding Body Grants - 5.4%

Government Grants - 0.3% Missenden Abbey Conference Centre - 0.3%

Residences & Catering - 1.9%

Research Grants & Contracts - 0.2%

Education Contracts and Apprenticeships - 0.5%

Student Union & Nurses Reimbursements - 0.3%

Other Income - 0.6%

Government Grants - 0.3%

0.3% 0.2%

Figure 2: Consolidated Group Expenditure 2020-21 4.1%

4.1%

11.5% 74.2%

2.7%

25.8% 11.5%

74.2%

2.7%

25.8%

3.2%

1.9%

Academic Related - 74.2%

Administration & Central Services - 11.5% Depreciation - 4.1%

2.4%

3.2%

Residences, Catering & Conferences - 2.4%

2.4% 1.9% Interest Payable - 1.9%

Other Expenses - 2.7% Academic Related - 74.2%

Premises - 3.2% Administration & Central Services - 11.5%

Residences, Catering & Conferences - 2.4%

Depreciation - 4.1%

Interest Payable - 1.9%

Other Expenses - 2.7% Premises - 3.2%

42 | Financial Statements 2020-21 | Buckinghamshire New University

The University

Missenden Abbey Limited

The University generated a surplus in the 2020-21 financial year of £4.7m – a £2.5m improvement on the previous year’s £2.2m surplus. The income for the year was £150.29m, an improvement of £38.0m over the previous year’s income of £112.2m. Expenditure for the year was £145.5m - an increase of £35.5m year on year – reflecting the costs associated with the increased level of partnership activity. Expenditure for the year excluding the costs of tuition for students studying with partners was £67.4m, an increase of £8.9m over the previous year’s £58.5m.

Missenden Abbey Limited is a 100% owned subsidiary and provides a centre for adult education, conferences and management training. The company’s activities continued to be impacted by the effects of COVID-19 and the government’s restrictions on the activities of the hospitality sector. The income lost due to these factors was estimated at £0.7m, partially offset by reduced operating costs of £0.4m and £0.2m of credits claimed from the HMRC Coronavirus Job Retention Scheme to cover a proportion of the wages of employees furloughed due to coronavirus. Income for the year was £0.7m, a decrease of £0.7m compared to the previous year’s £1.4m. Expenditure decreased year on year by £0.5m from £1.7m in 2019-20 to £1.2m in 202021, reflecting the decreased activity of the company. The deficit in the year is £0.5m (£0.3m deficit in 2019-20).

The University’s results continued to be impacted by the ongoing effects of COVID-19. The cost of discounts applied to students’ accommodation charges in the second term of the year was £0.6m, gym and catering income were reduced by £0.2m while the cost of cleaning and consumables during the year plus additional maintenance spend towards the end of the year to support the students’ return to campus was £1.3m.

Subsidiaries Buckinghamshire Education Skills and Training (BEST) Buckinghamshire Education Skills and Training (BEST) is a 100% owned subsidiary which holds and accounts for the lease of the Aylesbury campus and its associated costs / income as co-lessee with Buckinghamshire New University. During the 2020-21 financial year, BEST has made a loss of £0.8m (£0.2m profit in 2019-20). At the end of the year, as part of a review of the University’s subsidiary companies, the lease for the Aylesbury campus was assigned solely to the University, contracts in BEST’s name were novated and creditors cleared. As at 31 July 2021 BEST is a dormant company.

BCUC (Services) Limited BCUC (Services) Limited is a 100% owned subsidiary and operates a lecture theatre complex. The company’s turnover remained constant at £0.1m in the 2020-21 financial year (£0.1m in 2019-20), expenditure remained constant at £0.02m (£0.02m in 2019-20) and the operating profit is £0.09m (£0.09m in 2019-20) which is gift aided to the University. The lecture theatre complex is owned by the University and leased to BCUC (Services) Limited which subleases it back to the University. At the end of the year, as part of a review of the University’s subsidiary companies, the lease and sublease were both surrendered and the lecture theatre complex, having been revalued in the subsidiary’s books to its fair value, was transferred back to the University. As at 31 July 2021 BCUC (Services) Limited is a dormant company.

Pension Schemes In this year’s Consolidated Statement of Comprehensive Income and Expenditure (SOCIE) the requirement to fund the administrative expenses of the Local Government Pension Scheme in the year

and the net interest cost has seen an inyear charge of £0.9m (2019-20 £1.1m). The charge to staff costs in the year due to movement in the pension provisions is £3.4m (2019-20 £1.8m) and can be seen in note 7. The actuarial adjustment in respect of pension schemes forms part of the total comprehensive income for the year. The actuarial gain which the University has recognised in this financial year is £6.6m (£12.4m loss in 2019-20) and is a reflection of the changes in financial assumptions and investment performance, see figure 4 for more detail. The majority of academic staff are members of the Teachers’ Pension Scheme, a multi-employer scheme accounted for on a defined contribution basis. The University has a small number of employees who are members of the Universities Superannuation Scheme. As the scheme is in deficit and a funding plan agreed, section 28 of FRS102 now requires employers to recognise a liability for the contributions payable to close the funding gap. As at 31 July 2021, the balance sheet provision is £0.12m (£0.16m at 31 July 2020). Full details of the pension schemes liabilities can be seen in note 27

Capital Projects During the year £1.8m of capital additions were made, the majority of which were to improve IT facilities and our infrastructure for staff and students throughout all campuses. This included investment in teaching spaces and classroom refreshment, website development, IT hardware for staff to support the upgrade to Windows 10 and to enable dynamic working, the development of an attendance monitoring solution and investment in motion capture and paramedicine simulation technology to support courses offered.

2.7% Buckinghamshire New University | Financial Statements 2020-21 | 43

74.2%

25.8%

3.2%

Cash Flow

2.4%

1.9%

The cash balance (including short-term deposits) of £37.2m represents a £14.2m improvement over the previous year’s balance of £23.0m, demonstrating the University’s cash generative position with a £17.9m net cash inflow from operating activities. Academic Related - 74.2% Administration & Central Services - 11.5% Residences, Catering & Conferences - 2.4% Additionally, the University’s liquidity days have improved to 206 days as at the end of the financial year compared to 134 days Depreciation 4.1% Interest 1.9% as at the end of the 2019-20 financial year. External debt of £0.7m has been repaid leaving thePayable total -amount of debt outstanding at £21.0m (£21.7m in 2019-20). The University has a “revolving credit facility” providing access to short term funds as required. Other Expenses - 2.7% Premises - 3.2%

An analysis of Group cash balances versus borrowings over the last four years is shown on the next chart. The excess of the cash balance over borrowings continues to increase, being £21.0m at 31 July 2021 compared to £6.0m at 31 July 2020. Figure 3: Group Cash & Borrowings

£50m

£40m

£30m

£20m 2017

2018

Cash & Current Investments

2019

2020

2021

Borrowings

Cash and current investment comprises £37.2m of cash and £5.0m of investments. The debt-to-income ratio for the Group has improved to 14% at 31 July 2021 from 18% at 31 July 2020: 3.0% Debt

2020-21 £m 21.0

21.7

Income

151.5

117.3

14%

18%

150,000

Ratio

120,000

2019-20 £m 2.5%

2.0%

During and at the end of the year the University achieved all of the banking covenants on the institution. 90,000 1.5% 60,000

1.0%

30,000

0.5%

0% 2017 Assets

2018 Liabilities

2019 Discount rate

2020

44 | Financial Statements 2020-21 | Buckinghamshire New University

£40m

£30m

Balance Sheet and Reserves The balance sheet shows an increase in net assets since 31 July 2020 of £12.8m. The main driver for this is the increase in the cash£20m balance to £37.2m from last year’s balance of £23.0m. Additionally, the pension provision requirement has decreased by £2.3m compared actuarial 2017 to the prior year 2018due to the reduction 2019 in the deficit position 2020 shown in the 2021 valuation of the LGPS scheme. This is a result of the discount rate used in the actuarial valuation for the 2020-21 financial year – 1.60% compared to 1.35% in the previous year. Figure 4 shows the relationship between the discount Cash of & Current Investments Borrowings used in the actuarial valuation the LGPS scheme and the value of the assets / liabilities over the last five years. Figure 4: LGPS Valuation

3.0% 150,000 2.5% 120,000 2.0% 90,000 1.5% 60,000

1.0%

30,000

0.5%

0% 2017 Assets

2018 Liabilities

2019

2020

Discount rate

With cash balances forecast to remain healthy during this period, management remain satisfied that the University has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the accounts.

2020

Buckinghamshire New University | Financial Statements 2020-21 | 45

Investment Policy and Performance Investment limits have been agreed by Council that reflect the credit rating of the relevant counterparty and the period of the deposit. A financial institution is deemed to be an individual institution if it is registered separately with the FCA (Financial Conduct Authority) and treated as an individual institution for the purposes of the Financial Services Compensation Scheme (FSCS). Therefore, different institutions within the same banking group may get individual banking licenses. Credit ratings are taken to be the lowest of those assessed by the principal recognised agencies (Moody’s, Fitch and Standard & Poor’s) as applied to the senior debt of the relevant counterparty. Only sterling deposits or sterling commercial paper with maturities within the limits set out in the next table are eligible:

Counterparty

Limit

Barclays Bank subject to long term A rating

£30 million £50 million

Any other Bank or Financial Institution long term A rated

Liquidity or Money Market Investment Fund AAA rated

Time Period Aggregate limit Temporary - 14 days

£10 million

Over 1 month

£5 million

Over 3 months

£5 million

Over 6 months

£5 million

Aggregate limit

£2 million

Over 3 months

£1 million

Over 6 months

£10 million

Up to 3 months

An aggregate limit with Barclays of £50m was approved by Council in July 2020 to take into account short periods of time when funds are received from the Student Loan Company and remain with the University before payment is made to Partners.

At 31 July 2021 there was a total balance of £19.6m held in deposit accounts. This was split between Handelsbanken (£5m), Santander (£5m), Barclays (£5m) and Lloyds (£4.6m).

The Year Ahead As indicated in last year’s report the University has delivered a strong financial outcome both in terms of operating surplus and cash generation. This has given the University the financial confidence to set an exciting investment budget for the year ahead. This investment is centred on delivering excellence and aims to support and enable the delivery of new academic programmes. Alongside this is an enhanced capital investment programme primarily focused on improving the physical estate and information technology infrastructure which is in line with delivering the key priorities of the University’s strategy Impact 2022.

The early indications on recruitment for the current year are showing positive for the year ahead. Student recruitment across all modes are ahead of the previous year, with the recruitment of full-time home students both in the University and through its franchise partners reporting good progress on previous year and more importantly are ahead of budget. Buckinghamshire New University is fortunate not to be reliant on non-EU students but this definitely presents an opportunity in 202122 and the University is exploring a number of initiatives in this area.

In addition, the University has experienced a continued improved up take of the repositioned accommodation offer introduced last year which continues to be attractive to new and returning students. The University is well positioned for the financial year ahead, but this success is subject to the continued residual uncertainty created by the COVID-19 virus. The University remains cognisant of this ongoing challenge and, as in previous years, will respond quickly and in our students’ best interests if required.

46 | Financial Statements 2020-21 | Buckinghamshire New University

STATEMENT OF CORPORATE GOVERNANCE The following statement is provided to enable readers of the financial statements of Buckinghamshire New University to gain a better understanding of the governance and legal structure of the University and covers the period 1 August 2020 to 31 July 2021. Buckinghamshire New University is an independent corporation, established as a Higher Education Corporation under the provisions of the Education Reform Act 1988 and the Further and Higher Education Act 1992. It is an exempt charity as defined under the Charities Act 2011. The University is regulated by the Office for Students (OfS) which was established 1 April 2018 and is the principal regulator for English higher education institutions that are exempt charities. Previously it was regulated by the Higher Education Funding Council for England (HEFCE). During 2020-21, the University’s Council, as trustee of the University, continued to have due regard to the Charity Commission’s guidance on public benefit and its supplementary guidance on the advancement of education. The University conducts its business in accordance with the OfS public interest governance principles, the seven principles identified by the Committee on Standards in Public Life (the Nolan Principles) and with the guidance to institutions of higher education provided by the Committee of University Chairs (CUC). The University’s Council is satisfied that it is aligned to the HE Code of Governance published by CUC in December 2014, revised June 2018 and September 2019 and that the University continues to meet the OfS Ongoing Conditions of Registration. Its objects, powers and framework of governance are set out in the Articles of Government. Amendments to these Articles must be approved by the OfS (formerly Privy Council). The Articles require the University to constitute a University Council and an Academic Board, each with clearly defined functions and responsibilities, to oversee and manage its activities.

University Council The University’s Council comprises independent and University members appointed under the Instrument and Articles of Government of the University, the majority of whom are non-executive. The roles of Chair and Deputy Chair of the Council are separated from the role of the University's Vice-Chancellor. The matters specially reserved to the Council for decision are set out in the Articles of the University, by custom and under the Terms and Conditions of funding for higher education institutions with the OfS. The Council identifies that it has primary responsibilities that it reserves to itself for: the ongoing strategic direction of the University; the determination of the educational character and mission of the University; the approval of the annual estimates of income and expenditure; the approval of major developments and; the receipt of regular reports from Executive Officers on the day-to-day operations of its business and its subsidiary companies. The Council also has responsibility for: • The effective and efficient use of resources, the solvency of the University and the Corporation and for safeguarding their assets; • The employment of those designated by the Council as Senior Employees and their appointment, grading, assignment, appraisal, suspension, dismissal and determination of their pay and conditions of service; • Setting the framework for the employment, including pay and conditions, of all other employees and contractors;

• Corporate policies, regulations and procedures to assure the effective governance of the University and to meet statutory and other legal obligations, including an anti-fraud and anti-corruption policy. The Council met six times (all meetings bar one were held virtually using MS Teams to accommodate social distancing requirements necessary during the COVID-19 pandemic) during the year and had several Committees reporting to it, including a Resources Committee, a Remuneration Committee, a Governance Committee, a Student Experience Committee and an Audit Committee. All of these Committees are formally constituted with terms of reference and predominantly comprise of independent members of Council, one of whom acts in the role of Committee Chair.

Senate (Academic Board) Subject to the overall responsibility of the University’s Council, the Senate has oversight of the academic affairs of the University and draws its membership entirely from the staff and students of the University. It is particularly concerned with issues relating to the teaching and research work of the University. Senate is chaired by the Vice-Chancellor in his capacity as Head of the Institution.

Resources Committee The Resources Committee recommends to Council the University’s annual revenue and capital budgets, and monitors performance in relation to these approved budgets and key performance indicators. The committee usually meets four times during each academic year.

Buckinghamshire New University | Financial Statements 2020-21 | 47

Governance Committee

Overview

The Governance Committee considers and is responsible for the effective operation of the University’s Council in accordance with the CUC HE Governance Code of Practice including the nomination, appointment and induction of new members to ensure an appropriate mix of skills and expertise.

These committees are composed of independent and external co-opted members of the University’s Council. The decisions of all these committees are reported formally to the Council. The University’s Council conducts regular effectiveness reviews of itself and its committees. These reviews include an analysis of attendance, work undertaken and the views of members so that changes can be introduced as appropriate during the next cycle.

Remuneration Committee The Remuneration Committee determines the remuneration of the senior employees, including the Vice-Chancellor and is responsible for approving the University’s Annual Remuneration Report, the Staff Note for publication in the annual Financial Statements and the Remuneration Statement for publication on the University’s website.

Student Experience Committee The Student Experience Committee was newly established in the 202021 academic year and met on two occasions. It is responsible for monitoring key performance measures in relation to the student experience including the contribution of the Students’ Union.

Audit Committee The Audit Committee meets four times each year. In addition, independent members meet privately with the internal and external auditors to discuss audit findings. The committee considers the detailed internal audit report findings prepared by the University’s internal audit service, reviews the effectiveness of the systems of internal controls and monitors adherence with regulatory requirements. It reviews the annual financial statements together with the accounting policies. It reviews the system and processes in respect of the preparation and submission of statutory returns to the OfS and the Higher Education Statistics Agency (HESA).

As Chief Executive, the Vice-Chancellor leads the development of the University strategy, the identification and planning of new developments and the shaping of the University ethos. Members of the University Executive Team (currently the Vice-Chancellor, Provost and Deputy Vice-Chancellor, Pro Vice-Chancellor Education and Digital, Chief Financial Officer, Commercial Director and University Secretary and Clerk to the Council) all contribute in various ways to this aspect of the work. However, the ultimate responsibility to the Council rests with the Vice-Chancellor. In accordance with the Articles of Government of the University, the University Secretary and Clerk to the Council has been designated Secretary to the University’s Council and in that capacity provides independent advice on matters of governance to all Council members.

Professor Nick Braisby Vice-Chancellor and Chief Executive Officer

Maggie Galliers CBE Chair of Council

8 December 2021 Buckinghamshire New University High Wycombe Campus, Queen Alexandra Road, High Wycombe, Buckinghamshire, HP11 2JZ

48 | Financial Statements 2020-21 | Buckinghamshire New University

STATEMENT OF INTERNAL CONTROL The University’s Council acknowledges its responsibility for ensuring that an effective system of internal financial control is maintained and operated by Buckinghamshire New University and the University’s Council confirms it has reviewed the effectiveness of these arrangements. The system of internal financial control is based on a framework of regular management information, administrative procedures including the segregation of duties and a system of delegation and accountability. The following processes are established to review the adequacy and effectiveness of the University’s system of internal control: • KCG provides internal audit services for the University. KCG provides an annual opinion on the adequacy and the effectiveness of internal controls and risk management across the University, in accordance with the CUC Higher Education Audit Committees Code of Practice. • The Audit Committee receives regular reports from the internal audit service, including its independent opinion on the adequacy and effectiveness of the University’s system of internal control, together with recommendations for improvement. • Council receives regular reports from the Audit Committee on internal control and the business of the Committee. • There is a comprehensive budgeting system with an annual and fiveyear budget which is reviewed and agreed by Council. These arrangements also allow for the University to ensure propriety and regularity in the use of public funding. This is achieved through the operation of frameworks and policies, including Financial Regulations, which are underpinned by linked policies, such as the Expenses Policy, and procedures in relation to procurement. The key elements of the University’s system of internal control, which is designed to support the Council in carrying out its responsibilities, include:

• Clear definitions of the responsibilities of, and the authority delegated to, senior officers of the University • A comprehensive annual planning process, supplemented by detailed annual income, expenditure, capital and cash flow budgets.

is based on an ongoing 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.

• A regular review of institutional performance and of financial results, involving variance reporting and updates of forecast out-turns.

More specifically:

• Clearly defined and formalised requirements for approval and control of expenditure

• Regular meetings between senior managers and Service Leaders to review progress and issues arising from operational activities, and similar meetings with Heads of School in relation to academic developments.

• Procedures for the management of investment and risk • A professional internal audit service delivered under terms of reference which reflect guidance issued by CUC, and whose annual programme is approved by the Audit Committee The University's Council has established the processes for the identification, evaluation and management of risks that the University faces. The University’s Council has responsibility for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets for which it is responsible. This is in accordance with the responsibilities assigned to the governing body in the Instrument and Articles of Government and the Terms and Conditions of funding for higher education institutions with the OfS. 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. The system of internal control

• The Audit Committee provides an oversight of risk management.

• Oversight by Resources Committee of matters relating to resource allocation, forward planning, effectiveness and value for money. • The University’s Council receives periodic reports from the Chair of the Audit Committee concerning internal control and requires regular reports from managers on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects. • A robust risk prioritisation methodology based on risk ranking and cost-benefit analysis has been established and an organisation wide risk register is maintained. • Clear definitions of the responsibilities of, and the authority delegated to, senior officers of the University. • Internal Audit during 2020-21 carried out eight Audit Assignments and no significant internal control weaknesses were identified. • External Auditors, in their audit for the year ending 31 July 2021, included consideration of internal control relevant to the preparation of the Financial Statements, the external audit finding no significant deficiencies.

Buckinghamshire New University | Financial Statements 2020-21 | 49

STATEMENT OF RESPONSIBILITIES OF THE UNIVERSITY’S COUNCIL The University’s Council is responsible for keeping adequate accounting records which disclose, with reasonable accuracy at any time, the financial position of the Group, and for ensuring that the financial statements are prepared in accordance with the Instrument and Articles of Government, the Statement of Recommended Practice: Accounting for Further and Higher Education and FRS102. Within the Terms and Conditions of funding for higher education institutions with the OfS and the University’s Council, through its designated accountable officer, the University is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of Buckinghamshire New University and Group and of the surplus or deficit and cash flows for that year. At Buckinghamshire New University the designated accountable officer has been identified as the Vice-Chancellor. In preparing these financial statements, the University’s Council is required to: • Select suitable accounting policies and then apply them consistently. • Make judgements and estimates that are reasonable and prudent and state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in operation.

50 | Financial Statements 2020-21 | Buckinghamshire New University

INDEPENDENT AUDITOR'S REPORT TO THE COUNCIL OF BUCKINGHAMSHIRE NEW UNIVERSITY Opinion We have audited the financial statements of Buckinghamshire New University (“the University”) for the year ended 31 July 2021 which comprise the Consolidated and University Statement of Comprehensive Income and Expenditure, the Consolidated and University Statement of Changes in Reserves, Consolidated and University Balance Sheet, Consolidated Statement of Cash Flows and related notes, including the Statement of Principal Accounting Policies.

In our opinion, the financial statements:

Give a true and fair view of the state of the Group’s and the University’s affairs as at 31 July 2021, and of the Group’s and the University’s income and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows, for the year then ended; and Have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education;

Buckinghamshire New University | Financial Statements 2020-21 | 51

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern The Council has prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the University or to cease their operations, and as they have concluded that the Group and the University’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”). In our evaluation of the Council’s conclusions, we considered the inherent risks to the group’s business model and analysed how those risks might affect the Group and University’s financial resources or ability to continue operations over the going concern period. Our conclusions based on this work: • we consider that the Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate; • we have not identified, and concur with the Council’s assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group or the University’s ability to continue as a going concern for the going concern period. • However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the University will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

in accounting estimates and judgements such as pension assumptions.

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

We did not identify any additional fraud risks.

• Enquiring of the Council, the Audit Committee, internal audit and inspection of policy documentation as to the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.  • Reading Council, Audit Committee, Remuneration Committee, Resources Committee and Student Experience Committee minutes.  • Using analytical procedures to identify any unusual or unexpected relationships. • Obtaining a copy of the Group’s fraud register.  We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet regulatory performance targets, we perform procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition, in particular the risk that income from tuition fees is incorrectly recorded due to inaccuracies in the deferral of revenue relating to courses crossing the financial year and the risk that Group management may be in a position to make inappropriate accounting entries, and the risk of bias

1. The term used to describe the annual report should be the same as that used by the directors.

We performed procedures including: • Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included journals with rarely used account combinations or unexpected combinations which increase the amount of cash recorded, and journals deferring tuition fee income posted outside of the usual process for these journals. • Evaluating the business purpose of significant unusual transactions. • Assessing significant accounting estimates for bias. Identifying and responding to risks of material misstatement due to noncompliance with laws and regulations  We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the Council and other management (as required by auditing standards), and from inspection of the Group’s regulatory and legal correspondence and discussed with the Council and other management the policies and procedures regarding compliance with laws and regulations. As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements.

52 | Financial Statements 2020-21 | Buckinghamshire New University

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.  Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, taxation legislation, pensions legislation and specific disclosures required by higher education legislation and regulation, charities legislation and related legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the need to include significant provisions. We identified the following areas as those most likely to have such an effect: health and safety legislation, data protection regulations, environmental legislation, employment law, and food hygiene regulations recognising the regulated nature of the University’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.  Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the

financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations.

Other information The Council is responsible for the other information, which comprises the Strategic Report and Statement of Corporate Governance. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work: • we have not identified material misstatements in the other information; and • in our opinion the information given in the Strategic Report and Statement of Corporate Governance is consistent with the financial statements.

Council responsibilities As explained more fully in their statement set out on page 49, the Council is responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and parent University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of

accounting unless it either intends to liquidate the Group or the parent University or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities 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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org. uk/auditorsresponsibilities.

Buckinghamshire New University | Financial Statements 2020-21 | 53

Report on other legal and regulatory requirements We are required to report on the following matters by the Accounts Direction dated 25 October 2019 issued by the Office for Students (‘the Accounts Direction’). In our opinion, in all material respects: • funds from whatever source administered by the Group or the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation; • funds provided by the Office for Students, UK Research and Innovation (including Research England), the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the relevant terms and conditions; and • the financial statements meet the requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students.

Matters on which we are required to report by exception We are required by the Accounts Direction to report to you where the University has an access and participation plan that has been approved by the Office for Students’ director of fair access and participation and the results of our audit work indicate that the Group’s and the University’s expenditure on access and participation activities for the financial year disclosed in Note 8 has been materially misstated. We are also required by the Accounts Direction to report to you where the results of our audit work indicate that the Group’s and the University’s grant and fee income, as disclosed in notes 1 to 3 to the financial statements has been materially misstated. We have nothing to report in these respects.

The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the Council in accordance with paragraph 12.2(c) of the University’s Articles of Government. Our audit work has been undertaken so that we might state to the Council those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the University and the Council for our audit work, for this report, or for the opinions we have formed.

Dean Gibbs for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 15 Canada Square London E14 5GL 8 December 2021

54 | Financial Statements 2020-21 | Buckinghamshire New University

STATEMENT OF COUNCIL RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS The Council is responsible for preparing the annual report and the financial statements in accordance with the requirements of the Office for Students’ Terms and Conditions of Funding for Higher Education Institutions and Research England’s Terms and Conditions of Research England Grant and applicable law and regulations. They are required to prepare the group and parent University financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The terms and conditions of funding further require the financial statements to be prepared in accordance with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education, in accordance with the requirements of the Accounts Direction issued by the Office for Students. The Council are required to prepare financial statements which give a true and fair view of the state of affairs of the group and parent University and of their income and expenditure, gains and losses and changes in reserves for that period. In preparing each of the group and parent University financial statements, the directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent;

• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• funds provided by the Office for Students and Research England have been applied in accordance with the terms and conditions attached to them;

• assess the group and parent University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

• ensuring that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and

• use the going concern basis of accounting unless they either intend to liquidate the group or the parent University or to cease operations, or have no realistic alternative but to do so. The Council is responsible for keeping adequate accounting records that are sufficient to show and explain the parent University’s transactions and disclose with reasonable accuracy at any time the financial position of the parent University. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities. The Council are also responsible for ensuring that: • funds from whatever source administered by the Group or the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;

• securing the economical, efficient and effective management of the university’s resources and expenditure. The Council is responsible for the maintenance and integrity of the corporate and financial information included on the University’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Buckinghamshire New University | Financial Statements 2020-21 | 55

56 | Financial Statements 2020-21 | Buckinghamshire New University

Consolidated Statement of Comprehensive Income and Expenditure Year ended 31 July 2021 Year ended 31 July 2021

Year ended 31 July 2020

Notes

Consolidated £'000

University £'000

Consolidated £'000

University £'000

1 2 3 4 5 6

137,795 8,133 283 5,231 16 -

137,355 7,907 283 4,647 16 -

101,238 6,007 495 6,193 109 3,225

100,823 5,892 495 4,903 108 0

151,458

150,208

117,267

112,221

7 8 8 11&12 9

35,770 215 103,233 6,058 2,745

34,901 215 102,721 5,568 2,066

31,539 522 73,239 4,929 2,977

30,375 522 72,357 4,428 2,292

148,021

145,471

113,206

109,974

3,437

4,737

4,061

2,247

3,437

4,737

4,061

2,247

2,822 6,576

6,576

(12,360)

12,835

11,313

(8,299)

(10,113)

12,835 12,835

11,313 11,313

(8,299) (8,299)

(10,113) (10,113)

Income Tuition fees and education contracts Funding body grants Research grants and contracts Other income Investment income Exceptional income Total income Expenditure Staff costs Fundamental restructuring costs Other operating expenses Depreciation Interest and other finance costs Total expenditure Surplus / (Deficit) before tax Taxation

Surplus / (Deficit) for the year Unrealised surplus on revaluation of tangible assets Actuarial gain / (loss) in respect of pension schemes Total comprehensive income for the year Represented by: Unrestricted comprehensive income for the year Attributable to the University

Buckinghamshire New University | Financial Statements 2020-21 | 57

Year ended 31 July 2021 Reconciliation of Total Comprehensive Income to the Operating Performance

Notes

Year ended 31 July 2020

Consolidated

University

Consolidated

University

£'000

Total Comprehensive Income

12,835

11,313

(8,299)

(10,113)

Unrealised surplus on revaluation of tangible assets

(2,822)

(6,576)

12,360

3,437

4,737

4,061

2,247

1,089

Actuarial (loss) / gain in respect of pension schemes

Surplus / (Deficit) for the year Pension Interest

903

Movement on pension provisions

3,363

1,769

Exceptional income

(3,225)

7,703

9,003

3,694

5,105

Operating Performance Surplus / (Deficit) All items of income and expenditure relate to continuing activities.

Accompanying notes and policies on pages 62 to 89 form part of these financial statements.

58 | Financial Statements 2020-21 | Buckinghamshire New University

Consolidated and University Statement of Changes in Reserves Year ended 31 July 2021 Consolidated

Balance at 1 August 2019

Income and expenditure account Restricted Unrestricted £'000 £'000

Revaluation reserve

Total

£'000

12,947

4,337

17,297

(Deficit) / surplus from the income and expenditure statement Other comprehensive income Transfers between revaluation and income and expenditure reserve Release of restricted funds spent in year

4,061

(12,360) -

Total comprehensive income for the year

(8,299)

4,648

4,337

8,998

(Deficit) / surplus from the income and expenditure statement Other comprehensive income Transfers between revaluation and income and expenditure reserve Received of restricted funds in year

3,437

9,398 -

Total comprehensive income for the year

12,835

17,483

4,337

21,833

Income and expenditure account Restricted Unrestricted £'000 £'000

Revaluation reserve

Total

£'000

Balance at 1 August 2020

Balance at 31 July 2021 University

Balance at 1 August 2019

15,613

4,337

19,963

(Deficit) / surplus from the income and expenditure statement Other comprehensive income Transfers between revaluation and income and expenditure reserve Release of restricted funds spent in year

2,247

(12,360)

(12,360) -

Total comprehensive income for the year

(10,113)

5,500

4,337

9,850

(Deficit) / surplus from the income and expenditure statement Other comprehensive income Transfers between revaluation and income and expenditure reserve Received of restricted funds in year

4,737

6,576

6,576 -

Total comprehensive income for the year

11,313

16,813

4,337

21,163

Balance at 1 August 2020

Balance at 31 July 2021

Accompanying notes and policies on pages 62 to 89 form part of these financial statements.

Buckinghamshire New University | Financial Statements 2020-21 | 59

Consolidated and University Balance Sheet Year ended 31 July 2021 Year ended 31 July 2021

Year ended 31 July 2020

Notes

Consolidated £'000

University £'000

Consolidated £'000

Restated University £'000

Non-current assets Intangible assets Fixed assets Investments

11 12 13

1,926 98,883 100,809

1,926 98,812 1,036 101,774

3,063 98,538 101,601

3,063 77,372 1,036 81,471

Current assets Stock Trade and other receivables Investments Cash and cash equivalents

15 16 17 22

16 12,501 5,034 37,217 54,768

14,796 5,034 37,149 56,979

13 13,187 5,034 23,016 41,250

14,196 5,034 22,645 41,875

Less: Creditors: amounts falling due within one year

(19,621)

(23,467)

(17,022)

(16,200)

35,147

33,512

24,228

25,675

135,956

135,286

125,829

107,146

(47,732)

(48,797)

(29,262)

20 & 27 20

(65,766)

(68,034)

(625)

21,833

21,163

8,998

9,850

17,483 4,337 21,820

16,813 4,337 21,150

4,648 4,337 8,985

5,500 4,337 9,837

21,833

21,163

8,998

9,850

Net current assets / (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year Provisions Pension provisions Other provisions

Total net assets Restricted Reserves Income and expenditure reserve - restricted reserve Unrestricted Reserves Income and expenditure reserve - unrestricted Revaluation reserve

Total Reserves

Accompanying notes and policies on pages 62 to 89 form part of these financial statements. Restated to separate our intangible assets from fixed assets. The financial statements were approved by the Governing Body on 8 December 2021 and were signed on its behalf on that date by:

Professor Nick Braisby Vice-Chancellor and Chief Executive Officer

Maggie Galliers CBE Chair of Council

60 | Financial Statements 2020-21 | Buckinghamshire New University

Consolidated Statement of Cash Flows Year ended 31 July 2021 Notes

Year ended 31 July 2021 £'000

Year ended 31 July 2020 £'000

3,437

4,061

11&12 15 16 18 27 20

6,058 (3) 686 2,229 3,363 625 -

4,929 3 (4,309) 2,807 1,769 (3,225)

5 9 18

(16) 2,745 (1,199) 17,925

(109) 2,977 (958) 7,945

Cash flows from investing activities Capital grants receipts Investment income Payments made to acquire tangible fixed assets Payments made to acquire intangible fixed assets Increase in current investments

19 5 12 11 17

2,179 16 (1,931) (512) (248)

765 109 (2,860) (300) (23) (2,309)

Cash flows from financing activities Interest paid Interest element of finance lease and service concession payments Repayments of amounts borrowed Capital element of finance lease and service concession payments

9 9 19 24

(1,830) (12) (666) (968) (3,476)

(1,870) (18) (624) (548) (3,060)

14,201

2,576

23,016 37,217

20,440 23,016

Cash flow from operating activities Surplus / (Deficit) for the year Adjustment for non-cash items Depreciation (Increase) / decrease in stock Decrease / (increase) in debtors Increase in creditors Increase in pension provision contribution Increase in other provisions Exceptional gain on acquisition of subsidiary Adjustment for investing or financing activities Investment income Interest payable Capital grant income Net cash inflow from operating activities

(Decrease) / increase in cash and cash equivalents in the year Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year

22 22

The University has taken advantage of the exemption under paragraph 1.12 of FRS102 for qualifying entities from preparing its own cash flow statement. Accompanying notes and policies on pages 62 to 89 form part of these financial statements.

Buckinghamshire New University | Financial Statements 2020-21 | 61

62 | Financial Statements 2020-21 | Buckinghamshire New University

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES The country of incorporation of Buckinghamshire New University is the United Kingdom

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The functional currency used in the preparation of the financial statements is GBP Sterling.

Basis of preparation These financial statements have been prepared in accordance with the statement of recommended practice ‘SORP: Accounting for Further and Higher Education Institutions 2019’,the requirements of the OfS’s accounts direction (issued June 2018) and in accordance with the FRS 102 Accounting Standards. The University is a public benefit entity and therefore applies the relevant public benefit requirement of FRS102.

Basis of accounting The financial statements are prepared under the historical cost convention modified by the revaluation of certain fixed assets.

Going Concern The Group and parent University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report which forms part of the Council’s Report. The Council’s Report also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities.

concern period). which indicate that, taking account of severe but plausible downsides, including the impact of the Covid-19 pandemic, the Group and parent University will have sufficient funds to meet their liabilities as they fall due for that period. In reaching this conclusion, the Council has considered a severe but plausible downside scenario, accounting for potential changes to the higher education funding regime, the impact of the ongoing Covid-19 pandemic, and uncertainty over future price inflation; as well as suitable and plausible mitigating actions including cost controls. The Council believe the Group and parent University have sufficient funding in place and expect the Group to be in compliance with its debt covenants even in severe but plausible downside scenarios. Consequently, the Council is confident that the Group and parent University will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Basis of consolidation The consolidated financial statements include the University and its subsidiaries for the financial year to 31 July 2021. The results of subsidiaries acquired or disposed of during the period are included in the Consolidated Statement of Comprehensive Income and Expenditure from the date of acquisition or up to the date of disposal. Intra-group transactions are eliminated on consolidation.

The financial statements have been prepared on a going concern basis which the Council consider to be appropriate for the following reasons.

The consolidated financial statements do not include the income and expenditure of the Students' Union as the University does not exert control or dominant influence over policy decisions.

The Council has prepared cash flow forecasts for a period of 13 months from the date of approval of these financial statements (the going

Joint ventures and investments in associates are accounted for using the equity method.

Income Recognition Income from the sale of goods or services is credited to the Consolidated 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. Fee income for the University and its partners is stated gross of any expenditure which is not a discount and credited to the Consolidated Statement of Income and Expenditure over the period in which students are studying. For courses starting in September / October, the assumption is that the course is completed within the academic / financial year. For courses starting between January and July the course is assumed to start from the first day of the following month. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income. Investment income is credited to the Statement of Consolidated Income and Expenditure on a receivable basis. 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.

Grant funding The University has adopted the accrual model for government revenue grants. Government revenue grants including funding council block grant 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

Buckinghamshire New University | Financial Statements 2020-21 | 63

within one year and due after more than one year as appropriate. Grants (including research grants) from non-government sources are recognised as income when the University is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the balance sheet and released to income as the conditions are met.

Capital grants Government capital grants are recognised in income over the expected useful life of the asset using the accruals method of accounting. Other capital grants are recognised in income when the University is entitled to the funds subject to any performance related conditions being met.

Donations and endowments Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognised in income when the University is entitled to the funds. Income is retained within the restricted 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. Donations with no restrictions are recognised in income when the University is entitled to the funds. Investment 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 other restriction applied to the individual endowment fund. There are four main types of donations and endowments identified within reserves: 1. Restricted donations - the donor has specified that the donation must be used for a particular objective. 2. Unrestricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the University.

3. Restricted expendable endowments - 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. 4. Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Research and Development expenditure Expenditure on Research and Development is written off to the Consolidated Statement of Comprehensive Income and Expenditure in the year in which it is incurred.

Scheme (LGPS). Some retirement benefits are provided by Universities Superannuation Scheme (USS) and Scottish Widows Scheme. The TPS, LGPS and USS schemes are defined benefit schemes which are externally funded and contracted out of the State Second Pension (S2P). Scottish Widows is a defined contribution plan. The USS is a multi-employer scheme for which it is not possible to identify the assets and liabilities to the University as members due to the mutual nature of the scheme and therefore this scheme is accounted for as a defined contribution retirement benefit scheme. A liability is recorded within provisions for any contractual commitment to fund past deficits within the USS scheme.

Maintenance of premises

Defined Benefit Plan

The University has a five-year rolling long-term maintenance plan, which forms the basis of the ongoing maintenance of the estate. The cost of long term and routine corrective maintenance is charged to the Consolidated Statement of Comprehensive Income and Expenditure as incurred for work and is not capital in nature.

Defined benefit plans are postemployment benefit plans other than defined contribution plans. Under defined benefit plans, the University’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the University. The Group should recognise a liability for its obligations under defined benefit plans net of plan assets. This net defined benefit liability is measured as the estimated amount of benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value (at bid price) of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the University is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

Foreign currency Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in Surplus or Deficit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.

Accounting for retirement benefits Retirement benefits for most employees of the University are provided by either the Teachers’ Pension Scheme (TPS) or the Local Government Pension

64 | Financial Statements 2020-21 | Buckinghamshire New University

Defined Contribution Plan A defined contribution plan is a postemployment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Consolidated Statement of Comprehensive Income and Expenditure in the periods during which services are rendered by employees.

Employment benefits 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. Termination benefits are recognised as an expense in the year an employee's contract of employment is terminated.

Tangible fixed assets Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to the 2019 FE HE SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation. Depreciation is provided to write off the cost or valuation less the estimated residual value of the tangible fixed assets by equal instalments over their useful economic life as follows: Core - 50 to 80 years; Roofs – 40 years; Finishes – 30 years; Fixtures and fittings – 20 years; Mechanical and electrical – 30 years; Refurbishments of freehold buildings – 30 years; Refurbishments of leasehold buildings – over the remaining period of the lease; Minor capital works – 5 years; Equipment - 5 to 15 years; Operating lease buyouts – over the remaining useful life of the underlying assets No depreciation is provided on freehold land a. Land and buildings - The University's buildings are specialised buildings and therefore it is not appropriate

to value them on the basis of open market value. Land and buildings inherited from the Local Education Authority (LEA) are stated in the balance sheet at valuation on the basis of depreciated replacement cost. Other land and buildings are included in the balance sheet at cost. Freehold land is not depreciated as it is considered to have an indefinite useful life.

Stock

A review for impairment of a fixed asset is carried out annually for assets with an anticipated useful economic life in excess of 50 years. The useful life of all assets is reviewed if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable.

The University is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 (formerly schedule 2 of the Charities Act 1993) and as such within the meaning of paragraph 1 of schedule 6 to the Finance Act 2010. Accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by sections 478 to 488 of the Corporation Taxes Act 2010 (formerly enacted in section 505 of the Income and Corporation Taxes Act 1988), or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

b. Buildings - Buildings under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs, including associated finance costs, incurred to 31st July. No depreciation is charged on assets in the course of construction. c. Equipment - Equipment, including computers and software, costing less than £5,000 per individual item is recognised as expenditure. All other equipment is capitalised. Capitalised equipment is depreciated over its useful economic life. Where equipment is acquired with the aid of specific grants it is capitalised and depreciated in accordance with the above policy, with the related grant being credited to a deferred capital grant account and released to Consolidated Statement of Comprehensive Income and Expenditure over the expected useful economic life of the related equipment.

Intangible fixed assets Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is provided to write off the cost or valuation less the estimated residual value of the intangible fixed assets by equal instalments over their useful economic life.

Investments Investments in subsidiary undertakings are recognised at cost less provision for impairment losses.

Stock is held at the lower of cost and net realisable value, and is measured using a fair valuation method. Educational stock is not material in relation to the University finances and is therefore charged to the Consolidated Statement of Comprehensive Income and Expenditure when purchased.

Taxation

The University receives no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their cost. The University’s subsidiary companies are subject to corporation tax and VAT in the same way as any commercial organisation.

Cash and cash equivalents 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. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Short Term Investments Short term investments comprise bank deposits which are not repayable within 24 hours.

Buckinghamshire New University | Financial Statements 2020-21 | 65

Provisions, contingent liabilities and contingent assets Provisions are recognised in the financial statements when: a. the University has a present obligation (legal or constructive) as a result of a past event;

Financial Instruments The University only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value, as follows: - Cash – cash held

b. it is probable that an outflow of economic benefits will be required to settle the obligation; and

- Debtors – settlement amount after any discounts

c. a reliable estimate can be made of the amount of the obligation.

- Loans – amortised cost

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre- tax rate that reflects risks specific to the liability. 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. A contingent asset arises where an event has taken place that gives the University 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.

- Creditors – settlement after any trade discounts - Finance leases – amortised cost

Finance Leases Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease 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 inception of the lease. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Operating leases

Contingent assets and liabilities are not recognised in the Balance Sheet but are disclosed in the notes.

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.

Agency arrangements

Borrowing costs

Funds the institution receives and disburses as paying agent on behalf of a funding body or other body, where the institution is exposed to minimal risk or enjoys minimal economic benefit related to the receipt and subsequent disbursement of the funds, are excluded from the Consolidated Statement of Comprehensive Income and Expenditure of the institution.

Borrowing costs are recognised as expenditure in the period in which they are incurred. Accounting for Joint Operations, Jointly Controlled Assets, Jointly Controlled Operations and Investments in Associates The University accounts for its share of joint ventures using the equity method. The University accounts for its share of transactions from joint operations and jointly controlled assets in the Consolidated Statement of Income and Expenditure.

The University accounts for its investments in associates under the equity method.

Reserves Reserves are classified as restricted or unrestricted. 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.

66 | Financial Statements 2020-21 | Buckinghamshire New University

ACCOUNTING ESTIMATES & JUDGEMENTS The following accounting judgements are considered critical in applying the University’s accounting policies:

Partnership Income Recognition The University applies judgment in determining the agency / principal relationship with its franchise partners. Where the University is exposed to the majority of the benefits and risks of the relationship the University considers itself to be acting as a principal and the student income is recognised on a gross basis. Where the University is not exposed to the majority of the benefits and risks of the relationship the University considers itself to be acting as an agent and the income is recognised on a net basis. The primary factors that the University considers indicative when determining whether or not it is exposed to the majority of the benefits and risks of the relationship are: 1. A direct relationship with the Student Loan Company for the tuition fees of the students. 2. A direct relationship with the Office for Students for the teaching grants of the students. 3. A direct relationship with HESA for the students number return for those students. 4. The University having full contractual responsibility for teaching out the students if the partner fails. 5. The University bearing the risk of investment in the development of the course programmes which it designs as well as the inventory risk. 6. The University controlling the price of all courses charged to students.

of education through the provision of housing and associated services to students of the University and other educational institutions. During 2016-17 the University completed the sale of its student accommodation to CSV as part of a wider refinancing arrangement with an alternative finance provider. This resulted in the University committing to an operating rental lease of the buildings on the site from Aviva as part of the transaction for a period of 30 years.

basis according to where the student or student sponsor is in the debt collection cycle with a general provision calculated for remaining debtors with regards to the ageing of the debt to provide for balances which may prove irrecoverable due to the economic effects of Covid-19 on debtors. The specific provision takes into consideration the debtors engagement with the University and if their account has been placed with an external collector, if it is awaiting legal action and if there is an agreed payment plan in place.

In the arrangements that exist above management have considered two key items in reviewing the application of appropriate accounting treatment:

Debt deemed to be uncollectable during the year is written off to the Consolidated Statement of Income and Expenditure.

1. Whether or not the University has control over CSV – it is concluded that management has no control over CSV as it is obliged to act within its objects which are not exclusively for the benefit of students of the University, Charity’s trustees are bound by charity law to act within the objects of CSV regardless of who appoints them. The University does have the right to remove the bank from CSV; however doing so would cause a significantly adverse commercial impact on the entity that this would never take place in practice.

Estimates for the accounting for employee benefits

2. Whether the arrangement with Aviva is an operating or finance lease – it has been concluded by management that the arrangement is an operating lease because at the end of the arrangement there is no beneficial financial arrangements with regards to continuing with the lease or the purchase of the asset. The life of the asset is 53 years as opposed to the length of the lease which is 30 years and the NPV of the minimum lease payments is significantly lower than the deemed value of the asset.

Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions made for 2021 are included in note 27.

Accounting for Chiltern Student Village

Accounting for bad debt provisions

The University is a third member of Chiltern Student Villages Ltd (CSV), a charitable company whose objects include the advancement

The University has bad debt provisions in respect of student, partnership, commercial and research debts. The bad debt provision is calculated on a specific

FRS 102 requires that certain assumptions are made in order to determine the amount to be recorded for retirement benefit obligations and pension plan assets for certain of the University’s defined benefit plans. These are mainly actuarial assumptions such as discount rate, mortality rates and expected inflation rates. In determining the appropriate assumptions, the University has regard to various external sources, including as provided by actuaries.

The Fund Actuary has proposed a change to their standard approach to setting the CPI assumption, to take account of RPI reform. The method for calculating the RPI assumption (on which the CPI assumption is based) has been updated, resulting in a reduction in DBO of c.£7,463k. In addition, the difference between CPI and RPI (the RPI-CPI wedge) has been updated, resulting in an increase in DBO of c.£13,737k. These changes are linked, and are based on pre-2030 and post-2030 rates

Buckinghamshire New University | Financial Statements 2020-21 | 67

NOTES TO THE ACCOUNTS

68 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021 Year ended 31 July 2021

Tuition fees and education contracts Full-time home and EU students Full-time international students Part-time students Education contracts Apprenticeship fee income

Consolidated £'000 126,205 1,695 5,158 757 3,980 137,795

University £'000 125,765 1,695 5,158 757 3,980 137,355

Year ended 31 July 2020 Consolidated £'000 90,963 1,802 2,977 2,779 2,717 101,238

University £'000 90,548 1,802 2,977 2,779 2,717 100,823

Full time Home and EU students includes £94,619k for 2020-21 and £63,870k for 2019-20 for students recruited through partners. Year ended 31 July 2021

Funding body grants Recurrent grant Office for Students Education and Skills Fundings Agency Specific grants Knowledge Exchange Funding Capital grants released in year

Consolidated £'000

University £'000

Consolidated £'000

University £'000

6,448 179

4,434 183

282 1,224 8,133

282 998 7,907

313 1,077 6,007

313 962 5,892

Year ended 31 July 2021

Research grants and contracts Research charities Government (UK and overseas) Industry and commerce Other

Consolidated £'000 5 272 6 283

University £'000 5 272 6 283

Year ended 31 July 2021

Other income Residences and catering Missenden Abbey Conference Centre Student Union and Nurses Reimbursements Other income Government grants

Consolidated £'000 2,911 494 412 918 496 5,231

University £'000 2,912 412 999 324 4,647

Year ended 31 July 2021

Investment income Other investment income

Year ended 31 July 2020

Consolidated £'000 16 16

University £'000 16 16

Year ended 31 July 2020 Consolidated £'000 10 482 1 2 495

University £'000 10 482 1 2 495

Year ended 31 July 2020 Consolidated £'000 3,072 1,191 429 1,360 141 6,193

University £'000 3,057 429 1,417 4,903

Year ended 31 July 2020 Consolidated £'000 109 109

University £'000 108 108

Buckinghamshire New University | Financial Statements 2020-21 | 69

Notes to the Accounts Year ended 31 July 2021 Year ended 31 July 2021

Exceptional income Exceptional gain on acquisition of subsidiary

Consolidated £'000 -

University £'000 -

Year ended 31 July 2020 Consolidated £'000 3,225 3,225

University £'000 -

Note The source of grant and fee income, included in notes 1 to 3 is as follows: Year ended 31 July 2021 Grant and Fee income Grant income from the OfS Grant income from other bodies Fee income for research awards (exclusive of VAT) Fee income from non-qualifying courses (exclusive of VAT) Fee income for taught awards (exclusive of VAT) Total grant and fee income

Year ended 31 July 2020

Consolidated £'000 6,479 1,639 231 101,053

University £'000 6,479 1,414 231 101,053

Consolidated £'000 5,054 1,448 205 69,366

University £'000 5,054 1,333 205 69,366

36,809 146,211

36,368 145,545

31,667 107,740

31,252 107,210

70 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021 Year ended 31 July 2021

Staff Costs

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

24,609 2,549 3,406 (43) 5,249 35,770

23,805 2,506 3,406 (43) 5,227 34,901

22,897 2,163 1,800 (31) 4,710 31,539

21,806 2,113 1,800 (31) 4,687 30,375

Salaries Social security costs Movement on LGPS provision Movement on USS provision Other pension costs Total

a) Number of staff with a full-time equivalent basic salary of over £100,000 per annum £100,000 £105,000 £110,000 £115,000 £120,000 £125,000 £130,000 £135,000 £140,000 £145,000 £150,000 £155,000 £160,000 £165,000 £170,000 £175,000 £180,000 £185,000 £190,000 £195,000 £200,000

to to to to to to to to to to to to to to to to to to to to to

£104,999 £109,999 £114,999 £119,999 £124,999 £129,999 £134,999 £139,999 £144,999 £149,999 £154,999 £159,999 £164,999 £169,999 £174,999 £179,999 £184,999 £189,999 £194,999 £199,999 £204,999

Number of staff (2020-21) 2 1 1 1 -

Number of staff (2019-20) 1 1 -

Prof Nick Braisby (2020-21)

Prof Nick Braisby (2019-20)

£198,510*

b) Remuneration Package of the Head of Provider (Vice-Chancellor)

Basic Salary

ii)

Payment of dividends

None

iii)

Performance related pay and other bonuses including amount waived or deferred payment arrangements

None

iv)

Pension contributions and payments in lieu of pension contributions

£41,949

£41,588

Salary sacrifice arrangements

None

vi)

Compensation for loss of office

None

vii)

Any sums paid under any pension scheme in relation to employment with the provider

None

viii)

Other taxable benefits

None

ix)

Non-taxable benefits

None

Other remuneration

None

*A salary increase of £31,490 is deferred and has been accrued for in the 2020-21 Financial Statements. Payment of this sum will be made to the Vice-Chancellor on 31 July 2025 provided his performance remains satisfactory.

Buckinghamshire New University | Financial Statements 2020-21 | 71

Notes to the Accounts Year ended 31 July 2021 c) Justification for the total remuneration package for the head of provider (Professor Nick Braisby) The Chair of Council undertakes the Vice-Chancellor (VC) and Chief Executive Officer’s annual Performance and Development Review against an agreed set of objectives, both institutional and personal, which were reviewed periodically during the year. The overall conclusion from the review for 2020-21 was that the VC’s performance was excellent during a particularly challenging year. The VC should be encouraged to become a sector leader in relation to providing advice / opinion to the sector and government. With the assistance of independent specialist advice, the VC’s remuneration has been benchmarked and found to be appreciably below what would be expected for an institution of comparable income. Because of this, and the VC’s sustained and exceptional performance, the Remuneration Committee decided to increase the base pay for the VC to the benchmark. However, the VC has chosen not to take an increase in remuneration this year and this increase has been accrued for in the 2020-21 financial statements. The Remuneration Committee has agreed that the shortfall will be made up over four years, and the accumulated difference between his remuneration and the benchmark remuneration will be paid at the end of that period thus bringing the Vice-Chancellor’s remuneration in line with the market for future years. This arrangement has been formally documented and approved by the Remuneration Committee. d) Relationship between head of provider’s remuneration and that for all other employees The pay ratio / multiple between the head of provider’s remuneration and the median salary for all staff for 2020-21 is 5.9. This is based on information provided to the Universities & Colleges Employers Association (UCEA). e) Severance Payments i) Disclosures about all staff

Category i)

Loss of office

Total amount of compensation

Number of people to whom this was payable

£184,607

ii)

Loss of any other office connected with the provider’s affairs

None

iii)

Loss of any other office connected with the affairs of a parent or subsidiary undertaking of the provider

None

ii) Disclosures about the head of provider (Professor Nick Braisby) Category

Amount paid to the head of provider

Loss of office

None

ii)

Where compensation paid includes benefits

Not applicable

iii)

Where compensation paid includes additional pension payments

Not applicable

72 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

Average staff numbers by major category

Academic Research Management & specialist Technical Other

Year ended 31 July 2021 307 5 114 57 166 649

Year ended 31 July 2020 274 5 102 56 149 586

Key management personnel 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. The key management personnel at the University are its senior management team which is headed up by the Vice Chancellor and during this financial year has comprised the Deputy Vice Chancellor, the ProVice Chancellor Education and Digital, the Pro-Vice Chancellor External Engagement, the Chief Finance Officer, the Director of Human Resources and the University Secretary and Clerk to Council.

Key management personnel compensation

Year ended 31 July 2021 £'000 792

Year ended 31 July 2020 £'000 717

Council Members The University council members are the trustees for charitable law purposes. Due to the nature of the University's operations and the compositions of the Council, being drawn from local public and private sector organisations, Transactions may take place with organisations in which a member of the Council may have an interest. All transactions involving organisations in which a member of Council may have an interest are conducted at arms length and in accordance with the University's Financial Regulations and usual procurement procedures. In 2020-21 transactions of this nature totalled £nil (2019-20 £nil). No council member has received any remuneration / waived payments from the group during the year (2020 - none) The total expenses paid to or on behalf of council members was £nil (2020 - £723 to 5 council members). In the prior year this represented travel and subsistence expenses incurred in attending Council, Committee meetings and Charity events in their official capacity.

Buckinghamshire New University | Financial Statements 2020-21 | 73

Notes to the Accounts Year ended 31 July 2021

Year ended 31 July 2021 8 Analysis of expenditure a) Total expenditure by activity Academic and related expenditure Administration and central services Premises Residences, catering and conferences Research grants and contracts Depreciation Interest payable Other expenses

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

109,784 17,046 4,690 3,571 74 6,058 2,745 4,053 148,021

104,218 22,207 4,910 2,375 74 5,568 2,066 4,053 145,471

80,672 12,753 3,801 3,748 321 4,929 2,977 4,005 113,206

80,672 12,253 3,932 2,087 321 4,428 2,292 3,989 109,974

Academic and related expenditure includes £78,044k for 2020-21 and £51,517k for 2019-20 for the costs of tuition of students recruited through partners Other operating expenses include: External auditors -Audit (excluding VAT) External auditors-non-audit (excluding VAT) Internal audit services (excluding VAT) Other operating expenses include: Operating lease rentals: Land and buildings Other

Fundamental restructuring costs

102 5 47

87 5 47

97 1 47

70 1 47

4,053 9 4,062

3,889 3 3,892

215

522

515 1,918 1,071 87 3,591

1,043 1,911 988 81 4,023

Access and Participation Access Investment Financial Support Disability Support Research and Evaluation

Access and Participation Plan 2019-20

Access investment

Access and Participation Plan 2020-24:

BNU spent £86,635 and sub-contractual partners £428,260 on Access and Outreach (total: £514,895).

All staff costs of £166k are included in the overall staff cost figure (ref: Note 7).

At BNU, 3000 students engaged across 61 activities:

Note on partners Investment by sub-contractual partners is included in the statement to provide a complete view of APP countable activity. This investment information is provided to BNU by the partners and combined with spend for BNU ‘taught’ students. This spend is incurred directly by the sub-contractual partners and does not appear in the accounts of BNU.

- 48% first generation - 35% BAME - 36% areas of high deprivation (IMD) - ~60% low participation (POLAR4 Q1 & Q2) We have continued our outreach work throughout the COVID-19 restrictions, consulting with schools to create a range of virtual and face to-face sessions to meet the needs of their pupils which were supported with new resources and social media activity.

74 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

Events included taster days, careers days and careers advice and guidance sessions across a variety of age groups from Years 8 to 13. Futures Days were held which were offered to all local schools which meet our widening participation (WP) criteria. For older age groups we support both their move into further education and their application to higher education, as well as offering parents’ information evenings and HE workshops. This included an eight-week Fashion Futures initiative where academics in our Fashion course team provided subject-specific WP support and an ongoing activity for 55 care experienced students. We also organised a virtual Q&A session to help parents support their children in transitioning from school to higher education and supported whole year groups with interview skills and training. 33% came from areas of low participation in higher education. Events included taster days, careers days and careers advice and guidance sessions across a variety of age groups from Years 8 to 13. Fifteen Futures Days were held which were offered to all local schools which meet our WP criteria. For older age groups, we support both their move into further education and their application to higher education, as well as offering parents’ information evenings and HE workshops. We employ Student Ambassadors who attend our target WP schools to provide school pupils with relatable role models.

- 309 students on Bucks Student Success Programme (£249,837) (180 from underrepresented groups); - Accommodation fund - £17,250 spent on private accommodation, 48 of 70 students from underrepresented groups; £2,250 spent on students in halls, 5 of the 9 students were from underrepresented groups. 93 UK domiciled students received support from the Bucks hardship fund (£84,077) (73 from underrepresented groups). Direct support for disabled students: 179 students received direct financial disability support at BNU. 973 students received the Bucks Emergency Allowance of up to £200. This was a response to lockdown and was offered to those experiencing financial hardship likely to negatively impact on their ability to study. The total amount spent was £145,600. Although hardship spend is countable for all students, it should be noted that 65% or recipients come from disadvantaged or underrepresented groups. 223 students received the Learning Technology Grant of up to £500. This was specifically designed to benefit students who needed to purchase equipment to support their home learning. The total spent was £88,000. 76% of these students come from disadvantaged or underrepresented groups.

BNU spent £331,641 and sub-contractual partners spent £739,406 on support for disabled students (total: £1,071,047).

The cost of accommodation waivers as a response to the impact of lockdown on student hardship was £812,002, of which £547,218 (67%) went to WP students; this has been included as hardship spend.

Research and evaluation

Sub-contractual students: £694,718.

BNU spent £75,522 and sub-contractual partners spent £11,520 on research and evaluation of access and participation activity (total: £87,042).

UCFB spent £666,335.

Support for disabled students

There has been ongoing investment in business intelligence and evaluation capability during 2020-21. One manager and one analyst in the strategic planning team partially support the development of a robust institutional evaluation framework and associated business intelligence. The figure also includes HEAT membership. In late 2020-21, a new Quality Enhancement group was established which includes new School Directors of Education in each of our seven schools, as well as colleagues from relevant professional services. This group is pivotal to the development of a robust evaluation cycle.

Financial support The types of financial support available in 2020-21 were as set out in our five-year plan (20202024). This commitment includes but exceeds the commitment made in the 2019-20 plan. BNU spent £1,222,924 and sub-contractual partners spent £694,718 on financial support for students (total: £1,917,642). BNU ‘taught’ students: £1,222,924.

- £598,985 received a bursary or scholarships - £64,750 received a fee waiver - £2,600 received support from the hardship fund Newbury spent £2,070. Mont Rose spent £6,313. OBC spent £20,000.

Explanation of overspend Since the five-year Access and Participation Plan was submitted, the volume of sub-contractual arrangements and thus students has increased. This has resulted in increased aligned investment in Access and Participation activity by these sub-contractual partners. Note that we are in a teach-out arrangement with UCFB so the volume of activity attributable to them is expected to decrease over the next year. Disability support was not a financial commitment in the plan so does not contribute to the overspend.

Buckinghamshire New University | Financial Statements 2020-21 | 75

Notes to the Accounts Year ended 31 July 2021

Year ended 31 July 2021

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

1,830 12 903 2,745

1,151 12 903 2,066

1,870 18 1,089 2,977

1,185 18 1,089 2,292

Networked Application Software £'000

Assets in the Course of Construction £'000

Total £'000

2,656

1,695

4,351 512

Interest and other finance costs Loan interest Finance lease interest Net charge on pension scheme

10 Taxation As explained in the accounting policies, the University is potentially exempt from taxation because of its charitable status and no taxation on income or capital gains is payable for 2020-21 or 2019-20.

11 Intangible Fixed Assets Consolidated and University

Cost or valuation At 1 August 2020 Additions

512

Transfers

905

(905)

At 31 July 2021

4,073

790

4,863

Depreciation At 1 August 2020

1,288

Charge for the year

1,649

At 31 July 2021

2,937

Net book value At 31 July 2021

1,136

790

1,926

At 31 July 2020

1,368

1,695

3,063

76 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

12 Fixed Assets Consolidated Freehold Land and Buildings £'000

Leasehold Land and Buildings £'000

Fixtures, Fittings and Equipment £'000

Assets in the Course of Construction £'000

Total £'000

Cost or valuation At 1 August 2020 Additions Transfers Revaluation At 31 July 2021

90,052 2,819 92,871

31,717 31,717

16,423 1,935 2,625 20,983

2,974 (2,625) 349

141,166 1,935 2,819 145,920

Depreciation At 1 August 2020 Charge for the year At 31 July 2021

24,943 2,428 27,371

4,361 553 4,914

13,324 1,428 14,752

42,628 4,409 47,037

Net book value At 31 July 2021

65,500

26,803

6,231

349

98,883

At 31 July 2020

65,109

27,356

3,099

2,974

98,538

Freehold Land and Buildings £'000

Leasehold Land and Buildings £'000

Fixtures, Fittings and Equipment £'000

Assets in the Course of Construction £'000

Total £'000

Cost or valuation At 1 August 2020 Additions Transfers from CIP Transfers from subsidiaries At 31 July 2021

87,760 819 3,762 92,341

10,331 21,385 31,716

16,282 1,084 2,655 552 20,573

2,975 (2,655) 320

117,348 1,903 25,699 144,950

Depreciation At 1 August 2020 Charge for the year Transfers from subsidiaries At 31 July 2021

24,453 2,407 26,860

2,735 202 1,976 4,913

12,788 1,310 267 14,365

39,976 3,919 2,243 46,138

Net book value At 31 July 2021

65,481

26,803

6,208

320

98,812

At 31 July 2020

63,307

7,596

3,494

2,975

77,372

University

At 31 July 2021, freehold land and buildings included £14.45m (2020 - £14.45m) in respect of freehold land and is not depreciated. At 31 July 2021, freehold land and buildings included £57.45m (2020 - £56.05m) held under charge by Barclays Bank in respect of the loan detailed in note 19. Included in the cost of fixed assets is aggregated interest capitalised of £2.6m (2020 - £2.6m) Group and University fixtures, fittings and equipment include assets held under finance leases as follows:

Buckinghamshire New University | Financial Statements 2020-21 | 77

Notes to the Accounts Year ended 31 July 2021

Year ended 31 July 2021 £'000 2,253 (1,366)

Year ended 31 July 2020 £'000 1,376 (1,018)

Charge for year

(258)

(275)

Net book value

629

Cost Accumulated depreciation

13 Non-Current Investments Other non-current investments consist of :

University £'000

BCUC (Conferences) Limited Share Capital - Dormant

1,822

BCUC (Conferences) Limited Provision for Loss - Dormant

(886)

Missenden Abbey Limited

100 1,036

Within the capital and reserves of BCUC (Conferences) Limited is £628k of called up share capital in BCUC (Services) Limited.

14 Investment in joint venture and associate entities Chiltern Student Villages Limited, a charitable company, is an associated entity of the University accounted for under the equity method. The cost and carrying amount of the investment at 31 July 2021 was nil (2020: £nil). Chiltern Student Villages Limited is a company limited by guarantee and has no shareholders and makes no distribution to its members. As such, in the year ended 31 July 2021 the University's share of the associate charitable company's result is nil (2020: £nil).

15 Stock Year ended 31 July 2021

General consumables

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

16 16

13 13

16 Trade and other receivables Year ended 31 July 2021

Amounts falling due within one year: Trade Receivables Prepayments and accrued income Amounts due from subsidiary companies Amounts falling due after more than one year: Amounts due from subsidiary companies Loan to BEST Impairment of BEST Loan

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

5,927 6,574 -

5,823 6,557 651

10,156 3,031 -

10,079 3,016 1,101

12,501

1,765 14,796

13,187

5,082 (5,082) 14,196

78 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

17 Current Investments Year ended 31 July 2021

Short term deposits

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

5,034 5,034

18 Creditors: amounts falling due within one year Year ended 31 July 2021

Secured loans Amounts due to subsidiary undertakings Deferred capital grants Obligations under finance leases Trade payables Social security and other taxation payable Accruals and deferred income Other creditors

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

706 1,359 622 1,504 28 14,779 623 19,621

706 4,062 1,359 622 1,478 16 14,601 623 23,467

667 925 725 2,294 583 11,258 570 17,022

667 810 262 2,298 574 11,020 569 16,200

Deferred income Included with accruals and deferred income are the following items of income which have been deferred until specific performance related conditions have been met. Year ended 31 July 2021

Grant income Other income

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

1,359 8,595 9,954

1,359 8,526 9,885

810 6,828 7,638

810 6,777 7,587

19 Creditors: amounts falling due after more than one year Year ended 31 July 2021

Deferred capital grants Obligations under finance lease USS Pension Liability Secured loans

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

8,941 18,369 115 20,307 47,732

8,395 19,234 156 21,012 48,797

7,452 642 156 21,012 29,262

USS deficit The obligation to fund the past deficit on the Universitys' Superannuation Scheme (USS) arises from the contractual obligation with the pension scheme for total payments relating to benefits arising from past performance. Management have assessed future employees within the USS scheme and salary payment over the period of the contracted obligation in assessing the value of this provision. The assumptions for calculating the provision for the obligation to fund the deficit for the USS scheme are: Discount rate Salary inflation

Consolidated 0.87% 1.50%

Buckinghamshire New University | Financial Statements 2020-21 | 79

Notes to the Accounts Year ended 31 July 2021

Analysis of secured and unsecured loans: Year ended 31 July 2021

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

706

667

Due between one and two years Due between two and five years Due in five years or more Due after more than one year

745 2,480 17,082 20,307

703 2,343 17,966 21,012

Total secured and unsecured loans

21,013

21,679

Secured loans repayable by 2039

21,013

21,679

21,013

21,679

Amount £'000 21,013

Term

Interest rate % 5.32

Borrower

Due within one year or on demand (Note 18)

Lender Barclays Bank

2039

University

The University has a flexible facility with Barclays to draw down up to £3.8m until November 2022 at a rate of LIBOR + 0.28%. There was no draw down against this facility at 31 July 2021.

20 Pension Provision (LGPS) Consolidated and University

Defined Benefit Obligations £'000

At 1 August 2020 Release At 31 July 2021

68,034 (2,268) 65,766

Pension enhancement The assumptions for calculating the provision for pension enhancements on termination under FRS102, are as follows:

Discount rate Rate of inflation above CPI Consolidated and University

At 1 August 2020 Release At 31 July 2021

2021 Consolidated 1.60% 1.0%

2020 Consolidated 1.35% 1.0% SLC Clawback Provision £'000 625 625

80 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

21 Restricted Reserves Consolidated reserves with restrictions represent scholarships and bursaries and are as follows:

Balances at 1 August 2020 Received / (Payment) from donations At 31 July 2021

2021 Total £'000

2020 Total £'000

Cash

At 31 July 2021

22 Cash and cash equivalents At 1 August 2020 £'000

Flows £'000

£'000

Consolidated

23,016

14,201

37,217

University

22,645

14,504

37,149

23 Capital and other commitments Provision has not been made for the following capital commitments: Year ended 31 July 2021

Commitments contracted for

Year ended 31 July 2020

Consolidated £'000

University £'000

Consolidated £'000

University £'000

1,550 1,550

1,527 1,527

Land and Buildings £'000

31 July 2021 Plant and Machinery £'000

31 July 2021 Total

31 July 2020 Total

£'000

3,706

3,721

3,675

3,794 11,516 70,734 86,044

3 3

3,797 11,516 70,734 86,047

3,709 12,504 73,543 89,756

These commitments include I.T. related expenditure for the Cyber Sercurity project and Datacentre as well as equipment for nursing courses at the Aylesbury campus.

24 Lease obligations Total rentals payable under operating leases:

Payable during the year Future minimum lease payments due: Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Total lease payments due

The operating lease commitments primarily relate to the rents payable for the student accommodation buildings Windsor House and Hughenden Student Villages.

Buckinghamshire New University | Financial Statements 2020-21 | 81

Notes to the Accounts Year ended 31 July 2021

Total rentals payable under finance leases:

Payable during the year Future minimum lease payments due: Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years Total lease payments due

31 July 2020 £'000

31 July 2019 £'000

970

725

611 2,051 15,360 18,992

601 2,560 16,073 19,959

The finance lease commitments relate primarily to the Aylesbury campus building and land.

25 Contingent liabilities There were no contingent liabilities as at 31 July 2021 or 31 July 2020.

26 Subsidiary undertakings The subsidiary companies (all of which are registered in England & Wales), whollyowned or effectively controlled by the University, are as follows: Company Missenden Abbey Limited BCUC (Conferences) Limited BCUC (Services) Limited Thames Valley Training & Development Ltd Buckinghamshire Education and Skills Training

Principal Activity A hotel and management training complex Dormant The operation of a lecture theatre complex Dormant The provision of higher education

Status 100% owned 100% owned 100% owned 100% owned 100% owned

82 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

27 Pension Schemes Different categories of staff are eligible to join one of two main schemes at the University: • Teachers’ Pension Scheme (TPS); for academic employees • Local Government Pension Scheme (LGPS); for non-academic employees There are a very small number of academic employees who are also part of the Universities Superannuation Scheme (USS). These schemes are defined benefit schemes contracted out of the State Second Pension (S2P), the assets of which are held in separate trustee administered funds. These are funded by contributions from the University and employees and the accounts reflect the cost of providing these benefits. If the University ever closes and there is no successor establishment, the Secretary of State becomes the compensating authority.

Teachers’ Pension Scheme (TPS) The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including universities. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS. 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 ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament. Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The University is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the University has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. were a defined-contribution plan.

Valuation of the TPS The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return. The latest actuarial review of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education in April 2019. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196 billion giving a notional past service deficit of £22 billion. As a result of the valuation, new employer contribution rates were set at 23.68% of pensionable pay from September 2019 onwards (compared to 16.48% during 2018-19). Whilst the Department for Education has agreed to pay a teacher pension employer contribution grant to cover the additional costs during the 202021 academic year for schools, it has not provided equivalent funding to the Higher Education Sector. A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website. The employer’s contributions to the Teachers’ Pension Scheme is £2,682,828 in 2020-21 (2019-20: £2,448,045).

Buckinghamshire New University | Financial Statements 2020-21 | 83

Notes to the Accounts Year ended 31 July 2021

Universities Superannuation Scheme (USS) 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 schemewide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the 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. The total write back to the profit and loss account is £41,000 (2019-20 write back of £31,000) as shown in note 7. Deficit recovery contributions due within one year for the institution are £15,000 (prior year: £7,000). 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. Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 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 £63.7 billion and the value of the scheme’s technical provisions was £67.3 billion indicating a shortfall of £3.6 billion and a funding ratio of 95%.

84 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

The key financial assumptions used in the 2018 valuation are described below. More detail is set out in the Statement of Funding Principles. Pension increases (CPI) Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a. Discount rate (forward rates)

Years 1-10: CPI + 0.14% reducing linearly to CPI – 0.73%

Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21

Years 21 +: CPI + 1.55%

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the Scheme’s experience carried out as part of the 2018 actuarial valuation. The mortality assumptions used in these figures are as follows: 2018 valuation Mortality base table

Pre-retirement: 71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females. Post retirement: 97.6% of SAPS S1NMA ‘light” for males and 102.7% of RFV00 for females. CMI_2017 with a smoothing parameter of 8.5 and a long term improvement rate of 1.8% pa for males and 1.6% for females.

Future improvements to mortality

CMI_2017 with a smoothing parameter of 8.5 and a long term improvement rate of 1.8% pa for males and 1.6% for females.

The current life expectancies on retirement at age 65 are: 2021

2020

Males currently aged 65 (years)

24.6

24.4

Females currently aged 65 (years)

26.1

25.9

Males currently aged 45 (years)

26.6

26.3

Females currently aged 45 (years)

27.9

27.7

2021

2020

Scheme assets

£80.6bn

£66.5bn

Total scheme liabilities

£95.8bn

£79.4bn

FRS102 total scheme deficit

£15.2bn

£12.9bn

FRS102 total funding level

84%

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 2021 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions: 2021

2020

Discount rate

0.87%

0.73%

Pension increases (CPI)

1.50%

2.00%

Buckinghamshire New University | Financial Statements 2020-21 | 85

Notes to the Accounts Year ended 31 July 2021

Local Government Pension Scheme (LGPS) The Local Government Pension Scheme (LGPS) is a defined benefit statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and currently provides benefits based on career average revalued earnings. The administering authority for the Fund is Buckinghamshire County Council. The Local Government Pension Scheme is valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribution payable being determined by the trustees on the advice of the actuary. The next actuarial valuation of the Fund will be carried out as at 31 March 2022 and will set contributions for the period from 1 April 2023 to 31 March 2026. The table below summarises the minimum employer contributions due from the University to the Fund during this inter-valuation period. The calculation is split between a % contribution of 17.3% (representing the calculated cost of the accrual of future benefits) and an additional monthly amount as set out in the next table: Minimum employer contribution for the period beginning

1 April 2020

1 April 2021

1 April 2022

Percent of payroll

17.30%

Plus monetary amount (£000s)

480

500

520

To assess the value of the Employer’s liabilities at 31 July 2021, the value of the liabilities calculated for the funding valuation as at 31 March 2019 have been rolled forward, using financial assumptions that comply with FRS102. To calculate the asset share the actuary has rolled forward the assets allocated to the Employer as at 31 March 2019 allowing for investment returns, contributions paid into and estimated benefits paid from the Fund by and in respect of the Employer and its employees. The estimated asset allocation for Buckinghamshire New University as at 31 July 2021 is £86.671m (31 July 2020 £74.439m) The pension scheme assets are held in a separate trustee-administered fund to meet long-term pension liabilities to current and former employees. The trustees are required to act in the best interests of the fund’s beneficiaries. The trustees are responsible for setting the investment strategy for the scheme in consultation with professional advisers. An amount of £177,000 (2020: £180,000) was paid directly by the University in respect of supplementary pension entitlements of employees taking early retirement at the time of incorporation. The pension liability associated with this commitment is valued in line with the assumptions for the LGPS in the sections below. Assumptions used in calculating the schemes liabilities under FRS102 Financial assumptions The financial assumptions used to calculate the results are in the table below.

Salary increases

2021

2020

2019

2018

2017

3.80%

3.25%

3.85%

4.20%

Pension increases

2.80%

2.25%

2.35%

2.70%

Discount rate applied to scheme liabilities

1.60%

1.35%

2.10%

2.65%

2.70%

These assumptions are set with reference to market conditions at 31 July 2021. The estimate of the employer’s past service liability duration is 22 years. The discount rate is the annualised yield at the 22 year point on the Merrill Lynch AA-rated corporate bond yield curve which has been chosen to meet the requirements of FRS102 and with consideration of the duration of the Employer’s liabilities.

86 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021

Demographic assumptions The current mortality rates allow for a long-term rate of improvement in life expectancy of 1.25% p.a. The assumed life expectations from 65 are as below: 2021

2020

2019

2018

2017

Males

22.9

23.2

24.6

26.3

26.1

Females

26.4

26.6

28.4

28.3

Males

21.6

21.8

22.9

23.9

Females

25.0

25.1

24.8

26.1

Retiring in 20 years:

Retiring Today:

Scheme assets and expected rate of return The return on the Fund (on a bid value to bid value basis) for the year to 31 July 2021 is estimated to be 15.55%. The actual return on Fund assets over the year may be different. Management have relied on the fund administrators to calculate return on the investments which are made based on systematic investment plan prepared by the Buckinghamshire LGPS. There is therefore inherent estimation uncertainty in the value of the fund assets at 31 July 2021 given that the asset values are rolled forward from the latest reporting year of the fund, allowing for investment returns (estimated where necessary), contributions paid into, and estimated benefits paid from, the fund, by and in respect of the University and its employees. A change of 1% in the asset value would increase / decrease the valuation of the University's pension fund asset by £866k. Based on the estimated asset allocation, the Employer’s share of the assets of the Fund is approximately 2%. The estimated asset allocation for Buckinghamshire New University as at 31 July 2021 is as follows: Asset breakdown

Year to 31 Jul 2021

Year to 31 Jul 2020

£'000s

8,126

7,844

11%

Equities

47,086

54%

40,813

55%

Other Bonds

Gilts

12,144

14%

11,663

16%

Property

5,039

4,658

Cash

1,169

1,952

Alternative Assets

1,004

670

Hedge Funds

3,959

3,528

Absolute Return Portfolio Total

8,144

3,311

86,671

100%

74,439

100%

Re-measurements in other comprehensive income: Re-measurement of the net assets / (net liabilities) Return on Fund assets in excess of interest Other actuarial gains / (losses) on assets

Year to 31 Jul 2021

Year to 31 Jul 2020

£'000

10,616

2,661

4,142

(8,647)

(18,296)

Change in demographic assumptions

1,789

2,282

Experience gain / (loss) on defined benefit obligation

2,818

(3,149)

Re-measurement of the net assets / (defined liability)

6,576

(12,360)

Change in financial assumptions

Buckinghamshire New University | Financial Statements 2020-21 | 87

Notes to the Accounts Year ended 31 July 2021

Expected return on assets The amounts recognised in the SOCIE are:

Year to 31 Jul 2021

Service cost Administration expenses

Year to 31 Jul 2020

£'000

(5,838)

(4,073)

(63)

(59)

(902)

(1,086)

(6,803)

(5,218)

Year to 31 Jul 2021

Year to 31 Jul 2020

Net interest on the defined liability Total Loss Negative figures represent costs to the University Movement in net pension liability during the year:

£'000

(68,034)

(52,788)

(5,838)

(3,939)

Employer contributions paid

2,318

2,152

Unfunded pension payments

177

180

(902)

(1,086)

(134)

(63)

(59)

Deficit in scheme at beginning of year Current service costs

Other finance costs Settlements / curtailments Administration Expenses Remeasurement of the net assets / (defined liability)

6,576

(12,360)

(65,766)

(68,034)

Year to 31 Jul 2021

Year to 31 Jul 2020

£'000

Net pension liability at end of year Reconciliation of the movement of the present value of the defined benefit obligation:

(142,473)

(118,991)

Current service costs

Opening defined benefit obligation

(5,838)

(3,939)

Interest cost

(1,911)

(2,477)

Change in financial assumptions

(8,647)

(18,296)

Change in demographic assumptions

1,789

2,282

Experience loss / (gain) on defined benefit obligation

2,818

(3,149)

Estimated benefits paid (net of transfers in)

2,387

2,707

(134)

(739)

(656)

Past service costs, including curtailments Contributions by scheme participants Unfunded pension payments Closing defined benefit obligation

177

180

(152,437)

(142,473)

88 | Financial Statements 2020-21 | Buckinghamshire New University

Notes to the Accounts Year ended 31 July 2021 Analysis of the movement in the fair value of scheme assets: Year to 31 Jul 2021

Year to 31 Jul 2020

£'000

74,439

66,203

Opening fair value of scheme assets Interest on assets Return on assets less interest Other actuarial gains / (losses) Administration expenses

1,009

1,391

10,616

2,661

4,142

(63)

(59)

2,495

2,332

739

656

Estimated benefits paid plus unfunded net of transfers in

(2,564)

(2,887)

Closing fair value of Scheme assets

86,671

74,439

Contributions by employer including unfunded Contributions by scheme participants and other employers

History of experience gains and losses:

Present value of scheme liabilities

2021

2020

2019

2018

2017

£'000

152,437

142,473

118,991

107,760

111,020

86,671

74,439

66,203

63,195

60,458

(65,766)

(68,034)

(52,788)

(44,565)

(50,562)

2,818

(3,149)

(276)

3,202

Fair value of scheme assets Net liability in balance sheet Experience adjustments on scheme liabilities Experience adjustments on scheme assets

The employer contributions to the scheme for the year to 31 July 2021 is £2,495,000.

Sensitivity Analysis The following table sets out a sensitivity analysis on the major assumptions which have been used in the above calculations : Sensitivity Analysis

£000s

Adjustment to discount rate:

+0.1%

0.0%

-0.1%

149,151

152,437

155,800

Projected service cost

6,203

6,431

6,667

Adjustment to long term salary increase:

+0.1%

0.0%

-0.1%

152,667

152,437

152,210

6,434

6,431

6,427

Present value of total obligation

Present value of total obligation Projected service cost Adjustment to pension increases and deferred revaluation

+0.1%

0.0%

-0.1%

155,527

152,437

149,414

6,664

6,431

6,206

Adjustment to life expectancy assumptions

+1 Year

None

-1 Year

Present value of total obligation

159,217

152,437

145,960

6,705

6,431

6,167

Present value of total obligation Projected service cost

Projected service cost

Buckinghamshire New University | Financial Statements 2020-21 | 89

Notes to the Accounts Year ended 31 July 2021

28 Related party transactions ertain members of the Council are associated with other organisations that may from time to time undertake C transactions with the University or its subsidiaries. All such transactions are undertaken on an arm’s length basis and in accordance with the University’s normal terms. No member of the Council has any financial interest in such transactions, nor is such other organisations related parties of the University or its subsidiaries. As all subsidiary undertakings are wholly owned, the University has taken advantage of the exemption contained in FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the group. The following payments were made to or recieved from organisations in which two of the Universities Board of Governers and Advisors had a material role and / or controlling interest. Year to 31 Jul 2021 Organisation

Role at related party

Nature of transaction

Professor Nick Braisby: GuildHE

Executive Board Member

Membership fees

Andy Cole: Royal Star & Garter

Chief Executive

Rental of car park spaces

Year to 31 Jul 2020

Income / (Payment)

Debtor/ (Creditor) Balance

Income / (Payment)

Debtor/ (Creditor) Balance

(21,810)

(11,153)

4,800

480

3,083

No other transactions were identified which require disclosure under FRS 102, Section 33, "Related Party Disclosures" The University is a third member of Chiltern Student Villages Ltd along with Bank of Scotland and European Structured Finance Limited. There is no controlling party. The charitable company was set up in July 2008 for the transfer, development, provision and management of student accommodation at the University. The Buckinghamshire New University Students’ Union is an independent organisation largely funded by the University. During the 2020-21 financial year the Union was in receipt of £1.542m (2019-20 £1.538m) of grant funding from the University. At the 31 July 2021, the University had a creditor with the Students’ Union of £7k and a debtor of £35k.

90 | Financial Statements 2020-21 | Buckinghamshire New University

BOARD OF GOVERNORS & ADVISORS Independent & Co-opted Council Members Dr Michael Hipkins

Independent

Chair - Term of office ended 31 July 2021

Maggie Galliers CBE

Independent Chair

Chair - Appointed 1 August 2021

Irene Kirkman

Independent

Tim Marshall OBE

Co-opted

Term of office ended 31 July 2021

Ken McCrea

Co-opted

Term of office ended 31 July 2021

Sadie Groom

Independent

Appointed 1 August 2021

Jackie Westaway

Independent

Appointed 1 August 2021

Anthony Murphy

Independent

Dr Susan Rosser

Independent

Bob Shennan

Independent

John Smith

Independent

Supriya Sobti

Independent

Andy Cole OBE

Independent

Annet Gamell

Independent

Karen Satterford Independent Anna Crabtree

Independent

Jordan Penning

Co-opted member (student)

Term of office ended 31 July 2021

Emily Crawshaw

Co-opted member (student)

Appointed 1 August 2021

University Council Members Professor Nick Braisby

Vice-Chancellor

Dr Florin Ioras

Elected Senate Member

Dr Cheryl Pitt

Academic Staff (elected)

Term of office ended 31 July 2021

Dr Paul Morgan Senate Chair’s Nomination to Honorary Awards Committee Emma Binnie

Elected Professional Services Employee

Appointed 1 August 2020

John Hathaway

Academic Staff (elected)

Term of office ended 31 July 2021

Ze’ev Portner

Academic Staff (elected)

Appointed 1 August 2021

Tamsin Grainger

President, Bucks Students’ Union

Term of office ended 30 June 2021

Honor Fletcher

President, Bucks Students’ Union

Term of office commenced 1 July 2021

University Executive Team Professor Nick Braisby

Vice-Chancellor

Professor Gavin Brookes

Provost and Deputy Vice-Chancellor

Professor Elizabeth Cleaver

Pro Vice-Chancellor Education and Digital

Professor Rachel Cragg

Pro Vice-Chancellor, Education and Digital

Trevor Gabriele

Chief Finance Officer

Ellie Smith

University Secretary and Clerk to the Council

Alexandra Bode-Tunji

Director of Human Resources

Resigned January 2021

Resigned, December 2020

Buckinghamshire New University | Financial Statements 2020-21 | 91

LEGAL & ADMINISTRATION Key Advisers Bankers

Barclays Bank PLC

External Auditors

KPMG LLP

Internal Auditors

KCG Audit Limited

Lawyers

Mills and Reeve LLP

Legal and Administration University Registered Office: Buckinghamshire New University Queen Alexandra Road High Wycombe Buckinghamshire HP11 2JZ Established by an Act of Parliament as a Higher Education corporation; its University status confirmed by the name change to Buckinghamshire New University in October 2007. Its charitable status is regulated by the Office for Students.

Addresses of Key Advisors: Barclays Bank 5 North Colonnade Canary Wharf London E14 4BB KPMG LLP 15 Canada Square Canary Wharf London E14 5GL KCG Audit Limited 7 Bell Yard Street London WC2A 2JR Mills & Reeve Monument Place 24 Monument Street London EC3R 8AJ

All information correct at time of publishing Copyright Buckinghamshire New University 2021 Job ref: BF1251

High Wycombe Campus Queen Alexandra Road High Wycombe Buckinghamshire HP11 2JZ Aylesbury Campus 59 Walton Street Aylesbury Buckinghamshire HP21 7QG Uxbridge Campus 106 Oxford Road Uxbridge Middlesex UB8 1NA BNU based at Pinewood Studios Pinewood Studios Pinewood Road Iver Heath Buckinghamshire SL0 0NH Missenden Abbey London Road Great Missenden Buckinghamshire HP16 0BD

Telephone: 0330 123 2023 Email: advice@bucks.ac.uk BucksNewUni @BucksNewUni BucksNewUni BucksNewUniversity

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