Financial Statements 2024 by Buckinghamshire New University

for year ending 31 July 2024

INSPIRED. EMPOWERED. EMPLOYED.

Foreword

from Maggie Galliers CBE, Chair of University Council

It has been a positive year for the University and I want to express my sincere thanks to our community of dedicated students; to every member of staff for their tireless hard work; and to our new and departing Council members for their valued and unwavering commitment in promoting and upholding the University’s mission and values and ensuring its effective management.

During the year in review, the University Council has continued to oversee the delivery of the Thrive 28 University Strategy and we are pleased to see good progress against its strategic objectives. We have also supported the institution both in navigating the ongoing challenges in the higher education sector, and in doing what is right by our learners to help them thrive and survive at university in the face of continuing costof-living pressures.

In March 2024, Professor Nick Braisby announced that he would step down as Vice-Chancellor of Buckinghamshire New University (BNU) in 2025. I am grateful for Nick’s significant contribution to BNU and, on behalf of everyone in our university community, I thank him for all he has achieved and the many successes which BNU has seen under his leadership. We wish Nick all the very best for the future.

I have led the Appointments Committee which has overseen the thorough, fair and robust recruitment process to appoint BNU’s next Vice-Chancellor. I have endeavoured to ensure that the recruitment process was conducted as transparently as possible and was consultative and inclusive. I am grateful for the valued feedback from members of Council, the University's senior leadership teams, academics and professional services colleagues, the Students' Union, trade unions and external stakeholders including further education and franchise provision partners, local government and civic partners, and employers.

In October 2024, the Appointments Committee recommended Professor Damien Page as its preferred candidate to the University Council which was unanimously endorsed. Damien brings a wealth of experience and expertise, and a strong track record of success in senior leadership roles, to build on the achievements during the tenure of Professor Nick Braisby.

I, along with my colleagues on the University Council, am confident that Damien has demonstrated that he is the best person to lead BNU through the next stage of our development and will ensure we are well placed to grow and meet the considerable challenges faced by the higher education sector. Damien has already made a significant and valued contribution at BNU and I look forward to working with him when he assumes the role on 1st February, 2025.

As a result of our prudent financial management, continued investment, focus on continuous improvement and commitment to inclusion by design, the University is in excellent shape as we head into the transition period between Vice-Chancellors. Our key priority, as always, will be to ensure that we continue to deliver high quality teaching and an excellent experience to our learners.

Pro-Chancellor and Chair of Council

Welcome to the 2023-24 Financial Statements

from Professor Nick Braisby, Vice-Chancellor

I am delighted to present the 2023-24 annual report and financial statements for Buckinghamshire New University.

2023-24 has been another highly successful year for the University albeit one which saw increasingly difficult trading conditions for higher education. Given these financial statements show the University to be in very good shape, I want to express my sincere thanks to our community of fantastic students, hard-working and dedicated staff, highly committed Council members, and the University’s very active and engaged executive team. The results reported in these statements are due to the excellent work of each one of these important groups of people.

This past year has been a difficult one for the higher education sector. Under the previous government the sector came in for considerable criticism, most of which was misplaced. However, this led to new restrictions on international students and continuing decline in the real-terms value of tuition fees. The change of government led to a welcome change in rhetoric which has already had a positive influence on international student demand. The government has also committed to a welcome inflation-linked rise in tuition fees, albeit one that will not see an increase in real-terms funding but merely the arresting of further decline.

The new government’s priorities for higher education –expanding access and improving outcomes for disadvantaged students; economic growth; civic engagement; improving teaching standards; –are ones which align closely with BNU’s vision and mission. In the past year, we have created a new public and community engagement strategy, one that reaffirms our commitment to our localities and to economic growth. We are a widening participation institution through and through, offering award-winning and sector-leading support to all our students. And in the past year we have implemented new procedures for the management of teaching quality, ensuring that we hold ourselves and our partners to the very highest standards.

This year, the University has achieved some stunning successes. In the National Student Survey, we were delighted that BNU achieved a ranking of No 1 in the UK for the positivity or satisfaction of our entire body of BNU taught and partner taught students. Again, we led the way in terms of the satisfaction of our postgraduate research students, ranking No 1 in six out of nine categories. Driven by these and other improvements in student outcomes, the University saw significant rises in key national league tables and achieved our best ever ranking of 65th in the Guardian University Guide 2025.

The University continues to demonstrate equally striking success in relation to our financial strength and sustainability. Despite the challenges facing the sector, the University again reported our fifth consecutive financial surplus, with impressive liquidity and cash holdings, and continues to meet all banking covenants. This performance is all the more impressive since the University has invested heavily in student-facing facilities in the past two years. This year we completed the transformation of the University’s main campus, creating a new Atrium and event spaces, a new University restaurant, winter and roof gardens, and a multitude of flexible social learning spaces. We also completed accommodation for our new School of Engineering and the Built Environment, supported by capital funding received from the Office for Students.

2023-24 marked the second year of delivery of the University’s Thrive 2028 strategy. This strategy reflects our four principal priorities: supporting students to succeed, delivering knowledge and skills, becoming an ever more fit and agile organisation, and supporting our places and partners. These statements report early progress in our work to meet ambitious targets in these areas of activity.

The University’s work to reform our curricula, revising our full range of courses to improve the student experience, more deeply embed work experience in our programmes, and delineate the BNU’s distinctive approach to education for citizenship, is now in its second year. Already we have seen significant improvements in the student experience and, as importantly, in student outcomes. We are making excellent progress too with the implementation of our people, sustainability, equality, diversity and inclusivity, and public and community engagement strategies.

Nevertheless, reflecting our wish to further seek more efficient ways of working, this year we launched a voluntary severance scheme. Though modest in scope, the scheme was implemented very successfully, meeting all financial and human resource expectations, and has supported the University in looking again at how to most effectively meet its business objectives.

In March 2024, I decided it was the right time for me to step down and seek new opportunities to contribute to the sector through non-executive and policy-related work. By the time I leave BNU, I will have worked at the University for more than seven years, and in the role of Vice-Chancellor and Chief Executive for more than six. Since my announcement, I have worked closely with the University’s Council, and its Chair, Maggie Galliers CBE, to ensure a smooth transition. I am delighted that the process to appoint my successor has concluded and that the University’s next Vice-Chancellor will be Professor Damien Page, my current Deputy ViceChancellor. Damien will play an integral role in leading the successful development and delivery of the University’s Thrive 2028 strategy and I wish him every success in the future. I will continue my support for and association with the University as an Emeritus Professor and will also continue to lead and champion the work I began some years ago in creating the national GTRSBintoHE pledge scheme aimed at members of the Gypsy, Traveller, Roma, Showman and Boater communities.

I would like to take this opportunity to express my grateful thanks to all our students, staff, Council members and strategic partners for their continued support and for helping make being Vice-Chancellor of Buckinghamshire New University the proudest and most rewarding part of my academic career. The University has undergone significant change over the past seven years and is now in excellent shape not merely to withstand the continuing pressures likely to face the sector but to thrive in delivering its historic mission, one that is increasingly relevant to our society.

Professor Nick Braisby Vice-Chancellor and Chief Executive

1. Strategic report

For the fifth successive year our University is reporting a highly successful financial and strategic performance. These successes have been achieved in very challenging operating environments as we have had to manage the successive impacts of the coronavirus pandemic, the cost-of-living crisis, inflationary pressures, and a funding settlement that now falls significantly below the true cost of delivering high-quality higher education.

Alongside the positive financial results reported in these statements, our University has continued to make good progress in delivering the outcomes anticipated in our corporate strategy, Thrive 2028. The targets and accompanying commentary are provided in section 3. .

Context

Buckinghamshire New University (BNU) was founded in 1891 as High Wycombe’s School of Science and Art. Even then, the mission of the institution was to transform lives through inspiring, employment and profession-focused education, enabling people to impact society and their future positively, a mission which we see as even more relevant today.

Our University currently operates over five sites. Our principal campus is in the Buckinghamshire market town of High Wycombe, surrounded by the Chiltern Hills, much of it designated an area of outstanding natural beauty. We also operate three satellite campuses: Uxbridge in north-west London; and Aylesbury and Pinewood Studios, Buckinghamshire. We have three halls of residence in High Wycombe – Hughenden Park Student Village, Windsor House, Brook Street and Alexandra House – and are proud to own Missenden Abbey in Great Missenden, Buckinghamshire. This converted 12th Century abbey provides an exceptional conference, wedding and events venue hotel/conference facility and is the site of our new International Hotel and Hospitality School.

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 opening the innovative Gateway Building in 2010. In 2023 we opened our new Dove building, named after Dame Frances Dove, the English women’s campaigner who founded Wycombe Abbey, the girls’ boarding and day school, in High Wycombe. The Dove building consolidates several estates developments, providing the University with a new Atrium, Winter Garden, Roof Garden, study areas, and a new Beeches restaurant.

Today, the wider region in which we operate is an engine of the UK economy. The locality covered by the Buckinghamshire Local Enterprise Partnership, for example, is the 5th strongest within the UK for competitiveness, reflecting the extent of business start-ups and the depth of the knowledge-based economy . However, London and the Thames Valley also contribute heavily to the economic strength of the region in which our University operates. Our work with business also reflects the region’s unique position as an attractive destination for inward investment, and as a potential hub of infrastructure spend and development, reflecting the construction of HS2, the East West rail link, our position within the golden triangle and our involvement with the West London Universities Partnership and the Oxford-Cambridge Supercluster Board.

1.Huggins, R., Prokop, D. & Thompson, P. (2023).

1.1. The University’s Strategy: Thrive 2028

In 2022 we adopted Thrive 2028 as our new corporate strategy. Thrive 2028 sets the long-term vision for our University to be an innovative, teaching-oriented University, delivering sector-leading and life-changing educational and employment outcomes for our students.

Thrive 2028 commits BNU to make effective, substantial and lasting change in respect of each of four central pillars.

1.1.1 Support students to succeed

We will broaden our appeal, ensuring all our learners can succeed – whether from challenged or privileged backgrounds, with traditional or vocational qualifications, and no matter what their personal characteristics. We will develop support to enhance our students’ health and well-being. We will adopt and adhere to the highest quality standards, ensuring students achieve excellent academic, experiential, and employment outcomes. We will work to create a deep sense of belonging, promoting continuation and retention. We will review and reform systems for giving personal and academic advice, learning from best practice. We will ensure our systems support lifelong learning. We will create our distinctive brand of education, building on our historic mission, and implementing Curriculum 2023.

1.1.2 Deliver knowledge and skills

We will ensure that our subjects, qualification and courses, support students’ aspirations for flexible, high-quality higher education across their careers and lifetimes. We will innovate in creating new qualifications, supporting module-based registration, and developing our undergraduate, postgraduate, apprenticeship and sub-degree provision. We will develop our knowledgebase, introducing new subjects of study and research. We will develop a significant trans-national education provision. We will learn from and build upon our results in REF2021 to strengthen units of assessment, creating and resourcing Impact Centres to support researchers, seed excellence, and translate research into meaningful impact for the economy and society. We aim to secure research degree awarding powers.

1.1.3 Become a fit and agile organisation

Thrive 2028 also recognises that to compete effectively much continuing work is needed to transform the way our people are supported, how their work is enabled and governed, and how we deploy management processes to reward and recognise excellence and challenge underperformance. We will continue to embed inclusivity meaningfully in all our practices, ensuring that all staff feel they belong fully to our University community. A key ambition is for the work of all our people to be digitally enabled, so they draw on the best that digital technology has to offer, are equipped with the skills to do so confidently, and always remain safe and secure. We aim to grow and nurture our workforce by provide a sector-leading focus on the health and wellbeing of our staff. We will reorganise our activity, especially the ways in which work is structured through roles, committees, and working groups, reforming all of these to ensure the talent of our people is developed and their efforts translated into effective action more efficiently.

1.1.4 Support our places and our partners

Thrive 2028 commits our University to collaboration, working closely with key strategic partners to achieve our wider goals and fulfil our purpose and promise. We will work with other higher education providers in key regional and national alliances, seeking to establish influence and the promotion of our strategic interests. We will work with franchise and validation partners to ensure strategic alignment including excellent student outcomes and rebalance the source of our student numbers. We will work in step with employers and industry, understanding their challenges and ensuring that our education, research, impact, enterprise and knowledge exchange are oriented to providing them with solutions. We will reach out actively to engage with our communities, opening our doors to build awareness, trust and confidence. Lastly, we will create an active alumni community, supportive of our mission, and eager for lifelong association with our University.

1.1.5 Cross-cutting themes

Cutting across the four pillars are key themes on which we will focus particular effort in the period of the strategy.

Health and well-being

We will work to help all our people – students and staff –thrive in regard to their health and well-being, improving their satisfaction and fulfilment.

Digital

We will work to provide our people – students and staff – with digitally enabled ways of interacting and communicating, enabling them to thrive in their learning, studying and working.

Sustainability and carbon net-zero

We will work to meet all carbon net zero and naturepositive commitments, helping our environment and all whose life depends upon it to thrive.

Student outcomes

We will work to the highest quality standards, helping our students to thrive in their studies, and so achieve excellent academic, experiential, and employment outcomes.

Academic footprint

We will expand and grow our range of subjects, courses and academic expertise, ensuring always that the University’s subject- and knowledgebase thrives, building resilience and enabling core growth.

Civic University

We will work with our local and regional communities, and key community and civic organisations, helping them to thrive.

Inclusivity

We will work to embed inclusivity throughout our organisation, ensuring that all feel they fully belong to, and can thrive in, the BNU community.

1.2.

Income and Cost Pressures

BNU, like all other universities, has been affected by a realterms decline in the income we receive to fund the delivery of higher education. The current tuition fee regime was introduced for academic year 2012-13 when the fee cap for UK domiciled full-time undergraduate students was set at £9,000 per annum. This rose to £9,250 per annum in September 2017. For 2018-19, the Office for Students (OfS) estimated that for all university subjects the costs of teaching outweighed the income received by universities to teach them, even where the tuition fee was supplemented by a direct OfS grant. Since 2018-19, the funding situation has deteriorated further, exacerbated by increasing inflationary and pay cost pressures.

Analyses from the consultancy dataHE show that the tuition fee of £9,250 would now have risen to more than £13,000 per annum if it had kept pace with inflation; in real-terms the tuition fee is worth less than £6,000 per annum in 2012 prices, a reduction of more than one-third.

Between 1997 and 2021, Consumer Price Index inflation in the UK averaged 2% – in line with the Bank of England’s target. However, inflation started to rise in 2021, reaching a peak of 11% in 2022. Although it has since fallen back the impact of this dramatic rise in prices has been felt keenly across the economy and BNU is no exception. Though we reported our largest ever surplus in 2022-2023, our accounts show the inflationary impact on headline expenditure between 2022 and 2023. In this one-year period, the University’s operating costs grew by 15.2% while total income minus investment income grew by 10.7%.

Cost pressures of a different kind affect the University’s staff costs. In 2023, the employers’ group Universities and Colleges Employers Association (UCEA) made a final offer of a pay uplift of between 5% and 8% implemented from 1 August 2024, but with some of the uplift applied in February 2023 to address cost of living pressures for staff. BNU implemented the pay offer in full, as instructed by UCEA, although the national deal was not agreed by the trade unions. In 2023-24, UCEA led collective pay bargaining culminating in a final offer of 2.5% to 5.7% alongside a review of the pay spine and joint work on contract types, workload and pay gaps. The pay element was rejected by the trade unions and BNU again implemented the pay award as instructed by UCEA.

While BNU has not been significantly affected by industrial action, unlike many other universities, there is an ongoing impact on staff from pay awards that do not fully keep pace with inflation.

The declining real value of funding for higher education, combined with the severe inflationary and pay cost pressures, led the University in 2023-24 to commission a financial benchmarking analysis and used this to understand how it could better manage cost pressures. This is the third time we have commissioned this kind of analysis since 2017. The analysis then informed the introduction of a modest voluntary severance scheme and the implementation of an aggregate reduction in departmental cost budgets of c. 5%. Both

measures were successfully delivered during 2023-24 with the full benefit being felt in 2024-25.

1.3. Student Numbers

Student numbers on programmes taught by and registered at BNU in 2023/24 peaked at 6,434 full- time equivalent (FTE) students in October 2023. This is a slight reduction on the previous year’s all-time peak. Inclusive of activity delivered by franchising partners, the University grew to its largest ever size, reaching 22,800 registered students in February 2024. In addition to franchise activity stabilising at around 14,500, an additional cohort of international students to some BNU courses helped to reach this new peak.

This year has seen a full course restructure in the form of ‘Curriculum 23’ which saw BNU taught courses revalidated to meet the current needs of new students, including shared level 4 pathways in some areas to increase learner choice and achieve operational efficiencies. This year has also seen the development of the School of Engineering with courses in Building and Construction Engineering, Civil Engineering, Electrical and Electronic Engineering, and Engineering Design to be offered in 2024/25. Higher Technical Qualifications have continued to be developed, with the first of these running in 2024/25.

1.4. A Diverse Student Body

The University has long operated with a significant element of franchise provision, wherein University educational programmes are taught at partner colleges and institutions that meet our stringent quality standards. While our taught student numbers peaked at 6,434 FTE during 2023-24, those BNU students studying at partner colleges (registered students) peaked at 14,600.

The University’s international profile has remained consistent from 2022-23, and in 2023-24 around 10% of students were international, and 4% of students were from Europe compared to 5% in the previous year, reflecting the continuing decline seen since the UK left the EU.

Our applicants are diverse, with 52% of full-time undergraduate applicants coming from white backgrounds, 20% Asian and 19% Black.

Our student body reflects this diversity of applicants. As with many other higher education institutions, most of our students are female (61%; 39% male). They are ethnically diverse, 48% being white, 24% Asian, and 19% Black. 67% of students begin their study as mature students, whilst 33% are aged 21 years or less.

We are proud to be a university dedicated to improving social mobility. At BNU, 52% of our students are first in their families to attend university; 27% live in areas with low participation to university; and 37% live in areas of high deprivation.

A third of our students register with the Disability & Inclusion Services (DIS) team which uses a working diagnosis model. This reduces the onus on students to provide medical evidence and

allows us to put support in place much quicker for students who would otherwise be impacted by the well documented diagnoses bottlenecks. All BNU students registered with DIS have an allocated Disability Adviser to provide ongoing support during their studies. All Adjustment & Inclusion plans are fully personalised to a student’s presentation and needs, and not generic to any specific condition. BNU is proud that, during the past four years, the additional support we provide our students with reported disabilities has resulted in a positive attainment gap of 10.1 percentage points on average.

2. Strategic developments

This section outlines key developments in the past year in helping ensure the University delivers against the strategic objectives of our new University Strategy, Thrive 2028.

2.1. Student Experience

Thrive 2028 also set a very ambitious target for student satisfaction. The principal target for BNU is to become the No. 1 ranked University in the UK as measured by average satisfaction or positivity in the National Student Survey. Last year the University came very close to achieving this target, being ranked No. 2 in the UK and No. 1 in England among larger, non-specialist universities for our total population of students (taught or registered).

In 2023/24, the University achieved the target for our (taught or registered) total student population, ranking No. 1 in the UK for student positivity. Positivity dropped slightly among our BNU taught student population, with BNU ranking 19th in the UK. However, for the BNU taught population of students, we ranked 6th in the UK for assessment and feedback and 12th for learning opportunities. Bucks Students’ Union continued its eight-year streak in the top 5, ranking 2nd in the UK amongst full time taught students, and 1st in the UK based on responses from taught or registered students. Among apprenticeships, positivity ranked 14th in the UK (22nd in 2023) and 4th in the South-East for first degree students.

We assess the quality of the student experience for all students, not just undergraduates. In Advance HE’s national postgraduate research experience survey, we ranked 3rd in the UK (out of 54 higher education providers), achieving a ranking of 1st in the UK for five of the criteria assessed in the survey. BNU’s Graduate School has maintained a top ten ranking in PRES for the last three years. In the 2024 PRES, BNU also secured top rankings across several categories, including 1st place for resources, research culture, community, progression, responsibilities, and support. These rankings highlight our commitment to providing a robust and supportive environment for our postgraduate researchers. We offer our postgraduate students an extensive research training programme, complemented by social and research activities that foster integration into an inclusive research environment.

2.2. Research and Enterprise

This year we created our new Inclusive Research and Knowledge Exchange Strategy 2024-28 intended to drive forward our research performance and prepare the University well for the next Research Excellence Framework and for our own forthcoming application for Research Degree Awarding Powers. The strategy is built around three imperatives.

Enabling

To create excellent, inclusive research and knowledge exchange, BNU will ensure that the University provides a research-rich environment where research can flourish.

Enacting

BNU will be at the forefront of ethical, inclusive research that prioritises participatory methods and involves partners and community members as co-creators.

Impacting

Our research and knowledge exchange will be rooted within social impact, locating innovation, positive change and capacity-building within our sectors and our communities.

The introduction of the new strategy was supported by the appointment of five new research professors in social policy and EDI, business and society, health inequalities, arts practices, and inclusive AI. The strategy actively promotes diversity in all its forms, ensures equitable access to research opportunities, and will cultivate an environment where all voices can be heard, valued, and celebrated. In doing so, BNU aims to foster a high-impact research community that reflects the richness of the world we seek to understand and improve.

We have also increased our activity in Knowledge Transfer Partnerships (KTPs). Closely aligned to our mission, which embraces working with industry, this aspect of our work continues to flourish. Projects include working with a local charity to develop new ways to innovate and raise funds, the development of lighting that can be ‘tuned’ to personal health, and helping business realise the benefits of additive manufacturing, e.g., 3D printing.

2.3. Our University Estate

In 2023-4, we completed the redevelopment of our principal campus in High Wycombe which had begun in 2022-23. The programme saw the University deliver, on budget and time, a £20.3m investment in facilities, creating a new centre for the campus, ensuring that students are at the heart of the University physically as well as functionally. The programme involved converting fallow space to create a three-storey Atrium, a Student Hub, a new Beeches restaurant, study spaces, roof garden, winter garden, a mezzanine floor, and a new University reception. The Student Hub offers a first line of support and advice for all student queries and our professional kitchen and restaurant offers high-quality, nutritious and subsidised food and beverages. The roof garden provides additional green and open space for students and staff.

The design of the new spaces has been guided by the need to create permeable spaces, better connections between existing spaces and amongst our people, the creation of beautiful communal and private areas which valorise learning, the University’s core purpose, and also spaces with abundant natural light, greenery, better thermal efficiency and a much lower associated carbon emission.

Alongside this flagship estates project, we have continued to invest heavily in other student-facing facilities at our High Wycombe campus having benefitted from a capital grant of £5.8m from the OfS. These initiatives include new specialist teaching to support health and care programmes, including a stateof-the-art x-ray facility underpinning programmes in radiography, a simulated A&E space for our paramedicine students, development of new computing facilities, and new engineering workshops to support the development of new programmes in engineering and the built environment.

In May 2023, BNU announced that we would take the lease of High Wycombe’s Brunel Engine Shed. The iconic building outside the railway station in High Wycombe had been derelict and dilapidated for many years until the former Wycombe District Council stepped in and bought the historic Grade II listed structure to breathe new

life into the building and the surrounding area. Development of this site has continued at pace with an opening planned for early 2025. The Brunel Engine Shed will be used to provide a community-facing café and gallery space, as well as offering workspace for entrepreneurs and start-up businesses spinning out of the University.

We also acquired two additional properties adjacent to our High Wycombe campus, further increasing our footprint in the town. The University has acquired the lease of our new Beacon site, which will accommodate pop-up and communityfacing initiatives. Alexandra House, overlooking our campus, is a small hall of residence, whose acquisition further increases the amount of student accommodation in the University’s portfolio.

2.4. Sustainability

BNU aims to become a sustainability leader in greening urban sites, civic engagement, decarbonisation of properties and supply chains, and EDI, health and well-being. To do this we are continuing to improve the sustainability of our sites; enabling, empowering and supporting the BNU community to tackle sustainability impacts; providing the education, advancement dissemination and application of sustainable development; maximising the impact of our environmental sustainability activities; and becoming a leader across the HE sector in terms of environmental sustainability.

Sustainability projects for 2023-2024 included:

- Commissioned the insulation of all buildings with a cavity wall on the High Wycombe campus, insulating 700m2 of roofs, and upgrading 40 single-glazed rooflights to improve student and staff comfort, reduce energy use and cut CO2 emissions

- Changed to fully renewably powerbacked electricity which will save c.1,200 tonnes annually

- We have increased the level of planting across our High Wycombe campus, prioritising the use of plants that attract bees and butterflies, and those that stimulate the senses

- BNU has implemented food recycling on the main campus, and introduced sustainable Vegware cups in our catering facilities for hot drinks

- During the last year, BNU has cut CO2 emissions by more than 355 tonnes and invested more than £1m in sustainability projects.

2.5. Public and Community Engagement

In the summer of 2023, we commissioned research to assess the extent to which members of our local communities value the work done by the University. This suggested that our University was very positively regarded by our local communities, especially our impact on:

- People’s individual and personal development

- Jobs, careers, skills and the economy

- Education, innovation and research

- Improving health and wellbeing

- Enhancing the quality of life in our local areas

This research played a pivotal role in the creation of our first ever public and community engagement strategy , which we are now implementing. The strategy has been informed by the United Nations Sustainable Development Goals and is centred on four main priorities: better health and wellbeing, advancing social inclusion, delivering economic prosperity, and promoting environmental sustainability.

The strategy will enable us to: support our students to achieve experiential outcomes while helping our local communities to thrive; develop connections between our educational programmes and the needs of our communities; conduct research which illuminates and helps address community needs; encourage community contributions towards a more sustainable environment; and work with communities to make them more equitable and inclusive.

2.6. Mental Health

As part of Thrive 2028, we are working to implement the University Mental Health Charter. The vision of the Charter is for all UK universities to adopt and promote an inclusive approach to mental health, and to safeguard the wellbeing of their staff and students. We believe that by embracing the charter and embedding its principles, the University will see: improved mental health and wellbeing of staff and students; better student recruitment, retention, satisfaction, progression, attainment, and employability rates; and improved performance, reduced absenteeism, lower turnover, and higher creativity among staff.

This work is in addition to the free and confidential online mental health support provided 24/7 to our students and staff.

2.7. League Tables

Our overall performance in national league tables this year remains broadly consistent with previous years with rises in some areas counterbalancing falls in others. The strategic intent to improve the University’s league table performance remains and this year’s results underpin the continued focus on driving up educational outcomes to improve BNU’s rankings. As an institution that is at an early stage of its research journey, university ranking systems that use metrics approximating research activity provide less opportunity for BNU to excel than those that concentrate on learning and teaching.

2.7.1 Guardian University Guide

BNU leapt 12 places from 77th to 65th, achieving our best position in any league table. This was mostly attributed to the substantial improvement in both NSS 2023 and 2024, resulting in BNU rising 23 places from 26th to 3rd for ‘satisfied with teaching’ and rising eight places from 9th to 1st in the UK for ‘satisfied with feedback’. We also maintained our position of 4th in the UK for spend per student. Subject rankings include 3rd in mental health nursing, 4th in graphic design, and 9th in general nursing. Social work has also seen a rise from 61st to 18th in the last two years.

2.7.2 Complete University Guide

BNU climbed eight places from 114th to 106th this year. We rose from 13th to 7th place in student satisfaction, and 5th in England. We saw a 10-place rise in our rank for ‘Graduate prospects – on track’. Our ranking for facilities spend rose an impressive 17 places, putting us in the top 10 in the UK and 1st in the south-east, illustrating our commitment to resourcing our future growth which underpins our Thrive 28 strategy.

Subject rankings for student satisfaction include accounting and finance being 2nd, business and management studies being 3rd, and counselling, psychotherapy and occupational therapy being 3rd.

2.7.3 The Times and Sunday Times Good University Guide

BNU rose five ranks to 122nd overall and remained in the top 10 for teaching quality. The University rose by eight ranks in graduate prospects and ranked 80th in the new ‘people and planet’ metric. We were 21st in the UK for social inclusion, and 2nd in the southeast. We maintained our rank of 4th best overall for our Black student awarding gap, which saw an identical score to last year of -3%, and we remain determined to remove this as soon as possible.

Subject-level highlights include allied medicine being ranked 1st for 3 different themes, 7 subjects being in the top 10 for teaching quality, including business management being 1st in this area, up from 110th last year. Business management also climbed 30 places overall from 118th (last place) to 88th, and computer science climbing 25 places to 74th.

2.7.4 Whatuni Student Choice Awards (WUSCA) and League Table

BNU secured a top 20 position in the league table of over 100 universities, being 18th overall. It also ranked 6th for Students’ Union and 8th for Student Support. Other metrics where we appear in the top 20 include Facilities and Postgraduate, where we ranked 12th and 20th respectively.

2.7.5

Daily Mail University Guide

With this being the 2nd year running of the Daily Mail University guide, we saw a substantial rise of 21 places in ‘High skilled jobs’. We maintain our position in the top 20 of both ‘Student support and ‘Teaching excellence’.

Subject rankings include 1st place in the UK for Sports and Exercise Science, 2nd for Counselling, Psychotherapy and Occupational Therapy, 2nd in Health Science and 4th for Social Work.

League table highlights

8th for student satisfaction (up ve places)

Top 20 for

• Accounting and Finance - 2nd

• Business and Management Studies – 3rd

• Counselling, Psychotherapy and Occupational Therapy - 3rd

• Education – 9th

• Music – 13th

• Nursing and Midwifery – 12th

• Psychology – 3rd

• Sports Science - 5th

• Sociology – 13th

Retained 10th position for teaching quality

• 21st in UK for social inclusion

• 4th best in UK for black awarding gap

Top 20 in two categories

• 11th for Student Support

• 19th for Teaching Excellence

Rise of 12 places to rank 65th

Retained top 80 position for fourth year 56-place rise since 2019

• 1st for assessment and feedback

• 3rd for teaching quality

Shortlisted in; Student Support and Students’ Union categories

3. Performance against our strategic objectives

Under the Thrive 2028 strategy that was adopted in the preceding year, during 2023-24 we monitored progress against our 13 Key Performance Indicators.

There are four pillars to support Thrive 28: Supporting our students to succeed, delivering knowledge and skills, becoming a fit and agile organisation and supporting our places

3.1 Supporting students to succeed

Whilst maintaining our excellent performance for student satisfaction, in which BNU ranks number one in the UK for our full-time first-degree provision, we also showed improvement in our graduate outcomes. The national survey of graduate outcomes takes place 15 months after their graduation and uses student responses concerning their occupations to produce the highly skilled metric, which is used in the Teaching Excellence Framework.

For BNU, the proportion of graduates who go on to further study or to enter a professional, technical or managerial role, reached 69% in 2021. This was an improvement from 68.3% and is the highest result achieved since the graduate outcomes survey was introduced for the 2017-18 cohort.

For all full-time courses delivered by BNU, a result exceeding 75% was returned in this important metric for the third year in a row.

3.2

Delivering knowledge and skills

Growth is crucial to our Thrive 2028 objectives and we have adopted a challenging target of reaching 10,000 student FTE by the end of 2028. Although governmental policy changes have counteracted some of the gains delivered by portfolio developments, the University has managed to grow amid challenging market conditions. Recruiting additional international cohorts in December 2023 provided an attractive option even as visa restrictions caused a sector-wide decline in international recruitment.

3.3 Becoming a fit and agile organisation

Throughout 2023-24 the University reported positive financial KPIs, with the commercial income KPI showing increased levels while liquidity and the annual surplus remained within the target range. We maintained our commitment to transforming our environment, reducing scope 1 and 2 emissions by 15%.

3.4 Supporting places and partners

We have seen success in sector publications of universities’ performance in 2023-24, which will act to instil public confidence. In particular, BNU attained our highest ever position in a multi-metric domestic university ranking when we reached 65th position in the Guardian University Guide. Positive movement in the Times also reflected our performance gains, particularly in the new national student survey.

Cost-of-living response

Kept all campus menus at -30% reduced prices, saving students an estimated £55k in 23/24

Funded the ongoing free meal programme run by Bucks Students' Union and Gather and Gather, with 12,397 free meals supplied to students in 23/24

BNU and Bucks Students' Union are proud to be Real Living Wage Employers and have provided students with £375,739 in paid work in 23/24.

Continued to fund the saves students up to £200 per month on sport and recreational activities.

More than £900k through scholarships and bursaries in 23/24.

Allocated for students in 23/24.

Accommodation fee increases remain well below in ation.

4. Public benefit statement

Introduction

The University has been transforming lives for more than 130 years, from developing our students’ full potential through the power of education to making a positive impact to the environment and in our communities.

This year we have developed our commitment to civic engagement by realising the goals under two of our strategic pillars: Supporting places and partners, and Deliver knowledge and skills.

Being a responsible civic university is important to us and in this strategic period, we are:

- delivering against our mission as a civic University, engaging with communities in Buckinghamshire and elsewhere to help create a civic engagement strategy that enables positive action for their benefit;

- engaging effectively with industry and employers, actively contributing to local and national strategies, and economic growth within the region, helping to ensure our education programmes prosper as a result; and

- minimising the environmental impact of our estate by setting new targets to meet the highest standards around energy, waste and travel.

our graduates ‘work ready’ and deliver excellent employment outcomes.

BNU also supports tens of thousands of regional jobs with our beneficial impact estimated to be in the region of £1bn annually, reflecting the economic activity of our students, staff, and alumni. Our 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.

A report published by the Higher Education Policy Institute in June 2023 showed that international students delivered a net economic benefit of £37.4 billion to the UK, with significant contributions across the constituencies in which BNU’s campuses are based:

- Uxbridge and South Ruislip: £153m

- High Wycombe: £48m

- Aylesbury: £27m

Throughout the year, our University community worked tirelessly to continue our long-held commitment to make a positive contribution and impact through our business activity across several key areas, which are outlined in the pages that follow:

- Research, enterprise and regeneration activities

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, studying programmes designed to make

- Sustainability, community engagement and outreach

- External engagement

Research, enterprise and regeneration activities

BNU performed well in the latest Research Excellence Framework (REF), with 44% of BNU research judged to be of world-leading or internationally excellent quality, based on the six subject-based units of assessment we submitted. During this financial year, the University recognised research income totalling £407k, and we have been awarded a further ten new research projects. Our research projects are funded through a range of external providers, such as the European Commission, Health Education England and UK charities. During the past 12 months, researchers at BNU have published around 90 peer reviewed articles and attended more than 44 conferences across the globe. Our collaborative research partners include Central and North West London NHS Foundation Trust; Berkshire Healthcare NHS Foundation Trust; and Buckinghamshire Council.

We are fostering an inclusive research culture with notable projects including an exploration of how digital technologies facilitate teaching, and enhance social and cognitive presences in learning environments.

We utilise Knowledge Exchange to effectively convert our research into tangible and valuable outcomes for society in line with our dedication to achieve high standards in education and fulfilling our obligations to society, as emphasised in Thrive 2028.

BNU supports regeneration activity in the region with projects to support graduates’ start-ups and to provide expertise to SMEs in Buckinghamshire following a £1.2m investment from the Department for Levelling Up, Housing and Community (DHLUC), as part of the European Regional Development Fund Programme (ERDF). The incubation hubs established by the University encompass a Health tech hub situated in High Wycombe and a Digitech hub located in Aylesbury. These hubs offer a range of services to cater to the needs of local firms seeking comprehensive business support and office space. Provide opportunities for individuals to rent desks or offices for either short or long durations.

Sustainability, community engagement and outreach

BNU supports regeneration activity in the region with projects to support graduates’ start-ups and to provide expertise to SMEs in Buckinghamshire following a £1.2m investment from the Department for Levelling Up, Housing and Community (DHLUC), as part of the European Regional Development Fund Programme (ERDF). The incubation hubs established by the University encompass a Health tech hub situated in High Wycombe and a Digitech hub located in Aylesbury. These hubs offer a range of services to cater to the needs of local firms seeking comprehensive business support and office space. provide opportunities for individuals to rent desks or offices for either short or long durations.

Sustainability

We take our sustainability responsibilities seriously and are committed to achieving a sustainable future. BNU’s approach to sustainability goes beyond the traditional focus on environmental sustainability: it aspires to improve environmental, social, and economic sustainability both across the University, and the wider community.

We are striving to become a sustainability leader in greening urban sites, civic engagement, decarbonisation of properties and supply chains, and EDI, health, and well-being. To do, we are continuing to improve the sustainability of our sites; enabling, empowering and supporting our University community to tackle sustainability impacts; providing the education, advancement dissemination and application of sustainable development; reinstating our Environmental Management System; maximising the impact of our environmental sustainability activities; and becoming a leader across the HE sector in terms of environmental sustainability.

Leading by example to inspire the next generation remains our greatest opportunity to drive progress. We have set a series of systematic and thoughtful goals and targets covering a range of social, economic, and environmental sustainability matters.

We are proud to be one of the founding members of the Nature Positive Universities Pledge. Since joining the scheme, BNU has carried out five biodiversity improvement projects and has plans to increase biodiversity and wellbeing further in the coming years. In recognition of the importance of green space and biodiversity, we recently completed a new rooftop garden on our High Wycombe campus to provide staff and students with a place to reflect and enjoy nature. The garden includes hundreds of new plants and a large hibernaculum. BNU has also engaged a social enterprise to create a mini wildflower meadow and install bird boxes across the main campus, and our Nature Positive plans also include the continued improvement of our wildflower meadow and the introduction of more pockets of biodiversity.

Sustainable operations

BNU’s procurement and sustainability teams are developing a sustainable procurement strategy through which we will ensure that all suppliers in our entire supply chain share our values, including social enterprises wherever possible. Our teams have successfully trialled sustainable procurement practices in recent tenders for lighting, indoor planting, and catering contracts.

Community engagement

As part of our commitment to the United Nations Sustainable Development Goals (SDGs) Accord, we have continued to progress work across our campuses which are mapped to our Public & Community Engagement Strategy and its priorities of better health and wellbeing; social inclusion, economic prosperity; and environmental sustainability.

Volunteering time to help others

Our volunteering policy gives all our staff two days’ paid leave each year to support charities of their choice. Charities which benefit from this initiative include Chiltern Rangers, Caribbean Elderly Hairoun Day Centre, and Holmer Green Youth Club. The Students' Union also promotes volunteering to students and a total of 18,568 volunteering hours were logged in 202324, and £7,176 was raised to support the nominated Raise and Give charity, Stokenchurch Dog Rescue.

Welcoming the community

Since 2023, the University’s Institute for Health and Social Care (IHSC) has worked in partnership with the Buckinghamshire Health and Social Care Academy (BHSCA) on the Buckinghamshire Community Wellbeing Hub at our Aylesbury campus. The Hub has held various sessions for the local community, helping to tackle social isolation and loneliness, while facilitating community discussion with partners including Heart of Bucks on social challenges locally. It currently runs health promotion activities and carer support groups, which hundreds of local residents have attended, and delivered training and awareness sessions.

Tackling racial inequalities

BNU continues to make great strides in addressing racial inequalities and creating an inclusive culture and environment where individuals can thrive, irrespective of their race or ethnicity. We have pledged our commitment to the principles of the Advance Higher Education Race Equality Charter (REC) by improving the representation, progression and success of staff and students from different ethnic backgrounds within higher education. To support the University on this mission, we have entered our second year of partnership with local African and Caribbean heritage charity St Vincent and the 2nd Generation, based in High Wycombe, to improve the lives of ethnic minority communities by improving race equality in Buckinghamshire and beyond.

Supporting our Students' Union

We are proud to be the principal funding partner of Bucks Students' Union, an independent educational charity with a mission to make life better for students at BNU. In 2023-24, BNU Students' Union received a funding grant of £1.9m from the University. This enabled the Students’ Union to curate its unique Big Deal initiative on our behalf so that all students, irrespective of their income, can access recreation, sports, societies, and skills development opportunities for free. It is part of our commitment to help remove any financial barriers to our students participating fully in all aspects of university life at BNU.

Wycombe Wanderers

In the second of a planned three-year partnership, BNU and Wycombe Wanderers Football Club continued to engage in a variety of projects offer students wide-ranging educational benefits and strengthened collaboration on civic engagement initiatives in the local community. As the Official Higher Education Partner of the football club, BNU’s students benefit from exclusive opportunities to undertake work placements with the club. For the final year of our current partnership, BNU became the club’s back-of-shirt sponsor, highlighting the University’s brand wider both domestically and internationally.

Outreach and widening participation

BNU is proud of everyone in our diverse and inclusive University community and works tirelessly to ensure that everyone can benefit from the transformative education it provides. In order to fulfil our Access and Participation Plan objectives, we embed widening participation activities to address risks to equality of opportunity. We have built stronger relationships with key target schools and colleges and focussed on more sustained interactions. Support has increased to students from year groups 6 to 13, delivering more than 2,200 hours of engaging in-person and blended activities throughout the year, including primary school transition, campus-based tours and workshops; course tasters; virtual CV and UCAS support; mock interviews and portfolio reviews. Our Futures Days campus visits, aimed at Year 9/10 pupils at schools in the most deprived wards, offer a first-hand experience of university life. Feedback shows a change in students’ mindsets with many now considering going to university despite previously believing this was not a viable option.

BNU is amongst 140 employers nationwide to receive the prestigious ‘Defence Employer Recognition Scheme 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’. Our focus is to help increase the numbers of children from service families going to university, who are typically under-represented in higher education, and to develop career-ready graduates and support military students with programmes led by employed veterans and reservists.

External influence

The Vice-Chancellor has several external roles which help to achieve the goals and impact of BNU’s Thrive 28 strategy, ensuring the University has a voice in regional national policy. During 2023-24, Professor Nick Braisby remained a member of the joint UUK and GuildHE Climate Action Group and continued his role as a member of the Executive Board of GuildHE, on which he fulfils the role of Board EDI Champion. He also continued to serve as a member of UUK’s Audit and Risk, and Resources Committees. Within the county, the Vice-Chancellor became a member of Buckinghamshire Council’s Opportunity Bucks Board in 2022, joined the Council’s Growth Board, and chaired the Council’s Skills Strategy Board, leading to the publication of the county’s first Skills and Employment Strategy. He continues his engagement with Buckinghamshire Culture as a member of its Board of Trustees, is a member of Buckinghamshire Council’s Strategic Partners Board, and is a Trustee for the University College of Estate Management.

We have very strong links with NHS Trusts and social care providers in the region. Our expansion of the health and social care programmes we offer, and the establishment of the Institute for Health and Social Care (IHSC), exemplifies how BNU is helping to shape and support the regional health and social care agenda by playing our part in addressing the health needs of the county, and the UK more widely. Several courses are being co-designed and co-developed to respond to workforce needs including: Physiotherapy pre-registration apprenticeship; MSc in Public Health; and FD Assistant Practitioner.

5. Strategic Risk

During 2023-24, the University was subject to the ongoing conditions of OfS registration, and 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.

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 BNU’s 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.

Following a review of policy and processes in the preceding year, the prevailing process of risk management, which had received substantial assurance from risk auditors in 2017-18, was enhanced during 2023-24. The Strategic Risk Register was used to elevate matters that emerged as threats from local risk registers with the result that more attention would be dedicated to individual strategic risks with a more focused call to action. A risk appetite was also expressed against each strategic risk.

To improve the collection of risk registers, an MS Teams app was developed during 2023-24. In addition to complying with the requirement for quarterly updates, each local risk register owner could use the app to record changes in real time.

Further details on the University’s risk management procedures and policies are set out in the statement of corporate governance.

The potential strategic risks that appeared on the register at any point during 2023-24 are listed below, against each pillar of our University strategy.

Pillar 1: Support students to succeed

Adoption of new curriculum: manage risk of disruption to learning and student experiences.

Pillar 2: Deliver knowledge and skills

International students: manage risks to recruitment of qualifying students.

Apprenticeship: manage risks to growth (introduced November 2024).

Domestic recruitment: manage risk of shortfalls versus targets for growth (introduced June 2024).

Pillar 3: Become a fit and agile organisation

Financial prospects: manage risk that confidence impedes strategic investments.

Cyber security: manage risk of cyber-attacks disrupting operations.

Statutory reporting: manage risk to reporting obligations under Data Futures (closed February 2024).

Data management: manage risk that operations are impeded by data systems and processes.

Pillar 4: Support our places and partners

Franchise partners: manage risks to University’s reputation.

Student accommodation: manage risk that availability cannot keep pace with growth.

6. 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 2023 to 31 July 2024.

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 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 2020, and that the University adheres to the OfS Ongoing Conditions of Registration. In May 2022, the OfS informed the University that they would be undertaking a quality assessment of the University’s business and management provision. The report was published in January 2023 and the University has not yet been informed of any subsequent action the OfS may wish to take.

The University’s 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 by the 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.

Our governance

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. During 2023-24 an in-depth Governance Effectiveness Review was undertaken and facilitated by the Halpin Partnership and demonstrated that Council was operating with “good to leading edge” governance practices.

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, Deputy Vice-Chancellor, Pro Vice-Chancellor (Education), Chief Finance Officer, Commercial and Business 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.

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

- 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 during the year and had several Committees reporting to it, including a Resources Committee, a Vice-Chancellor Remuneration Committee, a Staff Reward Committee, a Governance Committee, a Student Experience Committee and an Audit Committee. All these Committees are formally constituted with terms of reference and 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 at the University. It is particularly concerned with issues relating to the teaching and research work of the University. Senate is chaired by the ViceChancellor 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.

Governance Committee

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.

Vice-Chancellor Remuneration Committee

The Vice-Chancellor Remuneration Committee reviews the performance of and determines the remuneration of the Vice-Chancellor and is responsible for approving the Staff Note for publication in the annual Financial Statements and the University’s website. The constitution of this Committee does not include the Vice-Chancellor as a member.

Staff Reward Committee

The Staff Reward Committee determines the remuneration of the senior employees, excluding the Vice-Chancellor, and is responsible for approving the University’s Annual Remuneration Report and Statement.

Student Experience Committee

The Student Experience Committee 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 quarterly, and independent members may meet privately with the internal and external auditors to discuss audit findings. It considers the detailed internal audit report findings prepared by BNU’s internal audit service; monitors adherence with regulatory requirements; and oversees the institutional risk register, prepared by the University from local risk registers, for presentation and consideration by the Audit Committee. The committee also reviews the annual financial statements and accounting policies; the system and processes for the preparation and submission of statutory returns to the OfS and the Higher Education Statistics Agency (HESA); and the effectiveness of the systems of internal controls. The committee receives and recommends an annual report on risk to the full Council.

7. 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:

- The University maintains a Councilapproved set of frameworks and policies, including Financial Regulations, which are underpinned by linked policies, such as the Expenses Policy, and procedures in relation to procurement.

- KCG provides internal audit services for the University. KCG provides an annual opinion on the adequately designed and effective arrangements for risk management, control, and governance, and for economy, efficiency and effectiveness across the University, in accordance with the CUC Higher Education Audit Committees Code of Practice. KCG’s audit opinion for the year ended 31 July 2024 is: ‘at the time of reporting, we provide satisfactory assurance that the University maintained adequately designed and effective arrangements for risk management, control and governance, and for economy, efficiency and effectiveness.’

- 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 five-year budget which is reviewed and agreed by Council.

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.

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

- Clearly defined and formalised requirements for approval and control of expenditure.

- 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 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.

More specifically:

- The Audit Committee provides an oversight of risk management.

- 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.

- 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.

- Eight internal audits, all of which demonstrated satisfactory assurance.

- External Auditors, in their audit for the year ending 31 July 2024 included consideration of internal control relevant to the preparation of the Financial Statements, the external audit finding no significant deficiencies.

The above arrangements all allow the University to be assured that its use of public funding meets all appropriate standards of propriety and regularity.

8. Statement of responsibilities of the University’s Council

Statement of Council responsibilities in respect of the annual report and the financial statements.

The Council is responsible for preparing 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.

It is 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 requirements of Regulatory Advice 9: Accounts Direction (25 October 2019) and Regulatory Advice 14: Guidance for providers for the Annual Financial Return (24 May 2024) issued by the Office for Students (‘the Accounts Direction’) and the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education

The Council is required to prepare financial statements which give a true and fair view of the state of affairs of the group and of the parent University and of their income and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows for that period. In preparing each of the group and parent University financial statements, the Council is 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 and the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education have been followed, subject to any material departures disclosed and explained in the financial statements;

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

- use the going concern basis of accounting unless it either intends 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. It is responsible for 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, and has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

The Council is 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;

- funds provided by the Office for Students, UK Research and Innovation (including Research England) and the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the terms and conditions attached to them;

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

- 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.

In the year, total income for the Group is reported at £192.2m (2022-23 £188.8m), an increase of 1.8% on last year.

9. Financial review

The financial statements presented by the University’s Council comprise the consolidated results of the University and its subsidiary companies, one of which traded during the year (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 2024 are summarised below:

Results for the Year Ended 31 July 2024

The Group

Results for the 2023-24 financial year are a consolidated group surplus of £3.7m (2022-23 £8.9m). In the year, total income for the Group is reported at £192.2m (2022-23 £188.8m), an increase of 1.8% on last year. Total income from full time Home and EU students was £151.1m (2022-23 £144.5m), an increase of 4.5% on last year. The University benefited from grant funding income of £9.1m – a slight decrease of £0.3m on last yearstable apprenticeship income, and the continuing level of the Bank of England base rate - interest income for the year was £2.6m (2022-23 £1.7m). Figure 1 shows a breakdown of the Group’s income by category, 88.5% of income comes from tuition fees with the remaining 11.5% coming from a variety of smaller sources.

Total expenditure for the Group is £188.5m (2022-23 £180.8m), an increase of 4.3% on last year. The most significant change from last year is shown in note 7 - academic related expenditure of £144.3m (2022-23 £138.8m) an increase

of 4.0%. Pay costs increased by £3.6m compared to last year, primarily a result of the UCEA-agreed minimum salary uplifts of 3% in August 2023 and the full year effect in 2023-24 of the 2% interim pay award for the year that had been brought forward to February 2023. A voluntary severance scheme was offered towards the end of the year and 34 members of staff were accepted into it, with a leave date of 30 November 2024, at a cost of £0.8m. The scheme is a proactive measure, taken to generate sustainable cost savings over the coming years.

Total expenditure on staff costs of £47.6m (2022-23 £43.9m) now represents 24.8% of total income (excluding restructuring costs), a slight increase from last year’s figure of 23.4%.

Average staff numbers in the year were 827 (2022-23 756) – an increase of 6.2% from the previous year. Other operating expenses for the year of £132.8m (2022-23 £129.2m) are 69.1% of income, a slight increase from the previous year’s 68.4%.

Figure 2 shows a breakdown of the Group’s expenditure, demonstrating that 76.6% is related to academic activities with the largest part of the remaining 23.4% being incurred on administrative and central services.

Consolidated University Income 2023-24

Figure 1: Consolidated Group Income 2023-24

Consolidated University Expenditure 2023-24

Figure 2: Consolidated Group Expenditure 2023-24

The University

The University generated a surplus in the 2023-24 financial year of £4.3m – a £5.1m decrease on the previous year’s £9.4m surplus. The income for the year was £190.0m; an improvement of £3.2m over the previous year’s income of £186.8m. Expenditure for the year was £185.8m - an increase of £7.5m year on year – driven by increased staff costs and the cost of the voluntary severance scheme. Expenditure for the year excluding the costs of tuition for students studying with partners was £92.2m, an increase of £8.0m over the previous year’s £84.2m.

Missenden Abbey Limited

Missenden Abbey Limited is a 100% owned subsidiary and provides a high-quality hotel service as well as providing educational services in the hotel industry.

Income in the year was £2.3m, an increase of £0.2m compared to the prior year’s £2.1m and a result of strengthened marketing efforts, enhanced guest experience and new strategic partnerships. Expenditure increased year on year by £0.2m from £2.6m in 2022-23 to £2.8m in 2023-24, reflecting the increased activity of the company, industry inflation and increased staff costs, with staff remuneration being adjusted beyond the Real Living Wage increase to ensure that wages remained competitive. The deficit in the year is £0.5m (£0.5m deficit in 2023-24).

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 in-year credit of £0.1m (2022-23 £0.8m charge) due to the scheme being in a surplus position.

The credit to staff costs in the year due to movement in the pension provisions is £0.5m (2022-23 charge of £1.8m) and can be seen in note 6.

The actuarial adjustment in respect of pension schemes forms part of the total comprehensive income for the year. The actuarial loss which the University has recognised in this financial year is £0.5m (£27.6m gain in 2022-23) and is a reflection of the changes in financial assumptions, investment performance and asset ceiling.

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. At 31 July 2023, the University’s balance sheet included a liability of £0.2m for future contributions payable under the deficit recovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date the institution was no longer required to make deficit recovery contributions. The remaining liability was released to the profit and loss account.

Employer contributions to pension schemes were as follows:

Full details of the pension schemes liabilities can be seen in note 26.

Projects

During the year £19.6m of capital additions were made, the majority of which related to the refresh and development of the High Wycombe campus.

The cash balance (including short-term deposits) of £47.1m represents a £4.5m fall from the previous year’s balance of £51.6m, demonstrating the University’s cash generative position as this £4.5m fall in the balance is after capital investment of £18.9m. Connected to this, the University’s liquidity days have remained strong at 198 days as at the end of the financial year compared to 223 days as at the end of the 2022-23 financial year. External debt of £0.8m has been repaid leaving the total amount of debt outstanding at £18.8m (£19.6m in 2022-23).

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 has fallen slightly year on year, being £33.0m at 31 July 2024 compared to £37.0m at 31 July 2023.

3: Group Cash & Borrowings

Cash and current investments comprise £47.1m of cash and £5.4m of investments.

The debt-to-income ratio for the Group has decreased slightly to 9.8% at 31 July 2024 from 10.4% at 31 July 2023:

During and at the end of the year the University achieved all of the banking covenants on the institution.

Figure

Balance Sheet and Reserves

The balance sheet shows an increase in net assets since 31 July 2023 of £3.4m to £115.4m (2022-23 £112.2m), driven by the surplus for the year. Figure 4 shows the relationship between the discount used in the actuarial valuation of the LGPS scheme and the value of the assets / liabilities of the scheme over the last five years.

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.

Figure 4: LGPS Valuation

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 Time Period

Barclays Bank subject to long term A rating

Any other Bank or Financial Institution long term A rated

Liquidity or Money Market Investment Fund AAA rated

£30 million Aggregate limit

£50 million * 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 2024 there was a total balance of £25.5m held in deposit accounts. This was split between Handelsbanken (£10m), Santander (£0.01m), Barclays (£5.5m), Lloyds (£4.8m), NatWest (5.0m) and Nationwide (£0.2m). The NatWest and Nationwide accounts were opened during the year in order to enable Barclays Bank balances to be maintained in compliance with the Treasury Management Policy.

The year ahead

The University has once again delivered a successful financial outcome both in terms of income growth, operating surplus and cash generation, despite the continuing financial headwinds the sector has faced. The University has been proactive in securing the financial resilience of the University for 2024-25 through offering a voluntary severance scheme and small cost efficiency target, to attempt to alleviate the continued upwards pressures on staff and operating costs. Despite these pressures, the budget for the year ahead continues to be centred on investing in excellence and consolidating the financial foundation to support and enable the delivery of the University’s new Strategy Thrive 2028.

The early indications on recruitment for the current year are positive for the year ahead. Student recruitment and, in particular, full-time home students, both in the University and through its franchise partners, are anticipated to be in line with budgetary assumptions. The University continues to have a strong focus on cost management to ensure staffing expenditure is kept within the budgeted resource plan.

In summary, the University is well positioned for the financial year ahead but is not complacent in delivering to the financial targets set in the Budget. The University is determined to continue to invest in the student experience to ensure it remains attractive to prospective students in what is a very challenging financial environment.

10. Independent auditor’s report to the Council of Buckinghamshire New University

Report on the audit of the Financial Statements

Opinion

We have audited the financial statements of Buckinghamshire New University (“the University”) for the year ended 31 July 2024 which comprise the Consolidated and University Statement of Comprehensive Income and Expenditure, Consolidated and University Statement of Changes in Reserves, Consolidated and University Balance Sheet, Consolidated Statement of Cash Flows and related notes, including the accounting policies in note.

In our opinion the financial statements:

give a true and fair view of the state of the Group’s and of the University’s affairs as at 31 July 2024, and of the Group’s and of 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

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 it does not intend to liquidate the Group or the University or to cease their operations, and as it has concluded that the Group and the University’s financial position means that this is realistic. It has 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 the 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; and

• 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

Identifying and responding to risks of material misstatement due to fraud

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:

• Enquiring of directors, 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 and Audit Committee minutes.

• Using analytical procedures to identify any unusual or unexpected relationships.

• Reviewing fraud and whistleblowing reports provided to the Audit Committee.

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, we perform procedures to address the risk of management override of controls, in particular the risk that Group management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates such as pension assumptions. On this audit we do not believe there is a fraud risk related to revenue recognition because the majority of the Group’s revenue is made of revenue

from tuition fees. This revenue is made up of a large volume of lowvalue transactions, meaning that there is minimal opportunity to commit a material fraud. In particular, a very large number of false entries to student data would be required for a material fraud in tuition fee revenue. Furthermore there is limited ability to manipulate fees arising from partner-taught courses due to the very low value of commission fee income receivable per student.

We did not identify any additional fraud risks.

We performed procedures including:

• Identifying journal entries and other adjustments to test for all full scope components based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by individuals who seldom post journals.

• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

Identifying and responding to risks of material misstatement related to compliance 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, through discussion with the directors and other management (as required by auditing standards), and from inspection of the Group’s regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

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 (including related higher education legislation), taxation legislation, pensions legislation, and higher education financial reporting related regulation 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 loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: fraud, corruption and bribery legislation, money laundering regulations, health and safety legislation, data protection legislation, and compliance with regulatory requirements of the Office for Students and UK Visas and Immigration, recognising the nature of the Group’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.

We have reported separately on the University’s use of funds in the section of our audit report dealing with other legal and regulatory requirements.

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 fraud 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 information included in the Financial Statements other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or 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.

Council responsibilities

As explained more fully in its statement set out on page 27, 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 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 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

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.

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 7b 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 on page 53 of 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) of the University's Articles of Government and section 124B of the Education Reform Act 1988. 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.

Jessica Hargreaves for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants 15 Canada Square London E14 5GL

04 December 2024

Consolidated Statement of Comprehensive Income and Expenditure

Year ended 31 July 2024

All items of income and expenditure relate to continuing activities.

Accompanying notes and policies on pages 46 to 74 form part of these financial statements.

Consolidated and University Statement of Changes in Reserves

Year ended 31 July 2024

Accompanying notes and policies on pages 46 to 74 form part of these financial statements.

Consolidated and University Balance Sheet

Year ended 31 July 2024

Accompanying notes and policies on pages 46 to 74 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 2 December 2024 and were signed on its behalf on that date by:

Professor Nick Braisby Vice-Chancellor and Chief Executive

Maggie Galliers CBE Chair of Council and Pro-Chancellor

Consolidated Statement of Cash Flows

Year ended 31 July 2024

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 46 to 74 form part of these financial statements.

11. 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.

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

The Council has prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements (the going concern period). which indicate that,

taking account of severe but plausible downsides, 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 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 2023. 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 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.

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 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.

Maintenance of premises

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.

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 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.

Defined Benefit Plan

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.

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 held in the balance sheet at deemed 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.

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.

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

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 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.

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.

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;

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

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

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.

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

Agency arrangements

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.

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

- Debtors – settlement amount after any discounts

- Creditors – settlement after any trade discounts

- Loans – amortised cost

- 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

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.

Borrowing costs

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.

12. Accounting estimates and 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.

Accounting for Chiltern Student Village

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

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

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 also holds a minority of CSV board members. 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.

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.

Accounting for bad debt provisions

The University has bad debt provisions in respect of student, partnership, commercial and research debts. The bad debt provision is calculated on a specific 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. Balances over 211 days overdue are provided for fully, balances between 181 and 210 days overdue are provided for at a rate of 50% and balances between 151 and 180 days overdue are provided for at a rate of 25%. The specific provision takes into consideration the debtors’ engagement with the University, whether their account has been placed with an external collector, whether it is awaiting legal action and whether there is an agreed payment plan in place.

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

Estimates for the accounting for employee benefits

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.

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 26.

13. Notes to the accounts

Notes to the Accounts

Year ended 31 July 2024

time Home and EU students includes £114,605k for 2023-24 students recruited through partners (£115,918k for 2022-23)

Notes to the Accounts

Year ended 31 July 2024

Note

The source of grant and fee income, included in notes 1 to 3 is as follows:

6 Staff Costs

Buckinghamshire New University’ remuneration policy and procedure follow best practice as detailed in the Committee of University Chairs (CUC) Higher Education Senior Staff Remuneration Code.

This note relating to staff pay disclosures is aligned to the OfS Regulatory Advice 9: Accounts Direction (OfS 2019.41, published 25 October 2019).

a) Number of staff with a full-time equivalent basic salary of over £100,000 per annum

(2023-24)

£115,000 - £119,999

£120,000 - £124,999

£125,000 - £129,999

£130,000 - £134,999

£135,000 - £139,999

£140,000 - £144,999

£145,000 - £149,999

£150,000 - £154,999

£155,000 - £159,999

£160,000 - £164,999

£165,000 - £169,999

£170,000 - £174,999

£175,000 - £179,999

£180,000 - £184,999

£185,000 - £189,999

£190,000 - £194,999

£195,000 - £199,999

£200,000 - £204,999

£205,999 – £209,999

£210,000 - £214,999

£215,000 - £219,999

£220,000 - £224,999

£225,000 - £229,999

£230,000 - £234,999

£235,000 - £239,999

Notes to the Accounts

Year ended 31 July 2024

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

i) Basic Salary

ii) Payment of dividends

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

iv) Pension contributions and payments in lieu of pension contributions

v) Salary sacrifice arrangements

vi) Compensation for loss of office

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

viii) Other taxable benefits

ix) Non-taxable benefits

x) Other remuneration

Prof Nick Braisby (2023-24)

Prof Nick Braisby (2022-23)

+ £18,481 **

*A salary increase of £12,763 is deferred and has been accrued for in the 2024/25 Financial Statements. Payment of this sum, will be made to the Vice-Chancellor on 31 July 2025 (or his leaving date, if sooner) provided that his performance remained satisfactory throughout the intervening period. The total accumulation as at 31 July 2024 (from 2019/20 onwards) is £143,737.70

** The VC opted out of the pension scheme in January 23 therefore the first figure is his pension cost until this date and the second figure is the cash supplement he received in lieu of pension contributions

c) Justification for the total remuneration package for the head of provider (Professor Nick Braisby)

The Chair of Council undertakes the Vice-Chancellor and Chief Executive Officer’s annual Performance and Development Review (PDR) against an agreed set of objectives, both institutional and personal, which were reviewed periodically during the year. The overall conclusion from the review for 2023/24 was that the VC had met his objectives during another challenging year.

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 continued positive performance, the VC Remuneration Committee decided to increase the base pay for the VC from 2021. The Committee has agreed that the shortfall between the Vice-Chancellor’s salary and benchmark 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 VC Remuneration Committee.

d) Relationship between head of provider’s remuneration and that for all other employees

The UCEA report pay ratio/multiple between the head of provider’s remuneration and the median salary for staff remains at 5.9 (2022/23). This is based on information provided by the Universities & Colleges Employers Association (UCEA) which uses HESA data (academic staff only). This has not been updated for 2023/24 as yet. Using our payroll data, the head of the provider’s basic salary is 6.3 times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff. The head of the provider’s total remuneration is 5.7 times the median total remuneration of staff, where the median total remuneration (including pension) is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff.

Notes to the Accounts

Year ended 31 July 2024

e) Severance payments

a. Disclosures about all staff

i) Loss of office

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

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

b. Disclosures about the head of provider (Professor Nick Braisby)

i) Loss of office

ii) Where compensation paid includes benefits

None

Not applicable

iii) Where compensation paid includes additional pension payments Not applicable

Average staff numbers by major category

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 Pro- Vice-Chancellor Education and Digital, the ProVice-Chancellor (Student Experience), the Chief Finance Officer, the Commercial and Business Development Director and the University Secretary and Clerk to Council.

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, it is inevitable that transactions will take place with organisations in which a member of the Council may have an interest. All transactions involving organisations in which a member of Council or their spouse may have an interest, including those identified below, are conducted at arms length and in accordance with the University's Financial Regulations and usual procurement procedures. In 2023-24 transactions of this nature totalled £47,547 (2022-23 £26,180).

No council member has received any remuneration/waived payments from the group during the year (2023 - none).

The total expenses paid to or on behalf of three council members was £929 (2023 - £1,126). This represented travel and subsistence expenses incurred in attending Council, Committee meetings and Charity events in their official capacity.

Notes to the Accounts

Year ended 31 July 2024

7a Analysis of

Academic and related expenditure includes £93,518k for 2023-24 and £94,138k for 2022-23 for the costs of tuition of students recruited through partners.

BNU’s Access and Participation Plan (APP) for the period 2020/21 to 2024/25 and an updated 2022/23 variation is available on the following links. BNU’s APP includes bursaries and financial support for students who face disadvantage or barriers to access or student success.

Access and Participation Plan 2020-24

Access and Participation Plan Variation

Note on staff costs

All staff costs of £203k are also included in the overall staff cost figure (ref: Note 6).

Note on partners

Investment by sub-contractual partners is included in the statement. This information is provided by the partners and combined with spend for BNU ‘taught’ students. This spend is incurred directly by the partners and does not appear in the accounts of BNU.

Notes to the Accounts

Year ended 31 July 2024

Context

Of our full-time, home undergraduate entrants in 2023-24,

- 34% were from the two lowest participation quintiles [28%]

- 62% were from the two most disadvantaged quintiles [45%]

- 84% were mature [29%]

- 17% were Black [9%]

- 11% were Asian [18%]

- 9% were an other ethnic minority [9%]

[Sector data in brackets- source OfS APP dashboard, 2022-23 latest data available; All other data internal Student Activity Dashboard, FTE, November 2023]

Access investment

BNU spent £128,538 and sub-contractual partners £84,245 on Access and Outreach (total: £212,783).

At BNU, 5,500 school pupils engaged in over 345 events:

- 36% were potential first-generation in HE

- 33% were from an ethnic minority background

- 40% came from high deprivation areas

- 37% came from areas of low participation in higher education

- 36% received free school meals

- 28% declared a disability

- 66 were service young people

- 54 were young carers

- 42 were care-experienced

The University has built stronger relationships with key target schools and colleges and focussed on more sustained interactions. Support has increased to students from year groups 6 to 13, delivering more than 2,200 hours of engaging in-person and blended activities throughout the year, including primary school transition, campus-based tours and workshops; course tasters; virtual CV and UCAS support; mock interviews and portfolio reviews. Since the pandemic the team has seen an uptake of more specialist sessions including parental support, teacher CPD Bucks Adult Learners, and pupils with additional needs.

Higher intensity activities such as taster visits to campus, have a greater impact on student decision BNU is proud of everyone in its diverse and inclusive University community and works tirelessly to break down barriers to ensure that everyone can benefit from the transformative education it provides. In order to fulfil its Access and Participation Plan objectives, the University embeds widening participation (WP) activities to address risks to equality of opportunity. The University’s Futures Days campus visits are aimed at Year 9/10 students, offering a first-hand experience of university life to encourage them to consider higher education, irrespective of their background. Futures Days help pupils to enhance understanding, connect to peers and enable opportunities for disadvantaged pupils from non-traditional backgrounds. In 2023-24, BNU held 25 Futures Days which were offered to all local schools in the most deprived wards which meet its widening participation criteria. Feedback showed these days helped changed the mindset of many students who are now considering university having previously thought this was not a viable option.

For older age groups, BNU supports both their transition into further education and their application to higher education. BNU also offers special on campus taster days collaborating with course academics. The University actively seeks to recruit Student Ambassadors who attended its target WP schools to provide relatable role models to the school pupils with whom it works.

Support for disabled students

BNU spent £625,033 and sub-contractual partners spent £79,626 on support for disabled students (total: £704,659

Notes to the Accounts

Year ended 31 July 2024

Research and evaluation

BNU spent £82,885 and sub-contractual partners spent £19,245 on research and evaluation of access and participation activity (total: £102,130).

There has been ongoing embedded investment in business intelligence and evaluation capability during 2023/24 as the University developed its updated APP. The strategic planning team partially support the evaluation of attainment raising activity, awareness raising activity and manage associated business intelligence which now operates as a separate function within the team. This year has also seen a refreshed approach to Annual Monitoring, now more closely following the Ofsted approach and tracking OfS conditions; Schools account for outcome gaps and respond with actions which feed into the strategic and business planning process. The figure also includes HEAT membership.

Financial support

The types of financial support available in 2023/24 were as set out in our five-year plan (2020-2024).

BNU spent £965,552 and sub-contractual partners spent £444,187 on financial support for students (total: £1,409,739).

BNU ‘taught’ students: Bursaries: £552,493.22; Hardship Fund (Hardship Fund + Emergency Fund): £260,002.53; Bucks Future Success Package (books and equipment grant): £135,154.36 (£260,641.00 allocated)

1135 UK domiciled students from underrepresented groups received bursaries:

- 578 BNU Student Success Bursary; - 65% were an ethnic minority - 45% were from the two most deprived quintiles - 19 Care leaver bursary; - 15 Estranged student bursary; - 1 GRTSB bursary.

UK domiciled students received support from the BNU hardship fund.

Hardship spend is countable for all students, but of recipients:

- 61% were an ethnic minority [BNU taught demographic 49%]

- 28% had a declared disability [BNU taught demographic 16%]

- 41% were from the two most deprived quintiles [BNU taught demographic 36%]

Note on overspend/ underspend

Other partners spent £320,479 on financial support.

8 Interest and other finance costs

Overspend

The financial support commitment was reduced in the July 2022 APP variation to reflect the teach-out arrangement with our partner UCFB. In this time, the cost of living crisis led to increased demand for BNU’s financial support offer and budget was increased; financial support activity also increased in our partners OBC and LSST during this time.

Inflation has increased the cost of running Outreach activity.

Commitment to research and evaluation has been increased in preparing the new APP.

9 Taxation

As explained

Notes to the Accounts

10 Intangible Fixed Assets

Year ended 31 July 2024

11 Fixed Assets

Consolidated

At 31 July 2024, freehold land and buildings included £14.45m (2023 £14.45m) in respect of freehold land and is not depreciated. At 31 July 2024, freehold land and buildings included £64.53m (2023 - £54.74m) held under charge by Barclays Bank in respect of the loan detailed in note 18.

Year ended 31 July 2024

Group and University fixtures, fittings and equipment include assets held under finance leases as follows:

12 Non-Current Investments

Other non-current investments consist of :

(Conferences) Limited Share Capital - Dormant

BCUC (Conferences) Limited Provision for Loss - Dormant (886)

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

13 Investment in associate entities 14 Stock

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 2024 was nil (2023: £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 2024 the University's share of the associate charitable company's result is nil (2023: £nil).

15 Trade and other receivables

Year ended 31 July 2024

16 Current Investments

17 Creditors: amounts falling due within one year Year ended 31 July 2024 Year ended 31 July 2023

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.

18 Creditors: amounts falling due after more than one year

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. No deficit recovery plan was required following the 2023 valuation of the scheme, because the scheme was in surplus.

Notes to the Accounts

Year ended 31 July 2024

Analysis of secured and unsecured loans:

Notes to the Accounts

21 Cash and cash equivalents

22 Capital and other commitments

Provision has not been made for the following capital commitments:

These commitments are primarily made up of the High Wycombe campus project and improvements to the engineering and health / paramedicine provision, funded by the OfS.

23 Lease obligations

Total rentals payable under operating leases:

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

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

Notes to the Accounts

Year ended 31 July 2024

24 Contingent liabilities

There were no contingent liabilities as at 31 July 2024 or 31 July 2023.

25 Subsidiary undertakings

The subsidiary companies (all of which are registered in England & Wales), wholly-owned or effectively controlled by the University, are as follows:

Company Principal

Missenden Abbey Limited A hotel and management training complex

BCUC (Conferences) Limited Dormant

BCUC (Services) Limited Dormant

Thames Valley Training & Development Ltd Dormant

Buckinghamshire Education and Skills Training Dormant

Notes to the Accounts

26 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 multiemployer 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 definedcontribution 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 2020. The valuation report was published by the Department for Education in October 2023. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222 billion giving a notional past service deficit of £40 billion.

As a result of the valuation, new employer contribution rates were set at 28.68% of pensionable pay from April 2024 onwards (compared to 23.68% during 2022/23).

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 £4,176,698 in 2023-24 (2022-23: £3,535,233).

Notes to the Accounts

Year ended 31 July 2024

Universities Superannuation Scheme (USS)

The institution participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ 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 and the deficit recovery contributions payable under the scheme’s Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The institution recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement.

The total write back to the profit and loss account is £77,000 (2022-23 £193,000) as shown in note 6.

Deficit recovery contributions due within one year for the institution are £nil (prior year: £8,000).

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in Note 18, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.

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

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

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

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

CPI assumption

Pension increases (subject to a floor of 0%)

Discount rate (forward rates)

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less:

1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030

Benefits with no cap:

CPI assumption plus 3bps

Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%):

CPI assumption minus 3bps

Fixed interest gilt yield curve plus:

Pre-retirement: 2.5% p.a.

Post retirement: 0.9% p.a.

Notes to the Accounts

Year ended 31 July 2024

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

2023 valuation

Mortality base table

Future improvements to mortality

101% of S2PMA “light” for males and 95% of S3PFA for females

CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

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 2025 and will set contributions for the period from 1 April 2026 to 31 March 2029.

The table below summarises the minimum employer contributions due from the University to the Fund during this inter-valuation period. The employer may pay further amounts at any time but, following the actuarial valuation of the fund as at 31 March 2022, no secondary rate payments to help fund a potential deficit on cessation on of the scheme are due.

To assess the value of the Employer’s liabilities at 31 July 2024, the value of the liabilities calculated for the funding valuation as at 31 March 2022 have been rolled forward, using financial assumptions that comply with FRS102.

Asset values are reported using estimated asset allocations calculated at each triennial valuation as at 31 March 2022, and thereafter the valuations are rolled forward for accounting valuation purposes.

To calculate the asset share the actuary has rolled forward the assets allocated to the Employer as at 31 March 2022 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 2024 is £95.203m (31 July 2023 £84.695m)

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.

Notes to the Accounts

Year ended 31 July 2024

An amount of £188,000 (2023: £174,000) 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.

These assumptions are set with reference to market conditions at 31 July 2024.

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.

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:

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 2024 is estimated to be 10.99%. The actual return on Fund assets over the year may be different. During each annual reporting period between triennial valuations, asset returns are estimated using 11 months of market experience and one month of extrapolation being assumed.

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 2024 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 £952k.

Based on the estimated asset allocation, the Employer’s share of the assets of the Fund is approximately 2.25%.

Notes to the Accounts

Year ended 31 July 2024

The estimated asset allocation for Buckinghamshire New University as at 31 July 2024 is as follows:

Re-measurements in other comprehensive income: Re-measurement

Negative figures represent costs to the University

Notes to the Accounts

Year ended 31 July 2024

Movement in net pension liability during the year:

Reconciliation of the movement of the present value of the defined benefit obligation:

Analysis of the movement in the fair value of scheme assets:

Notes to the Accounts

Year ended 31 July 2024

of experience gains and losses:

The University has elected not to restate prior year amounts as permitted by FRS102. The employer contributions to the scheme for the year to 31 July 2024 is £3,120,000. Estimated employer contributions for the year to 31 July 2025 is £2,868,000.

As a result of the significant gains arising from the change in financial assumptions, the net balance of the University's funded defined benefit obligation is in a surplus position at the reporting date. At the balance sheet date, forward looking minimum funding contributions, based on current contribution rates, are higher than the forward-looking service cost, based on balance sheet date market conditions. On the assumption that these rates continue into the future, no surplus is recognisable.

Virgin Media Ltd vs NTL Trustees: On 25 July 2024, the Court of Appeal dismissed the appeal in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others. The appeal was brought by Virgin Media Ltd against aspects of the High Court’s ruling handed down in June 2023 relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. The Court of Appeal upheld the High Court’s ruling. The ruling may have implications for other UK defined benefit plans. It is understood this would apply to the LGPS and HM Treasury is currently assessing the implications for all public service pension schemes. No further information is available at this stage.

Sensitivity Analysis

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

Notes to the Accounts

Year ended 31 July 2024

27 Consolidated reconciliation of net funds

Analysis of net funds:

Borrowings: amounts falling due after more than one year

28 Related party transactions

Certain members of the Council are associated with other organisations that may from time to time undertake 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 received from organisations in which two of the University's Board of Governors and Advisors have a material role and / or controlling interest:

Year to 31 July 2024 Year to 31 July 2023

Organisation Role at related party

P Lerner: Wycombe Wanderers Foundation

No other transactions were identified which require disclosure under FRS 102, Section 33, ‘Related Party Disclosures’

Notes to the Accounts

Year ended 31 July 2024

The University is a member of Chiltern Student Villages Ltd. 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.

Bucks Students’ Union is an independent organisation largely funded by the University. During the 2023-24 financial year the Union was in receipt of £2.386m (2022-23 £1.921m) of grant funding from the University. At 31 July 2024, the University had a creditor with the Students’ Union of £252k and a debtor of £nil.

29 US Department of Education required disclosure

The following table is provided soley in satisfaction of the university’s obligations to facilitate access to US federal financial aid as required by the US Department of Education, and has been prepared and presented in-line with their specific requirements. All figures presented are based upon FRS 102 recognition and measurement principles, in line with the statement of accounting policies, and are presented in GBP. It is not advised that it be used for any other purpose and all values within it can be found elsewhere within these financial statements.

The schedules set out how each amount disclosed has been extracted from the financial statements. As set out above, the accounting policies used in determining the amounts disclosed are not intended to and do not comply with the requirements of accounting principles generally accepted in the United States of America.

to the Accounts

14. University Council and advisors

Independent & Co-opted Council Members

Maggie Galliers CBE Independent Chair and Pro-Chancellor Appointed 1 August 2021

Irene Kirkman Independent Term ended 31 July 2024

Sadie Groom Independent Appointed 1 August 2021

Jackie Westaway Independent Appointed 1 August 2021

Dr Susan Rosser Independent Term ended 31 July 2024

Andy Cole OBE Independent Appointed 1 August 2019

Annet Gamell Independent Appointed 1 August 2019

Karen Satterford Co-opted Appointed 1 August 2020

Anna Crabtree Independent Term ended 31 July 2024

Justin Sullivan Independent Appointed 1 August 2022

Brian Lewis Independent Appointed 1 August 2023

Marek Pruszewicz Independent Appointed 1 August 2023

Francine Godrich Independent Appointed 1 August 2024

Adam Honor Independent Appointed 1 August 2024

Shaun Crawford Independent Appointed 1 August 2024

Mikhail George Co-opted member (student)

Term ended 31 July 2024

Joy Dellah-Gu Co-opted member (student) Appointed 1 August 2024

University Council Members

Dr Russel Stone Elected Senate Member Appointed 1 August 2023

Dr Kevin Campbell-Karn Elected Senate Member Appointed 1 August 2024

Peter Robinson Elected Professional Services Employee Appointed 1 January 2024

Ze’ev Portner Academic Staff (elected) Appointed 1 August 2021

Hillary Mullen Academic Staff (elected) Appointed 1 December 2021

Brandon Tester President, Bucks Students’ Union Term ended 30 June 2024

Amy Pile President, Bucks Students’ Union Appointed 1 August 2024

University Executive Team

Professor Nick Braisby Vice-Chancellor and Chief Executive

Professor Damien Page Deputy Vice-Chancellor

Professor Paul Morgan Pro Vice-Chancellor (Education)

Trevor Gabriele Chief Finance Officer

Ellie Smith University Secretary and Clerk to the Council

Ian Harper Commercial and Business Development Director

15. Legal and administration

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@bnu.ac.uk

@BuckinghamshireNewUniversity

@BNUni_

@_BNUni