10
Integrated Annual Report 2020-21
Materiality
The interpretation of materiality in integrated reporting is multi-faceted, going well beyond financial materiality. In this Integrated Annual Report, we consider a matter to be material if it could substantively affect Winchester’s ability to create value in the short, medium or long term. The process of determining materiality is specific to Winchester and based on multi-stakeholder perspectives within the Higher Education (HE) sector. An emphasis on material matters improves strategic decision-making by limiting extraneous information and focusing disclosures on the core issues under Winchester’s control. This emphasis improves the quality of information available to
stakeholders and enables a more efficient and productive allocation of capital resources. In preparing the content for this integrated report, we established parameters within which we determined the materiality of matters by identifying their relevance, evaluating their importance and prioritising them based on relative importance. Judgement was used when deciding if, and to what extent, a detailed assessment was reported.
Embedding materiality determination into governance processes has enhanced the efficiency and effectiveness of decision-making and reporting, and links to Winchester’s Board and management discussions. In considering the materiality for this integrated report, Winchester considers all known matters at the time of signing the report, such as the political landscape, the student experience, institutional reputation, the impact of the COVID-19 pandemic, financial sustainability, the environment – including the 17 UN Sustainable Development Goals – and Winchester’s values. How material issues impact Winchester are signposted on the following page:
