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 here:

THE STUDENT EXPERIENCE AND QUALITY EDUCATION

Winchester understands the impact student experience has on future recruitment in an increasingly competitive market. This experience is underpinned by prospects of a graduate level job or further postgraduate study.

Winchester is continually seeking to provide excellence in teaching and the very best student experience possible. We have achieved a National Student Survey (NSS) rating of 81%.

THE ENVIRONMENTAL CRISIS

The impact of climate change brought on by our detrimental impact on the planet has caused an unprecedented crisis. It encompasses numerous potentially catastrophic issues, from ozone depletion, air and water quality degradation to land contamination and biodiversity loss.

Winchester, amongst others, is leading the sector by declaring a climate emergency and setting a net-zero carbon target by 2025.

COVID-19

The outbreak of COVID-19 has been an unprecedented crisis, having a hugely detrimental impact on worldwide businesses and economies. Winchester rose to this challenge and worked closely with its governing body, employing a cross-institutional, integrated approach to planning and implementing mitigating actions and a recovery plan for high quality blended learning, complying with Government guidelines.

POLITICAL AND ECONOMIC ENVIRONMENT

Winchester remains concerned about the impact of the UK’s departure from the EU. Uncertainty remains around immigration and the impact on EU student funding as well as the longer-term impact on research. Economic uncertainties continue to compound the challenges facing Winchester’s largest pension schemes (Teachers’ Pension Scheme, Local Government Pension Scheme and the Universities Superannuation Scheme).

COMMITMENT TO WINCHESTER’S VALUES AND THE SDGS

During a time of political and economic uncertainty, recovering from an unprecedented pandemic outbreak and in an increasingly competitive market, our ability to hold true to Winchester’s core values is important. These values are the bedrock of the institution and underpin our niche within the HE sector. This material issue is covered under Student engagement and quality of learning and teaching on page 33, and under Key performance indicators on page 28. We are also making a substantial investment in student employability with a new Careers Centre due to be opened in Autumn 2020.

This material issue is covered under Energy and environment on pages 35 to 36, and Environmental sustainability on page 38.

This material issue is covered on page 14 under Business excellence and growth.

This material issue is covered on page 50 under Financial environment.

Winchester continues to embed its core values and the SDGs in all that it does, including taught curriculum. This material issue is covered on pages 24 to 26 under United Nations Sustainable Development Goals.