Annual Report University of Winchester 2023-24

ANNUAL REPORT & FINANCIAL STATEMENTS

Year ending 31 July 2024

OUR MISSION IS TO

EDUCATE ADVANCE KNOWLEDGE

SERVE THE COMMON GOOD

An introduction: The Chair & Vice-Chancellor

The context for this year is one of challenge and change across the globe. The uncertainty and anxiety caused by international conflict, the disharmony and discord apparent in our own society and the practical difficulties and worry of a significantly increased cost of living have impacted on our community at the University of Winchester as, indeed, they have done on communities across the country.

The higher education sector as a whole has faced a series of challenges arising from this context. We continue to work within the constraints of fixed tuition fees, rising costs, declining international and static home student numbers.

There is no doubt that since its foundation in 1840, the University has faced many significant challenges, including two world wars and many global financial crises. When facing these challenges, its response has been always to adapt to ensure its long-term sustainability and success. This year, we have responded by making in-year cost savings wherever possible, and to lay the foundation for a more streamlined and efficient way of working, which will significantly reduce costs in the coming years. This includes a review and refresh of the structure of our whole academic credit framework, across every academic discipline – not an easy task in a busy academic year, but a challenge to which colleagues have risen admirably.

We have also worked hard on starting to deliver the University’s new strategic plan, putting in place a series of enabling strategies to ensure that this is

a whole University commitment. Our focus for this year and next will be on transforming how we teach and inspire our students and transforming how we operate and work together. This year we have focused on ‘doing things differently’, reviewing and streamlining practice and procedures which have become unwieldy or unnecessary

We have refocused on our core mission, which includes the commitment to provide transformational education for our students. Although the context is very difficult, we have also celebrated some great successes during the year.

Most importantly, we celebrated the achievements and hard work of almost 3,000 students completing their degrees, many of whom graduated in October in the magnificent surroundings of Winchester Cathedral. We were delighted that our initial teacher training provision, in both primary and secondary phases, was again considered to be ‘outstanding’ by Ofsted. The inspectors highlighted the University’s excellent pastoral care and highquality training, the highly ambitious curriculum delivered by highly credible and expert teams and our unfaltering commitment to inclusive practice.

This year, we have also welcomed our first cohort of midwifery students, as we continue to deliver our commitment to support the NHS to develop its workforce of the future. We work very closely with NHS organisations across the region, and we are grateful for their enthusiastic support. We are delighted that our apprenticeship provision continues to grow and develop, particularly in health and social work.

Phase 1 of the redevelopment of the Martial Rose Library, funded by the Office for Students, has been completed. This will provide outstanding library facilities and social learning space for our students. Sustainability has been at the heart of the project, ensuring that the refurbished building is significantly more energy efficient, and that it is ready for further improvements when funding becomes available. We have begun work on Phase 2 of the project, which will give our students three floors of wonderful learning resources and study space. The work is due to be completed at the end of the next academic year.

This year has also seen the installation of our new Chancellor, Hugh Dennis, and our three new Pro Chancellors, Alastair Bruce, Maggie Carver and Mohamed Bakhaty. We are grateful to each of them

for giving up their time to serve the University community. We are looking forward to our first graduation ceremonies with this wonderful ceremonial and ambassadorial team.

We would like to thank colleagues from across the University for their hard work and dedication during the academic year. Thank you too to our many partners across the region, who work so closely with us to help us in our educational mission, and whose needs we will continue to endeavour to serve, by producing outstanding graduates, ready for the world of work.

Finally, thank you to our governors, who bring to their role their expertise and enthusiasm, working closely with the University’s executive leadership team to help to navigate the very real challenges that the higher education sector is facing in the current climate.

With continued effort, focus and change, we are confident that Winchester will meet those challenges and continue to succeed in its mission to educate, advance knowledge and serve the common good.

To Educate

We believe that education transforms our students and through them, it transforms their families, communities and the wider world.

At the heart of our mission is the commitment to provide a transformational educational experience for our students. This year, after extensive consultation with staff and students across the University, we launched our Education and Student Experience Enabling Strategy which will help us to deliver our Strategic Plan. It will help us to transform how we teach and inspire our students.

The Education and Student Experience Enabling Strategy sets out our plan to develop our students’ curiosity, confidence, and capabilities, through imaginative courses and inspiring teaching. Curiosity is embodied in a love of learning, the energy and enthusiasm to discover new ideas, and the desire to continue learning. Confidence is about believing in ourselves, and the wider belief that we can each, through individual and shared endeavour, make a meaningful difference in the world. Capabilities are the expert skills that our students will develop to be successful in their chosen careers and to lead lives of meaning and purpose.

Our ambition is to develop a Winchester student experience distinguished by its quality and consistency. Every student should enjoy an active, dynamic and life-changing learning experience which challenges them to develop intellectually and is underpinned by the unique characteristics and requirements of each subject discipline.

We will develop our courses to be the communities in which the student experience is embedded, with enrichment, employability and support fully integrated in every course. A key focus for the University is ensuring that we equip our graduates with the skills to lead successful and meaningful lives. This includes offering stimulating and relevant courses to provide intellectual stretch, whilst embedding the skills that our students need to be successful in employment and beyond.

The next five years will see the expansion of our professional education and postgraduate taught provision – responding to regional needs, working in partnership with employers – and with an unwavering focus on quality.

Professional education, responding to regional needs

The University has a particular focus on professional education, designing and delivering courses that meet the needs of employers and prepare our students to be work-ready and successful in their careers. This is particularly notable in the number of students who graduate each year from courses that lead directly into the professions and support our public services. In the last academic year, nearly 700 students graduated with professional degrees such as nursing, teaching, social work, physiotherapy and policing.

New midwifery courses launched

Responding to regional NHS workforce needs and with full approval from the Nursing and Midwifery Council, the University welcomed the first cohort of students onto its new BSc Midwifery programme and Midwifery Degree Apprenticeship.

Midwifery Council for the 360-degree holistic development of the curriculum and the University of Winchester was recognised for its exceptional student support, including its focus on wellbeing.

The panel commended the collaborative way in which the programme was developed, noting that the input from people who have used maternity services, has been valued, listened to and included within the programme.

The approval panel also praised the team for the involvement of such a wide range of stakeholders from hospitals and maternity services in the southeast and south-west regions.

The addition of a degree apprenticeship pathway for midwifery, the only one of its kind in the region, was particularly welcomed by the NHS. The University aims to increase equality of opportunity, in line with its Access and Participation Plan, by accepting a range of equivalents to A levels in the entry criteria for the course.

As part of this work, in July 2024, the University hosted three successful taster days for those interested in studying for a Midwifery Degree Apprenticeship. The days were attended by approximately 50 maternity support workers from six different NHS Trusts – Hampshire Hospitals Foundation Trust, Isle of Wight NHS Trust, Oxford University Hospital, Salisbury NHS Foundation Trust, University Hospital Southampton Foundation Trust and University Hospital Dorset – as well as college students taking health-related level 3 courses at Andover College and Queen Mary’s Basingstoke.

The Taster Days set out to inspire people from a diverse range of backgrounds into a profession which seeks to represent the population.

Ofsted Outstanding

The University’s primary and secondary teacher training has once again been rated ‘Outstanding’ by Ofsted in March 2024, after also receiving an ‘Outstanding’ in its previous Ofsted inspection in 2017. The University was awarded Outstanding across all areas for its quality of education and training, leadership and management, and overall effectiveness.

The Inspectors’ report says the University develops students who have a considerable breadth of confidence and competence to launch their teaching careers, and who will nurture pupils’ “curiosity and wonder”.

It adds that trainees are well prepared for their careers in the classroom thanks to the highly ambitious curriculum, supportive staff, and seamless integration of campus-based training and teaching placements. It states that when teaching students graduate from the University “they are exceedingly well prepared to teach in a variety of contexts” with the “knowledge and skills to meet the demands of a teaching career.”

The Ofsted team visited the University in March and as part of a rigorous inspection process, visited local schools where Winchester students were undertaking placements, meeting headteachers and mentors as well as trainees.

According to Ofsted, the University’s Primary Education courses are “highly ambitious” and “meticulously constructed”. Students are taught by experts who champion every subject, and there is a firm commitment to inclusive practice.

The inspectors described Winchester’s PGCE Secondary teacher training programme as “inspirational” and its leaders as “relentless in their drive to ensure that the quality of education and training trainees receive is exceptional.”

Student & Graduate Success

The University is proud of its consistently high graduate employability rates. In the 2023 Graduate Outcome Survey, Winchester was ranked in the Top 10 universities in the country for graduate success, measured by the number progressing into employment or further study. This is the result of an institution-wide approach to employability: embedding it within the curriculum; providing multiple opportunities for all students to engage in a range of placement and work-based learning initiatives; building on our extensive partnerships with employers across the region.

Creative graduates’ success

Two Creative Writing graduates from the University of Winchester collaborated on a new picture book to teach primary schoolchildren about the hazards of air pollution. A Clean Air Cycle to School by Emily Jordan and Katt Grover has been shortlisted in the Benefitting Society category at the Green Gown Awards, sponsored by UKRI. The awards recognise

combining student engagement and practical experience with knowledge share and education of children in environmental issues and the impact they can have through reducing air pollution by cycling to school.”

Mentoring supporting student success

The University runs a highly successful mentoring scheme for its students, as part of its Access & Participation Plan, to support graduates’ progression after university. The mentoring programme matches students to industry professionals to help improve students’ employability and career readiness.

The 2023/2 4 programme had 52 mentors from industry matched with the same number of final year students. Mentors came from 47 organisations including the Foreign and Commonwealth Office, Ministry of Defence, Solent Mind, Hampshire Constabulary, St. John’s Winchester, and the Maritime & Coastguard Agency. Nineteen mentors were University of Winchester alumni.

exceptional sustainability initiatives undertaken by universities and colleges across the world.

The book came about after Southampton City Council approached the University for help in creating a book, as part of its ‘Clean Air Project’, to explain to children and parents what air pollution is, where it comes from and how they can travel to school sustainably while avoiding exposure to air pollution.

Judges described the University of Winchester’s entry as: “A great project which other institutions could use to engage local schools. An initiative

Creating workforce-ready dietitians with outstanding student support

A unique programme at the University supports dietitians to gain firsthand experience on NHS wards, improving their employability, skills and confidence with patients from the start of their studies.

The programme provides relevant structured experience as mealtime assistants over breakfast, dinner at the hospital, just five minutes’ walk from campus. The students’ university timetable is built around this placement, and well supported by academic staff. From preliminary workshops to regular reflective practice, assessments and feedback on the wards, and a range of resources developed by the first students to undertake the placements, volunteering is helping students become ready for work.

Additional training, in areas such as being ‘Dementia Friendly’, gives students more skills needed for the workplace. The scheme is so successful, half of the first cohort have job offers months before graduating and it is now being rolled out to Winchester’s physiotherapy students.

To Advance Knowledge

Our mission to advance knowledge is brought alive by the research and knowledge exchange work of our colleagues, and the University’s new Research and Innovation Enabling Strategy.

During the current academic year, we have made good progress in enhancing research infrastructure and governance, researcher induction and development.

Case Study – Holocaust Education

Dr Alasdair Richardson specialises in Holocaust Education, specifically how people deal emotionally with this sensitive topic. The University has had an ongoing partnership with the Holocaust Education Trust for over ten years, most recently completing an evaluation of the Lessons from Auschwitz Project, producing an 86,000-word report looking at students’ experiences on the programme.

The University has also secured funding to deliver a separate project looking at the experiences of students in Scotland specifically, which is in its planning stages. Alasdair also hopes to work with the Holocaust Education Trust and Generation 2 Generation to look more widely at the role of testimony in the future, particularly when survivors are no longer here. The University has done some initial consultancy looking at virtual testimony and using artificial intelligence and virtual reality technology to have interactive recorded testimony at the sites that the survivors have spoken about.

Case Study – Hampshire Stroke Clinic

Professor James Faulkner worked with the Hampshire Hospitals NHS Foundation Trust and Hobbs Rehabilitation to establish a programme called the HELP (Health Enhancing Lifestyle Programme) Hampshire Stroke Clinic in 2019 to support stroke patients and continues to work together to help stroke patients in the region. The project team published a paper in 2022 showing positive perceptions from patients on the programme citing expressions of gratitude, appreciation, and personal progress. Further data is currently being pulled together for a potential research paper later this year.

The Clinic is driven by civic responsibility, and it has helped stroke patients within the community. The project also demonstrates how the University

Photo: Yakir Zur

can contribute to high-impact research that can lead to benefit. It also has learning and teaching potential for students at the University through voluntary opportunities and placements. The project has generated interest from other NHS Trusts and prompted discussions with Wessex, the Integrated Stroke Delivery Network, and a pilot programme in the pipeline with Maidstone and Tunbridge Wells NHS Trust in Kent.

Graduates advancing knowledge

Jake Hawkins, an alumnus of the University and lecturer for the Film Production degree, has founded his own video company specialising in 3D motion design and animation. Using his industry insight, Jake is able to introduce students to the latest developments in cinematic and content creation, leading to the launch of a student-led creative agency.

The agency will be partnering with external clients as well as industry professionals, providing expertise and knowledge for students. KPIs are likely to include income generation and building up a database of the students who have been involved. Such a database will be beneficial to the industry in accessing talent, to the students in accessing opportunities, and to the University in assessing how graduates progress professionally.

Supporting the Nuffield Council on Bioethics

Dr Emma Nottingham is one of the nation’s leading experts on children’s rights and ethical law. The University has recently supported the Nuffield Council on Bioethics, with Emma as a law and ethics representative, to help with their report around critically ill children and their care, the recommendations of which were put to UK Parliament in October 2023.

Emma supports the work of the Institute of Medical Ethics and their research committee by forming part of their network of medical ethics experts.

She also sits on the Clinical Ethics Committee in Southampton, a group that supports doctors with difficult, ethical issues. In the realm of children’s rights in the online world, the University is supporting the 5Rights Foundation on a project highlighting issues in Edtech. The University also works alongside other academic institutions to research different perspectives on online issues such as sharenting.

The Winchester District Creative & Cultural Strategy

Throughout the year, the University has continued to work collaboratively with a range of regional partners. Over the last 12 months the University’s Knowledge Exchange team have been working closely with Winchester City Council in its development of a Creative & Cultural Strategy, including supporting a series of stakeholder workshops.

The University has worked closely with the City Council to provide leadership and momentum to the delivery of this strategy.

To Serve The Common Good

The University of Winchester has a long history of being a driver of social mobility, providing access to higher education for those with the ability and ambition, whatever their background:

• 40% of its students are the first-in-family to attend higher education.

• 30% come from low-income households (under £25k).

• 26% have a declared disability

• 21% are from the most deprived neighbourhoods with lower rates of access, success and progression.

• 96% of entrants come from state schools

In July 202 4, the University was named as a finalist for the University of the Year Award in the annual UK Social Mobility Awards. The Awards were established to recognise and celebrate forwardthinking organisations that are actively creating positive social change in their communities, by embedding social mobility initiatives into their work.

The awards provide valuable recognition for organisations who are leading the way in social mobility. Since their launch in 2017, the SOMOs have become an important platform for promoting social mobility in the UK and have attracted entries from leading organisations across the country, spanning multiple sectors. The University has been shortlisted for its work in providing educational opportunities to children of people in our armed forces, Gypsy, Traveller, Roma, Showmen and Boater children, refugees, and those with a background in care, ensuring that nothing holds them back from fulfilling their potential.

Supporting Care-Experienced Young People

Care leavers are around half as likely to go to university than children on free school meals. Around 14% of care experienced people under 19 enter university, compared to about 47% of their peers overall.

The University's First Star Scholars programme supports local young people in care who may not engage with GCSEs, helping to improve their ambition and aspiration. Since 2021, the University has supported 26 care-experienced scholars in this way. The first participants have now completed school

and are being supported in post-16 education. The programme includes regular on-campus monthly sessions and an annual residential programme.

Winchester students act as buddies and provide classroom support This benefits both our students and the programme’s participants.

Through a partnership with the Unite Foundation we have offered six care leavers, or people estranged from their family, scholarships to provide rentfree accommodation at the University for three years, removing the need for guarantors We also guarantee an interview or offer of a place for all care leavers, with a bursary available for travel and other expenses.

Service Children Progression (SCiP) Alliance

Created by the University of Winchester in 2018, the SCiP Alliance is a first-of-its-kind initiative bringing together universities and schools to support the children of forces families who are less likely to go to university (participation rate 24% vs 43% general population. The Alliance provides resources for practitioners working with service children. There are now 13 UK Hubs and almost 1,000 members.

In 2023/34, the Alliance responded swiftly to the

suggestion to leave service children out of the measures used to assess widening access. A report, researched and written by Winchester academics, found that service children’s disrupted lives put them at a disadvantage. This underpinned our lobbying for the Office for Students to recognise the disadvantage faced by service children. As a result of the report, it was announced that service children would be included in its future monitoring measures.

Also during this year, the Alliance extended the ‘Thriving Lives’ toolkit to cover Further Education. Underpinned by rigorous research and thoroughly tested, the Thriving Lives Toolkit provides schools and now FE colleges with a framework through which to reflect on their practice, together with a set of continuing professional development resources.

Leading work with Refugees

As one of the first Universities of Sanctuary, the University has a history of supporting refugees and responding to world events. In 2023- 24 we supported two other universities to become a University of Sanctuary, providing mentoring and support. The University continued supporting Ukrainian refugees, providing nine scholarships including fee waivers and £1,000 bursary, plus dedicated support and English tuition

Ukrainians living locally via Homes for Ukraine were invited to our English language for academic study courses. The University continued to host English for Speakers of Other Languages (ESOL) courses for the community Two refugees or dependents of refugees were granted scholarships covering all fees and worth up to £5,000/year for additional costs. Since 2010, the University has provided over 60 Sanctuary Awards to students from 21 countries.

Environmental Sustainability

The University continues to make progress in reducing its carbon footprint and improving environmental sustainability on campus.

In 2020 /21 we were awarded a grant of £3.12m from the Public Sector Decarbonisation Scheme, for the replacement of 35 gas boilers with low energy air source heat pumps; a lighting upgrade to replace existing older-style lighting with low energy LEDs; an upgrade to the Building Management System to optimise energy consumption in buildings; and the installation of two large solar photovoltaic arrays designed to produce on-site electricity generation at peak times. This project was completed in 2022/23.

The installation of heat pumps on campus have seen a large reduction of 32% in gas consumption since the installation in 2020 /21, but conversely a 24% increase in electrical consumption over the same period (see chart over page).

Overall absolute carbon emissions have reduced for the University of Winchester by 44% since 2006/ 07, meaning that we are ahead of target for achieving our 55% reduction in carbon emissions by 2030 /31 (see chart over page).

Renewable Energy

The University has been using 100% zer o carbon electricity since 2008. Between August 2008 & March 2022 the University purchased 100% renewable energy, backed by Renewable Energy Guarantees of Origin (REGOs from wind, solar and/ or Hydro.

In April 2022 the Univer sity had to switch the procurement of its electricity supply to a ‘Zero Carbon for Business’ tariff, backed by 100% nuclear generator declarations and zero carbon emissions.

This move away from renewable energy was due to the high national demand of 100% rene wable

energy and limited supply of REGOs to cover this demand. However, in April 2023 the University was able to repurchase UK Renewable electricity, back by REGOs meaning that the electrical supply is 100% rene wable once again.

The University also has solar panels installed on nine of its buildings, generating approximately 3.2% of its total electrical consumption.

Fleet Vehicles

By the end of 2023/2 4, 81% of the University's fleet vehicles had been switched to electric vehicles as part of our journey towards our target of net-zero carbon emissions from fleet vehicles by the end of 2025/26.

This calculation has been based on fleet vehicles only, not including grounds utility vehicles, currently unsuitable for replacement by electric vehicles.

Blackout

More than 20 students and staff joined a campus Blackout event in November 2024. This annual energy switch-off event takes place across King Alfred and West Downs Quarters highlighting the positive impact that small, collective switch-off actions can have on the University’s carbon footprint. Teams of student volunteers, led by staff from the Estates and Facilities department, walked around the University and switched off non-essential small power equipment left on that evening in office areas and teaching rooms - including lights, computer monitors, non-networked printers, mobile phone chargers, and PC speakers. During the event 847 PC monitors were switched off along with 75 lights and 82 windows shut.

Energy usage during the Blackout evening was measured and compared to a comparable evening to demonstrate the real savings The results show that a 5% energy reduction per year could be achieved with just a few changes to the way we work and switching off equipment that does not need to be left on.

Nursing Uniform Swap Shop

Nursing students at the University set up a swap shop for the reuse of uniform when no longer needed and when they are graduating. As well as reuse, there are often items received back which are no longer able to be worn and beyond repair and these are donated to the on-campus cloth bank, helping to raise funds for the nearby Winchester Hospice.

Green Flag Award

In July 2024, the University was delighted to be awarded the prestigious Green Flag for the grounds in the King Alfred Quarter

The Green Flag Award scheme, managed by K Britain Tidy, recognises and rewards well-managed green spaces and the conservation of natural features, wildlife and flora. Ours is one of just 30 university campuses across the UK to earn a Green Flag.

Facts & Figures

TOTAL INCOME

2023-24

£84.1m

2022-23

£85.6m

CAPITAL EXPENDITURE

2023-24

£6.3m 2022-23

£4.1 m

INTERNATIONAL FULL-TIME POSTGRADUATE FEE INCOME

2023-24

£3.8m

ACADEMIC STAFF (FTE)

2023-24

333 2022-23

358

PROFESSIONAL SERVICE STAFF (FTE)

2023-24

478 2022-23

508

TOTAL STUDENT NUMBERS (FTE)

2023-24

£2.3m 2022-23

EBITDA*

2023-24

£4.4m 2022-23

£5.2m

6,491 2022-23 7,069

* EBITDA = earnings before interest, tax, depreciation and amortisation (and adjusting for capital grants released and changes to pension provision within staff osts as reported by the Officeor Students).

Understanding the University’s Risks

The University defines risk as the potential effects of uncertainty on achieving objectives, which can take the form of adverse consequences or unexpected opportunities. As with most institutions, risks are inherent in all activities and the University accepts new risks in pursuit of its strategic objectives.

Effective risk management is about ensuring all significant, relevant risks are understood and prioritised as part of the University’s standard management practice.

To create long-term value, we must anticipate and manage the risks that will create threats for us and our stakeholders, whilst capitalising on new opportunities offered by an ever-changing world. To effectively manage our risks, the University maintains a dialogue with internal and external stakeholders. The current risks are reported in the University’s Risk

RISK RISK DESCRIPTION

1 Financial Sustainability

2 Business Continuity

Failure to adequately respond to external financial challenges

Failure to manage significant impacts on the University’s ability to deliver core business functions

Register, which includes the most significant business and sector risks, as well as those that are specific to the University.

The Board of Governors has delegated authority to the Risk and Audit Committee to oversee risk management, including monitoring of the University’s Risk Register. This ongoing review enables us to identify material issues that are most likely to affect value creation, strategic objectives, service delivery and assets. We undertake a systematic and methodical identification of key risks, and we identify measures to mitigate them.

Whilst risk cannot be completely eliminated, the approach of the Risk and Audit Committee is to be ‘risk aware’ rather than ‘risk averse’, by accepting risks to protect strategic objectives. Included in this Report is the most recent update of our Risk Register with the top 9 risks, presented to the Board of Governors on 3 July 2024.

RISK MANAGEMENT

• Re-prioritisation of capital and revenue spending to remove non-critical spends

• Where spend is required, review of all suppliers to ensure best cost is being achieved

• Efficiency review of all operational spend areas including voluntary severance schemes for staff

• Strategic focus with underpinning plans to drive growth in academic provision with potential for growth

• Integrated financial planning, forecasting and performance reporting in place to achieve necessary financial performance

• Treasury Management Strategy Review

• On-going regular internal and external cyber security audits with actions plans

• Minimum security requirements required for all new software and hardware implementations

• Close working relationship with local and regional trade unions, both through formal and informal mechanisms

• Business continuity working group undertaking exercises to test and improve plans and response readiness

• Single points of reliance offset by strong deputy cover and resilience training

3

Cyber Security Security of University systems and network compromised leading to loss of critical services and/or loss or exposure of sensitive data

4 Student Recruitment

5

Failure to recruit the planned number of students

Compliance Failure to comply with ongoing conditions of OfS registration

6 Student Outcomes

Failure to deliver student outcomes and experience that are acceptable to stakeholders

• On-going regular internal and external cyber security audits with actions plans

• Minimum security requirements required for all new software and hardware implementations, monitored and managed through Governance Group

• Management of core infrastructure conforms to good practice

• Plan in place moving to managed devices for all

• Internal cyber security team regularly upskilled

• External support from sector partners JISC and contracted experts provide on-going updates

• Strategic Plan focused on Transformational approach to the student experience

• Refreshed student recruitment activities

• Focused international recruitment strategy

• Focused schools and colleges strategy

• Strong presence in Apprenticeship provision

• Development of online provision to support flexible learning

• Ongoing monitoring of changes to the OfS Conditions of Registration

• Ongoing updating of all compliance areas

• Proactive inclusion of expected new requirements related to harassment and sexual misconduct regulations

• Ongoing engagement on data futures requirements

• Guidance and training in place for colleagues and students to manage the impact of emerging and evolving technologies such as Artificial Intelligence on Academic Integrity

• Regular monitoring of course performance with improvements plans in place

• University is a signatory to the Mental Health Charter with a cross-institutional programme chaired by the ViceChancellor

• Multi-layered support system to identify and support students with mental health challenges

• Regular communication to colleagues alongside monthly all staff meetings

• Emergency regulations to support student progression and completion if students are impacted by strike action

7

Threat of Extremism Failure to manage the threat of radicalisation and extremism on campus

8

9

Sustainable Improvement The risk that Winchester fails to deliver sustainable improvement in the underpinning operations of the University that will facilitate easier access to critical data/ metrics

Staff Recrutiment and Retention Failure to attract and retain high quality staff

• University aligned with Government strategy

• Annual compliance audit with Ofs review, advice and information from Ofsted

• Liaison with local constabulary and CTPSE, membership of Hampshire Prevent Board

• Safeguarding, Prevent and Mental Health in-person training package/delivered as a rolling programme to Faculties and Professional Services; reporting mechanisms for raising concerns publicised, maintained and regularly reviewed for effectiveness

• Strategic priorities identified through Strategic Plan

• Strategic data analytics platform implemented

• Focus on culture and people not systems to develop changes

• Close sector partnerships to collectively influence vendors of key corporate systems

• Co-creation of new People and Culture Strategy

• Significant improvements implemented in recruitment processes

• Increase in pay between 5% and 11% in-year as part of national pay bargaining and standard increments

• Compelling case for change set-out and explained allowing individuals to engage with proposals

• Peer, Institutional and independent support available for all colleagues

Trade Union Facility Time

The Trade Union (Facility Time Publication Requirements) Regulations 2017 require the University to collate and publish, on an annual basis, a range of data on the amount and cost of facility time.

The information below covers the relevant period of 1 April 2023 – 31 March 2024 and includes the University’s recognised trade unions: UCU and UNISON.

RELEVANT UNION OFFICIAL

Number of employees who were relevant union officials during the period 5 Full-time equivalent employee number 7.4

OF TIME SPENT ON FACILITY TIME

PERCENTAGE OF PAY BILL SPENT ON FACILITY TIME

Total cost of facility time £58,118

Total pay bill (April 2023 to March 2024) £50.3m

Percentage of the total pay bill spent on facility time*

PAID TRADE UNION ACTIVITIES

Time spent on paid trade union activities as a percentage of total paid facility time** 0.0%

* Calculated as: (total cost of facility time / total pay bill) ** Calculated as: (total hours spent on paid trade union activities by relevant union officials during the relevant period / total paid facility time hours) x 100

Financial Review

The Financial Review puts the year in perspective and outlines our financial environment, financial strategy, financial performance and our future outlook.

This year we report a deficit of £1.3m, compared to the £3.4m deficit in 2022/23. The reduction is due in large part to the actuarial pension adjustments relating to our Local Government Pension Scheme (LGPS) and the Universities Superannuation Scheme (USS). Typically, these would be charges in the Statement of Comprehensive Income. However, due to increased investment returns on the pension fund assets, the adjustments in this year have been credits. The 31st July 2023 £1.4m liability on the USS has been released in this year, whilst the LGPS adjustments in 2023/24 are a credit of £714k, compared to a charge of £870k in 2022/23. When these pension adjustments are excluded from the 2022/23 and 2023/24 figures, then this shows a small increase in the operational deficit from £3.0m in 2022/23 to £3.5m in 2023/24.

This is a reflection of the significant financial challenges we currently face. In addition to the well-publicised freezing of the main tuition fee of £9,250 since 2017, the reduction in student cohorts, not only in our first year, but also feeding through into subsequent years, is resulting in reducing tuition fee income, fundamental to our future financial sustainability. Reversal of this downward trend in student numbers, and a return to growth, remains a key strategic focus.

To partially mitigate the effect of reduced income, expenditure continues to be rigorously monitored and controlled, evidenced by other operating expenditure being 3.8% lower than in 2022/23 despite a period of high inflation. Some of the measures, such as reductions in spending in IT and Estates, can only be viewed as short-term measures, as long-term under-investment in these areas will increasingly have an adverse impact. Staffing costs represent just under 60% of total expenditure. We have reduced our staffing levels during the year, with the full-time equivalent staff numbers (FTE) reducing from 866 in 2022/23 to 811 in 2023/24 This reduction has been achieved predominantly although not exclusively through voluntary severance schemes.

Cash reserves (comprising investments and cash and cash equivalents) remain very high by historical benchmark at £33.9m. This is a reduction of £2.2m during the year, with cash being utilised to support our operational activities. This level of cash is well above that required for our operational requirements.

KPI HIGHLIGHTS

The challenges we face are illustrated in our range of Key Performance Indicators (KPIs). The KPIs cover a number of operational areas such as student satisfaction and student employability. The financial KPIs reflect those used by the funding bodies and banks.

EBITDA refers to the Earnings Before Interest, Tax, Depreciation and Amortisation. Earnings are taken before FRS 102 pension adjustments as is common within the sector. This KPI is a strong measure of the University’s ability to generate cash since it is less susceptible than total surplus / (deficit) to changes in non-cash

movements (such as depreciation). The EBITDA outturn of £4.4m represents 5.3% of income, compared to £5.2m and 6.1% in 2022/23.

Whilst EBITDA can be used as a measure of cash generation, net cash inflow from operating activities provides a clear marker of the cash the University is generating each year to service its investing and financing activities. The net cash inflow from operating activities for 2023/24 is £0.9m (£3.7m 2022/23).

Staffing costs as a percentage of income is reported widely within the HE Sector. The headline figure has decreased to 58% this year from 59% in 2022/23, due to the combination of the actuarial pension adjustments and Voluntary Severance schemes offered to staff during the year.

The net cash to borrowing is derived from the total of cash and investments less the capital amount of bank debt outstanding at the year-end. We have a net cash position (i.e cash exceeding borrowing) of £6.8m (£8.1m in 2022/23).

Financial Environment

The financial environment in which we operate is challenging and is likely to remain so in 2024/25 and beyond.

In recent months there has been an increasing acknowledgement and reporting of the significant financial pressure the higher education sector is currently experiencing. There is also a growing recognition that in order to ensure that the Higher Education sector has a sustainable future, the current funding model needs to be urgently addressed.

The home undergraduate tuition fee cap has now been frozen at £9,250 since 2017. It will now be increased by 3.1% in 2025/26, though uncertainty continues around further inflationary increases. For much of the time the fee has been frozen, inflation has been manageable through internal cost management measures. However, the ‘cost of living’ crisis of a period of high inflation peaking at over 10% in October 2022, has created an imbalance between income and expenditure, which continues to be challenging.

Our income is also being affected by a reduced student cohort in 2023/24 in the key home full-time undergraduate market. Competition has become even more fierce, as Universities focus on this market to mitigate reduced income in other markets. However, a 6% year-on-year growth in 2024/25 signals the beginning of a welcome recovery in our home full-time undergraduate population. Universities are also being affected by the new Visa regulations introduced in January 2024 which places restrictions on family members of students coming to the UK. Although this has a minimal impact on income in 2023/24, it will significantly reduce our recruitment of international students, especially postgraduate, in 2024/25.

Difficult decisions have had to be made during the year to mitigate some of the factors above, and more difficult decisions will be needed. However, we are confident that the measures we are taking should enable us to return to sustainable growth.

Finance Enabling Strategy

The financial strategy is designed to empower the University of Winchester to fulfil its potential and achieve our Strategic Plan 2028, and contains these five principles:

1. Long-term viability and matching resources with objectives

2. Maintaining productive capacity to meet current objectives

3. Financing development and investment

4. Evaluating strategic alternatives and managing risks

5. Integrating financial and other corporate strategies

In light of the current financial environment, the Finance Strategy outlines the four strategic priorities for the year ahead.

• Financial sustainability

o To remain financially sustainable, generating sufficient cash to support the strategic objectives and provide institutional sustainability.

• Operational efficiency

o To continuously improve efficiency and effectiveness by managing the cost of operations and delivering value for money whilst continuing to maintain a sustainable recurrent investment in academic, corporate and support operations.

• Capital investment

o To ensure the maintenance of the physical and digital estate alongside future strategic investment to continually support the delivery of excellence in education. To also ensure capital investment is at a level that will not put the University at financial risk.

• Treasury management

o To assess and manage risk in all of the University’s growth and development activities and to operate sound treasury management as outlined in the Treasury Management Policy.

Financial Performance

Income

Total income for the year was £84.1m, a £1.5m reduction on 2022/23 (£85.6m).

Full-time home students represent our core market, accounting for 84% of our tuition fee income and 62% of total income. Our first-year recruitment in this market was down in 2023/24, and this reduction, coupled with reduced cohorts in previous years, has resulted in income reducing by £4.3m (7.7%) from £56.4m (2022/23) to £52.1m. During the year we have embarked on a comprehensive review of our recruitment process to reverse this trend and return to growth and, based on our actual recruitment in 2024/25 which is 6% higher year-onyear, indicates that measures taken are having a positive impact with student recruitment numbers stabilising.

Partially offsetting the above, full-time international student fee income continued to grow in 2023/24, increasing by £1.7m (33%) to £6.9m, due primarily to an increase in postgraduate students. The increase in international students has proved to be financially beneficial; however, the new student visa rules introduced in January 2024 has adversely impacted student numbers going forward, albeit from a small cohort of students.

Funding body grant income remained relatively unchanged at £4.9m from (2022/23 £4.8m), as did research grants and contracts income at £347k (2022/23 £384k).

Within other income, conference income has performed well with income increasing by £0.2m to £1.1m and now back to pre-Covid levels. Income from short-term investments increased to £1.9m (2022/23 £0.9m), due to the Bank of England Base Rate remaining at 5.25% during the year and therefore interest deposits being correspondingly higher.

Expenditure

Total expenditure for the year was £85.4m, a 4.1% decrease on 2022/23.

Staff costs decreased by 3.7% from £50.5m to £48.6m, with the reduction due to actuarial pension adjustments and staff headcount reductions Each year, staff costs include an in-year actuarial adjustment in the Local Government Pension Scheme (LGPS) that reflects the difference between the current service costs and contributions made during the year. Typically, this results in a significant charge of around £2m to £3m. However, due to the high Bank of England Base Rate, the return on pension assets has increased. The year-end actuarial adjustment charge reduced to £0.5m in 2022/23 and in 2023/24 was a negative cost of £0.7m. Similarly, this year the provision in the University Superannuation Scheme of £1.4m and at 31st July 2023 has been completely released in 2023/24, reducing staff costs by this amount.

In addition, to mitigate the effects of declining student fee income, during the year there has been a reduction in staff numbers from 866 to 811 FTE. Academic staff numbers have reduced from 358 to 333 FTE (7%), whilst professional services staff numbers have decreased from 508 to 478 FTE (6%). Although there have been a small number of compulsory redundancies, the reduction has predominantly been achieved by vacancy management and voluntary severance schemes

Other operating expenditure has decreased by 3.8% to £28.2m (2022/23 £29.4m). Included within the expenditure is a one-off impairment of £1,046k relating to the former outpatients’ site on Romsey Road purchased in 2018/19. During the year a current market value for the site was obtained, valuing the site at £4.3m, compared to the £5.3m asset value in the Statement of Financial Position, requiring the asset value to be revised to the current market valuation

Energy costs have increased by 45% (2023/24 £3.0m, 2022/23 £2.1m), with the large increases in wholesale energy prices following Russia’s incursion into the Ukraine now feeding through. In 2022/23, forward purchasing of energy had largely mitigated the full impact of these increases. The mix between gas and electricity usage

has also changed during the year, due to the installation of 34 Air Source Heat Pumps becoming fully operational, the pumps funded as part of our successful Public Sector Decarbonisation Scheme bid.

Included within repairs and general maintenance is a £0.5m provision for RAAC (Reinforced Autoclaved Aerated Concrete) remedial works following RAAC being identified in our Fred Wheeler and Herbert Jarman buildings. These buildings are the only areas of the campus where RAAC is present.

In most other categories of other operating expenditure, expenditure has reduced due to cost reduction measures being implemented. If the £1.0m one-off impairment to the hospital site is excluded from the figures, other operating expenditure has reduced by 7.4% during a period of high inflation.

Depreciation in 2023/24 is £6.5m (2022/23 £6.7m) the reduction reflecting the lower level of capital investment in the Estates infrastructure. The major refurbishment of the Martial Rose Library is included within ‘assets within the course of construction’, with depreciation to commence once the works are completed in 2024/25.

The reduction in interest and other finance costs from £2.5m to £2.1m in 2022/23 is primarily due to the LGPS actuarial pension adjustment, which reduced from a charge of £372k in 2022/23 to a credit of £18k in 2023/24. The impact of the high 5.25% Bank of England Base Rate on interest payable continued to be mitigated by only £10m of the £30m loan with Triodos Bank being on a variable rate, with the remainder on a fixed rate until 2028.

Statement of Financial Position

Fixed Assets

Capital additions during the year were £6.3m, of which £4.2m relates to the major refurbishment of the Martial Rose Library, an £8.2m project with £5.8m being funded by the Office for Students. Works are ongoing at the year-end with the project due to be completed in the spring of 2025.

During the year, work began on the initial phase of the replacement and upgrading of the windows in the West Downs Student Village. The project was on-going at the year-end, with £1.2m being incurred during the year.

Current Assets

These decreased by £2.0m to £40.8m during the year, reflecting the reduction in cash reserves (represented by Investments and Cash and cash equivalents).

Creditors

The creditors figure remained relatively unchanged at £75.9m (2022-23 £75.8m).

Within creditor amounts falling due within one-year, Other Payables has reduced by £1.3m (2023/24 £1.2m; 2022/23 £2.5m). This is primarily due to a reduction in tuition fee deposits received in advance from international students, resulting from the change in visa regulations reducing the number of international students applying to the University in 2024/25.

The increase in Deferred Capital Grants during the year is due to £4.4m received from the Office for Students relating to their £5.8m contribution funding of the Martial Rose Library refurbishment. Once completed, this creditor will be released to the Statement of Comprehensive Income in line with the depreciation charge relating to the grant funding.

Provisions

The University has two main employee pension schemes, Hampshire Local Government Pension Scheme (LGPS) and the Teachers’ Pension Scheme (TPS). The University also has an auto-enrolment scheme, our Higher Education Defined Contribution Scheme (HEDCS), held with Aviva. In addition, there are a low number of

members (less than 50) in the University Superannuation Scheme (USS), the National Health Service Scheme (NHSBSA) and the Church of England Funded Pension scheme (CEFPS).

The largest scheme is the TPS, which is a statutory, unfunded government defined-benefit scheme, and as such the University is not required to provide for any pension deficits arising in the fund.

The LGPS is a funded defined-benefit scheme with assets held in separate funds administered by Hampshire County Council. The pension scheme performed well during the year, closing with a net asset gain of £3.7m (2022/23 £13.4m gain) and increasing the notional asset to £6.3m (2022/23 £2.6m).

The £1.4m USS provision was fully released to the Statement of Comprehensive Income in the year.

Within Other Provisions, £0.3m relates to the Voluntary Severance scheme offered in June and requests agreed prior to the 31st July 2024. Also included is the £0.5m provision for RAAC remedial works in the Fred Wheeler and Herbert Jarman buildings

Cash Position

Cash and investments decreased from £36.1m to £33.9m at the 31st July 2024; however, cash reserves remain high by historical comparisons and well above that needed for day-to-day operational requirements. All bank covenants were met at the date of the Statement of Financial Position.

Future Outlook

“This strategic plan is all about transformation. Transforming how we teach and inspire our students. Transforming how we operate and work together. Transforming how we work in partnership across the city and region” (Strategic Plan 2023-2028).

In January 2023 we published our Strategic Plan for the next five years. It has been shaped by our original mission – to educate, advance knowledge and serve the common good – and was guided by our reimagined values, and focuses on the importance of people, place and partnership in delivering our mission.

In order to deliver the Strategic Plan, a Finance Enabling Strategy has been developed with a focus on the following steps:

• Assess the current financial position

• Define goals and objectives

• Identify revenue growth opportunities

• Control costs and optimise operations

• Generate cash for investment

• Manage risks

Student recruitment in our core home full-time undergraduate market has been declining until 2024/25. The transformation in the University strategy is focused on addressing this by refreshing our student proposition to attract more students. We are starting to see the positive impact of this focus, demonstrated by the 6% year-onyear increase in home undergraduate students joining the University in September 2024. We are also starting to see growth in our apprenticeship provision. This return to growth in our core market begins to create income growth that will mitigate the fee cap and inflation. However, short-term budget measures continue to be required to reduce the cost base in order to return to reporting surpluses and generating cash.

In recent years we have been successful in generating cash which is essential to free up covenant constraints and enable future investment in teaching and the estates and IT infrastructure challenges.

We are two years into resizing the cost base and removing the sustainability gap to rebalance our finances, along with addressing the student proposition to resume student growth. As part of this process, we continue to monitor the economic factors that are impacting ourselves and wider sector and adjust our plans accordingly. In the coming year we will continue to realign our cost base and grow student numbers.

The University has sufficient resources to remain financially sustainable for at least twelve months from the date of signing these financial statements.

Although the next years are undoubtedly going to be challenging for the University and indeed the Higher Education sector as a whole, we are confident that the University will continue to be financially healthy and sustainable in the future.

Statement of the Board of Governors Responsibilities in Respect of the Strategic Report, the Directors’ Report and the Financial Statements

The University’s Board of Governors, whose members, for the purposes of company law are also the directors of the University, is responsible for ensuring that the strategic report, the directors’ report and the financial statements are prepared in accordance with the requirements of the Office for Students’ terms and conditions of funding for higher education institutions, Research England’s terms and conditions of Research England grants, and other applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year and the University’s directors have elected to prepare the University’s financial statements in accordance with UK accounting standards and applicable law, including FRS102, the Financial Reporting Standard applicable in the UK. The terms and conditions of funding also require the financial statements to be prepared in accordance with the Statement of Recommended Practice (SORP) Accounting for Further and Higher Education institutions.

Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the University and of its income and expenditure, gains and losses and changes in reserves for that period.

In preparing each of the University’s financial statements, the directors are required to:

• Select suitable accounting policies and then apply them consistently.

• Make judgements and estimates that are reasonable and prudent.

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

• Assess the University’s ability to continue as a going concern.

• Use the going concern basis of accounting unless this is not appropriate.

Company law requires the directors to be responsible for maintaining adequate accounting records that are sufficient to show and explain the University’s transactions and disclose with reasonable accuracy at any time the financial position of the University. The directors are also responsible for such internal controls as they determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether that is due to fraud or to error. The directors also have a general responsibility for taking such steps as are reasonably necessary to safeguard the assets of the University and to prevent and detect fraud and other irregularities.

The Board of Governors is also responsible for ensuring that:

• Funds from whatever source that are for specific purposes are properly applied for the specific purpose.

• Funds provided by the Office for Students, Research England, the Department for Education or any body are applied in accordance with the terms and conditions attached to the funds.

• The University has 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.

The Board of Governors 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.

Directors’ Report

The individuals who served on the Board of Governors in the period from 1 August 2023 to the date of approval of these financial statements is set out below:

Members of the Board of Governors

Mary Edwards (Chair)

Andrew Robinson (Vice-Chair)

Professor Sarah Greer, Vice-Chancellor (ex-officio)

Gavin Hunter, Chief Operating Officer (ex-officio)

The Right Revd. Debbie Sellin, Bishop of Southampton

The Right Revd. Philip Mounstephen, Bishop of Winchester

Charlotte Baker (Student Union President & Student Governor)

Magnus Bashaarat

Dr Lesley Black (Professional Services Staff Governor)

Jonny Brason

Bill Davies (Academic Staff Governor)

Alison Evans

Professor Chris Gaskell

Deepa Korea

Dr Emma Page

Professor Edward Rochead

Andrew Smith

Mark Thistlethwayte

Rae Tooth

Thura KT Win

Alexandra Wilson (Student Union President & Student Governor)

Clerk to the Governors

Stephen Dowell

Delegation of Authority

Appointed on Resigned on

1 March 2024

23 February 2024

30 June 2024

31 July 2024

1 January 2024

1 July 2024

The Board of Governors believes governance of the University of Winchester is best achieved by delegation of its authority for the executive management of the University of Winchester to the Vice-Chancellor (Accountable Officer), subject to defined limits and monitoring by the Board. The Board of Governors routinely monitors the delegation of authority, ensuring that it is regularly updated, while retaining ultimate responsibility. The Board of Governors has adopted a long-standing corporate governance framework which is outlined in more detail in our Statement of Corporate Governance and the Statement of Internal Control on page 34.

Corporate Governance

The following corporate governance statement provides information about the University’s governance, management and legal structure during the year to 31 July 2024 and up to the date of signing these Financial Statements.

Legal Status of the University

The University of Winchester (registered company number 05969256) is a company limited by guarantee and is an exempt charity under the terms of the Charities Act 2011 with its Governors as managing trustees. It is therefore exempt from certain requirements of charities legislation including the need to register with the Charity Commission. Since 1 April 2018, the Office for Students (OfS) has been “principal regulator” for charity law purposes of those English universities that are exempt charities.

Governance

In accordance with Section 124 of the Education Reform Act 1988, the principal objectives of the University are related to the provision of Higher Education and the conduct of research. To support these principal objectives, the University also undertakes other activities including knowledge exchange, consultancy, and the provision of accommodation, catering and conference services.

In setting and reviewing the University’s strategy and activities, the Board of Governors takes into consideration the Charity Commission’s guidance on the reporting of public benefit and the supplementary public benefit guidance on the advancement of education. The University takes steps to ensure that it satisfies the Charity Commission’s public benefit requirements.

As an exempt charity, the University’s Board of Governors has had due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and performing their duties. The Board of Governors has due regard to any detrimental harm that may arise from the University’s activities and particularly the impact of campus developments on its immediate locality. The University aims to minimise this impact through extensive community discussion and consultation, in addition to working closely with Winchester City Council.

The Board of Governors recognises that students are the principal beneficiaries of the provision of higher education whilst the public at large are beneficiaries of the University’s Research & Innovation, and Knowledge Exchange activities and community engagement events. The University does not receive private benefit from its activities undertaken in pursuance of its purposes.

Responsibilities of the Board of Governors

The Board of Governors formally meets at least five times a year, as well as undertaking an annual strategy day. It is responsible for the overall governance of the University and has a strategic role in forming the character and mission of the institution It determines the educational character and objectives for the institution and ensures compliance with the Office for Students’ terms and conditions of funding, standards of institutional quality, student experience and outcomes, financial sustainability and accountability, and for access and participation. The Board of Governors is also responsible for ensuring the effective and efficient use of resources, ensuring that assets and solvency are safeguarded and for approving annual estimates of income and expenditure.

The Board of Governors comprises people appointed under the University’s Memorandum and Articles of Association, which were adopted on 16 March 2011. A copy of these can be found on the policies and procedures page of our website under: www.winchester.ac.uk/aboutus/leadership- and-governance/ policies-andprocedures/

The Board of Governors comprises at least eighteen (but not more than twenty-five) members who are drawn from the Winchester Diocese, the public, the private sector and from the University alumni. Members of the Board of Governors will also be elected/appointed from the Academic and Professional Services Staff of the University. The nominated governors are expected to be independent and not to act as representatives of those who elect/ appoint them.

There are up to five ex-officio governors. These are the Lord Bishop of Winchester, the Vice-Chancellor, the President of the Student Union, and up to two designated deputies to the Vice-Chancellor. The Lord Bishop of Winchester is also a Diocesan Governor.

1. With the exception of ex-officio governors, governors hold office for a term of three years and are eligible for reappointment for up to a maximum of three terms of three years each in total. The Student Union Governor holds office until the end of the academic year for which the student governor is appointed or until their appointment by the students comes to an end, whichever is sooner.

2. The role of the Chair of the Board of Governors is separate from the University’s Vice-Chancellor. The Chair is elected from amongst the non-executive members of the Board. No member of the Board of Governors receives remuneration for work they do for the Board of Governors.

3. Under the Office for Students terms and conditions, the Board of Governors has determined that the Vice-Chancellor shall be the Accountable Officer of the University, with the responsibilities set out by the Office for Students, up to and including being summoned to appear before the Public Accounts Committee of the House of Commons.

4. The Board of Governors is satisfied that all conditions of receiving and using funds provided by the Office for Students, UK Research and Innovation (including Research England), Education and Skills Funding Agency and the Department for Education have been applied in accordance with the relevant terms and conditions for the year to 31 July 2024. The University’s constitution places responsibility for its operations with the Vice-Chancellor, and they are supported in this by the Executive Leadership Team.

5. The University endeavours to conduct its business in accordance with the seven principles identified by the Committee on Standards in Public Life (selflessness, integrity, objectivity, accountability, openness, honesty and leadership) and with guidance to institutions of higher education which has been provided by the Committee of University Chairs (CUC).

6. In executing its duties, the Board of Governors maintains a comprehensive system of risk management, control and corporate governance, including the prevention and detection of corruption, fraud, bribery and irregularities. The Board of Governors receives adequate and regular information to monitor performance and track the use of public funds to enable it to identify any material change in its circumstances, including any significant developments that could impact the mutual interests of the University and the Office for Students. For the purposes of this statement, public funds include funds received from the Student Loans Company, UK Research and Innovation (including Research England), Education and Skills Funding Agency and the Department for Education.

7. The University obtains assurance over the adequacy and effectiveness of the arrangements for corporate governance, risk management and oversight of statutory and other irregularities through its external and internal audit assurance process.

8. Each year, aspects of its corporate governance arrangements are tested by the internal audit function, and the experience of the Board is annually reviewed by its Nominations Committee. The University’s risk management and regulatory reporting are approved by the Board of Governors through a formal committee structure.

9. The primary responsibilities of the Board of Governors include:

• determining the University’s educational character and objectives and overseeing its activities

• the effective and efficient use of resources

• ensuring the University’s solvency and the safeguarding of its assets

• approving annual estimates of income and expenditure

• the assignment of duties and the appraisal of the Vice-Chancellor

• determining the identity of the designated staff and their selection, appraisal, remuneration and monitoring of their performance

• setting a framework for the pay and general conditions of employment of the staff who are not designated staff

• after consultation with the staff, making the rules relating to the conduct of the staff

• the appointment of an auditor.

In accordance with its Memorandum and Articles of Association, the University has appointed a Clerk to the Governors who provides independent advice on matters of governance to Board members.

Governors are required to complete a ‘Fit and Proper person’ record prior to their appointment. Upon appointment, governors complete a ‘Declaration of Office’ and are also required to complete a ‘Register of

Interests’ annually and update in year where necessary. The Register of Interests is open for inspection by arrangement with the Clerk for the Governors.

Details how the University has applied the principles set out in the Higher Education Code of Governance (September 2020) issued by Committee of University Chairs (CUC)) and the UK Corporate Governance Code issued by the Financial Reporting Council (July 2018), in so far as they relate to Higher Education Institutions. Its purpose is to help the reader of the Annual Report understand how the principles have been applied.

Further information as to how the board has had regard to the s172 factors is embedded in this report as noted on page 36.

Auditor

Forvis Mazars LLP was appointed as auditors for 2023/24. Their Audit Strategy Memorandum for year-ending 31 July 2024 was endorsed by the University’s Risk and Audit Committee meeting on 18th June 2024 and approved by the Board on 3rd July 2024.

Disclosure of Information to the Auditor

The Governors who held office at the date of approval of this report confirm that, so far as they are each aware, there is no relevant audit information of which the University of Winchester’s auditor is unaware, and each governor has taken all the steps that he or she ought to have taken to be aware of any relevant audit information and to establish that the University of Winchester’s auditor is aware of that information.

Statement of Internal Control

The Board of Governors is responsible for maintaining a sound system of internal control, which supports the achievement of policies, aims and objectives, whilst safeguarding the public and other funds and assets for which it is responsible. This is in accordance with the responsibilities assigned to the Board of Governors in the Office for Students terms and conditions of funding for higher education institutions.

The Statement of Internal Control (SIC) relates to the period covered by the financial statements (1 August 2023 to 31 July 2024, and the period up to the date of approval of the audited financial statements).

The University complies with the Office for Students conditions of registration. This includes giving due regard to relevant guidance about the compliance with relevant consumer protection law when developing and implementing policies, procedures and terms and conditions, and adopting a Student Protection Plan.

In the period covered by this statement the Board of Governors can confirm that the University has complied with both:

• the Terms and Conditions of Funding issued by the Office for Students; and

• the Higher Education Code of Governance issued by the Committee of University Chairs (CUC), published in September 2020.

The system of internal controls is designed to manage the risk of the University failing to achieve its policies, aims and objectives. It is recognised that it is not possible to eliminate entirely this risk, and so the system of internal controls can only provide reasonable, but not absolute, assurance about its effectiveness.

The system is based on an ongoing process designed to identify risks to the achievement of policies, aims and objectives, to evaluate the nature and the extent of those risks and to manage them to achieve economy, efficiency, and effectiveness in the use of the University’s resources.

The Board of Governors has responsibility for reviewing the effectiveness of the system of internal controls and has established the following procedures:

• The Board of Governors meets at regular intervals throughout the year to consider the University’s plans and strategic direction.

• The Board of Governors has delegated some of the responsibility for providing oversight of risk management to the Risk and Audit Committee.

• The Risk and Audit Committee obtains regular reports from management on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects. The Risk and Audit Committee also receives reports from management on internal control activities.

• The Risk and Audit Committee receives regular reports from the University’s internal audit service provider on the areas that have been subject to internal audit review and containing recommendations for improvement. The internal audit reports prepared for the Risk and Audit Committee also include the Internal Auditor Annual Report containing the internal auditor’s opinion on the adequacy and effectiveness of the University’s system of internal controls.

• The Chair of the Risk and Audit Committee will periodically report to the Board of Governors on internal controls.

• A regular programme of review is undertaken to identify and keep up to date the record of risks facing the University.

• Risk management is embedded in all University operations through a system of key performance and risk indicators. A University-wide risk register is maintained, with risks ranked according to how they may prevent the University achieving its strategic priorities. Risk awareness is enabled at operational levels within the University and as appropriate to specific risks.

The Board of Governor’s review of the effectiveness of the system of internal controls is informed by the University’s internal audit service. This service confirms compliance with relevant professional standards relating to the provision of internal audit services to a university. The University’s internal audit provider

submits regular reports to the Risk and Audit Committee on the adequacy and effectiveness of the University’s system of risk management, internal controls and corporate governance.

The Board of Governor’s review of the effectiveness of the system of internal controls is informed by the University’s management who are responsible for the operation of the internal control framework, the work of the internal auditor, and by comments made by the external auditor in their reports to the University.

Going Concern

After making appropriate enquiries, the Board of Governors is satisfied that the University has adequate resources to continue in operation for the for at least 12 months from the date of signing of these financial statements: for this reason the going concern basis has been used in preparation of the financial statements

Governors’ liability on dissolution

In accordance with the Memorandum and Articles of Association, if the University is dissolved while they are a governor, or within one year afterwards, every Governor undertakes to pay up to one pound sterling (£1.00) towards the costs of dissolution and the liabilities incurred by the University.

Signed on behalf of the Board of Governors

Mary Edwards Chair of the Board of Governors

Professor Sarah Greer Vice-Chancellor

Date 27.11.2024

Statement by the Directors in Performance of their Statutory Duties in Accordance with S172(1) Companies Act 2006

The Companies (Miscellaneous Reporting) Regulations 2018 (Reporting Regulations 2018) require that large private institutions include additional corporate governance reporting disclosures in their strategic report and directors’ report, effective for financial years beginning on or after 1 January 2019.

Large private institutions are now required to include in their strategic report a separate statement describing how the directors have had regard to the matters set out in section 172(1)(a) to (f) of the Companies Act 2006 when performing their duty under section 172.

The Board of Governors of the University of Winchester consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the University of Winchester for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Act) in the decisions taken during the year ended 31 July 2024.

Independent Auditor’s Report to Board of Governors of University

of Winchester

Opinion

We have audited the financial statements of University of Winchester (the ‘University’) for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income and expenditure, the Statement of Changes in Reserves, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard Applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the University’s affairs as at 31 July 2024 and of the University’s income and expenditure, gains and losses, changes in reserves and cash flows for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Statement of Recommended Practice – Accounting for Further and Higher Education; and

• have been prepared in accordance with the requirements of the Companies Act 2006

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the University in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Board of Governors use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the University’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Board of Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The Board of Governors are responsible for the other information

contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of Board of Governors

As explained more fully in the Statement of Board of Governors Responsibilities set out on page 29, the Board of Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Governors are responsible for assessing the 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 the Board of Governors either intend to liquidate all or part of the University or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the University and its operations, we considered that noncompliance with the following laws and regulations might have a material effect on the financial statements: OfS requirements, UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud and money laundering.

Tohelpusidentifyinstancesofnon-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

• inquiring of management and, where appropriate, those charged with governance, as to whether the University is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;

• inspecting correspondence, if any, with relevant licensing or regulatory authorities;

• communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and

• considering the risk of acts by the University which were contrary to applicable laws and regulations, including fraud

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as pensions legislation, the OfS Accounts Direction and the Companies Act 2006.

In addition, we evaluated the Board of Governors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to defined benefit pension obligations, income recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

• making enquiries of the Board of Governors and management on whether they had knowledge of any actual, suspected or alleged fraud;

• gaining an understanding of the internal controls established to mitigate risks related to fraud;

• discussing amongst the engagement team the risks of fraud; and

• addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s report.

Other Required Reporting

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the Board of Governors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the Board of Governors’ report have been prepared in accordance with applicable legal requirements.

Opinion on other matters prescribed in the OfS Audit Code of Practice issued under the Further and Higher Education Act 1992

In our opinion, in all material respects:

• funds from whatever source administered by the provider for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;

• funds provided by OfS, 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 requirements of the OfS’s accounts direction have been met.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the University and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Board of Governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Board of Governors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of the following matters in relation to which the OfS Audit Code of Practice requires us to report to you if, in our opinion:

• the provider’s grant and fee income, as disclosed in the notes to the financial statements, is materially misstated; or

• the provider’s expenditure on access and participation activities, as disclosed in the financial statements, has been materially misstated.

Use of the audit report

This report is made solely to the University’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Board of Governors 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 Board of Governors as a body for our audit work, for this report, or for the opinions we have formed.

NicolaWakefield(Nov29,202422:51GMT)

29th November 2024

Nicola Wakefield for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor

6 Sutton Plaza, Sutton Court Road, Sutton SM1 4FS

FINANCIAL STATEMENTS

of Comprehensive Income

Ended 31 July 2024

Effect of LGPS pension scheme remeasurements (net of derecognition of notional pension surplus)

All items of income and expenditure relate to continuing activities.

The accompanying notes form part of these financial statements.

The accompanying notes form part of these financial statements.

UNIVERSITY OF WINCHESTER

A company limited by guarantee and registered in England and Wales. Registration number: 05969256

Statement of Financial Position at 31 July 2024

Creditors: amounts falling due within one year 14

Creditors: amounts falling due after more than one year 15

The notes on pages 52 to 65 form part of these financial statements. The financial statements on pages 52 to 65 were approved by the Board of Governors on 27 November 2024 and signed on its behalf by:

M Edwards Professor S Greer Chair of Board of Governors Vice-Chancellor

UNIVERSITY OF WINCHESTER

Cash Flow Statement

For the year ended 31 July 2024

Cash flow from operating activities

Deficit for the year

Adjustment for non-cash items

Depreciation

Impairments

Fair value gain on Investment Property

Decrease/(Increase) in stock

Decrease/(Increase) in trade and other receivables

Decrease in creditors

(Decrease)/Increase in provisions

Cashflow from operating activities

Adjustment for investing or financing activities

Investment income

Interest payable

Endowment income

Gain on sale of fixed assets

Capital grant income

Net cash inflow from operating activities

Cash flows from investing activities

Proceeds from sale of fixed assets

Capital grant receipts

Investment (deposits)/withdrawals

Investment income

Payments made to acquire fixed assets

Net cash (outflow)/inflow from investing activities

Cash flows from financing activities

Interest paid

Interest element of finance lease payments

Repayments of amounts borrowed

Endowment income

Capital element of finance lease payments

Net cash outflow from financing activities

Increase/(Decrease) in cash and cash equivalents in the year

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

The accompanying notes form part of these financial statements.

Statement of Principal Accounting Policies

Basis Of Preparation

The University’s financial statements have been prepared in accordance with United Kingdom Accounting Standards including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (HE SORP 2019). They have also been prepared in accordance with the “carried forward” powers and duties of previous legislation (Further and Higher Education Act 1992 and the Higher Education Act 2004) and the powers contained within the Higher Education and Research Act 2017, the Accounts Direction issued by the Office for Students (OfS), the terms and conditions of funding for higher education institutions issued by the OfS and the terms and conditions of Research England Grant.

The financial statements are prepared in sterling which is the functional currency of the University and rounded to the nearest £’000.

The University is a public benefit entity and has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. The University is registered with the OfS.

The University’s financial statements have been prepared under the historical cost convention (modified by the revaluation of certain financial assets and liabilities at fair value).

The University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Public Benefit statement which forms part of the Board of Governors Annual Report. The Board of Governors Financial Review also describes the University’s financial position, its cash flows, liquidity position and borrowing facilities.

Going Concern

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

The Board of Governors have prepared income and expenditure, statement of financial position, and cash flow forecasts for the five years ending 31 July 2029. After reviewing these forecasts, the Board of Governors is of the opinion that, taking account of likely impact of high inflation costs, student recruitment challenges, changes in interest rates and a challenging recruitment market, the University will have sufficient funds to meet their liabilities as they fall due over the period of 12 months from the date of approval of the financial statements (the going concern assessment period).

The Board of Governors approved the revisions to the current year forecast and the basis for the outer year forecasts to 2028/29 which form the basis for the OfS December 2024 submission, at the November 2024 meeting. A number of scenarios were modelled and considered by the Finance and Resources Committee before making the recommendation to the Board of Governors.

The Board of Governors considered:

• The University’s strategic vision to 2030

• The academic strategy

• Financial modelling of various scenarios

The University has no undrawn lending facilities, and the budgeted cash flow does not require any additional facilities within the next 12 months. The approved forecasts do not breach any covenant thresholds on our existing borrowing facilities.

Having reviewed the scenario modelling, the Board of Governors is confident that the 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. The Board of Governors have therefore prepared the financial statements on a going concern basis.

Basis Of Consolidation

At 31 July 2024 the University held a controlling interest in Winchester Business School Limited, Winchester Management School Limited and Inspirational Classrooms Limited. All three of these companies have been dormant since incorporation.

The University’s financial statements do not include the income and expenditure of the University of Winchester Student Union as the University does not exert significant control or influence over the policy decisions of the Students’ Union.

Income Recognition

Income from the sale of goods or services is credited to the Statement of Comprehensive Income (SCI) when the goods or services are supplied to the customer or where the terms of a contract have been satisfied.

Tuition fee income is stated gross of any expenditure which is not a discount and is credited to the SCI over the period in which the student is studying.

Where the amount of the tuition fees is reduced by a discount for prompt payment, income receivable is shown net of discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income. Income from education contracts is recognised when the University is entitled to the income which is the period in which the students are studying, or where relevant, when performance conditions within the contract have been met.

Investment income is credited to the SCI on a receivable basis.

Funds that the University receives and then disburses as a paying agent on behalf of a funding body are excluded from the SCI where the University is exposed to minimal economic benefit related to the transaction.

Taxation Status

The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011. It also is considered to conform with the requirements of Schedule 6 of the Finance Act 2010 and meet the definition of a charitable company for Corporation Tax purposes. Accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act, 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 (VAT). Irrecoverable VAT on inputs is included in the cost of such inputs. Any irrecoverable VAT allocated to tangible fixed assets is included in their cost.

Grant Funding

Government revenue grants including research grants are recognised in income over the period in which the University recognises the related cost 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 in income when the University is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised initially as deferred income within creditors in the Statement of Financial Position and released to income as the conditions are met.

Donations And Endowments

Non-exchange transactions without performance related conditions are donations and endowments. Donations and endowments that do have donor restrictions imposed are recognised in income when the University is entitled to the funds.

Income is retained within the restricted reserve until such time it is utilised in line with any restrictions at which point the income is released to general reserve by way of a reserve fund 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 or restrictions applied to the individual endowment fund.

Capital Grants

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

Accounting For Retirement Benefits

The principal pension schemes for the University’s staff are the Local Government Pension Scheme (LGPS) and the Teachers’ Pension Scheme (TPS). Both are defined benefit schemes.

Under defined benefit schemes the University’s obligation is to provide the agreed benefits to current and former employees and the actuarial risk (that benefits will cost more than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne by the University.

The TPS is a multi-employer scheme where it is not possible to identify the assets of the scheme that are attributable to the University. Accordingly, the TPS scheme is accounted for on a defined contribution basis and contributions to the scheme are recognised as expenditure in the period in which they are payable.

The University is, however, able to identify its share of the assets and liabilities of the LGPS and accordingly the University recognises its share of the scheme’s assets and liabilities in its Statement of Financial Position.

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.

Enhanced Pensions

The actual cost of any enhanced on-going pension to a former member of staff is paid by the University annually. An estimate of the expected future cost of any enhancement to the on-going pension of a former member of staff is charged in full to the University’s Statement of Comprehensive income in the year that the member of staff retires. In subsequent years a charge is made to provisions in the Statement of Financial Position using a basis provided by the funding bodies.

Finance And Operating 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 the 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 to produce a constant periodic rate of interest on the remaining balance of the liability.

Costs in respect of operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Tangible Fixed Assets

Land and buildings

Land and buildings are capitalised at cost on initial recognition.

After initial recognition land and buildings are subsequently measured at cost/deemed cost less accumulated depreciation and accumulated impairment losses.

Certain items of land and buildings that were owned by the University at the FRS 102 transition date of 1 August 2014 were valued at 1 August 2014 with the valuations being undertaken by Alder King. The basis of the valuation for specialised buildings was depreciated replacement cost and for non-specialised assets, market value was used where this was reasonable to obtain.

In valuing the land and buildings at 1 August 2014 the University followed the FRS 102 transitional arrangements and does not intend to carry out regular revaluations of these assets in future. For the revalued assets held by the University at 1 August 2014, depreciation and impairment losses have been calculated using the revalued amount at 1 August 2014.

Costs incurred in relation to land and buildings after initial purchase or construction are capitalised to the extent that they increase the expected future benefits to the University.

Freehold land is not depreciated as it is considered to have an indefinite useful life.

Buildings, plant and machinery are depreciated on a straight-line basis over the expected useful economic life (UEL) of the asset as follows:

• Buildings, between 10 and 60 years

• Plant and machinery between 5 and 25 years

Where an item of land and buildings comprises two or more major components with substantially different UELs, each component is accounted for separately and depreciated over its individual UEL. Expenditure relating to subsequent replacement of components is capitalised as incurred.

Only items of capital expenditure with a value of £5,000 or more are recognised as tangible fixed assets.

No depreciation is charged on assets in the course of construction.

Depreciation methods, useful economic lives and residual values are reviewed at least annually and at the date of preparation of each Statement of Financial Position.

Vehicles and Equipment

Equipment, including computers and software costing less than £5,000 per individual item are recognised as expenditure. All other equipment is capitalised.

Capitalised equipment is stated at cost and depreciated over its expected useful life as follows:

• IT equipment 3 years

• Motor vehicles 5 years

• Fixtures and fittings 10 years

Where an item of equipment comprises two or more major components having a significantly different UEL, each component is accounted for separately and depreciated over its individual UEL. Expenditure relating to subsequent replacement of components is capitalised as incurred.

Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Statement of Financial Position.

Impairment

A review for potential indicators of impairment of all assets is carried out at each reporting date. If events change or circumstances indicate that the carrying amount of any asset may not be recoverable, a calculation of the impact is completed and arising impairment values charged against the asset and to the SCI.

Borrowing Costs

Borrowing costs are recognised as expenditure in the period in which they are incurred.

Intangible Assets

Intangible assets are recognised in the Statement of Financial Position (SOFP) at cost and amortised over a period of between 3 and 10 years representing the estimated useful economic life of the asset.

Investment Properties

Investment property consists of land and buildings held by the University primarily for the purpose of generating rental income or for capital appreciation (or both) rather than for use in delivering services. Investment properties are valued at 31 July each year at market value and changes in the valuation recognised in the SCI.

Investments

Non-current asset investments are held in the SOFP at fair value unless it is not possible to determine an accurate value in which case, they are held at amortised cost less any impairment. Current asset investments are included in the SOFP at fair value.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Cash And Cash Equivalents

Cash includes cash in hand and deposits with financial institutions repayable on demand. Deposits are deemed to be repayable on demand if they are available within 24 hours without penalty. Cash equivalents are short term deposits with a maturity term of less than 3 months from the date of placement and with insignificant risk of change in value.

Provisions, Contingent Liabilities And Contingent Assets

Provisions are recognised in the financial statements when all of the following apply:

a) The University has a present obligation (either legal or constructive) as a result of a past event

b) It is probable that there will need to be an outflow of economic benefits to settle the obligation

c) A reliable estimate can be made to value the obligation

A contingent liability arises from a past event that gives the University a probable obligation whose existence can 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 it is either not probable that an outflow of economic benefits will be required, or the amount of the obligation cannot be measured reliably.

Where material, the amount recognised as a provision is discounted using a discount rate that reflects the risks specific to the liability.

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 Statement of Financial Position but are disclosed in the notes to financial statements.

Financial Instruments

The University has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition and measurement, and disclosure of financial instruments.

Financial assets and liabilities are recognised when the University becomes party to the contractual provision of the instrument, and they are classified according to the substance of the contractual arrangements entered into.

A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial Assets

Basic financial assets include trade and other receivables, cash and cash equivalents, and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the SCI.

Financial assets are de-recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of the ownership of the asset are transferred to another party.

Financial Liabilities

Basic financial liabilities include trade and other payables and bank loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Financial liabilities are de-recognised when the liability is discharged, cancelled, or expires.

Reserves

Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity.

Other restricted reserves include balances where the donor has designated a specific purpose for the donation and therefore the University is restricted in the way it can use these funds.

Key Estimates And Judgements

The preparation of the University’s financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported value of assets and liabilities, income and expenses. These judgements, estimates and associated assumptions are based upon historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In preparing these financial statements the following key judgements have been made:

• Tangible Fixed assets

o Assets have been reviewed to assess whether there are indicators of impairment at 31 July 2024. It was concluded that there are no matters to indicate an impairment on any asset where an impairment has not already been accounted for in these financial statements.

• Local Government Pension Scheme

o The present value of the Local Government Pension Scheme defined benefit liabilities depend upon several factors that are determined on an actuarial basis using a variety of different assumptions. Any changes in the assumptions used (and which have been disclosed in note 21) would impact upon the net pension asset/(liability).

NOTES TO THE FINANCIAL STATEMENTS

The highest paid employee of the University is the Vice-Chancellor and in 2023/24, the role was performed by Professor Sarah Greer.

The Vice-Chancellor's basic pay and total remuneration expressed as a multiple of the median of all other employees of the University are:

Basic salary

Total remuneration

The median salary and remuneration calculations for the year ended 31 July 2024 were calculated in accordance with the methodology prescribed by the OfS in Accounts Direction 2019.41, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the University to all its employees. The methodology is based on all staff employed at any point during the financial year, including all part-time staff and agency workers, which have been converted to a full-time equivalent cost.

The University has incorporated the OfS threshold as a reasonable basis for excluding lower paid part-time staff on variable hours, casual or temporary contracts from the pay multiple calculations. The threshold reflects employees that are not required to be included in real-time reporting to HMRC who should be excluded from the calculation, as requested by the OfS.

In accordance with the OfS Accounts Direction 2019.41 paragraph 12(c), the University is required to provide an explanation of the process adopted for judging the performance and total remuneration package for the head of the institution, the Vice-Chancellor. The remuneration of the Vice-Chancellor is based on robust evidence, comprising a combination of:

• Performance against personal objectives

• The performance of the University against its KPIs and targets

• Relevant benchmarking comparators

In relation to benchmarking, particular attention is given to comparator data for the heads of providers of similar sized higher education sector institutions. Account is also taken of the outcome of higher education sector pay negotiations for staff on the national pay spine.

The University's Remuneration Committee is responsible for determining pay and reward for designated senior staff, including the ViceChancellor. During 2023/24 the Committee met once, in July 2024. During this meeting, the Committee made the difficult decision to not make an annual pay award (consolidated or non-consolidated) to the Vice-Chancellor. The Committee confirmed that the sole reason for not making an annual pay award for the Vice-Chancellor was the University (and wider sector's) financial context, and that in a "normal" year, the strong performance of the Vice-Chancellor, coupled with the wider benchmarking data reviewed, would have supported a pay award being made.

Notes to the Financial Statements

Higher paid staff

The number of employees (inclusive of the Vice-Chancellor) with a basic salary that exceeded £100,000 in the year, excluding pension contributions, was:

£100,000 to £104,999

£105,000 to £109,999

£110,000 to £114,999

£115,000 to £119,999

£120,000 to £124,999

£125,000 to £129,999

£130,000 to £134,999

£135,000 to £139,999

£140,000 to £144,999

£145,000 to £149,999

£150,000 to £154,999

£155,000 to £159,999

£160,000 to £164,999

£165,000 to £169,999

£170,000 to £174,999

£175,000 to £179,999

£180,000 to £184,999

£185,000 to £189,999

£190,000 to £194,999

£195,000 to £199,999

£200,000 to £204,999

£205,000 to £209,999

£210,000 to £214,999

£215,000 to £219,999

£220,000 to £224,999

In 2023/24, the University recognised severance costs of £902K for 79 employees (2022/23: £238K for seventeen employees). These costs are included the analysis of staff costs set out above.

Amounts for compensation for loss of office and redundancy for all staff are approved by the University's Executive Leadership Team (ELT) in accordance with delegated authority.

The University has created an Executive Leadership Team (ELT) comprising the Vice-Chancellor, the Chief Operating Officer, three Pro ViceChancellors and the directors of Finance, Estates and Human Resources. The ELT is responsible for planning, directing and controlling the University and therefore meets the definition of Key Management Personnel for the purposes of the University's external reporting. Accordingly the aggregate remuneration paid to members of ELT is disclosed below.

There was no compensation for loss of office payable to any key management personnel in the year (2023: nil).

11

Of the costs related to Access and Participation, £874k are included in the staff costs disclosed in note 6 (2023: £898k).

The University’s 2023/24 Access and Participation Plan estimated expenditure of approximately £1.8 million (exclusive of Disability Support). If adjusted for the cost of Disability Support, the total expenditure incurred by the University in 2023/24 in connection with access and participation activities was approximately £1.5 million. The main area of underspend related to the cost of providing financial support to students as fewer students applied for support than estimated in the Access and Participation Plan approved by the OfS. The costs reported comprise direct financial support to students plus direct staff costs and direct expenses incurred in respect of the University’s access and participation activities and no allocation or apportionment of overheads has been made.

The University's Access and Participation Plan for the period to 31 July 2028 is available using the link below: University-of-Winchester-Access-and-Participation-Plan-(2024-28).pdf

The University is an exempt charity and as such is not subject to corporation tax on its charitable activities. The University has reviewed its noncharitable trading activities and has determined that there is no corporation tax liability for the year ending 31 July 2024.

The University's freehold land and buildings were revalued as at 31st July 2014 by Alder King LLP. The valuations were prepared in accordance with the RICS Valuation - Professional Standard December 2014 ('Red Book'), FRS102 and the HE SORP. The University took the transitional provision under FRS102 section 35 to elect to use fair value as deemed cost. The valuation of each part of University of Winchester was on the following bases of value and assumptions:

-Owner-occupied property - to Fair Value ('FV') assuming that the property would be sold as part of the continuing business

-Specialised property - to FV using the depreciated replacement cost ('DRC') approach and assuming that the property would be sold as part of the continuing business

The investment property fair value gain is for a single property and is based on a valuation by Alder King LLP, Pembroke House, 15 Pembroke Road, Bristol, BS8 3BA. The investment property was valued on 31 July 2024. The valuation report was prepared in accordance with the RICS Valuation – Global Standards 2022 - incorporating the International Valuation Standards and the UK national supplement effective from 1 May 2024, FRS 102 and the SORP (for Further and Higher Education).

Trade and other receivables include a non-current prepayment of £1.5 million (2023: £1.6 million).

Current Investments

Nationwide 95 Day Saver

Lloyds Fixed Rate Bonds

Barclays Fixed Deposit

Nat West Fixed Rate Bond

Lloyds 175 Day Account

Cash and cash equivalents

Cash and cash equivalents

5,000 -

Note 14

Creditors : amounts falling due within one year

Mortgages and unsecured loans

Obligations under finance lease

Trade payables

Other Payables

15 b)

During the financial year the University had the following borrowing arrangements in place:

A loan from Triodos Bank raised specifically for the purpose of funding the University's West Downs development and amortising as follows:

a)£10 million amortising from May 2018 to July 2043 at 3.09%, fixed until June 2028.

b)£10 million amortising from January 2021 to July 2043 at 2.025%, fixed until January 2028.

c)£10 million on a variable rate of interest, amortising to July 2043.

The

Note 16 Provisions

that the

The enhanced pensionprovision relates to anarrangement that was agreed with staff that have previously left the University's employment and the University cannot reasonably withdraw from this agreement. The provision has been recalculated in accordance with guidance issued by the funding bodies.

The principal assumptions for this calculation are:

Other Provisions

Other provisions relate tothe estimated costs of undertaking safety works on University buildings that were constructed using Reinforced AutoclavedAerated Concrete(RAAC) together with the estimated redundancy costs relating to certain staff made redundant after 31 July 2024 but where the decision was made prior to 31 July 2024.

There are no contingent liabilities to be reported. (2023:nil).

There are no events that have occurred since 31 July 2024 that are required to be reported in these financial statements.

The University's employees belong to two principal post-employment benefit plans: the Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff; and the Hampshire County Council Pension Fund which is part of the Local Government Pension Scheme (LGPS) for non-teaching staff. Both are multi-employer defined-benefit plans.

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers’ Pension Budgeting and Valuation Account

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 – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account - the Teachers' Pension Budgeting and Valuation Account - to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

Valuation of the Teachers’ Pension Scheme

As a result of the latest scheme valuation, employer contributions were increased in April 2024 from a rate of 23.6% to 28.6%. Employers also pay a charge equivalent to 0.08% of pensionable salary to cover administration costs.

The valuation of the TPS is carried out in accordance with regulations made under the Public Service Pensions Act (2013). Valuations credit the TPS with a real rate of return assuming funds are invested in notional investments that produce a real rate of return.

A copy of the latest valuation report can be found by following this link to the TPS website:

https://www.teacherspensions.co.uk/news/employers/2023/10/valuation-result.aspx

The next valuation is expected to take effect in 2027.

The TPS pension costs to the University in the year amounted to £4.4 million (2023: £4.1 million). Scheme Changes

In line with the requirements of the Public Service Pensions and Judicial Offices Act 2022, the Department for Education laid regulations which came into force on 1 April 2022, closing the legacy scheme to any further accrual which prevented any further discrimination.

The regulatory changes, along with the ongoing Transitional Protection remedy, are being implemented in response to the McCloud-Sargeant discrimination ruling. The retrospective remedy offers members in scope a deferred choice of benefits, legacy or reformed, in respect of pensionable service during the remedy period (1 April 2015 to 31 March 2022).

FRS 102 (28)

Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The University is unable to identify its share of the underlying assets and liabilities of the plan.

Accordingly, the University has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The University has set out above the information available on the plan and the implications for the University in terms of the anticipated contribution rates.

Defined Benefit Obligations (continued)

Local Government Pension Scheme (LGPS)

Notes to the Financial Statements

The LGPS is a funded defined-benefit plan, with the assets held in a separate fund administered by Hampshire County Council. The total contributions made for the year ended 31 July 2024 amounted to £3.9 million of which employer’s contributions totalled £3.1 million and employees’ contributions totalled £0.8 million. The agreed contribution rates for future years are 23.9% for

and range from

12.5% for employees, depending on salary.

Employee benefits earned up to 31 March 2024 have been linked to final salary and benefits earned after 31 March 2014 being based on a Career Average Revalued Earnings basis.

The funded nature of the LGPS requires participating employers and their employees to pay contributions into a fund, calculated at a level intended to balance the pension liabilities with investment assets. The most recent actuarial valuation was at 31 March 2022.

The assets allocated to each employer member of the fund are notional and are assumed to be invested in line with the investments of the fund for the purposes of calculating the return over the accounting period. The assets are invested in a diversified spread of investments and the approximate split of assets for the the fund as a whole is shown in this disclosure note.

An allowance has been made for the full increases on GMP equalisation for individuals reaching state pension age from 5 April 2016. The additional liability includes an allowance for equalisation between sexes.

An allowance has also been made for the retrospective impact of the McCloud judgement in Past Service Costs with the current service cost including an allowance for potential McCloud related liabilities.

The following information is based upon a full actuarial valuation of the fund at 31 March 2022.

Financial Assumptions

Life expectancy is based on the S3 tables with improvements in line with the CMI 2023 model, with a 15% weighting of 2023 (and 2022) data, a 0% weighting of 2021 (and 2020) data, standard smoothing (Sk7), initial adjustment of 0.25% and a long term rate of improvement of 1.5% per annum for both males and females. Based on these assumptions, the average future life expectancies at age 65 for the University are summarised below:

Asset Allocation

The major categories of plan assets as a percentage of total plan assets is set out below:

Notes to the Financial Statements

Defined Benefit Obligations (continued)

Local Government Pension Scheme (LGPS) (continued)

The amount included in the Statement of Financial Position in respect of the defined benefit pension plan is:

The fair value of the University's share of the assets and liabilities resulted in a net surplus at 31 July 2024 which the University did not recognise in its Statement of Financial Position.

Amounts recognised in the Statement of Comprehensive Income in respect of the Plan are as follows:

Amounts included in staff costs

Current service cost

Past service cost

Interest on net defined benefit (asset)/liability

Total

Amounts recognised in Other Comprehensive Income

Asset gains/(losses) arising during the period

Liability gains arising during the period

Movement in notional surplus not recognised

Amounts recognised in Other Comprehensive Income

The employee membership data at 31st March 2022 is set out below:

Active numbers

Deferred Pensioners

Pensioners

Changes in the present value of defined benefit obligations

Defined benefit obligations at start of period

Current service cost

Interest expense on defined benefit obligation

Contributions by participants

Actuarial gains on liabilities

Net benefits paid out

Past service cost

Defined benefit obligations at end of period

Changes to the fair value of assets

Opening fair value of assets

Interest income on assets

Re-measurement gains/(losses) on assets

Employer contributions

Contributions by participants

Net benefits paid out

Fair value of plan assets at end of period

Actual return on assets

Interest income on assets

Gain/(Loss) on assets

Actual return on assets

Reconciliation of funded status to Statement of Financial Position

Fair value of assets

Present value of funded defined benefit obligation

Net asset

Less notional surplus not recognised

Balance to Statement of Financial Position

Note 23

instruments

The University has chosen to adopt Sections 11 and 12 of FRS 102 in full in respect of financial instruments.

Financial assets and liabilities

Financial assets and financial liabilities are recognised when the University becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations rather than the financial instrument's legal form.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets measured at fair value through the profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless arrangement constitutes a financing transaction. A financial asset or financial liability that is payable or receivable in one year is measured at the undiscounted amount expected to be received or paid net of impairment, unless it is a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The financial instruments may be analysed as follows:

assets that are debt instruments measured at amortised cost

liabilities measured at amortised cost

Financial assets measured at amortised cost comprise cash and cash equivalents, investments and receivables.

Financial liabilities measured at amortised cost comprise mortgages, unsecured loans, finance leases, trade payables, accruals and other payables.

Related party transactions

Due to the nature of the University’s operations and the composition of the Board of Governors 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 Board of Governors may have an interest. A Register of Governors’ interests is maintained by the University and updated at least annually. All transactions involving organisations in which a member of the Board may have an interest are conducted at arms length and in accordance with the University’s Financial Regulations and follow standard procurement procedures.

The following transactions have been identified for disclosure in relation to those organisations related to senior staff and members of the Board of Governors. The transactions have occurred in the normal course of the University's business.

One of the University's senior managers is a board member of Advance HE.

One of our governors is a governor of Embley Hampshire Collegiate School.

One of our governors is a patron of Rowans Hospice.

One of the University's senior managers is a trustee of the Charity.

One of the University's senior managers is a board member of Winchester BID.

Several of the University's governors have connections with Winchester Cathedral.

The student governor on the Board of Governors is also a member of the University of Winchester Students' Union, which receives an annual grant from the University. All other transactions between the two parties are conducted on a commercial basis.

The University has reviewed the sector guidance in relation to linked charities and has not identified any additional disclosure that is needed.

During 2023/24, no governor received any remuneration from the University for the work they do as a member of the Board of Governors (2023: nil). Governors do receive compensation for travel costs. Members of the Board of Governors who are also members of staff of the University receive remuneration in their capacity as members of staff only.

In the year to 31 July 2024, £1,039 was paid to members of the Board of Governors to reimburse costs incurred (2023: £372).

In satisfaction of its obligations to facilitate students' access to US Federal Financial Aid, the University is required, by the US Department of Education, to present the following Supplemental Schedule in a prescribed format.

The amounts within the schedules have been: - prepared under the historical cost convention, subject to the revaluation of certain

prepared using United Kingdom generally accepted accounting practice, in accordance with Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (2019 Edition)

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.

Primary Reserve ratio

Expendable Net Assets

Net

Net assets with donor restrictions

Secured and unsecured related party receivable

Unsecured related party receivable

Property , plant and equipment, net (incl construction in progress)

Property, plant and equipment, net - pre-implementation (less construction in progress)

Property, plant and equipment, net - post-implementation (less construction in progress), with outstanding debt for original purchase

Property, plant and equipment, net - post-implementation (less construction in progress), without outstanding debt for original purchase

Construction in progress

Lease right of use asset, net

Lease right of use asset - pre-implementation

Lease right of use asset - post-implementation

Intangible assets

Post-employment and pension liabilities

Long-term debt - for long-term purposes

Long-term debt - for long-term purposes pre-implementation

- Statement of Financial Position - notes payable and line of credit for long term purposes (both current and long term) and line of credit for CIP

- Statement of Financial Position - notes payable and line of credit (both current and long term) and line of credit for Construction in progress

- Statement of Financial Position - lease right of use of asset liability

- Statement of Financial Position - lease right of use of asset liability - pre-implementation

- Statement of Financial Position - lease right of use of asset liability - post implementation

of

-

-

- Statement of Activities - Non-operating (Investment return appropriated for spending), Investments net of annual spending gain / (loss), Other components of net periodic pension. Change in value of split interest agreements and Other gains / (losses). (Total from Statement of Activities prior to adjustments)

Administrative Information

Registered Office

University of Winchester Sparkford Road Winchester Hampshire SO22 4NR

The University of Winchester is a private charitable company limited by guarantee in Erngland and Wales. The University is registered with the Office for Students.

Company Registration Number 05969256

University Registration Number

UKPRN: 10003614 OP EID: 02149700

Senior Officers

Vice-Chancellor and Accountable Officer: Sarah Greer

Chief Operating Officer: Gavin Hunter

Pro-Vice Chancellors

Sam Jones, Angus Paddison and Matthew Webster

Principal Banker

NatWest Bank plc 105 High street Winchester Hampshire SO23 9Aw

winchester.ac.uk

University of Winchester, Sparkford Road

Winchester, Hampshire, SO22 4NR

Tel: +44 (0) 1962 841515

External Auditor Forvis Mazars LLP 2nd Floor, 6 Sutton Plaza

Surrey SM1 4FS

Internal Auditor TIAA Ltd.

Artillery House Sutton Court Road

Sutton Fort Fareham Newgate Lane Fareham PO14 1AH

Solicitors

Blake Morgan New Kings Court, Tollgate Chandlers Ford Eastleigh Hampshire SO53 3LG