University of Bedfordshire Annual Report 2024

“…we have distinguished ourselves as a top-performing institution…”

REPORT OF THE GOVERNORS

OVERVIEW OF THE YEAR FROM THE VICE CHANCELLOR AND CHIEF

EXECUTIVE, PROFESSOR REBECCA BUNTING

I am delighted to present the 2023/24 Annual Report and Financial Statements which outlines the progress of our Transforming Bedfordshire Strategy in the last financial year.

Last year, we introduced a newly designed report featuring stories about our successes and challenges Once again, we are proud to feature stories from our colleagues who are making an impact locally, nationally and internationally to deliver our goals and to hear about some of our students too.

While there has still been uncertainty, in many ways, it has been a year of continuity for the University.

We are delighted with the outcome of the latest National Student Survey where we have distinguished ourselves as a top-performing institution in several categories, particularly in teaching and preparing students for their future careers. The latest rankings, published by Times Higher Education, place us in the second quartile above many of our competitors.

We were also delighted to be ranked third in the UK in the 2024 Postgraduate Taught Experience Survey out of 107 higher education institutions. The survey gathers feedback from students on taught postgraduate courses in the UK. Together these rankings show clear progress in our shared commitment to delivering an outstanding student experience.

The latest Graduate Outcomes figures from HESA (2021/2022), show that 93.1% of our UK full-time graduates are in work or further study. This leaves us just 0.7% behind the sector average and is a significant improvement from the 5% gap in 2019/20.

Once again, we performed well in Research England’s Knowledge Exchange Framework, which assesses our impact on the economy and society. We excelled in three key categories: Public and Community Engagement, Research Partnerships and Graduate Start-Ups and Continuing Professional Development. This directly reflects the work being delivered as part of our five-year Research and Innovation Strategy, which places a partnership approach at the centre of our activities.

For the second year, we have achieved a top three position in the UK for the People and Planet University Green League, which demonstrates our commitment to a sustainable teaching and research environment and a climate-friendly future. We were proud to achieve a 100% rating for our policy and strategy, environmental auditing and management systems and our work around sustainable food and water reduction.

One of the highlights of the year was the launch of our new marketing campaign Career-Powered Education This campaign beautifully encapsulates what our University is about – combining academic rigour with acquiring the skills and experience to succeed in the world of work. Featuring powerful imagery of our students, this campaign is bolder than anything we have done before and has had an immediate impact on our colleagues, students, partners and the public.

Nowhere is our career-powered education more evident than in the strong partnerships we continue to develop with local employers, helping to nurture talent and future-proof our local economy. This year we signed an agreement with Luton Town Football Club to become their official education partner, expanding our longstanding partnership with them. This new agreement

will bring a range of educational and career development opportunities for students. Alongside this, we launched a new portfolio of apprenticeships to develop the skills that businesses need to thrive in areas such as technology and continuous improvement.

As part of our civic agreement with Luton Borough Council, we have been awarded a share of a £1.9 million grant up to 2027 to support Luton’s Fairness Task Force. Led by the Council, this initiative promotes greater equality throughout the town. The funding from the National Lottery Community Fund will empower individuals from all backgrounds to take an active role in shaping Luton’s future. The University joins a delivery team partnership that includes the Council, the Bedfordshire and Luton Community Foundation, and The Young Foundation.

Another stand-out moment was the completion of our new social and health simulation suites in our STEM

building. These technical suites will be used to train our students to a high standard and will also be available to the NHS to train their staff. This year, we have invited schools to visit the facilities to engage the next generation of social and health professionals and raise aspirations.

Our focus on skills development, raising aspirations and future-proofing our regional economy means we are well-placed to support the Government’s mission to address the national skills shortage through the newly established Skills England.

Alongside these achievements, we have faced tough decisions in response to an unpredictable external environment. As well as the continued freeze on undergraduate fees, and significant increases in costs such as pay, pensions and energy, in January, the Government announced restrictions on visas for

international students. We therefore made the difficult decision to open a voluntary severance scheme to help offset the impact that these risks and challenges will have in 2025. I want to thank all our colleagues who continue to work at speed to address the continued external pressures and acknowledge how difficult this has been for everyone involved.

We anticipate further changes as the new Government sets out its priorities, but we are confident in our ability to quickly adapt to whatever comes our way.

I want to pay tribute to our colleagues who continue to deliver outstanding work on our campuses, in our communities, nationally and internationally. Their commitment and enterprising approach enable us to adapt and remain optimistic about the future.

Professor Rebecca Bunting

Vice Chancellor and Chief Executive University of Bedfordshire

AUGUST

2023

HIGHLIGHTS FROM THE YEAR SEPTEMBER

Research supports students with special education needs

Academics from our School of English and Education and School of Psychology presented research findings at an annual Special Educational Needs and Disability Coordinators (SENDCO) conference. The event brought together charity volunteers, schoolteachers and others interested in the field to hear about the positive impact of methods to improve children’s reading ability including audiobooks and rhythmic training.

Comic book created to increase understanding and awareness of child abuse

Research into child sexual abuse and exploitation in the UK, Albania, Serbia and Uganda, carried out by academics from our Safer Young Lives Research Centre, has been turned into an educational comic book. The comic is now being used by organisations including Barnardo’s and ECPAT International – a network organisation of 126 members in 105 countries who are working together to end the sexual exploitation of children.

Study ranks us top for social enterprises

We were ranked first for students going on to create successful social enterprises in a new study of the UK’s most entrepreneurial universities, published in September. Using data from the Higher Education Statistics Agency, experts from Money.co.uk found that Bedfordshire has been involved in developing 105 social enterprises, 77 of which were still going strong after five years.

OCTOBER

Baroness Lawrence delivers an inspiring lecture on ‘legacy of change’

Baroness Doreen Lawrence, OBE, delivered a public lecture about her life and career honouring her 30-year campaign for justice and equality following the racist murder of her son Stephen in 1993. The sold-out event, which was part of our Black History Month celebrations, saw Baroness Lawrence speak about her extraordinary life, career and the events which shaped her life. This included her work to create a better and fairer society following the death of her son and how her family sought and fought for justice.

NOVEMBER

Assistant Director delivers media masterclass for students

Film and television assistant director, David Underwood, returned to his old stomping ground to present a media masterclass for students hoping to follow in his footsteps. The Bedfordshire graduate gave an insight into what it was like to work on box office hits including Bohemian Rhapsody, Paddington 2 and the latest Star Wars. The event was run by the School of Arts & Creative Industries to provide students with the opportunity to build their professional networks and hear from those currently working in the industry.

DECEMBER

Academics contribute to new WHO guidelines on malnutrition

In December, a research team led by the University undertook a series of projects to inform the new World Health Organisation (WHO) guidelines on preventing and managing malnutrition in infants and children aged five and under. The WHO used the evidence from these reviews to inform its decision-making criteria. Its new guidelines will assist policymakers, healthcare providers and programme managers around the world to prevent and manage young children at risk of poor growth and development.

New inaugural lecture series announced

In December, we announced details of our new inaugural professional lecture series which celebrates our newly appointed professors and shares their research and insights. The free lectures, which were open to colleagues, students and the community, featured experts in the fields of healthcare, business, and psychology.

JANUARY

New research hub formed with University of Cambridge and other HE partners

We kicked off the new year by announcing a project with Cambridge, Anglia Ruskin and Suffolk universities to form a centre of social science training and expertise in the Eastern region. The CAM Doctoral Training Partnership will broaden routes into postgraduate education for students from under-represented backgrounds and encourage regional opportunities for research collaboration.

Bedfordshire graduate stars in new ITV drama series

One of our Screen Performance graduates was cast in the new series of ITV drama ‘Grantchester’. Dean Weir, who graduated from the MA Screen Performance & Communication Techniques course in 2019, appears in the eighth series of the popular show – about a clergyman investigating a series of dark crimes in a sleepy village – as John Mitchell, a young man who lands himself in unfortunate circumstances.

Luton Town legend shares career highlights at public event

Luton Town FC’s former player and manager Mick Harford was the host of the University’s latest ‘An Evening With…’ public lecture, delving into his life and career in front of a sold-out audience. ‘From Grassroots to Glory’ saw Mick share memories of his career, as well as reflecting on Luton Town’s rise to the Premier League. The Luton legend was quizzed by a panel of students who fielded questions from the audience and those watching online around the world.

New apprenticeships launched to support skills development

We launched a new portfolio of apprenticeships aimed at supporting the local economy by developing the skills that businesses and organisations need to thrive. The new courses focus on the themes of continuous improvement and technology enhancement and build on our existing portfolio which received a glowing report from Ofsted last year.

International Women’s Day marked with events

University colleagues and Beds Students’ Union (SU) joined millions around the world to celebrate the achievements and contributions of women as part of International Women’s Day. The SU hosted a Q&A session with Bedfordshire alumna and ITV presenter Megan Murphy, as well as an evening of entertainment by female artists. The University’s Women’s Network also held a discussion about why inclusion is more important than ever.

Good Business Charter accreditation

We signed up to the Good Business Charter accreditation, a framework which recognises responsible business practices that benefit both the organisation and our people. The University is one of only a few universities in the UK to achieve accreditation which involves meeting 10 commitments including ethical sourcing, fair pay and tax, environmental responsibility and equality, diversity and inclusion.

APRIL MAY JUNE JULY

Outreach events inspire schoolchildren into health and social care careers

We hosted a series of outreach events in April to encourage schoolchildren to think about a career in health and social care. More than 170 students from 10 schools across Luton, Bedford and Milton Keynes were treated to tours of the University’s simulation suites with realistic facilities and spaces designed to mimic real-life situations. They also took part in panel discussions with a broad range of academics who spoke about the need for an inclusive health and social care workforce.

Students interview BBC stars at Luton’s Big Weekend

Over the May Bank Holiday, six lucky students were given press access to Radio 1’s Big Weekend to meet up-and-coming artists and gather live radio content with the BBC Introducing team. Another three students were selected for paid internships at BBC Three Counties Radio to cover the music event as well as the annual Luton Carnival, with their content featuring in a special programme for BBC Upload.

Study examines care and support for early pregnancy loss

Also in May, a new research study was launched to identify the priorities in improving care and follow-up support for people who have experienced early pregnancy loss. Researchers from the School of Psychology set up The Sunflower Project to gather insight and data from those who have experienced miscarriage as well as from their partners and those who provided their care. The team aims to identify policy-driven solutions to improve psychological outcomes for individuals who experience trimester one pregnancy loss.

Festival of Football at Luton Town FC for local schools and colleges

Hundreds of Year 12 students from local schools and colleges were given the chance to take part in an exciting football experience at Luton Town FC, organised by the University. The prospective Bedfordshire students got involved in a variety of engaging opportunities, including mini football tournaments, sports study demonstrations, tours of the iconic Luton Town FC grounds, and hands-on sport science activities.

Students selected to showcase designs at Graduate Fashion Week

Two of our talented Fashion Design students were selected to take part in the annual Graduate Fashion Week, a national event organised by the Graduate Fashion Foundation. Alphy Roy and Justyna Jagielnik had the opportunity to showcase their innovative designs to other students and people from the fashion industry at the event in London.

IN THE SPOTLIGHT

BOB COZENS, DIRECTOR OF RECRUITMENT, OUTREACH, ADMISSIONS AND MARKETING

One of the highlights of the year was the launch of our new student recruitment campaign ‘Career-Powered Education’. Led by our Marketing team, the campaign is possibly the biggest (and boldest) campaign we have done in recent years. Bob tells us more…

How did the campaign come about?

We carried out some brand perception research which acknowledged that we are well-known in the region and for the support we provide our communities and students. However, there was a perception that we were not known for a specific strength. In a market-driven higher education system, students need to be confident that the university they choose can prepare them for work and support their ambition to achieve their career goals and ambitions.

We briefed our agency to work with the proposition of ‘preparing students for tomorrow’s world’. This is based on the University’s drive to focus on employability and career impact, with all our courses meeting a list of requirements to boost the chances of a student getting the career they want and deserve. This led to the launch of Career-Powered Education.

What is the objective of the

campaign?

The key objective is to drive leads and applications by highlighting the University’s commitment to helping students secure jobs in their chosen careers. We need students to believe that the University is fully behind them to achieve their career ambitions. Career-Powered Education instils confidence that the University is driven to help students succeed.

In a crowded market, we also wanted the campaign to be instantly recognisable as the University of Bedfordshire whose sole focus is on student outcomes and their future career.

How would you describe the visual elements of the campaign?

The visuals are simple but powerful. They make use of a radial which incorporates part of the University’s logo. When positioned behind a subject, the radial suggests that the University is behind them and their future career ambition. The core use of red and white, usually on a black background, is visually strong and stands out when placed next to other adverts or competitor stands at events.

How has the campaign been received?

It has been well received by all our stakeholders, especially our colleagues. The comment we have heard the most is ‘I love it’! Colleagues are proud of what Career-Powered Education stands for with many suggesting that this is much more than a campaign.

The concept of Career-Powered Education is already driving change to ensure that all our courses are industry-driven through great industry links, first-hand experience, a portfolio of partnerships, industry workshops and placements and courses that make use of real-world facilities.

How has the campaign been rolled out?

We launched the campaign at Radio One’s Big Weekend in May, which saw over 130,000 people visit Luton. It was then rolled out at student recruitment events across the UK. The main launch was for Clearing 2024 in July, during which we used different media types and platforms including a TV advert for streaming channels.

The campaign is also fully embedded in the work we are doing with our professional sporting partners at Luton Town FC and Bedford Blues Rugby Club, not just as advertising but also the professional engagement opportunities offered to our students.

How do you think the campaign fits with what is happening nationally?

Higher education is facing significant challenges in the coming year. However, with the recent launch of Skills England, the University is well-positioned to help meet the Government's ambitions to address the national skills shortage. In many ways, our Career-Powered Education campaign could not have come at a better time.

WHO WE ARE AND

WHAT WE DO

OUR VISION is to be ‘a vibrant, ambitious, academic community, celebrating diversity and the transformative power of education’

OUR VALUES – we believe that our values are lived and must be owned throughout the University community

We have 12 values that have been shaped by our staff and students:

EDUCATION

We believe in higher education as life changing and world changing

AMBITION

We are ambitious for our staff and our students and the University

INCLUSION

We are proud to be a diverse and global community

EXCELLENCE

We will be excellent in all aspects of our work

COMPASSION

We are compassionate and caring and value all members of our community

HONESTY

We behave ethically and with integrity

DEVELOPMENT

We nurture talent, innovation and creativity

AGILITY

We are flexible and responsive in our systems and processes

COLLABORATION

We are positive about collaboration, internally and with partners

COMMUNITY

We are an anchor institution and will work to benefit our communities

SUCCESS

We celebrate the achievements of our students, staff and alumni

SUSTAINABILITY

We have a strong and evidenced commitment to environmental sustainability

OUR STRATEGIC GOALS

We have nine ambitious goals to transform Bedfordshire.

EXPERIENCE

We will be a values driven university, with a high-performance culture, providing an excellent student and staff experience in a vibrant and diverse academic community.

SUCCESS

We will be a leading university for student opportunity and success, supporting students to achieve their best outcomes and preparing them for successful graduate level employment.

ASPIRATIONS

We will enable students to thrive academically and personally, providing support for their needs and aspirations.

TEACHING

We will deliver inspiring, expert and innovative teaching which is student focused, inclusive, provides challenge and leads to quality improvement.

IMPACT

Our research and innovation will enhance our reputation and make a positive impact on our teaching and our economic and civil role.

GLOBAL

We celebrate the global community of the University, delivering a global perspective in our courses and an excellent experience for our international students.

COMMUNITIES

As an anchor organisation, we will embrace our civic and economic role, taking pride in our positive engagement in the communities and sectors we support.

PARTNERSHIPS

Our strategic partnerships will deliver mutual benefit in enhancing our teaching, research and wider engagement.

SUSTAINABLE

Environmental sustainability and the UN Sustainable Development Goals will inform our strategy and actions.

TRANSFORMING BEDFORDSHIRE STRATEGY

Our strategic goals will be delivered through our Transforming Bedfordshire Strategy (our Strategy) for 2021-2026.

Our Strategy represents our shared ambition for the University. It sets out our vision to be a vibrant and ambitious academic community, celebrating diversity and the transformative power of education. It builds on our strengths, addresses our developing areas, and opens up new opportunities for our staff and students.

There are five priority areas each with its own enabling strategy, which are covered in this report.

PROGRESS WITH OUR STRATEGY IN 2024

Equality, Diversity and Inclusion and Sustainability and the Environment are prominent and underpinning themes across all our enabling strategies.

• Undertook in-depth research, led by our Race Equality Charter (REC) Self-Assessment Team, including focus groups and surveys to understand the lived experience of staff and students from minority communities and to create a staff action plan. This will lay the foundations for continuing our progress towards becoming a proudly anti-racist and inclusive university and achieving the REC Bronze Award in 2025.

• Collaborated with the Black Members Group (UNISON/UCU) and the staff Race Equality Network (REN) to host a Black History Performance Platform of Excellence event. Displayed the State of Black Trust dance history archive at our Bedford campus throughout October.

EQUALITY, DIVERSITY AND INCLUSION (EDI)

Our University is proud of our diverse local and global community of students and staff. Diversity is one of our key strengths and is fundamental to our success. Through our policies, practices and behaviours, we continue to build a culture of equality, openness, inclusion, fairness and transparency.

Our action plan brings together all our EDI initiatives. In the last 12 months, we have delivered the following activities:

• Appointed a new Head of Equality, Diversity and Inclusion to drive forward our EDI priorities (see more on page 24).

• Hosted events and activities throughout the year to raise awareness and understanding of LGBTQ+ inclusion and celebrated occasions such as Pride, World Aids Day and National Coming Out Day. Organised by our LGBTQ+ Staff Network, these initiatives featured talks, workshops and events as well as a monthly radio show.

• Participated in the Stonewall Workplace Equality Index to assess our performance on LGBTQ+ inclusion and benchmark against other employers, achieving a notable improvement in our ranking from 206th nationally in 2023 to 111th in 2024, earning a Bronze Award.

• Took part in International Women’s Day with a panel discussion and a special event hosted by our Students’ Union.

• Trained 46 recruitment panel members in Inclusive Recruitment and 28 colleagues in Inclusive Interview Skills.

• Delivered bespoke cultural and behavioural development interventions for teams across the University, including Creating a Collaborative and Inclusive Workplace and Inclusive Team Working.

Race Equality Week – listening, acting and changing

A highlight of the year was our programme of events and activities for Race Equality Week (5-11 February), hosted by our REN. This annual UK-wide campaign addresses barriers to race equality in the workplace and highlights the importance of creating an anti-racist work culture. The theme for this year was #ListenActChange

Our Vice Chancellor, Professor Rebecca Bunting, along with other members of the senior leadership team, committed to delivering four priorities as part of our work on the Race Equality Charter to develop and deliver cultural change at the University.

SUSTAINABILITY AND THE ENVIRONMENT

Our vision for sustainability is to eliminate carbon emissions; reduce waste and water consumption; cultivate education and research for sustainability among stakeholders within and beyond the University and share our good practices.

Sustainability is integrated into every aspect of our organisation, from our campuses to our community and international partnerships. It is a fundamental part of our strategies, plans and daily campus operations, and has become a way of life for us.

Over the last 12 months, our sustainability and environment policies have also helped us achieve the following:

• Awarded Platinum standard certification in the Eco Campus Environmental Management System – an international management system standard.

• Awarded Bronze standard certification in the Soil Association Food for Life sustainable food standard.

• Generated more than 120,000 kWhs of renewable electricity on campus, enough to power 34 average UK homes for a year.

• Recycled 67% of the waste generated on campus, reducing waste volumes by 22% this year compared to the previous financial year.

• Achieved a 65% absolute reduction of annual carbon emissions since 2013/14.

• Ensured our infrastructure Master Plan has a specific focus on decarbonisation to deliver our Net Zero target.

• Made investments to reduce the year-on-year carbon emissions of the estate with more LED lighting and an upgrade in our insulation.

• Hosted an interactive event with Beds Students’ Union to coincide with CoP28 to give our students the opportunity to learn about measures which reduce climate change and hear their ideas about how we can develop the University’s sustainability strategy.

Another high-scoring year in the People & Planet Green League

We are proud to be placed third in the UK for our continued sustainability efforts in the latest People & Planet Green League 2023/24.

Areas in which Bedfordshire scored highly include water reduction, carbon management, and providing sustainable food. The University has held a stable position as one of the Green League’s top-scoring institutions since 2018, thanks to ongoing work around sustainability and ensuring campuses help not only the future of students, but also the future of the planet.

People & Planet is the largest student network in the UK which campaigns for social and environmental justice.

Our five enabling strategies continue to drive forward our Transforming Bedfordshire Strategy.

The following pages set out our progress within each of these areas over the last year, featuring highlight stories and achievements.

The Education and Student Experience Strategy takes a leading role in making the University a vibrant, ambitious academic community, celebrating diversity and the transformative power of education. The strategy sets out how it will achieve this through five commitments:

STRATEGY EDUCATION AND STUDENT EXPERIENCE

A SUCCESSFUL YEAR FOR STUDENT POSITIVITY AND RETENTION RATES

Our performance in the latest National Student Survey (NSS) and the Postgraduate Taught Experience Survey (PTES) shows that the measures we have implemented to improve the student experience are having an impact.

The NSS results published in the Times Higher Education positivity league table (July 2024) show that our positivity rating (primarily among final-year undergraduate students) has risen by almost three percentage points to 81.5%. This places Bedfordshire firmly in the top half of the rankings out of 149 universities.

We are above or in line with the sector average in teaching, learning opportunities, assessment, student voice and freedom of expression. We are also proud

that our Students’ Union is above the sector average for representing students’ academic interests.

Alongside this, the University has been ranked third in the UK out of 107 institutions in the Postgraduate Taught Experience Survey (July 2024) which gathers invaluable feedback from students on taught postgraduate courses across the UK.

We can directly link these results to the huge efforts of our professional and academic colleagues who have worked collaboratively to drive forward improvements to our student experience, most notably our transformative Curriculum Change Programme (CCP), NSS checklist and Student Voice Framework.

In the year ahead, we will work on increasing student understanding of the academic support and learning resources available to them.

PTES highlights NSS highlights

• 64th out of 149 institutions for overall positivity.

• Top 10 university for ‘right balance of directed and independent study’.

• Top 30 university for ‘developing knowledge and skills for the future’.

• 2nd for Teaching

• 1st for Engagement

• 1st for Community

Another area of notable success has been our work to increase the number of students continuing on their courses.

Continuation was our number one priority this year for delivering our Education and Student Experience Strategy.

In September 2024, we formed a Continuation Project Team and appointed two academic leads for continuation along with a project officer to improve retention in three subject areas with the lowest continuation rates.

Academic success tutors and coaches (see more on page 20) worked directly with students and collaborated with academics and professional service teams, with a particular focus on supporting Foundation Year and Level 4 entrants to succeed in the crucial first year of study.

Our data shows that this institution-wide approach, with targeted support in the areas of greatest need, has led to improvements in student retention rates across most of our undergraduate provision. More students submitted and passed assignments at the first opportunity – in one area this increased by 21.5%. We have also seen first-time exam pass rates increase by 5.5% and resits decrease by 4.5%.

These positive outcomes have been achieved through collaborative working across all areas of the University and we anticipate further evidence of success in the months ahead.

OTHER ACHIEVEMENTS IN THE LAST 12 MONTHS

• Submitted our new Access and Participation Plan to the Office for Students, outlining how we will enhance equality of opportunities for students from disadvantaged backgrounds to access and succeed in higher education.

• Worked with colleagues and Beds SU to complete our submission for the Student Minds Mental Health Charter which supports universities adopt a whole-university approach to mental health.

• Adopted the latest version of the AI Studiosity tool which gives students feedback on how to improve academic writing and critical thinking and increased the total number of student engagements by 80% compared with the previous year.

• Introduced new processes to share learning analytics with all academic schools to identify and support students with low engagement.

• Consulted on and implemented a set of University of Bedfordshire Graduate Competencies and launched the Bedfordshire Graduate Pathway demonstrating how these essential competencies are embedded throughout the curriculum.

• Increased our employer engagement and employability activities by working in partnership with the NHS, Luton Town FC, Bedford Blues Rugby Club and others to offer more work placement opportunities and design courses that are relevant to the workplace.

• Provided additional funding for industry visits and employability events to give our students first-hand experience of how companies operate in today’s ever-changing environment and help them prepare for graduate-level employment.

• Exceeded our target for appointing course representatives by appointing representatives for 97% of our courses.

• Worked with Beds SU to support students through the cost of living crisis by setting up free pantries and a subsidised food scheme.

IN THE SPOTLIGHT

JERONE TURLUNCH, ACADEMIC SUCCESS COACH

Jerone Turlunch is an Academic Success Coach (ASC). He is part of a team appointed in September 2023 to provide tailored support and guidance to students who have faced barriers to engaging with their studies.

Tell us about the purpose of your role.

My role offers holistic support to Foundation and Level 4 students who might be struggling with different aspects of university life. We support students with whatever challenges they may face during their studies and reassure them along the way. I do this via one-to-one sessions or by signposting them to relevant services within the University or external services and organisations.

What are the main challenges that could force our students to leave higher education?

It is predominantly personal circumstances that are the biggest challenge as well as a lack of confidence (the pandemic could be a factor in this). Some of our students have worked for many years before returning to university, or they might be the first in their families to study in higher education. This means their support needs are diverse. For example, it might be because their expectations don’t meet reality or they are struggling to allocate the time to study due to employment or childcare. In some cases, students have undiagnosed conditions such as dyslexia or ADHD and have not received the necessary support. We also find that some students are deterred by registration issues and using academic systems. Taking the time to show them how to use these systems can make a huge difference to their student experience.

Which interventions have had the biggest impact?

As some students find it difficult to schedule time outside of seminars, our team finds that attending seminars to offer support is effective. It also allows us to develop a relationship with students and show that we are approachable. This encourages students to seek help during and outside seminar times.

What kind of feedback have you had from students?

The feedback has been good! Students have said our input and support have been positive to their studies. Many have said that they may not have continued without our support, while others believe they would not have achieved the necessary grades without the support provided by the ASC team.

What is the most rewarding aspect of your job?

Receiving positive feedback from the students! It’s good to know that you have helped them and to see them thrive as a result of your support.

STRATEGY PEOPLE AND CULTURE

Our People and Culture Strategy sets out how we live our values and deliver our goals. It aims to equip people at all levels with the necessary knowledge, skills, experience and attitudes to deliver an outstanding student and staff experience and to become an employer of choice.

Our strategy has five ambitions to make the University a great place to work:

ENGAGEMENT & CULTURE

Bedfordshire will be an employer of choice

DEVELOPING PEOPLE

Our people will have the right skills and knowledge to deliver an excellent staff and student experience

LEADING AND MANAGEMENT

We will have great leadership

PLANNING FOR AND WITH OUR PEOPLE

We will employ the best talent at the right time, in the right roles for them

REWARDING

We will recognise and celebrate success and will reward fairly

ASPIRATIONS EXPERIENCE SUCCESS

A SIGNIFICANT TRANSFORMATION FROM HUMAN RESOURCES TO PEOPLE AND CULTURE

The focus for 2023-24 has been working towards our number one ambition – to be an employer of choice by being a university where everyone feels they belong, are engaged, valued and empowered to deliver an excellent student and colleague experience and where their health and wellbeing are supported.

To help us deliver this ambition, we have transformed our HR team into a new People and Culture department to better reflect the importance of our people, their wellbeing and their morale.

Our main aim has been to move from a traditional HR model, where there tends to be an emphasis on administrative, transactional and compliance tasks, to a more collaborative way of working aimed at building a positive and engaging work environment.

We have also made two key appointments: an Assistant Director for Organisational Development, Culture and Inclusion, and a Head of Equality, Diversity and Inclusion (read more on page 24).

Our new People and Culture team places employees at the heart of any change or decision and considers the views of individuals, teams and departments to create a culture that enables everyone to thrive.

Another area of progress has been in Leadership and Management.

This year, we have worked in partnership with members of the Strategic Delivery Group (43 of the most senior roles at the University) to co-create a Leadership Framework.

This new framework defines what great leadership looks like at the University and sets clear expectations about the behaviours and competencies we expect across the whole University. The Leadership Framework has four pillars:

OTHER ACHIEVEMENTS

IN THE LAST 12 MONTHS

• Made considerable progress with our application for the Race Equality Charter Bronze award by working with our Race Equality Charter Mark Self-Assessment Team (RECSAT) to identify and analyse key data to help us understand the barriers and challenges faced by colleagues from ethnic minority communities.

• Worked with our student experience colleagues on our application for the Mental Health Charter Mark which will pave the way for a stronger culture and wellbeing strategy.

• Continued to strengthen the support we offer colleagues for their mental wellbeing by offering an Employee Assistance Programme and awareness training.

• Worked in partnership with the Health and Safety team to develop a new stress management policy, which launched during Mental Health Awareness Week in May, in partnership with our Mental Health First Aiders.

• Held a celebration day to highlight the achievements of eight colleagues who completed the Aurora leadership development programme for women in higher education.

• Developed the management skills of 35 line managers through training courses such as Project Management, Leading Difficult Conversations and Managing Culturally and Ethnically Diverse Teams.

• Trained 24 colleagues in coaching and mentoring to improve their management style and skills.

• Welcomed 103 new colleagues to the University through our in-person Induction Days held throughout the year.

• Provided training for 14 heads of department who participated in our Academic Leadership Enhancement Programme, which provides space to work together, enhance their leadership capabilities and share good practice through collaboration.

• Awarded 48 long-service awards to colleagues to recognise their contributions and dedication to the University (read more on page 37).

• Invested in a new learner management system for colleagues, making eLearning more accessible, enjoyable, efficient and inclusive.

• Increased annual leave entitlement for professional services colleagues.

Create, learn and deliver

Build brilliant teams

Through this work, we aim to build strong, consistent leadership, increase colleague and student engagement and drive organisational success. We now have solid foundations in place to work with line managers and to formally launch the framework in the coming year.

IN THE SPOTLIGHT

ANGELA JOHNSON AND YASMIN AHMED

Earlier this year we appointed Angela Johnson as our Assistant Director for Organisational Development, Culture and Inclusion and Yasmin Ahmed as our new Head of Equality, Diversity and Inclusion. They tell us about their first impressions and their priorities.

Angela and Yasmin, can you tell us about your roles?

Angela: I’m responsible for leading and delivering cultural change, building the University’s reputation as an employer of choice, and ensuring that we create the conditions necessary for colleagues to thrive in their roles, so we are in the best position to deliver fantastic outcomes for our students. My team looks after colleague induction, learning and development; leadership and management development; performance improvement and wellbeing; and ED&I.

Yasmin: My role is to help review current practices on equality, diversity and inclusion at the University and identify areas for improvement that we will address through a comprehensive strategy and delivery plan. I work closely with colleagues across the University to develop and improve our inclusion policies and practices.

You are both relatively new to the University of Bedfordshire – what have been your first impressions?

Angela: The first few months have been positive! I’ve felt very welcomed by colleagues across the University and empowered and trusted to lead key pieces of work. There is a lot of kindness and willingness to collaborate, which is so important. I can see there are challenges, but I sense a huge amount of passion and commitment to tackle those challenges.

Yasmin: I’ve been really welcomed and supported since I joined the University. It’s been encouraging to see the commitment and motivation of so many colleagues from across the faculties and departments to promote awareness of and develop an understanding of the equality and inclusion challenges facing the University.

Why did you want to work at the University of Bedfordshire?

Angela: When researching the University, I could see that we were attracting students from diverse backgrounds and making a lot of effort to build an inclusive culture. I got a sense that the University lifted people and helped students fulfil their potential. It’s important to me to work somewhere where I feel I can make a difference, so Bedfordshire felt like a great fit. Plus, I have used education to improve my social mobility and further my career, so the opportunity to work at a university appealed to me.

Yasmin: The University’s student and colleague community is incredibly diverse and international. Having worked in the higher education sector for the past few years, I could see real potential at Bedfordshire for everyone to work together to create an inclusive environment. This means creating a place where open and honest conversations on experiences of equality and inclusion are encouraged, diversity of thought and opinion is respected, and colleagues and students are actively supported to engage in co-creating and delivering solutions to help us address specific equality and inclusion challenges.

In terms of priorities for the year ahead, what are you most excited about?

Angela: I’m particularly excited about embedding our new Leadership Framework. Some of the most important players in cultural change are leaders –we look to them as role models and to see which behaviours are acceptable and encouraged, and

which are actively discouraged. I know that leaders at the University want to work together as a team to build a positive working culture, and the Leadership Framework is an incredibly important part of that.

Yasmin: I’m looking forward to taking the insights from the initial review of the University’s equality, diversity and inclusion policy and practices to embed equality, diversity and inclusion principles across the University. This will help strengthen leadership accountability for the delivery of an equality, diversity and inclusion work programme.

What do you think makes a truly inclusive organisation?

Angela: A truly inclusive organisation is curious and self-aware, understands its own barriers to participation and seeks to address them. It’s about welcoming diversity and building a culture where everyone can be themselves.

Yasmin: An inclusive organisation enables individuals to feel valued for their diverse and unique perspectives and skills and recognises the positive impact this diversity has on the organisation's culture and business outcomes. An inclusive organisation also fosters a sense of belonging, connection and community and psychological safety at work.

STRATEGY INTERNATIONALISATION

Our International Strategy is underpinned by the vision set out in the Transforming Bedfordshire Strategy: to empower people worldwide to reach their full potential and to make a positive impact on society. It is also guided by our values relating to pride in our diverse and global community and the belief in the power of higher education to change lives and the world.

Our strategy combines two strands to help us deliver our global ambitions over the next two years: International Recruitment and International Partnerships.

A YEAR OF TWO HALVES AS THE HE LANDSCAPE SHIFTS

Despite huge shifts in the higher education sector in the last 12 months, the University has met its overall international student recruitment targets for this financial year. This is largely due to strong recruitment in autumn 2023, including a record-breaking September intake for undergraduate and postgraduate courses.

In late 2023, the Home Office announced several changes to student visa regulations including new restrictions on postgraduate students bringing dependents to the UK. While these changes had an immediate impact across the sector, the University had predicted some decline and had already adapted our budgets and plans.

However, a later announcement about a review of the Graduate Route, which allows international students to work in the UK for two years after completing their studies, had a more significant impact on our recruitment.

Although this proposed change was not implemented, the announcement of a general election led to further uncertainty in the market. Our strong start to the year and proactive planning helped mitigate the decline in applications that followed.

Interest in postgraduate study remained low, even after the election, but we have maintained undergraduate numbers and our strong UK Visa and Immigration compliance. We are confident that the postgraduate market will recover when things are clarified and conditions stabilise for international students.

A FOCUS ON EFFICIENCY AND GROWTH

Our strategy sets out how we can create stronger and more effective Transnational Education (TNE) partnerships. Currently, we have 17 TNE partnerships in 13 different countries, with partners in every continent except for Oceania. These partnerships not only generate income for the University but also offer opportunities for collaboration, provide students with a truly international experience and enhance our global reputation and profile.

In the past year, we have worked on rationalising our partnership network and the programmes they offer. We have concentrated our resources on those with the most potential to grow and to get better economies of scale from our TNE operations.

We have also improved our return on investment by successfully renegotiating contract terms as existing agreements came up for renewal.

Another area we have adapted and improved this year is our admissions operation. By expanding our admissions capacity, we demonstrated that we could increase recruitment across a number of partners during January 2024. Building on this, we also reviewed our admissions processes and integrated our TNE admissions team into the International Office allowing us to scale resources where needed.

INSPIRING WORDS FROM MOTHER AND SON AS THEY GRADUATE TOGETHER

Graduation is a time of great celebration, marking academic achievements and personal triumphs. The day can hold even greater significance for our international students, as many are thousands of miles from home.

This year, we had the privilege of witnessing a mother and son from Sri Lanka celebrating their academic achievements together after they both received degrees from the University.

Sewwandi De Silva and her son Devin – both studying as international students – were awarded their Masters of Science in Project Management at a graduation ceremony last February.

Reflecting on their journey, both Sewwandi and Devin expressed their gratitude towards the University’s academic colleagues as they juggled work and family life with their studies. They also praised the “inclusive curriculum” which enriched their learning experience.

Their success shows the strength of our diverse student body and our commitment to providing an exceptional learning experience, no matter where our students call home.

“

Graduating with my mother is testament to our dedication, perseverance, and unwavering mutual support throughout this academic journey. It’s not just a degree; it’s a shared accomplishment etched in our hearts. Walking across the stage with my mother by my side, I am reminded that life’s beautiful moments are those we create together.”

Devin De Silva

“

Graduating with my own son at the same university was the most precious gift I have received. Education has no limits; it is for generations. I was a proud mother as I was able to graduate with my own son on the same stage and to be his inspiration on the same stage. We were privileged enough to share an overwhelming pride for each other.”

Sewwandi De Silva

Image credit: Ede and Ravenscroft Ltd

STRATEGY INFRASTRUCTURE

The Infrastructure Strategy sets out how the University will continue to enhance the student experience, make it easier for our colleagues to do their jobs well and minimise our impact on the environment. It also outlines how we will remain financially and environmentally sustainable and how we will maintain secure and robust systems against the ongoing threat of cybercrime.

The remit covers ICT and Estates, from networks, servers, systems and technology to green heating systems, roof replacement and teaching and learning facilities. As some of our systems and facilities are nearing the end of service, the focus of the last financial year has been putting in place the foundations to deliver an infrastructure master plan over the next few years. This will ensure we have a modernised and sustainable infrastructure for all our students and staff.

SIGNIFICANT PROGRESS WITH OUR ESTATES MASTER PLAN

Over the last year, we have made substantial progress with our Estates Master Plan. We held in-depth internal consultations with academic departments, student experience groups and external partners, to gather feedback and ensure our plans meet their needs and address the Transforming Bedfordshire strategy. The next step is to finalise the plan and gain full approval from our Board.

EXPERIENCE TEACHING SUSTAINABLE

Alongside this, we have developed a separate master plan for our Putteridge Bury Estate. This plan will preserve the property’s historic character while ensuring its durability and long-term financial sustainability for the University.

A ’TRANSFORMED’ WORKSPACE FOR COLLEAGUES AND THE FIRST STEP TOWARDS OUR MASTER PLAN

In November 2023, more than 140 professional services colleagues relocated to the newly refurbished ‘F Block’ of our Luton campus, marking an important step towards our new Master Plan.

The project aimed to breathe new life into this underutilised building, creating a dynamic and vibrant space for Marketing, Communications, Admissions and Recruitment, Estates and Facilities, Finance, ICT, and People and Culture. A key objective was to minimise the need for future building works by creating adaptable and flexible workspaces, while also ensuring long-term decarbonisation and energy savings.

The transformation spanned two floors and involved a complete overhaul of the roof and heating and ventilation systems. The space includes new kitchen areas; meeting rooms; individual online meeting pods and booths; and break-out spaces to support flexible working. Feedback has been overwhelmingly positive, with a noticeable increase in collaboration, while also contributing to a more vibrant campus for both colleagues and students.

Image credit: ©Fred Howarth

OTHER ACHIEVEMENTS IN THE LAST 12 MONTHS

• Continued with the roll-out of multiple projects to revolutionise our student information system called SITs. This included our learning analytics programme ‘MyEngagement’ which measures student participation and identifies students at risk of not progressing.

• Delivered and implemented a new and improved timetabling system that supports exam scheduling, monitors attendance and offers personalised timetables sent directly to students within a few hours of registration.

• Appointed a new Director of Estates and Facilities to lead our Estates Master Plan, oversee the running of capital projects, run key services and help deliver the University’s wider objectives.

• Delivered a programme to modernise our wedding, events and conferencing facilities at our Putteridge Bury Estate, including an upgraded dining area.

• Introduced a heavily subsidised breakfast and lunch offer for all students to help with the cost of living as well as facilities for students to heat up their own food.

• Completed work on our new state-of-the-art health and social suites in our STEM building in Luton and our Gateway building in Bedford which will be used to train our students and NHS professionals.

• Invested in our desktop and laptop estate by replacing obsolete equipment, bringing technological innovations and reducing cyber risks.

• Enhanced our teaching environment with sector-leading audio-visual equipment in over 195 teaching rooms as part of a £650k investment across our campuses.

• Continued to roll out our £5.5m infrastructure programme to improve the student experience by providing reliable and sustainable platforms, replacing our core computer infrastructure and implementing a WiFi solution.

• Continued to develop and fund the Cyber Security Incident Response Team and empower them to make critical decisions to protect the University from cyber attacks. Appointed two new cyber security roles and an external cyber security protection service.

IN THE SPOTLIGHT

TOBY MALOY, DIRECTOR OF ESTATES AND FACILITIES

Toby joined the University in January. Before this, he led Luton Borough Council’s Design and Delivery Team and later the town centre regeneration programme.

What made you apply for the role?

I’m an architect by profession and have always enjoyed working on education projects, but never had the chance to work with a university. I am a proud Lutonian and have lived in Luton or Bedfordshire for most of my life, so it seemed like a great way to continue to make a difference locally. When I worked at the Council, I was envious of the building projects the University was doing. I was excited when I heard that the University had started master planning in 2023, which was a big draw when I applied for the role.

What are your key areas of responsibility?

Estates and Facilities covers a wide range of things from big capital projects to specific services such as maintenance, compliance, energy, waste, security, cleaning, portering, print and accommodation. It’s a big area covering so many things, but each one is vitally important to the smooth day-to-day running of the University. The role is really interesting and means I can quickly go from discussing something large and strategic to the tiniest details of a project.

Tell us why the Master Plan is so important to the University.

The Master Plan is an important project as it helps paint a picture of what the University could be in the future. The world has changed so much since I went to university in 2000 and it’s exciting to see how we think the future will look. The Master Plan impacts so many things and we have the chance to consider how each component of our space works, not only for our staff and students, but also how we are perceived as a civic institution within our communities.

Which aspects of the Master Plan are you most excited about?

I’m most excited about the opportunity to improve wellbeing through design. The greening of our campuses and focus on mental health and inclusivity is something that will be fantastic to help develop. For me, this is one of the best parts of my profession – seeing people using your space and being happy and content.

And what are the biggest challenges?

Usually, I’d say finances, but in recent years, volatility has taken over. We live in a world that is becoming harder and harder to predict. Ensuring our plans are resilient, adaptable and effective will be key to successful delivery.

Following the latest People and Planet results, why do you think Bedfordshire has achieved such an incredible result?

The University has been sensible and pragmatic and has been a good citizen. A lot of people think it’s just about reducing carbon emissions, but it’s a rounded systems approach that has helped us achieve so much. We ensure we have the right policy and strategy. For example, we think about food, energy, water, recruitment, ethical investment and systems to independently verify and ensure it is meaningful.

The Research and Innovation Strategy is central to the University’s impact goal within the Transforming Bedfordshire Strategy.

Our vision is to cultivate an interdisciplinary research culture and partnership environment that generates new knowledge and creates insights and resources that have a positive impact on society, locally and globally.

Achieving our vision requires us to build on three existing and internationally recognised areas of research excellence linked to our Research Institutes:

STRATEGY RESEARCH AND INNOVATION

OVER £1.2 MILLION IN NEW FUNDING SECURED TO DRIVE INNOVATION IN OUR REGION

During 2023-24, the University secured over £1.2 million in new funding to transfer our academic knowledge to drive innovation and business development in our region.

Early in the year, we were awarded £786k in Shared Prosperity Funding from local authorities in our region. This investment is enabling us to bring our academic expertise to the business sector to support growth and start-up businesses. Our services to businesses include strategy development, net zero initiatives and advanced technology projects such as 6G and cybersecurity.

In February, our Culture and Community Engagement team received a £250k grant from the Heritage Lottery Fund (HLF) to deliver a new skills development programme to support heritage practitioners across Bedfordshire to promote our rich local history and heritage. The funding will help engage 12 heritage practitioners across the county to deliver projects relating to nature, culture and buildings while also supporting them to change their cultural practice.

Following this, we secured a further £64k of funding from the HLF to expand our heritage expertise nationally, supporting communities in Grimsby, Kings Lynn and Walsall to deliver their own heritage projects.

We were also awarded £141k from the Office for Students to support students with physical disabilities and those facing socio-ethnic disadvantage to engage with degree apprenticeships in project management

and digital marketing. Our team actively engaged with these communities through events at Eid festivals, Sikh temples and Disability Resource Centres along with a regional TV advertising campaign.

In May, our Sustainability and Net Zero Business Support Programme received a significant boost from the Government through the UK Shared Prosperity Fund. This led to the launch of a new venture with Luton Borough Council to support local businesses in their journey to achieving net zero. This comprehensive programme showcases our joint commitment to sustainability and fostering a green economy in the area and is part of our existing civic agreement with the Council. It also marks a strategic investment in local businesses operating within the Luton region, providing support to small and medium-sized enterprises to reduce their carbon footprint.

OTHER ACHIEVEMENTS IN THE LAST 12 MONTHS

• Announced the first recipients of an innovative, community-focused research grant programme which is part of our £3 million Bedfordshire, Luton and Milton Keynes (BLMK) Integrated Research and Innovation Hub.

• Developed and validated a new speaking test for the Tokyo Metropolitan Government (TMG) in partnership with, and commissioned by, the British Council. With TMG’s £109 million investment in this research project, the test will benefit over 240,000 junior-high school students annually, promoting

English-speaking skills and addressing a longstanding educational challenge.

• Contributed to the World Health Organisation’s guidelines on malnutrition by conducting research projects on nutrition and feeding for infants under six months of age at risk of poor growth and development.

• Published research in a leading journal which highlighted the need for better training, education and assessment processes for professionals working with people who use a range of psychoactive substances.

• Hosted our first TechFusion Summit to showcase the latest breakthroughs in emerging technology within healthcare and education, focusing on AI’s potential to revolutionise learning experiences and outcomes.

• Held multiple research poster days across our Schools to showcase the breadth and depth of our research, creativity and innovation, which attracted industry professionals who took part in panel discussions and networked with our students.

IN THE SPOTLIGHT

NASREEN ALI, PROFESSOR OF PUBLIC HEALTH EQUALITY

Last year, we wrote about our new promotion pathway. This was developed for academics to progress to associate professor and professor positions, helping us to create a more supportive research environment and retain outstanding talent. Nasreen Ali was one of 11 women to have progressed through this pathway. She is now a Professor of Public Health Equality and leads the ‘Talk, Listen, Change’ (TLC) Workforce Research Programme which is being delivered through the Bedfordshire, Luton and Milton Keynes (BLMK) Research and Innovation Hub.

Tell us about your academic background.

My academic career started back in 1999 when I did my PhD here at the University of Bedfordshire. I then went on to work at Manchester, Leeds and York universities before returning to Bedfordshire as a Senior Research Fellow in 2009. I then progressed to Reader in 2019 and Professor in 2023.

Describe your journey to becoming a professor.

My journey to becoming a professor took persistence, resilience, strategy, pragmatism and passion to build an extensive teaching, research and publication portfolio. During the promotion process, I was able to showcase the breadth and depth of my 30-plus years of experience in health and social care inequalities.

I did not have role models who were British-born Muslim female professors. My mentors identified with me but did not share my lived experiences. These lived experiences of racism, Islamophobia, marginalisation and isolation have driven my academic interests and a passion for tackling inequalities. I can now stand back and say… you did it, you overcame the challenges!

What difference has this made to your role and your area of research?

‘Professor’ is a respected title demonstrating excellence in research and teaching and therefore provides me with a platform to continue sharing my perspectives.

Your main research interests are around tackling health inequalities. Tell us about your work in this area during the last year.

I have been working on our Collaborative Targeted Outreach Programme (CTOP), to develop an inclusive health and social care workforce. The aim is to use research findings and processes to engage with young people, parents, career-switchers, and under-represented groups from diverse ethnic backgrounds to improve their knowledge and perceptions of nursing, midwifery, allied health professions and social work. We invited communities in Bedfordshire, Luton and Milton Keynes to attend outreach events and school children visited the University to take part in activities and see our new health simulation suites.

I have also developed a play in collaboration with the Komola Collective. The play uses storytelling to illustrate CTOP research findings. In July, we welcomed over 300 people from Bedfordshire, Luton and Milton Keynes to the University to watch the play and discuss the issues raised.

How is your work making an impact in the community?

The TLC Workforce Research Programme is making a difference across several areas. It meets the University’s graduate outcomes/employability KPI, the aims of the University’s Civic Partnership with Luton Borough Council and the priorities of the

An opportunity to discuss…

• health and social work courses and careers

• provide guidance and opportunities to pursue higher education

COURSES & CAREERS IN PAEDIATRIC

NURSING

GAIN A DEGREE

APPLY EVEN AT AN OLDER AGE MANY VARIED ACCESS ROUTES

A CAREER FOR ALL ETHNIC GROUPS

A CAREER FOR ALL RELIGIONS

A CAREER FOR MEN AND WOMEN

FOR FURTHER INFORMATION

WEBSITE beds.ac.uk/tlc-research/ctop-events

EMAIL nasreen.ali@beds.ac.uk

If this is something you would be interested in, please contact rukia.saleem@beds.ac.uk

BLMK Integrated Care System specifically, user-centred health and social care, workforce capacity and reducing inequalities.

What will you be working on in the year ahead?

I will continue to grow the projects in the TLC workforce research programme while publishing and presenting our findings at conferences. I am looking forward to presenting some of this work alongside colleagues from UCL and Luton Borough Council’s Public Health Team at the 17th European Public Health Conference in Portugal.

What is your advice to other women who want to become a professor?

My advice is to keep pursuing your passion while seeking out opportunities that will help you demonstrate your expertise in your subject area and find a mentor you can trust.

CELEBRATING SUCCESS

We believe in celebrating success and recognising the achievements of our people. Over the last year, our staff, students and alumni have made us proud, winning awards and enjoying career success.

We have also recognised and celebrated the outstanding achievements of those who have contributed to our communities and society by presenting them with honorary awards.

OUR STUDENTS

PHD STUDENT RECOGNISED IN NEW YEAR HONOURS LIST

One of our PhD students was awarded the British Empire Medal (BEM) for services to social work in the New Year Honours List. Kirstie Baughan, who studies with our Institute of Applied Social Research, was recognised for her work with unaccompanied asylum-seeking children and refugees. Kirstie previously won top prizes at the Social Worker of the Year Awards, including ‘Overall Social Worker of the Year’ and ‘Social Justice Advocate’.

RADIO LAB CONTINUES ITS AWARD-WINNING WAYS

In November, our on-campus community radio station, Radio LaB won silver awards in two categories at the Community Radio Awards (CRAs) adding to its ever-expanding trophy cabinet.

The team took home the awards for Sports Show of the Year and Live Event or Outside Broadcast of the Year for their nine-hour coverage of the sports competition Varsity 2023, which saw Bedfordshire triumph over rivals, the University of Northampton. After months of careful planning, the team covered 11 sporting fixtures including volleyball, football and archery, culminating in Bedfordshire’s first win since 2019. The event also saw them teaming up with journalism students from Northampton to cover the event, providing important industry experience for them.

The Varsity programme was also shortlisted in the finals of the 2023 Student Radio Awards.

OUR PEOPLE

TWO NEW FEMALE PROFESSORS FOR THE UNIVERSITY OF BEDFORDSHIRE

This year, we were delighted to appoint two more female professors. Professor Julie Brunton – our Pro-Vice Chancellor of Education & Student Experience – has been named as Professor of Higher Education Teaching & Learning, while Professor Enjie Liu –undergraduate Portfolio Leader with the School of Computer Science & Technology and Postgraduate Research Lead with IRAC (the University’s Institute for Research in Applicable Computing) – has become Professor of Networked Applications.

LONG SERVICE AWARDS PRESENTED AT OUR ANNUAL SUMMER PARTY

The annual Staff Summer Party is our way to thank colleagues for all their hard work and dedication over the year.

Central to this celebration is our Long Service Awards which recognise the contributions, dedication, commitment and loyalty of colleagues who have reached significant milestones of service. Formal certificates were presented to 48 people who marked 10 years of service and 11 who were celebrating 25 years of service.

The event aims to promote a feeling of being valued and enhance the overall staff experience through shared celebration and appreciation.

OUR OUR ALUMNI PARTNERSHIPS

ALUMNI FEATURE IN ‘100 FACES’ CAMPAIGN

In April we were delighted to have two Bedfordshire alumni, Megan Murphy and Dr Suzella Palmer, featuring in a new campaign from Universities UK. The 100 Faces campaign highlights the stories and achievements of students who were the first in their families to go to university and how it changed their lives for the better. Dr Palmer’s career came full circle as she worked as a senior lecturer in Applied Social Sciences at the University for many years.

FORMER COMPUTING STUDENT AWARDED GATES SCHOLARSHIP TO STUDY AT CAMBRIDGE

In June, it was announced that one of our alumni had been chosen as a recipient of the prestigious Gates Scholarship to study for a PhD at the University of Cambridge.

Hannah Claus, who graduated with a BSc Artificial Intelligence and Robotics in 2022, was selected for the scholarship to pursue her PhD in Artificial Intelligence and equitable language models, making these technologies more accessible and less biased, including as many different voices and languages as possible.

NEW EDUCATION PARTNERSHIPS WITH LUTON TOWN FOOTBALL CLUB

In September, we announced the expansion of our longstanding partnership with Luton Town FC which saw the University become the Club’s official education partner.

The new agreement will bring a range of educational and career development opportunities for students studying

AWARDS HONORARY

Sport and Exercise Science, Sports Therapy and Rehabilitation, Business and Sports Journalism. This will include field trips to the training ground to meet staff and players and insight into the behind-the-scenes workings of a Championship club for a select group of students on relevant courses such as Sport Coaching Science.

The agreement will also see our logo featured on the sleeves of training shirts, as well as on advertising boards at the Club’s ground.

HONORARY DEGREES FOR JONATHAN VAN-TAM, GARY SWEET AND DR HARRY BRUNJES

In January, we celebrated the achievements of more than 2,000 students at our first graduation ceremonies of 2024 and presented honorary awards to some familiar faces.

Honorary Doctorates were awarded to former government Deputy Chief Medical Officer Professor, Sir Jonathan Van-Tam, Luton Town FC’s Chief Executive Officer, Gary Sweet, and renowned physician, Dr Harry Brunjes.

Professor Van-Tam was awarded an Honorary Doctor of Science after becoming a familiar face to many during the Covid-19 pandemic and keeping the nation up to date with the latest developments on the virus.

Luton Town FC’s Chief Executive Officer, Gary Sweet, was awarded an Honorary Master of Business Administration in recognition of his work which saw the Club promoted to the Premier League for the first time in its history.

Also celebrating alongside the Class of 2024 was Dr Harry Brunjes, founder of the highly successful Premier Medical Group, who was awarded an Honorary Doctor of Arts. Raised in Bedfordshire, Dr Brunjes is widely recognised in the world of medicine, and he holds various roles including as a founding fellow and Vice President of The College of Medicine.

Enabling strategy

EDUCATION & STUDENT EXPERIENCE

Priorities for 2024/25

• Embed the MyEngagement learning analytics platform across the University.

• Implement the Assessment Transformation programme to support academic achievement.

• Develop our Digital Learning Enabling Strategy.

• Expand flexible modes of delivery including blended and distance learning.

• Address the areas where improvements are needed to achieve better NSS outcomes.

• Review our academic skills support provision and implement recommendations of recent research on our Personal Academic Tutoring scheme.

OUR FOCUS FOR THE YEAR AHEAD

Over the next 12 months, we will continue to deliver our enabling strategies, to drive forward our Transforming Bedfordshire Strategy.

PEOPLE & CULTURE

• Launch our Leadership Framework and equip our line managers with the skills they need to lead with excellence.

• Create a more inclusive colleague experience, from recruitment and selection to induction, onboarding and exit.

• Roll out a strategically aligned training programme to ensure colleagues are equipped with the skills they need to do their jobs well.

• Support the University’s Race Equality Charter application and deliver initiatives to strengthen inclusion and embed an anti-racist culture at the University.

• Strengthen wellbeing services for colleagues and collaborate with partners to achieve the University Mental Health Charter.

INTERNATIONALISATION

• Continue to explore how we enhance student diversity by investing in more digital marketing to attract applicants from a broader range of countries.

• Continue to offer a wide range of merit-based international scholarships to attract the brightest students.

• Develop new partnerships for delivery and progression in the UK and overseas.

• Implement a new CRM for marketing and recruitment activities.

INFRASTRUCTURE

• Obtain full Board approval for our Master Plan and begin the initial programme of works.

• Progress with the Putteridge Bury Estate Master Plan.

• Continue with the roll-out and implementation of projects within our transformative SITs project.

• Roll out a replacement student helpdesk system.

• Introduce a learner management system for our apprenticeship provision.

• Implement a new CRM system.

RESEARCH & INNOVATION

• Continue with the review of our Academic Workload Planning Framework and implement a new Professorial Review Framework.

• Implement changes to our research institutes and centres to further strengthen our research culture and support for colleagues.

• Implement our new Community Engagement Strategy.

• Work with academic schools to ensure our research and innovation activities contribute to student employability.

• Develop new areas for our apprenticeship provision and grow the number of apprenticeships we offer.

• Work collaboratively with colleagues to respond to the Government’s skills agenda.

FINANCIAL REVIEW

for the year ended 31 July 2024

Financial strategy

The University’s financial strategy is designed to ensure its long-term sustainability. The principal measures through which the University seeks to achieve this are:

• achieving recruitment and income targets;

• controlling pay and non-pay costs relative to income;

• achieving operating and net cash flow targets; and

• keeping net borrowings below three times net operating cash flow, whilst complying with bank borrowing covenants and other sector-specific conditions as specified by the OfS.

These measures are considered in the University’s annual planning, budgeting, and medium-term forecasting cycle, in the development and implementation of its treasury policy, and the planning and execution of its Estates Strategy and wider programme of capital investment.

Results for the year

The

summarised as:

Income

The University’s total income of £150.4m was £2.7m (-1.8%) lower than the prior year. The decrease was driven by lower home tuition fee income mainly due to lower overall numbers at Study Centre locations following the decision to end recruitment through the partnership with London School of Commerce. This was partially offset by growth in international fee income stemming from record levels of international student recruitment through the summer of 2023. Other significant income movements include a £3.0m increase in investment income reflecting the sustained rise in cash deposit interest rates through the year.

Operating expenditure

The cost environment continues to be extremely challenging (as it is for all HEIs), particularly staff costs, where pay awards (under national framework agreements) continue to exert upward pressure on pay spend against a backdrop of home tuition fees that have remained frozen at £9,250. The University continuously reviews its staff costs across all areas of activity, with efficiencies sought where possible.

The average total number of full-time equivalent (FTE) staff increased by 11 FTE (+0.9%) during the year, with investment in a further 6 FTE frontline teaching staff and a net 5 FTE increase in student support and administrative staff.

Before the impact of non-cash FRS102 pension costs, staff costs increased to £78.4m (+8.6%). Of this increase 1.0% is attributed to the growth in staff numbers, 3.0% is due to an accrual for costs incurred as part of the Voluntary Severance scheme and the remaining 4.6% due to increases in average staff pay levels during the year. Pension adjustments included within pay, being a release of £2.8m (2022/23 charge of £1.0m) resulted in an overall increase in total staff costs of £2.4m (+3.3%).

Other operating expenses decreased by £12.2m (-19.7%). This was mainly due to; lower international student recruitment expenditure (£6.1m) as intakes starting in the summer of 2024 were significantly lower than the equivalent level of activity in 2023, and lower partner costs of £5.9m due to the lower number of students at Study Centre locations.

Net assets

At 31 July 2024, total net assets were £208.2m, an increase of £14.7m mainly due to a decrease in short-term creditors of £36.0m as payments on account and deferred fees were recognised during the year being partially offset by a descrease in cash and short-term investments of £24.4m.

Cash flow and treasury management

The security of cash deposits is of paramount importance, and the University’s Treasury Management Policy therefore permits that accounts and deposits are to be held only with UK high street clearing banks.

from each of its three long-term debt providers in respect of a breach in its debt service cover ratio. No resulting restrictions were imposed on the basis that the breach was driven by working capital movements.

£250.0m

£200.0m

£150.0m

£100.0m

£50.0m

£0.0m

2019/20 2020/21 2021/22 2022/23 2023/24

The University seeks to optimise its return on cash through regular review of available interest rates, across current accounts, shot-term liquidity funds and fixed term deposits, whilst ensuring that it has sufficient liquidity available to meet day-to-day operational needs and investment commitments, without recourse to overdraft facilities.

Each year, as part of its planning processes, adaptive five-year financial forecasts are prepared. This process incorporates a review of capital expenditure and cash generation, enabling any necessary borrowing requirements to be considered and, if necessary, negotiated well in advance of need. Regular meetings are held with the University’s banking partners to ensure that they are kept appraised of developments and have sufficient comfort and confidence in the University to provide funding, should the need arise.

At the begning of the financial year the University had cash and current asset investments of £161.6m. For the year 2023/24, this total reduced by £24.4m to £137.2m driven by an operating cash outflow of £18.1m (2022/23: inflow of £25.3m) and capital spend of £11.2m partially offset by investment income of £6.0m.

Due to the negative operating cash flow for the year, the University successfully obtained covenant waivers

With the inclusion of investment balances, total cash and investments over a five-year period has shown significant growth and provides the University with the balance sheet strength to sustain its medium-to-long term capital investment strategy and manage the potential risks that stem from a competitive student recruitment market and inflationary pressures on expenditure. Cash and current investment v debt

£200.0m

£150.0m

£100.0m

£50.0m

£0.0m

£(50.0)m

2019/20 2020/21 2021/22 2022/23 2023/24

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:

• A detailed five-year cash flow forecast has been reviewed showing that the Group and the University will have sufficient funds to meet their liabilities as they fall due for the foreseeable future. This forecast is also submitted to the sector’s regulator, the Office for Students.

• Forecasts for cash flows, income and expenditure and net cash indicate that the University may require waivers against financial loan covenants for 2024/25 and 2025/26. The requirements for these will be continuously reviewed and discussions will take place with loan providers in order to avoid any such breach. Total debt at 31 July 2024 was £22.5m and in a worse-case scenario where waivers are not obtained the University has sufficient cash balances to repay these loans in full without leading to any liquidity risks.

• The University also has access to a £15m revolving credit facility (RCF). The forecasts for cash flows and income and expenditure show that the University will not need to draw on the RCF at any point during the foreseeable future.

Outlook

Looking ahead, the University faces a challenging financial environment. A continuation of the current funding model for home students whereby tuition fees remain at fixed levels means income in real terms continues to fall against a backdrop of rising pay and non-pay expenditure. Forecasts for the current year (2024/25) also indicate that overall levels of International recruitment are likely to be significantly lower than 2023/24 as demand from postgraduate students has been heavily impacted by visa rule changes and uncertainty surrounding government policy on postgraduate work visas.

As a result, the University is forecasting a reduction in total income during the year along with a significant impact on the overall surplus position.

Staffing costs continue to increase with average cost of living uplifts of 2.5% to take effect during 2024/25 in addition to an up to 8% increase during 2023/24. An uplift of 5% to the Teachers’ Pension Scheme (TPS) employer contribution rate also takes full effect during 2024/25 adding to the staffing cost.

The University is undertaking strategies to mitigate the risks to income and continued pressure on expenditure, through strategically growing other income sources including from Apprenticeships, Academic Partnerships and Commercial opportunities.

This is in addition to delivering long-term cost efficiency measures ensuring the future cost base is aligned with the forecast levels of income, a process which commenced during the Spring of 2024 with a Voluntary Severance scheme. The high levels of cash, low levels of debt and recent strength of the financial surplus leading into 2024/25 means the University has the balance sheet strength to withstand these potential short-term risks as these strategies progress.

CORPORATE GOVERNANCE STATEMENT

The Board of Governors as a whole, individual governors and officers of the University are required to conduct themselves at all times in accordance with the Nolan Committee’s standards in public life which embrace selflessness, integrity, objectivity, accountability, openness, honesty and leadership. All governors are required to exercise their responsibilities in the interests of the institution as a whole rather than as the representative of any constituency. The University maintains and makes publicly available a register of interests of all members of the Board of Governors and Senior Staff. The Board has adopted a Statement of Primary Responsibilities which is published on the University website.

It is the opinion of the Governors that they have acted in compliance with the principles set out by the Committee on Standards in Public Life in discharging their duties as Governors in respect of University business during the financial year ended 31 July 2024 and up to the date of approval of the Financial Statements.

Legal and charitable status

The University of Luton was established as a Higher Education Corporation in England under the provisions of the Education Reform Act 1988 and the Further and Higher Education Act 1992. The University of Bedfordshire was established in August 2006 by order

of the Privy Council, following the merger between the University of Luton and De Montfort University’s Bedford campus.

The Higher Education and Research Act 2017 introduced the Office for Students as the new regulator for Higher Education. The University’s registration with the Office for Students was confirmed on 9 October 2018 and the University complies with all the conditions of registration.

The University of Bedfordshire is an exempt charity, with its purpose being the advancement of education, as defined under the Charities Act 2011 and is regulated by the Office for Students (OfS) having been regulated previously by the Higher Education Funding Council for England (HEFCE) until 31 March 2018.

The University’s objectives, powers and framework of governance are set out in its Instrument and Articles of Government. The University is directed by a Board of Governors who are also its trustees. The Board of Governors is unambiguously and collectively responsible for overseeing the University’s activities, determining its future direction and fostering an environment in which its mission is achieved and the potential of all students is maximised. It takes all final decisions on matters of fundamental concern to the institution.

The Articles of Government require the University to establish a Board of Governors and an Academic Board, each with clearly defined functions and responsibilities, to oversee and manage its activities.

In delivering the University’s new strategic goals, the Board of Governors has had due regard to the Charity Commission’s guidance on public benefit and particularly for its supplementary guidance on the advancement of education.

Beneficiaries

The University’s main beneficiaries are its undergraduate and postgraduate students, who are engaged in learning and research. Other direct beneficiaries include employers, industry and those who benefit from the University’s research activities. Other beneficiaries include alumni and their families, local communities, and businesses and organisations that receive students as volunteers or as placements or interns.

The University is committed to best practice in all aspects of corporate governance. It aims to conduct its business in accordance with the seven principles identified by the Nolan Committee on Standards in Public Life. The Board has adopted The Higher Education Code of Governance issued by the CUC in December 2014 and revised in June 2018 and the requirements of the Memorandum of Assurance and Accountability previously issued by HEFCE, and continuing under the OfS.

Tackling barriers

The University offers excellent, innovative education and research to all who can demonstrate that they have the required attributes to benefit from these activities. It helps students to identify other sources of financial support such as student loans. Specific help is provided to students to enable them to apply for Disabled Student Allowances and a range of services, equipment and specialist software to support their learning. The University applies no geographical restrictions to its activities and students and staff are recruited from across the UK and internationally. The University delivers provision to students based in the UK and in other countries. In 2023/24 the University continued to offer a generous bursary scheme to all students alongside specific scholarships.

Tackling harm and detriment

The University does not believe that any detriment or harm arises from its activities. It has a well-publicised policy for handling and resolving student complaints and a robust research ethics policy. The University also has an environmental strategy and associated policies that promote sustainability and the protection of the environment across the entire breadth of its activities. For example, we have specific policies on energy reduction and on recycling. All new buildings are expected to achieve Building Research Establishment Environmental Assessment Method (BREEAM) ‘excellent’ standard and existing buildings are refurbished to improve their environmental efficiency.

Incidental private benefits

The University has policies to deal with activities that may lead to incidental private benefits. Private consultancy is not permitted by University staff. Once concluded, unless otherwise contractually required, all research completed by staff is placed in the public domain.

Board of Governors

The Board of Governors is the University’s governing body and is collectively accountable for institutional activities, taking all final decisions on matters of fundamental concern. It is responsible for the finance, property and staffing of the University. It is specifically required to determine the educational character and mission of the University and to set its general strategic direction.

The Board of Governors, which meets at least four times a year, comprises up to 24 members, including the Vice Chancellor and Chief Executive. It has a majority of independent members, who are external to the institution. The Board of Governors’ membership comprises both lay and academic persons, including student and staff representation. The Chair of the Board of Governors is elected from the independent members.

No members of the Board of Governors receive any remuneration for the work they do for the Board, although they are able to claim expenses incurred in the course of undertaking their duties.

Newly appointed governors are offered individual induction programmes which include meetings with senior staff of the University. To help with the familiarisation process in their first year, Governors are also offered the opportunity to be paired with an experienced member of the Board to assist them transition into the role. Governors are provided with a training schedule giving details of seminars and conferences arranged by Advance HE, and other bodies. They receive pre-Board presentations on key topics, are encouraged to attend twilight governor development sessions on strategic areas or sectoral initiatives, have access to a wide variety of University events and are able to visit individual faculties, departments or classes. A Governance Handbook has also been developed as reference material for Board members.

The roles of the Chair and the Vice Chairs of the Board of Governors are separated from the role of the University’s Vice Chancellor and Chief Executive. Matters specially reserved to the Board of Governors for decision are set out in the Articles of Government, by custom and in the registration conditions of the OfS, including provisions such as the Memorandum of Assurance and Accountability.

The Chair is responsible for the leadership of the Board of Governors and is ultimately responsible for its effectiveness. The Chair is responsible for ensuring that the University is well connected with its stakeholders.

The Vice Chancellor and Chief Executive is responsible for advising the Board of Governors on strategic direction and for the management of the institution, and is the accountable officer in respect of the use of OfS funds. The Vice Chancellor and Chief Executive is accountable to the Board of Governors which has set down, and regularly reviews, the authority which it delegates to the Vice Chancellor, having regard to those responsibilities conferred directly by the Articles of Government.

Certain matters such as the approval of the strategic plan, the annual budget, major investments and the sale and purchase of land are reserved matters for the Board. However, much of its detailed work is handled initially by its committees. All committees are required to report to the Board of Governors regularly, normally after each committee meeting and the decisions of all standing committees are reported formally to the Board. The Vice Chancellor also provides a report on key issues at each meeting. Senior staff of the University are present at each meeting of the Board of Governors to expand on reports as appropriate and to answer any questions that may arise. The proceedings of the Board of Governors are conducted in as open a manner as possible. Information and papers are restricted only when the wider interests of the University or the public interest demands, including the observance of contractual obligations.

All governors are able to take independent professional advice in furtherance of their duties at the University’s expense and have access to the Clerk

to the Board of Governors, who is responsible to the Board for ensuring that all applicable procedures and regulations are complied with. The appointment and removal of the Clerk are matters for the Board of Governors as a whole.

In 2023/24, the Board met on five occasions and formal agendas, papers and reports were supplied to Governors in a timely manner prior to Board and Committee meetings.

Members of the Board of Governors who served during the year and up to the date of approval of the financial statements can be found on pages 50 and 51 together with details of their attendance at Board and Committee meetings.

Academic Board

An Academic Board provides regular updates to the Board of Governors (the Board) on all academic matters, through the Academic Quality and Student Experience Committee, ensuring that the Board can discharge its obligation to have assurance on the academic quality and standards of teaching at the University.

Committees

The Board of Governors has established five standing committees to help it to take forward its work. These are:

• Resources and Employment Committee

• Audit and Compliance Committee

• Academic Quality and Student Experience Committee

• Governance Committee

• Remuneration Committee

Resources and Employment Committee

The Resources and Employment Committee meets at least four times a year and is responsible for the strategic oversight of the University’s financial, investment, estates, partnership and employment activities. The Committee has oversight of financial policy and management and the progress of significant capital projects and recommends to the Board of Governors the annual revenue and capital budgets, and the annual financial statements to confirm the University’s financial performance and financial position for the relevant year.

The Committee is responsible for approving major new academic partners and monitoring and reviewing the financial sustainability of existing partnerships, thus ensuring that business risks associated with academic partnerships are fully assessed and monitored. The Board’s Academic Quality and Student Experience Committee overseas the academic quality of partnerships. The Committee also has responsibility for staffing and HR matters, including: reviewing HR policy and process; oversight of staff health and welfare; and monitoring feedback associated with staff surveys.

Audit and Compliance Committee

The Audit and Compliance Committee meets at least four times a year, with internal and external auditors in attendance. While senior executives attend meetings of the Audit and Compliance Committee as necessary, they are not members of the Committee.

The Committee has oversight of the University’s arrangements for ensuring compliance with legislation and regulations, including diversity, equalities, health and safety legislation, information and data as they apply both to staff and students. It is also responsible for ensuring that the University complies with the accountability requirements set out in the Memorandum of Assurance and Accountability and those of other funding bodies, together with the University’s Instrument and Articles of Government. The Committee ensures that a register of interests is maintained and annually reviewed for governors and senior staff of the University.

The Committee is responsible for monitoring the internal control environment of the University. This includes regular reviews of the strategic risk register; consideration of internal audit report findings; review of the effectiveness of the systems of internal control and monitoring the compliance with regulatory requirements. It reviews the annual financial statements, including the accounting policies, for compliance with relevant guidance as issued by the Office for Students and other parties, prior to consideration and approval of the financial statements by the Board. It ensures that the systems and processes for the preparation of statutory returns to the OfS and the Higher Education Statistics Agency are reviewed and that returns have received the required approval prior to submission.

Academic Quality and Student Experience Committee

The Academic Quality and Student Experience Committee meets at least four times a year and focuses on academic governance. The Committee is responsible for reviewing arrangements for monitoring the experience of prospective, current and former students and how the University gains their views and incorporates them within its activities. In consultation with the Academic Board, it also ensures that rules are made with respect to the conduct of students, including procedures for suspension and expulsion.

The Committee receives reports from the Academic Board, performance reviews, reports on partnerships and student experience and student voice reports. During the academic year 2023/24, the Committee provided confirmation to the Board of Governors that it had received adequate and sufficient information to undertake the necessary scrutiny of academic governance and responses to OfS assessment reports.

Governance Committee

The Governance Committee meets at least three times every year. The Committee considers new appointments to the Board of Governors and its Committees and also ensures a balance of skills amongst governors that is sufficient to enable the Board of Governors to meet its primary responsibilities and to ensure stakeholder confidence. The Committee specifies the role and capabilities required of new members, based on an ongoing evaluation of the balance of skills and experience

within the Board of Governors. The Committee considers succession planning for the Board of Governors’ membership and appointments to fill vacancies under the University’s Instrument of Government, as well as succession planning for membership of the Board’s committees. Vacancies are widely publicised within and outside the University.

Remuneration Committee

The Remuneration Committee meets once a year and determines the annual remuneration of the Vice Chancellor and the Registrar and University Secretary (as Clerk to the Governors), and the salaries of senior post holders. The Committee is also responsible for reviewing severance arrangements for senior post holders, taking account of guidance provided by the OfS. The Vice Chancellor is not a member of the Committee but is present to answer questions and provide additional information. The Vice Chancellor and the Registrar and University Secretary and senior postholders are not present for any discussion concerning their own appraisal or remuneration. The Committee membership includes a Student Governor and a Staff Governor.

Attendance of Governors for 2023/24

Governor Board Attendance Committee Attendance

INDEPENDENT MEMBERS

Mr Simon Yun-Farmbrough 5/5

The Rt Revd Richard Atkinson OBE 3/4

Ms Helen Beck 3/5

Academic Quality & Student Experience (observer): 4/4

Audit and Compliance (observer): 4/4

Governance (observer): 3/3

Remuneration: 1/1

Resources and Employment (observer): 4/4

Academic Quality & Student Experience: 1/1

Governance: 2/2

Remuneration: 1/1

Remuneration: 0/1

Resources and Employment: 3/4

Governance: 3/3

Mr Mohit Dhingra 2/3 Audit and Compliance: 3/4

Ms Isabel Doverty 1/2 Resources and Employment: 1/1

Audit and Compliance: 4/4

Mr Richard Exact 4/5

Changes in period

Term completed, April 24

Co-opted member to February 24

Ended, December 23

Remuneration: 1/1

Mr Garry Forsyth 4/5 Resources and Employment: 3/4

Dr Ali Hadawi CBE 5/5

Academic Quality & Student Experience: 3/4 Governance: 3/3

Mr Simon James 3/5 Resources and Employment: 3/4

Councillor M. Aslam Khan 4/5 Audit and Compliance: 4/4

Mr Ian McKetty 5/5 Resources and Employment: 4/4

Ms Isabel Nisbet 5/5

Ms Judit Seymour 1/2

Academic Quality & Student Experience: 4/4

Audit and Compliance: 4/4

Audit and Compliance: 1/1

Remuneration: 1/1

Term completed, December 23 + Attendance is shown only for Governors who held office at the time when meetings which they were eligible to attend were held.

+ Attendance is shown only for Governors who held office at the time when meetings which they were eligible to attend were held.

Attendance of Governors for 2023/24 + (continued)

CO-OPTED MEMBERS

Mr Stephen Wells N/A

Resources & Employment: 2/2

NOMINEES OF THE UNIVERSITY’S STAFF

Dr Mohammad Alramahi 5/5

Dr Helen Connolly 5/5

Ms Safina Kausar 4/5

NOMINEES OF BEDS SU

Mr Ryan Murphy 5/5

Academic Quality & Student Experience: 4/4

Resources and Employment: 3/4

Academic Quality & Student Experience: 3/4

Remuneration: 0/1

Joined, January 24

Ms Chidinma Akwada 4/5

Ms Seyi Lowo 1/1

Mr Chidera Umeh

VICE CHANCELLOR

Professor Rebecca Bunting 5/5

Academic Quality & Student Experience: 4/4

Audit and Compliance: 4/4

Remuneration: 1/1

Academic Quality & Student Experience: 3/4

Governance: 2/2

Resources and Employment: 4/4

Academic Quality & Student Experience: N/A

Joined, September 23

Term completed, July 24

Term completed, July 24

Resources and Employment: N/A Joined, July 24

Academic Quality & Student Experience: N/A

Resources and Employment: N/A

Academic Quality & Student Experience: 4/4

Audit and Compliance (attendee): 4/4

Governance: 3/3

Remuneration (attendee): 1/1

Resources and Employment: 4/4

Joined, July 24

INTERNAL CONTROL STATEMENT

The University’s Board of Governors is responsible for the University’s system of internal control and for reviewing its effectiveness. The adequacy and effectiveness of arrangements for corporate governance, risk management and oversight of any statutory and other regulatory responsibilities, including compliance with the OfS’ conditions of registration and any terms and conditions of funding, are ensured through ongoing oversight and review to ensure that they remain fit-for-purpose. This is achieved through a range of review mechanisms including those undertaken internally and by external parties, through internal and external auditors. The University’s system of internal control, which is designed to support the Board of Governors in carrying out its responsibilities, includes a professional internal audit service delivered under terms of reference which reflect guidance issued by the OfS, and whose annual programme is approved by the Audit and Compliance Committee. The Board is ultimately responsible for these arrangements and reviewing the effectiveness of the system of internal control, but discharges detailed review and monitoring to sub-committees and management under a Scheme of Delegation. This process is regularly reviewed by the Audit and Compliance Committee on behalf of the Board of Governors and accords with the guidance on control set out in the CUC Code of Governance for Higher Education.

The review of effectiveness of internal control is also informed by the work of the executive managers within the University, who have responsibility for the development and maintenance of the internal control framework and for managing risk using a risk-based approach and by comments made by the external auditors

in their management letter and other reports. There are clearly defined responsibilities of, and the authority delegated to, senior officers of the University, formalised requirements for approval and control of expenditure and procedures for the management of investment and risk. There is a comprehensive annual planning process, supplemented by detailed annual income, expenditure, capital and cash flow budgets and regular review of institutional performance and of financial results, involving variance reporting and updates of forecast out-turns. The University’s executive managers also receive regular reports on key performance and risk indicators and consider issues indicated by control mechanisms embedded within operational units and reinforced by risk awareness training.

These arrangements also allow for the University to ensure propriety and regularity in the use of public funding which is achieved through the operation of frameworks and policies, including a Code of Conduct for Employees and Financial Regulations, which are underpinned by linked policies, such as an Expenses Policy, a Gifts and Hospitality Policy and procedures in relation to procurement.

The Audit and Compliance Committee is responsible for meeting, at least quarterly, with the external auditors and the internal audit service, and reviewing their work. The Committee meets at least four times a year and considers detailed reports together with recommendations for the improvement of the University’s system of internal control and management’s response and implementation plans. The Committee closely monitors the University’s compliance with the conditions of registration. As part of this, it receives and considers reports from the OfS and other assurance sources as they affect the University’s business and monitors adherence with the regulatory

requirements, including the need for ensuring the quality of data returned for funding purposes. It reviews the University’s annual financial statements together with the accounting policies. Whilst senior staff of the University attend meetings of the Audit and Compliance Committee as necessary, they are not members of the Committee.

The University of Bedfordshire complies with OfS Terms and Conditions of Funding. The University has a robust financial control process in place which enables it to ensure that funds provided by the OfS are used for the purposes intended. In addition, assurance concerning the use of public funds is provided through the work of the external auditors. Further details of the remit and opinion of the external auditors can be found in the independent auditor’s report to the Governing Body of the University which is presented as part of this Annual Report.

Overall, for the year ended 31 July 2024 and at the time of reporting, the internal auditors have provided satisfactory assurance that the University maintained adequately designed and effective arrangements for risk management, control and governance, and for economy, efficiency and effectiveness.

The Board is of the view that there are no significant internal control weaknesses or failures that have arisen during the financial year ended 31 July 2024 and up to the date of approval of the Financial Statements.

RISK MANAGEMENT

The system of internal control is designed to manage, rather than eliminate, the risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness. The Board of Governors is responsible for ensuring that a sound system of controls is maintained and, along with the Audit and Compliance Committee, reviews the University’s risk management and risk appetite policies annually to ensure they remain effective and fit for purpose.

The University’s risk management processes identify and manage the major strategic and financial risks. A strategic risk register is maintained and regularly reviewed against institutional objectives. The risk register is also reviewed by the Audit and Compliance Committee at each meeting and by the Board of Governors at least annually. A summary dashboard has been developed so that major and emerging risks are easily tracked by Governors. Strategic risk appetite analysis is maintained and regularly reviewed against institutional objectives and the risk appetite analysis is also reviewed by the Audit and Compliance Committee.

The University faces a number of strategic risks which could affect its academic, professional and commercial ambitions. The Vice Chancellor and the executive group oversee risk management processes and the University takes a systematic approach to managing risk and the levels of risk the University is seeking to take, or willing to accept, are key elements within these arrangements and feature in discussions between executive members

and the Board of Governors. Underpinning this is a risk management framework which incorporates an institutional risk procedure, guidance, and managed arrangements for recording, reviewing and escalating risk information.

Risk management techniques are incorporated into the operational business of the University, including the annual business planning process and the management of major projects. High level risks to the University achieving the Transforming Bedfordshire Strategy are managed closely and documented on the Corporate Risk Register. A corporate risk and control register, covering business, operational and compliance risks as well as financial risks, is maintained throughout the year. Risks are prioritised according to defined criteria of likelihood and impact. The Board of Governors requires regular reports from executive managers on the steps they are taking to manage key risks as part of their ongoing operations, including progress reports on key projects and on internal control activities.

The Audit and Compliance Committee receives reports from the internal audit service on the adequacy and effectiveness of specific aspects of the system of internal control together with recommendations for improvement. The internal audit service reports annually to the Audit and Compliance Committee on its independent opinion on the adequacy and effectiveness of the system of internal control, together with recommendations for improvement. The Audit and Compliance Committee receives comments made by the external auditors in their management letter and other reports.

Risk and business continuity

During 2023/24, working closely with the Board’s Audit and Compliance Committee, we have continued to embed an updated Risk Management Framework. A revised Risk Appetite Statement has been developed and approved by the Board of Governors (The Board) monitoring closely those risks which fall outside of our risk tolerance limits. During 2023/24, the Board implemented a Committee level review of the specific risks within the remit of each Board sub-committee. This has allowed the Board to increase the depth of its focus on the quality and effectiveness of the controls established to reduce the risk.

Risk analysis

The revised Strategic Risk Register (The Register) monitors key risks to the University including operational and compliance risks.

The Register is reviewed regularly by the Vice Chancellor’s Executive Group and the Board of Governors’ Audit & Compliance Committee. The Board regularly receives a Major Risk summary.

The internal auditors have recently undertaken a review of the University’s revised risk management framework, with a positive report on the outcome.

Student recruitment has the highest financial impact on the University. The associated risks include the following:

• Changes to government policy on higher education which impact directly on recruitment.

• Lower league table status may impact recruitment

• Over-reliance on a small number of international recruitment markets and narrow focus on subjects studied.

• Changes to Visa regulations, or government narrative, specifically designed to reduce net migration.

• Increased competition from other anglophone countries.

• Global cost of living issues impacting on affordability of overseas education.

To mitigate the risks associated with student recruitment, the University seeks to manage its cost base to ensure that expenditure is kept within a range proportional to income generated. Staffing forms the largest single cost of the University and the University’s ability to manage these within this range can be impacted by developments though national pay negotiations and changes to public sector pension schemes including actuarial valuations of the schemes in which the University’s employees are members.

THE TRADE UNION (FACILITY TIME PUBLICATION REQUIREMENTS) REGULATIONS 2017

The Trade Union (Facility Time Publication Requirements) Regulations 2017 require the University to publish information on trade union facility time annually and the table of data for the period 1 April 2023 to 31 March 2024 is as follows:

TABLE 1 – RELEVANT UNION OFFICIALS

TABLE 2 – PERCENTAGE OF TIME SPENT ON FACILITY TIME

* Activities encompass such things as branch meetings, elections and conference attendance

** Duties encompass such things as casework, representation of employees

TABLE 3 – PERCENTAGE OF PAY BILL SPENT ON FACILITY

TABLE 4 – PAID RELEVANT TRADE UNION ACTIVITIES

STATEMENT OF BOARD OF GOVERNORS’ RESPONSIBILITIES IN RESPECT

OF THE FINANCIAL STATEMENTS

The Board of Governors is responsible for preparing the Report of the Governors review and the financial statements in accordance with the requirements of the Office for Students’ Terms and Conditions of Funding for Higher Education Institutions and Research England’s Terms and Conditions of Research England Grant and applicable law and regulations.

It is required to prepare group and parent University financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The terms and conditions of funding further require the financial statements to be prepared in accordance with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education, and in accordance with the requirements of the Accounts Direction issued by the Office for Students. The Board of Governors is required to prepare financial statements which give a true and fair view of the state of affairs of the group and parent University and of their income and expenditure, gains and losses and changes in reserves for that period.

In preparing each of the group and parent University financial statements, the Board of Governors is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

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

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

• use the going concern basis of accounting unless it either intends to liquidate the group or the parent University or to cease operations, or has no realistic alternative but to do so.

The Board of Governors is responsible for keeping 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 parent University. It is responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

The Board of Governors is also responsible for:

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

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

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

• securing the economical, efficient and effective management of the university’s resources and expenditure.

The 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.

Simon Yun-Farmbrough Chair of the Board of Governors

25 November 2024

INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF GOVERNORS REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of the University of Bedfordshire (“the University”) and its subsidiaries (the ‘Group’) for the year ended 31 July 2024 which comprise, the Statement of Accounting Policies, the Consolidated and University Statement of Comprehensive Income and Expenditure, the Consolidated and University Statement of Changes in Reserves, the Consolidated and University Balance Sheets, the Consolidated Cash Flow Statement and the Notes to the Financial Statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Group’s and of the University’s affairs as at 31 July 2024, and of the Group’s and of the University’s income

and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows, for the year then ended; and

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

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 Group 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 Group’s or 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 is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 this gives rise to a material misstatement in the financial statements themselves. 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 the Board of Governors

As explained more fully in the statement of the responsibilities of the Board of Governors on page 56, the Board of Governors is 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 the Board of Governors determines 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 is responsible for assessing the Group’s and University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Governors either intend to liquidate 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.

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

• We enquired of management the systems and controls the University has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The University did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the University. We determined that the following were most relevant: FRS 102, 2019 Statement of Recommended Practice (SORP): 'Accounting for Further and Higher Education'.

• We considered the incentives and opportunities that exist in the University, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the University, together with the discussions held with the University and

internal auditors at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Testing key income lines, in particular cut-off, for evidence of management bias.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Obtaining third-party confirmation of material bank balances, loans and investments.

• Performing physical verifications of key assets.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the defined benefit pension obligation.

• Documenting and verifying all significant related party balances and transactions.

• Reviewing documentation such as the Board of Governors’ and committee minutes, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the Governing Body.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

We are required to report on the following matters by the Accounts Direction dated 25 October 2019 issued by the Office for Students (“the Accounts Direction).

In our opinion, in all material respects:

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

• funds provided by the 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 (issued October 2019) have been met.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the OfS Accounts Direction (issued October 2019) requires us to report to you where:

• the University’s grant and fee income, as disclosed in note 4 to the financial statements, has been materially misstated; or

• the University’s expenditure on access and participation activities for the financial year, as disclosed in note 10 to the financial statements, has been materially misstated.

USE OF OUR REPORT

This report is made solely to the Board of Governors as a body in accordance with the University's Articles, Charters, Statutes or Ordinances, and section 124B of the Education Reform Act 1988. 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.

HW Fisher Audit

Chartered Accountants

Statutory Auditor

Acre House 11-15 William Road London United Kingdom NW1 3ER

Date: 25 November 2024

FINANCIAL STATEMENTS

STATEMENT OF ACCOUNTING POLICIES

for the year ended 31 July 2024

1 Legal status

The University of Luton was established as a Higher Education Corporation in England under the provisions of the Education Reform Act 1988 and the Further and Higher Education Act 1992. The University of Bedfordshire was established in August 2006 by order of the Privy Council, following the merger between the University of Luton and De Montfort University's Bedford campus.

The University of Bedfordshire is an exempt charity, with its purpose being the advancement of education, as defined under the Charities Act 2011 and is regulated by the Office for Students (OfS) having been regulated previously by the Higher Education Funding Council for England (HEFCE) until 31 March 2018.

The address of the registered office is University of Bedfordshire, University Square, Luton, LU1 3JU.

2 Basis of preparation

The Group and the University 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 (SORP): Accounting for Further and Higher Education (2019 edition). They have also been prepared in accordance with the Accounts Direction issued by the Office for Students (OfS), the Terms and conditions of funding for higher education institutions issued by the Office for Students and the Terms and conditions of Research England Grant.

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

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

Going concern

The Group and the University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Financial Review which forms part of the Report of the Governors. The Report of the Governors also describes the financial position of the University, its cash flows, liquidity position and borrowing facilities. In preparing these financial statements, the Board of Governors has had regard to the following:

• A detailed five-year cash flow forecast has been reviewed showing that the Group and the University will have sufficient funds to meet their liabilities as they fall due for the foreseeable future. This forecast is also submitted to the sector’s regulator, the Office for Students.

• Forecasts for cash flows, income and expenditure and net cash indicate that the University may require waivers against financial loan covenants for 2024/25 and 2025/26. The requirements for these will be continuously reviewed and discussions will take place with loan providers in order to avoid any such breach. Total debt at 31 July 2024 was £22.5m and in a worse-case scenario where waivers are not obtained the University has sufficient cash balances to repay these loans in full without leading to any liquidity risks.

• The University also has access to a £15m revolving credit facility (RCF). The forecasts for cash flows and income and expenditure show that the University will not need to draw on the RCF at any point during the foreseeable future.

Having considered the above the Board of Governors is confident that the Group and parent University will be able to continue its operations and have the finances to do so throughout the going concern assessment period and has therefore prepared the financial statements on a going concern basis.

3 Basis of consolidation

The consolidated financial statements combine the financial statements of the University and all of its subsidiaries for the financial year to 31 July 2024.

Intragroup transactions are eliminated on consolidation and all income and expenditure relates to external activities only.

The consolidated financial statements do not include the income and/or expenditure of the students’ union, BedsSU, as the University does not exert control or dominant influence over BedsSU’s policy decisions.

4 Income recognition

Fee income

Tuition fees and income receivable under education contracts are credited to the Statement of Comprehensive Income and Expenditure over the period of study pertaining to that income as follows:

–

Undergraduate income

Over the teaching period (including placement periods) for any modules where study has taken place

– Postgraduate income

Over the full duration of the programme, inclusive of any writing up period. Where additional fees are raised for specific time-limited writing up periods, these are recognised as charged.

Where fee discounts are applied the income is shown net of the relevant discount.

Discretionary bursaries and scholarships are accounted for as expenditure on a gross basis, and are not deducted from income.

Income from goods or services

Income from the sale of goods or services is credited to the Statement of Comprehensive Income and Expenditure when the goods or services are supplied to the external customers or the terms of the contract have been satisfied.

Revenue grant funding

Government revenue grants, including block teaching grants and research grants, are recognised in income over the periods in which the University recognises the related costs for which the grant is intended to compensate. Where part of a government grant is deferred, the deferred element is recognised as deferred income within creditors and allocated between creditors due within one year and creditors due after more than one year as appropriate.

Grants (including research grants) from non-governmental bodies 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 as deferred income within creditors on the Balance Sheet and released to income as the conditions are met.

Capital grants

Government capital grants are recognised in income over the expected useful lives of the respective assets.

Capital grants received from non-governmental bodies are recognised in income when the University is entitled to the funds, subject to any performance related conditions being met.

Investment income

Investment income, including interest receivable on cash balances and short-term deposits, is credited to the Statement of Comprehensive Income and Expenditure on a receivable basis.

Donations and endowments

Non-exchange transactions without performance related conditions are accounted for as donations and endowments. Donations and endowments with donor-imposed restrictions are recognised in income when the University is entitled to the funds. Expenditure in relation to such income is charged directly to the restricted fund.

Donations with no restrictions are recognised in income when the University is entitled to the funds.

Income from, and changes in the capital value of, endowment investments are recorded in income in the year in which they arise and as either restricted or unrestricted income according to the terms of each relevant endowment fund.

Funding received on an agency basis

Funds which the University receives and disburses as paying agent on behalf of a funding body are excluded from the Statement of Comprehensive Income and Expenditure where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

5 Fixed assets

General

Fixed assets are stated at cost or deemed cost as set out below, less accumulated depreciation and any accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.

Land Land is stated at deemed cost.

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

Freehold buildings

Freehold buildings are stated at cost and are depreciated on a straight-line basis over their expected useful lives, up to a maximum of fifty years for each relevant component.

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

For new developments, design costs and professional fees are capitalised only when planning permission has been received.

Assets under construction are accounted for at cost and are not depreciated until they are brought into use.

Leasehold buildings are depreciated over the life of the lease.

Equipment

Equipment costing less than £10,000 is expensed in the year of purchase, other than where it constitutes an integral and essential element of a larger project, including planned significant rolling replacement programmes, in which case it is capitalised.

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

Furniture, fixtures and fittings 10 years

Other office and teaching equipment 5 years

Personal computers (PCs) 5 years

Computer equipment other than PCs 5 years

Leased equipment

Over the term of the lease

Depreciation methods, useful lives and residual values are reviewed at the date of preparation of each Balance Sheet.

Borrowing costs

Borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised.

6

Investment properties

Investment properties comprise land and buildings held for rental income or capital appreciation rather than for use in delivering services.

Investment properties are measured initially at cost and subsequently at fair value with movements recognised as part of the surplus/(deficit) for the year.

Investment properties are not depreciated but are revalued or reviewed annually according to market conditions as at 31 July each year.

Heritage assets

Acquisitions since 1 August 1999 have been capitalised at cost or, in the case of donated assets, at expert valuation on receipt.

Heritage assets are not depreciated as their long economic life and high residual value mean that any depreciation would not be material. 8

Investments

Non-current asset investments are held on the Balance Sheet at amortised cost less impairment. Current asset investments are held at fair value with movements recognised as part of the surplus/(deficit) for the year. 9

Stock

Stock is held at the lower of cost and net realisable value.

10 Cash and cash equivalents

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value. Therefore an investment will normally be classified as a cash equivalent if it has a maturity of three months or less from the date of commencement.

11 Finance leases

Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease and the corresponding lease liabilities are initially recognised at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

12 Operating leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

13 Maintenance of premises and equipment

The cost of routine corrective maintenance is charged to the Statement of Comprehensive Income and Expenditure as incurred.

14 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 at the end of the financial year.

15 Accounting for retirement benefits

The three principal pension schemes of which the University’s employees are members are the Bedfordshire Pension Fund (BPF), the Teachers’ Pension Scheme (TPS) and the Universities Superannuation Scheme (USS).

Bedfordshire Pension Fund (BPF)

The BPF is part of the Local Government Pension Scheme (“LGPS”) and is accounted for as a defined benefit pension scheme.

The assets of the BPF are held separately from those of the University. Pension scheme assets are measured using market values. Pension scheme liabilities are measured using a projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liability. Any pension scheme deficit is recognised in full. The movement in the pension scheme deficit is split between operating charges, finance items and actuarial gains and losses. Any pension scheme asset is not recognised, as there is no unconditional entitlement to a refund from the scheme or reduced contributions.

Teachers’ Pension Scheme (TPS)

The TPS is a defined benefit scheme. The nature and composition of the TPS means that the University is unable to identify its share of the underlying assets and liabilities of the TPS on a consistent and reasonable

basis and therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the Statement of Comprehensive Income and Expenditure represents the contributions payable to the scheme in respect of the accounting period.

Universities Superannuation Scheme (USS)

The USS is a multi-employer defined benefit scheme for which it is not possible to identify the assets and liabilities attributable to University members due to the mutual nature of the scheme and therefore this scheme is accounted for as a defined contribution scheme. In accordance with the requirements of the SORP, the University currently recognises a provision for its obligation to fund past deficits arising within the USS.

16 Provisions

Provisions are recognised in the financial statements when:

• the University has a present obligation (legal or constructive) as a result of a past event;

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

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

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

17 Significant judgements and estimates

The preparation of the consolidated financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities, income and expenditure. These decisions are made by management using the best information available at the time of preparation of the financial statements.

Estimates and judgements are periodically evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Estimates based on assumptions and judgements could differ significantly from actual results. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Details of the University’s critical accounting judgements and estimates are described below.

Estimates for the accounting for employee benefits

FRS 102 requires that certain assumptions are made in order to determine the amount to be recorded for retirement benefit obligations and pension plan assets for certain of the University’s defined benefit plans. These are mainly actuarial assumptions such as

discount rate, mortality rates and expected inflation rates for both the Retail Prices Index (RPI) and the Consumer Prices Index (CPI). In determining the appropriate assumptions, the University has regard to various external sources, including as provided by actuaries and inflation projections and targets published by the Bank of England.

Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions made for 2024 are included in note 30.

The effect on the surplus of changes in the assumptions adopted at 31 July 2024, prior to the asset ceiling adjustment, would be as follows:

Recoverability of debtor balances

The provision for doubtful debts up to 12 months old is based upon estimates which consider the following: the nature of the amount due; current trends for each type of debtor; historical experience; and any significant current economic factors. All balances more than 12 months old are fully provided for.

At 31 July 2024, the total value of provisions made in respect of all debtor balances was £10.5m (2023: £10.8m).

18 Foreign currency

Transactions in foreign currencies are translated to pounds sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the surplus/(deficit) for the year.

19 Contingent assets and contingent liabilities

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.

A contingent liability arises from a past event that gives the University a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required, or the amount of the obligation cannot be measured reliably.

Contingent assets and liabilities are not recognised in the Balance Sheet but are disclosed in the Notes to the Financial Statements.

20 Taxation

The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011. It is therefore a charity within the meaning of Para 1 of schedule 6 to the Finance Act 2010 and 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 Tax Act 2010 (CTA 2010) or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes.

The University is partially exempt in respect of Value Added Tax, as its main activity is the supply of education which is an exempt supply for the purposes of VAT. Accordingly, it can only recover a minor element of VAT charged on its inputs. Irrecoverable VAT on supplies and services received is included in the related costs in the Statement of Comprehensive Income and Expenditure. It is also added to the cost of tangible fixed assets as appropriate, where the inputs themselves are tangible fixed assets by nature.

The University’s subsidiaries are liable to Corporation Tax in the same way as any other commercial organisation.

Deferred tax is recognised in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current rates and law. Timing differences

arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised only when it is considered probable that the balance will be recoverable in the foreseeable future. Deferred tax assets and liabilities are not discounted.

21 Financial instruments

The University has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets, exluding investment properties and current asset investments, and financial liabilities including all loans – are classified as basic instruments and held at amortised cost using the effective interest rate method or cost.

22 Reserves

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

Other restricted reserves include balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.

AND

INCOME AND EXPENDITURE for the year ended 31 July 2024

IN RESERVES

The financial statements on pages 60 to 109 were approved by the Board of Governors on 21 November 2024 and signed on their behalf on 25 November 2024 by:

CONSOLIDATED AND UNIVERSITY BALANCE SHEETS

as at 31 July 2024

Simon

Yun-Farmbrough Chair of the Board of Governors

Professor Rebecca Bunting Vice Chancellor and Chief Executive

CONSOLIDATED CASH FLOW STATEMENT

NOTES TO THE FINANCIAL STATEMENTS

1 Tuition fees and education contracts

2 Funding body grants

4 Grant and fee income analysis

NOTES TO THE FINANCIAL

5 Other operating income

6 Investment income

7 Donations and endowments

8 Staff costs

Severance payments payable total £243,000 (2023: £84,000) to 27 (2023: 11) employees for the year ended 31 July 2024.

A further £2,277,000 (2023: £nil) has been accrued in relation to the University’s Voluntary Severance Scheme. A total of 77 (2023: none) employees were accepted onto the scheme and notified by 31 July 2024. All the resulting severance payments fall into the following financial year.

NOTES TO THE FINANCIAL STATEMENTS

8 Staff costs (continued)

The Vice Chancellor does not receive any bonus payments and her travel expenses are reimbursed under the same policy that applies to all University staff.

The Vice Chancellor’s salary and total remuneration expressed as multiples of the median full time equivalent salary of all staff employed during each year were as follows:

The Vice Chancellor’s remuneration is determined by the Remuneration Committee, which comprises seven Governors, including the Chair of the Board of Governors, a staff Governor, and a Co-President of the Students’ Union. The Vice Chair of the Board of Governors chairs the Remuneration Committee. The Vice Chancellor is not a member of the Remuneration Committee and is not present for any discussion concerning her salary or bonus.

In considering the Vice Chancellor’s remuneration, the Chair of the Board of Governors provided background to the appraisal process and gave a brief precis of the Vice Chancellor’s performance in relation to her objectives. There followed a discussion during which the Vice Chancellor’s performance against her objectives was considered. The Remuneration Committee has regard to the following factors:

• The size and complexity of the institution

• The income generated, of more than £100m

• The contribution to the local economy of more than £400m

• The relationships with a diverse range of partner organisations, within the UK and internationally

• The student population, which numbers 15,000

The number of staff employed, totalling more than 1,500 (including visiting staff)

NOTES TO THE FINANCIAL STATEMENTS

8 Staff costs (continued)

The Committee also receives information relating to the Vice Chancellor’s salary and total remuneration expressed as multiples of the median full time equivalent salary of all staff employed during the year, including comparisons with other universities, including Coventry University, Anglia Ruskin University, University of Hertfordshire, Northampton University and Middlesex University.

Objectives were set for the Vice Chancellor for the academic year 2023/24 and progress towards the achievement of those objectives was reviewed by the Remuneration Committee in October 2024.

The following objectives were set for 2023/24:

• Objective 1: To rebuild home undergraduate recruitment

• Objective 2: To maintain progress in retention and continuation

• Objective 3: To Improve National Student Survey outcomes

• Objective 4: To undertake reviews of key business processes, and implement restructuring initiatives to meet financial forecasts

• Objective 5: To ensure delivery of infrastructure and estates masterplan in line with future academic and student need

• Objective 6: To manage outcome of the OfS review and ensure compliance with continuing and new conditions of registration and other requirements.

The remuneration of all higher paid staff, excluding employer’s pension contributions, was in the following ranges:

NOTES TO THE FINANCIAL STATEMENTS

8 Staff costs (continued)

Key management personnel

The Vice Chancellor’s Executive Group collectively represent key management personnel as they have the authority and responsibility for planning, directing and controlling the activities of the University. The remuneration paid, excluding pension contributions, and the full-time equivalent number of staff who were members of the Vice Chancellor’s Executive Group were as follows:

Compensation for loss of office

There was no compensation for loss of office paid to employees earning in excess of £100,000 and funded from general income in the current year (2023: £nil).

All amounts are stated gross of irrecoverable input VAT at 20% as applicable.

NOTES TO THE FINANCIAL STATEMENTS

9 Other operating expenses (continued)

Other operating expenses stated above includes fees (net of VAT) paid directly to the external auditors for audit and other services provided by HW Fisher as follows:

Other Operating expenses stated above includes fees (net of VAT) paid directly to the external auditors for audit and other services provided by KPMG LLP as follows:

10 Access and participation

The expenditure for Access and participation activities has been determined using data extracted directly from the University’s student records system and financial records as applicable. In particular:

• The expenditure shown for access investment, financial support and disability support comprises £4,072,000 (2023: £4,582,000) of directly attributable and identifiable amounts incurred/paid out for these activities. Within this total, £336,000 (2023: £314,000) has been included for central staffing and administration in support of these activities, based upon a proportional allocation of central overhead expenditure.

• The proportion of disabled students has been extracted from University data which is gathered as part of the application and admissions processes and updated as relevant for any subsequent information pertaining to each student. In order that disabled students receive all necessary support to progress and succeed in their studies, the University provides equipment and specialist external services as appropriate and the per capita level of University expenditure for disabled students is therefore higher on average than that for the student body as a whole. However, for the purposes of the above, the per capita level of expenditure to support disabled students has been conservatively assumed to be at least equivalent to the level of per capita support expenditure across all students (disabled and non-disabled).

• Research and evaluation costs of £182,000 (2023: £205,000) are based upon a direct time apportionment of the activities of relevant staff, at their applicable pay rates. No overhead allocation has been made for this activity.

The total expenditure of £4,254,000 (2023: £5,101,000) includes £1,352,000 (2023: £1,382,000) of staff costs which are included in the overall staff cost figures included in the financial statements (see note 8).

Further details of the University’s access and participation plan can be found at: https://www.beds.ac.uk/about-us/our-university/public-information/ofs/

NOTES TO THE FINANCIAL STATEMENTS

11 Interest and other finance costs

12 Taxation

The University did not incur a tax charge or credit in either the current or prior years.

At 31 July 204 a deferred tax asset of £3,000 (2023: £3,000) was unprovided as it was not considered probable that the balance would be recoverable in the foreseeable future.

The University meets the definition of a charitable company for UK corporation tax purposes as it is considered to pass the tests set out in Paragraph 1 schedule 6 Finance Act 2010. Accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

NOTES TO THE FINANCIAL STATEMENTS

13 Fixed assets

CONSOLIDATED

NOTES TO THE FINANCIAL STATEMENTS

13 Fixed assets (continued)

UNIVERSITY

Land is stated at its carrying value under previous UK Generally Accepted Accounting Principles (GAAP) as its deemed cost on transition to FRS 102.

Buildings have been included at their historical cost.

In accordance with FRS102, Section 17, Heritage Assets totalling £150,000 (2023: £150,000) relating to The Hockliffe Collection of early British children’s books have not been depreciated.

In addition to the properties included as fixed assets above, the University occupies a site in Buckinghamshire in relation to the delivery of nursing contracts. These premises are used for teaching and administrative purposes. The combined annual rental and utilities cost in the year ended 31 July 2024 amounted to £36,000 (2023: £66,000) and is included within Other operating expenses.

14 Investment properties

Investment properties were revalued on an open market basis as at 31 July 2024 by an external valuer, Kirkby Diamond, which is regulated by the Royal Institution of Chartered Surveyors. The valuation was performed in accordance with RICS Valuation – Professional Standards.

15

Nomination agreements

The University has in place nomination agreements with both of its accommodation partners. The agreements have been individually assessed and determined as not satisfying the relevant criteria stipulated under FRS 102 to be accounted for as service concession arrangements. They are therefore both treated as off balance sheet arrangements.

The status of each nomination agreement is as follows:

The agreement with Homes for Students nomination is on a rolling three year basis. During the year ended 31 July 2024, £317,000 (2023: £nil) was paid in respect of void payments.

The agreement with Campus Living Villages (CLV) comprises an original Strategic Partnering Agreement with CLV, as amended by the following, under each of which the University could be required to make a payment to CLV in the event that there were certain void rooms within the halls of residence operated by CLV:

• a Supplemental Agreement (signed in July 2022). This capped the University’s maximum payment at £1,200,000 per year. This Supplemental Agreement has now been superseded by the Additional Supplemental Agreement.

NOTES TO THE FINANCIAL STATEMENTS

15 Nomination agreements (continued)

• an Additional Supplemental Agreement (signed in September 2023). The Supplemental Agreement provides for a minimum nomination level of 404 rooms to 2027/28, after which the University shall be permitted to nominate a number of rooms on an annual basis.

• There were no void payments due in the year ended 31 July 2024 (2023: £nil).

16 Non-current investments

The University owns 100% of the issued share capital of 1,000 £1 ordinary shares of University of Bedfordshire Enterprises Limited, a company registered in England and Wales and operating in the UK, whose principal activities are the provision of conferences, full cost courses and consultancy. The registered office of University of Bedfordshire Enterprises Limited is University Square, Luton, England, LU1 3JU.

The University owns 100% of the issued share capital of the following dormant companies, all of which are registered in England and Wales:

1 £1 ordinary share in Bedford Business School Limited

2 £1 ordinary shares in Bedfordshire Business School Limited

1 £1 ordinary share in Milton Keynes Business School Limited

1 £1 ordinary share in UoB Student Accommodation (Luton) Limited

150 £1 ordinary shares in University Campus Milton Keynes Limited

9,999 £1 ordinary shares in The Centre for Competitiveness Limited

17 Trade and other receivables

18 Current asset investments

Deposits are held with UK clearing banks licensed by the Financial Conduct Authority at the balance sheet date. The interest rates for these deposits are fixed for the duration of the deposit at the time of the placement.

NOTES TO THE FINANCIAL STATEMENTS

19 Creditors: amounts falling due within one year

Deferred income includes the following items of income which have been deferred until specific performance related conditions have been met.

20 Creditors: amounts falling due after more than one year

21 Loans

NOTES TO THE FINANCIAL STATEMENTS

22 Pension provisions

July 2024 – – –

At 31 July 2024, the LGPS fund FRS 102 actuarial report resulted in a pension asset of £18,889,000 (2023: £11,748,000). The asset has not been recognised as such on the balance sheet, as there is no unconditional entitlement to a refund from the scheme or reduced contributions. The £18,889,000 is eliminated by an additional asset valuation charge to Other comprehensive expenditure.

Universities Superannuation Scheme (USS) deficit

At 31 July 2023, the University’s balance sheet included a liability of £132,000 for the future contributions payable under the deficit recovery agreement which was concluded on September 2021, following the 2020 valuation when the scheme was in deficit.

Following the 2023 valuation, no deficit recovery plan was required because the scheme was in surplus on a technical provisions basis. The University was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision of £1,621,000 to the income and expenditure account.

23 Other provisions

23 Other provisions (continued)

The dilapidations provision represents the anticipated costs of premises where the lease is due to terminate and/or the University plans to exit the premises and/or it is expected that the landlord will exercise a notice period.

24 Restricted reserves – Income and expenditure account

Other provisions includes £2,277,000 for the University’s Severance Scheme, for employees who had been accepted onto the scheme and duly notified by 31 July 2024. All severance payments resulting from successful applications to this scheme fall into the following financial year. The

NOTES TO THE FINANCIAL STATEMENTS

25 Unrestricted reserves

26 Consolidated reconciliation of debt

NOTES TO THE FINANCIAL STATEMENTS

27 Contingent liabilities

Nomination Agreements

Details of the nomination agreements can be found in note 15. There are no current liabilities under these guarantees.

University of Bedfordshire Enterprises Limited

The University has given written undertakings to support its trading subsidiary company, University of Bedfordshire Enterprises Limited, for a minimum period of twelve months from the date of approval of that company’s most recent financial statements, hence until 30 April 2025. Post year end, the activities of the trading subsidiary company have been transferred to the University.

28 Lease obligations

Total rentals payable under operating leases:

Future minimum lease payments due:

29 Capital commitments

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes

Employees of the University and its subsidiaries belong principally to two pension schemes, the Teachers’ Pension Scheme (TPS) and the Bedfordshire Pension Fund (BPF). A small number of staff belong to the Universities Superannuation Scheme (USS).

The total employer contributions in the year, excluding the pension adjustment were:

Equalisation of Guaranteed Minimum Pension benefits (GMP)

On 23 March 2021, the Government published the outcome to its Guaranteed Minimum Pension (GMP) Indexation consultation, concluding that all public service pension schemes, including the LGPS, will be directed to provide full indexation to members with a GMP reaching Statutory Pension Age (SPA) beyond 5 April 2021. This is a permanent extension of the existing ‘interim solution’ that had previously applied to all members with a GMP reaching SPA on or after 6 April 2016.

BPF: The standard assumption has been that the BPF will pay limited increases for members that have reached SPA by 6 April 2016, with the Government providing the remainder of the inflationary increase. For members that reach SPA after 6 April 2016, the assumption is that the fund will be required to pay the entire inflationary increase. As this assumption is consistent with the consultation outcome, it is not considered that any adjustments are required to the value placed on the liabilities as a result of the UK Government’s outcome.

USS: The USS provision included within the financial statements at note 22 will only be impacted to the extent that the change in benefits require increases to cash financing.

Impact of Lloyds judgement on past transfer values

The Lloyds Banking Group court case involved a ruling that, in cases where a member exercised their right to a transfer value out of the scheme, the trustee had the duty to make a transfer payment that reflects the member’s right to equalised benefits and remains liable if an inadequate transfer payment had been paid.

It is not yet known if, or how, this will affect the LGPS, pending guidance from the UK Government and the Chartered Institute of Public Finance Accountants. Pending receipt of this guidance and associated data, no allowance has been made at 31 July 2024 to reflect this judgement.

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

McCloud/Sargeant judgements

An allowance of £954k for the McCloud remedy was recognised as part of the University’s liabilities in its actuarial valuation at 31 July 2019, and this has been retained at an equivalent level in all subsequent valuations including at 31 July 2024, pending publication of remedial regulations. Remedial regulations in respect of the McCloud and Sargeant judgements came into force on 1 October 2023.

Virgin Media Court Case

In June 2023, a High Court judgement in the case of Virgin Media vs NTL Pension Trustees II Limited provided a ruling related to Section 37 of the Pension Scheme Act 1993 and changes to scheme rules. The judgement confirmed that without a valid “Section 37” confirmation from the Scheme Actuary any changes could be deemed as null and void. This judgement was upheld at appeal in July 2024. The judgement could have significant ramifications for contracted-out defined benefit pension schemes. No allowance has been made in respect of this within the financial statements until further clarification is available. The University will continue to monitor any implications from this case during 2024/25 and beyond as appropriate.

Teachers’ Pension Scheme

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, scheme, with final salary and/or career average earnings sections for members according to their joining date and expected normal pensionable age. As the University is unable to identify its share of the assets and liabilities of the TPS on a consistent and reasonable basis, the scheme has been accounted for in these financial statements as if it were a defined contribution scheme, as required by FRS102, ‘Retirement benefits’. Actuarial reviews of the scheme are undertaken at four yearly intervals. Contributions for the year ended 31 July 2024 are based on the actuarial review undertaken as at 31 March 2020 which was published in October 2023.

The principal assumptions used in the 31 March 2020 valuation were as follows:

Employer contribution rate 28.68%

Total notional value of assets at date of valuation

Total scheme liabilities at date of valuation

£222,200m

£262,000m

A copy of the valuation report can be found at the Teachers’ Pension website: Valuation | FAQs | Teachers’ Pensions (teacherspensions.co.uk).

The contribution rates for the future, current and prior years are set out below:

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

Bedfordshire Pension Fund

General

matters

The Bedfordshire Pension Fund (BPF) is a funded pension scheme governed by the LGPS Regulations 2013, with an Administering Authority and a Fund Administrator. The total contributions for the year ended 31 July 2024 were £6,208,000 (2023: £5,776,000) of which employer contributions totalled £4,810,000 (2023: £4,390,000) and employee contributions totalled £1,398,000 (2023: £1,386,000).

The most recent full triennial actuarial valuation of the fund was undertaken by a qualified independent actuary as at 31 March 2022 and completed in March 2023.

The results of the valuation undertaken as at 31 March 2022 have been updated to 31 July 2024 and to 31 July 2023 in actuarial valuations prepared for FRS 102 purposes by that actuary. The information below has taken from those updated valuations respectively.

Assumptions used in valuations for financial statements purposes

The major assumptions used in valuations for the current year and the prior year were:

The discount rate is based upon a corporate bond yield curve appropriate to the duration of the liabilities. The discount rate has been based on a dataset of AA corporate bonds as maintained, measured and provided by actuarial advisers.

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

Contribution rates

The agreed University contribution rates for the prior, current and future years are as follows:

1 April 2023 to 31 July 2023 17.8 266

1 August 2023 to 31 July 2024 18.7 935

1 August 2024 to 31 July 2025 18.7 971

The University’s contribution rate and additional contributions for the period from 1 April 2023 were determined as part of the triennial actuarial valuation carried out at 31 March 2022. As part of this process, it was agreed that the change in the University’s contribution rate and additional contributions would take effect from 1 August 2023, and would apply on an August to July cycle thereafter. To facilitate this transition in contribution periods, the contribution rates and additional contributions which had been agreed for the period to 31 March 2023 were extended to 31 July 2023, on a pro-rata basis as applicable.

The contribution rates payable by employees are banded according to levels of pensionable pay. The range of contribution rates payable is from a minimum of 5.50% to a maximum of 12.50%.

Scheme assets

The fair value of the University’s share of the scheme’s assets and the expected rates of return thereon are set out in the table below: 31 July 2024 31 July 2023

The scheme’s assets are not intended to be realised in the short term and may be subject to significant change before they are realised.

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

The estimated value of employer contributions for the year to 31 July 2025 is £4,846,000 (estimated for year to 31 July 2024: £4,710,000).

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

Universities Superannuation Scheme

At 31 March 2024, the USS had over 230,000 (2023: 220,000) active members and the University had 35 (2023: 36) active members participating in the scheme.

The total pension credit in respect of the USS for the University for the year ended 31 July 2024 was £1,206,000 credit (2023: £137,000 credit), comprising contributions payable of £381,000 (2023: £454,000) and an interest charge of £34,000 (2023: £72,000) and movements relating to actuarial assumptions of £1,621,000 credit (2023: £663,000 credit).

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

Deficit recovery liability

At 31 July 2023, the University’s balance sheet included a liability of £132,000 for the future contributions payable under the deficit recovery agreement which was concluded on September 2021, following the 2020 valuation when the scheme was in deficit.

A deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. As set out in Note 22, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The University was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision of £1,621,000 to the income and expenditure account.

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

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

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

Financial Assumptions

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding principles (uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles).

CPI assumption

Pension increases (subject to a floor of 0%)

Discount rate (forward rates)

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less: 1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030

Benefits with no cap:

CPI assumption plus 0.03%

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

CPI assumption minus 0.03%

Fixed interest gilt yield curve plus:

• Pre-retirement: 2.75% p.a.

• Post retirement: 0.9% p.a.

NOTES TO THE FINANCIAL STATEMENTS

30 Pension schemes (continued)

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

2023 valuation

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

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

Life expectancies

The current life expectancies on retirement at age 65 (in years) are:

Contribution rates

The contribution rates for the future, current and prior years are set out below:

31 Access funds and opportunity bursary funds

The grants from the National College for Teaching and Leadership are available solely for students of the University. In all cases the University has acted only as paying agent. The grants and related disbursements are therefore excluded from the Statement of Comprehensive Income and Expenditure.

32 Related party transactions

Governors

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 members of the Board of Governors may have an interest. All transactions involving organisations in which a member of the Board of Governors may have an interest are conducted at arm’s length and in accordance with the University’s Financial Regulations and normal procurement procedures. The University has taken advantage of the exemption under FRS102 not to disclose transactions with other members of its group who qualify as related parties.

A Register of Interests is maintained for members of the University’s Governors and key management personnel. The below amounts relate to income and expenditure transactions with organisations where the University’s Governors and/or key personnel have a material operational role and/or controlling interest:

No Governor has received any remuneration or waived payments from the University or its subsidiaries during the year (2023: None). The total expenses paid to or on behalf of 5 Governors during the year was £1,285 (2023: 5 Governors, £1,356). This represents travel and subsistence expenses and other out of pocket expenses incurred in attending Governor meetings and charity events in their official capacity.

NOTES TO THE FINANCIAL STATEMENTS

32 Related party transactions (continued)

BedsSU

The President of the University’s Students’ Union (‘BedsSU’) also serves as a Trustee of the University and member of the Board of Governors. BedsSU is an independent entity, and the University has no involvement in the running of this organisation.

During the year the University made grant payments to BedsSU of £1,042,813 (2023: £992,426) and other payments for other services of £350,193 (2023: £10,897). The University received income of £4,940 (2023: £3,612) from BedsSU primarily for cleaning and printing services.

At 31 July 2024 the debtor and creditor balances owed by and to BedsSU were £987 and £15,067 respectively (2023: £870 and £3,114 respectively).

Rebecca Bunting

Councillor Aslam Khan

Mohammed Alramahi

NOTES TO THE FINANCIAL STATEMENTS

other transactions were identified which require disclosure under FRS 102, Section 33, ‘Related Party Disclosures’.

NOTES TO THE FINANCIAL STATEMENTS

33 US Department of Education Financial Responsibility Supplemental Schedule

In satisfaction of its obligations to facilitate students’ access to US federal financial aid, the University of Bedfordshire is required, by the US Department of Education, to present the following Supplemental Schedule in a prescribed format.

The amounts presented within the schedules have been:

• prepared under the historical cost convention, subject to the revaluation of certain fixed assets;

• 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); and

• presented in pounds sterling.

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.

33 US Department of Education Financial Responsibility Supplemental Schedule (continued)

NOTES TO THE FINANCIAL STATEMENTS

33 US Department of Education Financial Responsibility Supplemental Schedule (continued)

Primary

Notes to the Financial Statements:

N/a

Service

Notes to the Financial Statements:

N/a

Service

Pre-implementation right-of-use leases

N/a

US Department of Education Financial Responsibility Supplemental Schedule (continued)

NOTES TO THE FINANCIAL STATEMENTS

33 US Department of Education Financial Responsibility Supplemental Schedule (continued)