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← Liverpool Hope University

2024-07-31-accounts

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Liverpool Hope University

Financial Statements for year ending 31[st] July 2024

Registered Company Number: 3285547

A company limited by guarantee, without share capital, registered in England

Registered Charity number: 1060579

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Liverpool Hope University | Annual Report and Financial Statements | 2023 - 2024
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Liverpool Hope University

Financial Statements

for the year ending 31 July 2024

Contents

Welcome 4
Strategic Report 6
Directors’ Report 24
Section 172 Statement 28
Statement of Council responsibilities in 35
respect of the Strategic Report, the Directors
Statement of Corporate Governance 39
Statement of Internal Control 43
Independent auditor’s report to the University Council of Liverpool Hope University 45
Statement of Principal Accounting Policies 51
Statement of Comprehensive Income 58
Statement of Changes in Reserves 59
Statement of Financial Position 60
Statement of Cash Flows 61
Notes to Financial Statements 62

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Chair of Council’s

Welcome

It is my pleasure to introduce Liverpool Hope University’s Annual Report and Financial Statements for 2023-24.

This has been an important year for the University, not least with the publication of Vice-Chancellor Professor Claire Ozanne’s Strategic Plan. This sets out Liverpool Hope’s aspirations and objectives to 2028 and outlines how it will build on its history of being the only ecumenical higher education institution in Europe, championing social justice to realise a more equitable society and following the mission “to educate the whole person in mind, body and spirit”.

The Strategic Plan supports the University’s ambition to be an anchor organisation in the Liverpool City Region, contributing to solutions for both local and global challenges and developing skilled, confident and future-ready graduates.

Knowledge transfer and research remains a core part of University activity and there has been a new series of research collaborative events with the public and third sectors to explore how best the University can help bring solutions to key societal issues and concerns.

Another significant development over the last year has been the restructure of the University into four faculties. This not only creates economies of scale and promotes

consistency of processes but also creates better opportunities for collaboration, communication and sharing good practice.

In line with the University’s strategic objectives, a number of important reviews have taken place over the last 12 months. These include a governance review and a digital review, the result of which will inform the development of a five-year digital plan. This will set out the objectives for our digital infrastructure to enhance learning and research opportunities and ensure that the University is aligned with the region’s drive to be a world leader in digital development and connectivity. As part of the University’s commitment to regional development, Hope is a partner in a Liverpool City Region Connecting Capabilities Funding Bid valued at £10 million. The newly opened i3 Building at our Hope Park campus takes full advantage of digital technology and is a wonderful space for students to collaborate and learn.

Other achievements include the signing of the People and Planet Fossil Free Declaration, reinforcing the University’s commitment to environmental sustainability and the launch of a new social impact report developed in partnership with Purpose Coalition. Chaired by former Education Secretary Rt Hon Justine Greening, the Purpose Coalition is a collective of organisations striving to break down barriers to opportunity. The report highlighted Liverpool Hope’s continued efforts to increase social mobility, recognising the

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financial and wellbeing support it provides for underrepresented groups and its strong tradition of community engagement.

Staff, along with students, continue to be the University’s greatest asset and so the introduction of a new People Strategy was another milestone moment. The strategy outlines the University’s ambitions to develop its culture, people and processes to ensure Liverpool Hope and its students continue to succeed.

Liverpool Hope University has always been proud of the way that it knows and supports students as individuals. From small class sizes, to excellent academic and pastoral support, the University strives to give students the best possible experience. It is rewarding to see this reflected in another year of great results in the 2024 National Student Survey (NSS), with Hope being top in the North West and top ten in the UK in six of the themes. Liverpool Hope University was ranked fifth in the UK for student satisfaction following analysis by Times Higher Education (THE).

It is important that we use this report to celebrate some of the institutional and individual successes of the last year. Among many accolades was the naming of Professor Frank Cottrell-Boyce as the Children’s Laureate. Dr Taras Khomych was awarded the Josephine Butler Trust Volunteer of the Year award, recognising his work with the Ukrainian community and musical theatre course leader, Sharon Byatt, starred in an award-winning film. Colleagues continue to publish and edit significant work with Professor David Bolt being appointed as Editor-in-Chief of the Oxford Research Encyclopaedia in Disability Studies.

prestigious organisations. There have been national awards and prizes for students in the fields of social history and robotics and the University’s reputation for Gaelic football continues by winning the British University Championships.

In terms of finances, it is well documented that the higher education sector is facing enormous challenges. Here at Hope, we are committed to ensuring that this does not affect the academic or pastoral experience that our students get. As a community we are confident that we can meet the economic challenges and the last year has seen a review of the portfolio and changes to the student recruitment process. Academic and professional staff made positive contributions by working together to look at new opportunities for future sustainability and growth. We know that the year ahead will be difficult for the sector but the University is in good shape to continue to rise to these challenges.

I am honoured to have been appointed as Chair of University Council and to present you with this Annual Report.

Mrs Jane Beever Chair of University Council 20[th] November 2024

Hope students continue to inspire all of those who work with them and it has been wonderful to see how they have succeeded in other arenas over the last academic year. From being selected to work at the Paralympics to being commissioned to create Liverpool Cathedral’s nativity scene, our students are sought after by

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Strategic Report

Liverpool Hope is a superb University rooted in a vibrant and exciting city. The University is proud of its past, confident in its present and ambitious for its future.

With a history extending more than 175 years, Liverpool Hope has developed a distinctive ethos that brings together scholarship, research and teaching, with an educational philosophy based on the triune quest for Truth, Beauty and Goodness. The institution is deeply committed to a culture of research and knowledge exchange and to preparing graduates to serve the common good.

The challenges within the sector will require the University to adapt and evolve. However, the longstanding missions and values of the University will continue to underpin plans for the future. Liverpool Hope is a University where the individual and individuality matter; where ambitious people are able to grow and staff contributions and achievements are valued and recognised. Liverpool Hope is committed to supporting and promoting equality and diversity to create an inclusive learning and working environment that recognises and respects difference.

and is based around five pillars, supported by a number of enabling strategies.

The are: five pillars

The plan sets out ambitions to take the University to the next level, increasing its national and international reputation, while students and community remain at the heart of what Liverpool Hope stands for.

As Vice-Chancellor I am privileged to lead the institution into the next phase of its evolution. The Strategic Plan, launched in May 2024 builds on the strong foundations and ethos embedded at the core of Hope

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Ethos & Community

This year, the University celebrated the 10th year of supporting the Aurora Programme, that aims to enable a wider range of women in academic and professional roles to think of themselves of future leaders by developing the skills they require. Over the last 10 years 71 female staff have enrolled and successfully completed the programme.

The University is proud to be part of the Disability Confident Scheme, and is committed to supporting diversity and equality. The Disability Confident Scheme focuses on challenging attitudes towards disability, increasing understanding of disability, and removing barriers to disabled people.

The Disability Confident Scheme is a Department of Work and Pensions scheme based in the UK. It helps organisations to think differently about disability in relation to employment, retention, training and career development. The University is striving to achieve the highest level by 2027.

The University is delighted to engage with the Supported Internship Scheme coordinated by Liverpool City Council. Supported internships are a structured, work-based study programme for 16- to 24-year-olds with SEND. This involves a substantial work placement facilitated by the support of a trained job coach. The University has worked with Liverpool City Council, Childwall Abbey and Sandfield Park Schools. Over the last two years, seven placements have been facilitated at the University within Catering, Chaplaincy,

Estates, Library Services, People Services and Hope Park Sports. Three interns have commenced placement this year. The University has been recognised by the City Council as an Above and Beyond Partner, this followed the previous year’s award of Best Working Partnership Partner.

Hope has recently achieved Aspiring Level of the Fair Employment Charter. The Fair Employment Charter was established by Mayor Steve Rotherham for the Liverpool City Region, celebrating fair employment practices. By joining the Charter, the university is committed to the principle of fair employment and playing a part in building a healthy, fair, inclusive, and just Liverpool City Region.

The Defence Employer Recognition Scheme (ERS) includes a pledge to promote being armed forces-friendly, that demonstrates and advocates support to the armed forces community, ensuring that those who serve or who have served in the armed forces, and their families, are treated fairly. The University has signed up to the first level of the scheme and is working towards bronze membership.

Historically the university has paid the Voluntary Living Wage and continued to do so in 2023.

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Education

Liverpool Hope University is committed to providing an excellent education that transforms lives.

Learning and Teaching Assessment

The University provides a learning experience which is both personalised and community-orientated achieved through a clear awareness of the Liverpool Hope student profile, and a commitment to understanding students’ different characteristics and needs. This experience equips students to be active participants in their learning and prepares them, through the development of skills and knowledge, to make a difference for good in the world as future leaders in a wide range of contexts. This commitment is set out in the University’s Learning Teaching and Assessment Strategy. This strategy is based on two fundamental concepts, firstly the attributes which every Hope graduate should have and secondly the underpinning principles of Learning, Teaching and Assessment at Hope.

The University applied for a TEF award and gained silver recognition in both Student Experience and Student Outcomes categories. The University’s Communities of Practice (COP) scheme for staff development continued, with new COPs being introduced in Supervising Dissertations, Student Reading and Literary Early Career Teacher and Teaching Socially Relevant Topics. The structure of the University Virtual Learning Environment was substantially updated in response to student feedback. A new peer enhancement policy was developed and implemented; this structures the opportunity for colleagues to observe good practice in the classroom.

Introduction of faculties

During 2023/4, the University undertook a major project to focus academic leadership in four new faculties rather than the existing ten schools. This development is intended to improve administrative efficiency, facilitate academic collaboration and to allow a more coordinated approach to future developments. The change has provided opportunities for career progression for a number of colleagues, including the introduction of Associate Dean posts for specific focus on student experience, research and knowledge exchange and external engagement in each faculty.

As part of the introduction of a faculty structure, the University revised its course offering to ensure a strong portfolio of degrees. The University developed and recruited students for a new course in Sport and Exercise Nutrition, introduced a number of new postgraduate taught programmes and has also refined its offer of combined honours degrees to make the university portfolio more navigable. In order to support the QA of the ongoing development of the portfolio, the University has appointed a new Senior Quality Officer.

Degree Apprenticeships

The University received confirmation post year end from the Office for Students via Wave 3 funding competition to become a new Department for Education approved Apprenticeship Training Provider. The funding will allow the University to offer Level 6 degree apprenticeships for the first time, with the aim of increasing the equality of opportunity across the Liverpool City Region. Partners across the Community have provided letters of support with many declaring an ‘in

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kind’ contribution to the apprenticeship programme. Four sectors will be supported by the University’s degree apprenticeships providing courses in, teaching, physiotherapy, youth work and social work.

National Student Survey 2024

Liverpool Hope University has been ranked fifth in the UK for student satisfaction following analysis by Times Higher Education (THE) of the 2024 National Student Survey (NSS) results. The annual National Student Survey (NSS) is a census of all final year undergraduate students in the UK, offering a chance to provide feedback on their student experience at Hope. In 2024, just under 346,000 (72.3% overall response rate) final year undergraduate students from 130 higher education institutions participated in the survey, which asks them to share their thoughts on a range of topics relating to their university experience. Liverpool Hope has achieved a strong set of results across the board, rising up the rankings in every category. In addition to finishing first in the North West in six categories, the University also ranked second in the region for teaching, organisation and management and for its Students’ Union.

The University continues to develop and augment its support for students.

Organised by the Students’ Union the annual ceremony is an opportunity for the student body to recognise those who go the extra mile to make Hope a better place. This year’s event generated more interest than ever before, with 620 nominations received representing a 46% increase on previous year.

Insight to Business Awards

Outside the curriculum students continued to embrace a wide range of opportunities made available to them. In 2023/24 the eighth annual Insight to Business Awards saw Hope’s Business School joining forces with some of the region’s most influential organisations to offer shortterm placements to both undergraduates and recent graduates. Everton in the Community, Liverpool Chamber of Commerce, Lloyds Bank and The Brain Charity were among the 13 companies to offer opportunities as part of this year’s event which saw 51 students shortlisted for an award, 18 of whom were recognised as winners.

Wild Hope Records

The Liverpool Hope Music Team launched a record label, Wild Hope Records, offering opportunities for undergraduate and postgraduate students to release their own compositions. In 2024, the first student to release an album on the University’s record label is a 10-track record inspired by Sudanese music linking melodies with classical pop and modern jazz.

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Plas Caerdeon

The University offers students the opportunity to spend time at its campus in North Wales. The new 2023/24 student engagement programme at Plas Caerdeon had a more inclusive approach than previous years. Bespoke courses to academic tutors from the University’s schools had a significant impact in engagement, with a 57% increase in student attendees. As part of the experience, students were able to obtain certificates in Paddle Sport (42 British Canoeing Start and Discover Awards issued), Navigation (32 Mountain Training Hill Skills certificates issued) and First Aid (49 certificates issued), supporting team working and other transferable skills.

Partners in the City

There is also encouragement to work with partners in the city. Staff at Liverpool Hope’s Creative Campus are working in close partnership with Citizens UK Liverpool to win change in local communities like Everton. The University fosters positive working relationships between communities, elected powerholders and businesses to collaborate on finding solutions to shared challenges and influence change to achieve shared goals.

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Research & Knowledge Exchange

Liverpool Hope University is a vibrant academic community with high scholarly standards.

In order to underpin the new Strategic Plan, the research, scholarship, and knowledge exchange (KE) strategy is being refined to support engagement in excellent research and knowledge exchange activities which have impact on societal challenges and underpin our learning and teaching.

The University submitted over 96% of its active research staff (colleagues with Significant Responsibility for Research) in thirteen Units of Assessment for REF 2021. All 13 subject units were assessed as having aspects of their work in Internationally Excellent (3) or worldleading (4) categories. The subjects submitted were English Language and Literature; Theology and Religious Studies; Psychology; History; Computer Science and Informatics; Nutrition; Sport and Exercise Sciences; Geography and Environmental Studies; Politics and International Studies; Education; Music, Drama, Dance, Performing Arts; Social Work and Social Policy; Art and Design.

The University is continually developing its research profile and has an ambitious agenda for the future to build on the REF 2021 results. Objectives include fostering interdisciplinary approaches to knowledge creation and exchange, scaling-up external funding for research and supporting innovation to increase capacity to seek solutions to the challenges facing society. Liverpool Hope’s REF 2021 submission is an indicator of the inclusive and broadbased research culture in the university, which provides a strong foundation for the enhancement of Hope’s academic standing and the impact of its work.

Liverpool Hope University engages in a wide range of impactful research across disciplines such as Humanities, Social Sciences, Business, Education, Performing Arts and Design, Psychology, Geography and Environmental Science, Health Sciences, Law, and Computing Science and Engineering. These research initiatives exemplify the University’s commitment to producing work that delivers realworld benefits. For instance, research on terrorism and political violence

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has provided crucial insights into the psychological processes behind politically motivated violence, influencing global policymakers, security services, NGOs, and the public to enhance counter-terrorism strategies. A study on age-related changes in colour vision reformed clinical diagnosis and treatment, particularly benefiting older adults, while research into exercise and nutrition for muscle strength in older populations demonstrated the value of resistance exercises and a proteinrich diet for improving mobility and quality of life, shaping health promotion practices worldwide. The University’s contributions extend further to areas such as educational practices, environmental conservation, agricultural innovations, mental health interventions, renewable energy advancements, cultural studies, biomedical research, social policy, welfare systems, and innovations in engineering and design.

Colleagues working on drone technology and algorithms have made significant strides in the High-Altitude Platform Stations (HAPS) Alliance and the Commonwealth Telecommunication Organisation, further establishing the Liverpool Hope University Space Society (LHUSS) to cultivate future leaders in

sustainable space solutions. Professor Frank Cottrell-Boyce, a leading figure at the University, has been named the new Children’s Laureate.

Other notable work includes: the launch of a book on Media Language on Islam and Muslims: Terminologies and Their Effects at a panel discussion in Portcullis House and the appointment of a senior lecturer in psychology as Scholar in Residence at Christ University, India, to foster collaborations and provide consultancy on teaching practices. A recent conference commemorating the 75th anniversary of Ireland becoming a republic, sponsored by Ireland’s Department of Foreign Affairs and Trade, attracting a distinguished gathering of academics, diplomats, and politicians. These wide-ranging research efforts reflect Liverpool Hope University’s ongoing commitment to advancing academic knowledge and making a tangible impact on society, health, education, technology, and the environment.

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=

National and International Partnerships

During 2023/24 the University has continued to build its reputation both nationally and internationally and to strengthen its relationships with external partners. =

Strategic Partnerships

The University entered into a three year contract in June 2023 with Ambition Institute to validate its PGCE for its ITT programme. Liverpool Hope will also supply joint creation of learning support plan; E-Library access, Email; access to Turnitin and marking and feedback. Ambition Institute is a national education charity and the largest provider of teacher education in England.

In joining the Growth Platform, established by the Liverpool City Region Local Enterprise Partnership, the University has engaged with key networks and stakeholders in the City Region, and continues to explore mutually beneficial collaborative opportunities that will deepen its contribution to the sustainable growth and wellbeing of the region and its communities.

During the year, Hope signed partnership agreements with Bellmont College in London to deliver Business Management with a foundation year using a new and flexible delivery model that will include multiple delivery points a year.

We have also re-energised a series of academic partnerships with universities in the USA, China, the Philippines, India and South Korea to support student mobility and knowledge exchange. This work a 7 will bring benefits and opportunities to our students and staff which we seek to \ continue developing over the coming year.

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Conferences

During 2023/24 the University was delighted to host a number of national and international conferences. This included the following:

EYPUK – European Youth Parliament (July and September 2024)

The University welcomed 150+ residential guests at Hope Park and Creative Campus for a 4-day residential event. The European Youth Parliament United Kingdom (EYPUK) is a leading non-partisan and youth-led educational charity. It aims to provide nonformal education for young people on a wide range of political issues facing the UK and Europe.

PSS Conference (March 2024)

The University welcomed 120 guests for a full-day conference with talks, workshops and sessions catered to people who work with babies and their families in Liverpool.

Republic 75 (April 2024)

A 1-day event held at Hope Park with interdisciplinary involvement from Hope Academics in various fields, such as Professor Bryce Evans, Dr Liam O’Callaghan and Dr Catherine Morris. Included keynote speakers from various institutions, such as Professor Victor Merriman from Edge Hill University, and Dr Caoimhe Nic Dhaibheid.

The event also included the launch of Professor Stephen Kellys’ book “Gerald Boland: A Life” presented by Harry Boland (Grandson of Gerald Boland).

Liverpool City Region Careers Hub Experience of Work Placement Event (June 2024)

This initiative aimed to offer 250 Year 10 students from across LCR the opportunity to gain valuable insights into the healthcare industry. The week-long event brought together NHS staff from across the region to provide students with an insight into their roles.

2nd Annual International Beatles Symposium: Celebrating A Hard Day’s Night at 60 (July 2024)

The Music Team at Liverpool Hope University held an interdisciplinary, international Beatles symposium. This academic symposium honored the 60th anniversary of the release of the Beatles’ album and film, A Hard Day’s Night.

International Association of Children’s Spirituality Conference (July 2024)

The University welcomed approximately 40 residential guests to the Hope Park Campus.

The symposium promoted conversations about children’s spirituality and explored how the research and practices of participants contribute to new understandings and ways of nurturing the spirit of the child. The symposium consisted of a series of scholarly and practical conversations discussing educational policies, health and well and faith in education.

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Outreach and Widening Access and Participation

The University aspires to strengthen delivery on its Life-Long Learning mission, including widening access and participation and ensuring good outcomes for graduates.

We have an approved Access and Participation Plan (APP) in place. Through commitment to the APP we have an ambitious set of strategic aims that support attainment raising in schools and which seek to improve outcomes for students who may otherwise be less likely to access higher education and succeed once there. The University seeks to ensure equality for everyone that applies or registers with us regardless of ethnicity, background or financial hardship.

Furthermore, the University is committed to the Outreach and Widening Access and Participation agenda more generally through its outreach work. This includes through its partnership with Holy Cross Bury (the Network of Hope) where higher education courses are delivered locally for those who might otherwise have limited access to provision.

The University fulfils its ambitions in relation to Access and Participation by offering support for students through a series of scholarships, and through on course funds for those who are struggling financially. The Learning Support Fund is available to students from the groups

identified in the Plan; with the aim of ensuring that discontinuation of studies is avoided. Details of the expenditure on Access and Participation is included in the financial statements (see note 10) and has formed part of the work covered by the external auditors.

The University continued to invest in a range of facilities and services to support disabled students, ensuring they are able to fully participate in the life of the University. In 2023/24, 28.03% of Liverpool Hope students had a declared disability. This is significantly higher than the sector average, and reflects the mission and values of the institution.

The expenditure on Access and Participation is included in the financial statements (see note 10) and has formed part of the work covered by the external auditors.

The total expenditure in the four categories was £1,410,431. This represents a similar figure compared to 2022/23 £1,492,981.

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Capital Developments

Underpinned by the desire to deliver an excellent education and student experience and a commitment to reducing environmental impact, the University continues to develop its estate.

A major refurbishment of the grade 2 listed, 3 Islington Square building at the Creative Campus was completed in April 2024. The building provides flexible teaching and office accommodation, bringing back into use a dilapidated building and demonstrating the University’s commitment to the continued regeneration of a deprived area of Liverpool.

In May 2024, the University completed construction work on the i3 (formally IQ) Building project at the Hope Park Campus. This is a flagship Learning and Teaching building which has a budget of £13.5 million. The new facilities improve the student experience by providing access to a range of different learning and teaching

environments, including the use of new technologies, such as the use of immersive virtual reality within the Simulation Suite.

Other capital work currently being undertaken include the refurbishment of one of of the University’s student residential halls, Angela Hall, which is partly funded by a PSDS Salix grant. A further PSDS Salix grant was obtained to part finance the refurbishment of Gerard Manly Hopkins Hall with works being planned for summer 2025.

All capital developments have been fully paid for from cash reserves and have been designed in a way to minimise the University’s dependence on fossil fuels, as part of a move towards net zero.

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Financial Performance

The University takes financial performance seriously and has robust financial processes and procedures in place to ensure the financial sustainability of the University is always protected.

While Liverpool Hope has always had a strong financial foundation, this year, we have experienced the challenges felt throughout the sector. In July 2023, University Council formally approved a deficit budget of £2,031,702 (3.6%). The intention was that this deficit would be for one year only to enable the University to reposition, recognise the need for investment in new initiatives and to diversity income.

Through careful management of the resources, additional income generating activities, the two in year reforecast exercises and strong financial controls, the final result was a deficit of £624,074 (1.1%). A deficit indicator should not, on its own, be used to judge longer-term sustainability. Accounting treatments can often distort movements in surplus and deficit levels between years, meaning that there are risks in using surplus levels alone to assess underlying financial performance. It should be noted, the reduction in the forecast deficit was only achieved due to the major reduction in the FRS 102 Pension adjustment.

The University reacted quickly in September 2023 to the decline in the financial position. Project 2028 was launched to identify new income streams and cost savings to be delivered through a number of focused areas, a target of £1.625 million was set for 2023/24, this KPI was achieved and the project delivered £2.297 million, £0.67 million in excess of the target. Project 2028 is a key part of the operational planning that will underpin the Strategic Plan and ensure delivery of the strategic objectives.

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Financial Performance Indicators are summarised below.

2023/24 2022/23
£000 £000
Operating (defcit)/surplus (624) 2,309
Staf as a percentage of income 64% 63%
Net cash (outflow)/inflow (26) 4,565
Net cash (ouflow)/inflow as a percentage of income (0.05%) 7.84%
Liquidity days 148 207

Report by the OfS: Financial Sustainability of higher education providers in England: 2024 predicts that the financial outlook in the sector is weakening in 2023-24 with 40% of HE providers forecasting a deficit and over 60% with weaker results compared to the previous year. The trend predicts providers expect operating cash flow to fall. The University results follow these OfS predictions.

Cash reserves at year end £21.6m (2022/23 £29.1m). Net cash inflow during the year was £26,342 compared with 2022/23 cash inflow of £4,565,327.

The Statement of Comprehensive Income for the year is set out on page 58. Using this data the chart below demonstrates the impact of fixed home fees on the University over the last four years. Annual surpluses are declining due to static income and rapidly rising staff and non-staff costs.

Financial Results over a 4 year period

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2020-21 2021-22 2022-23 2023-24
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Financial Year
Total income Tuition Fee Income Staff Costs Non Staff Costs (Deficit)/Surplus
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As the majority of our students are Home UG students, the reduction in student numbers and the decision to freeze the tuition fee at £9,250 (since 2017 and in real-terms is less), has meant that fee income is decreasing while the cost base increases. Project

2028 will address this gap. Links have been established to the five-year strategic plan with KPI targets to ensure future financial sustainability and delivery of the Strategic Plan KPIs.

Student Numbers

As at 31st July 2024 the University had 5,047 students (31st July 2023: 5,459 students).

Full Time Part-Time
Students Students
Undergraduate 3,858 79
Postgraduate (taught) 343 258
Postgraduate (research) 41 77
PGCE 259 13
Other 119 -
Total 4,620 427

Treasury Management Policy

The University had gradually increased the level of cash reserves so that it could undertake its extensive capital programme without needing to resort to external finance.

In July 2024 Cash and Cash equivalents and Investments, had reduced by £7445,872 to £21,654,694 compared to July 2023. This was not unexpected due to payments of £4.9 million during the year for the i3 building and £1.2 for Islington Square.

All investments are made in line with the University Treasury Management Policy, ensuring that investments are ethical and risk averse.

The outstanding value of the one remaining University bank loan had reduced to £2,845,387 at the year-end (2023 - £3,198,050), and no new loans were taken out in 2023/24. All borrowing is undertaken in the name of the University and conforms to OfS requirements. The Treasury Management policy is updated annually and was revised in October 2024.

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Risk Management

The University takes the management of risk seriously. Where a risk is seen as a threat, mitigations are identified and put in place. However, risks can also be seen as opportunities and the University takes proportionate and planned risk where appropriate to help achieve its strategic objectives.

The University has carried out a restructure of its academic departments and the risk management responsibility has altered to align to the new structure. Each School, Faculty and Department has their own Risk Register. The Faculty registers are prepared following consideration of the School registers. A new Risk Management Oversight Group (RMOG) has been established to review risk across the university and then make recommendations for the University Executive Board to consider; the group members include senior staff, reflecting all areas of the University.

The University’s overarching risk register has developed to include more information and a new guidance document has been issued to aid the understanding of risk and the risk register. The University risk register is overseen by the Audit Committee on behalf of University Council. The University has a comprehensive internal control system to manage risk. This includes a program of work by the internal auditors which directly addresses risks identified in the risk register. In June 2024 Risk

Management training was delivered by an external company to Council members, the University Executive Board and Senior Management Team.

The Risk Register is a dynamic document, updated as required to reflect changing circumstances with formal review scheduled three times per year plus a fourth general review at the start of the academic year, that will formally consider emerging risks that have arisen over the summer period. The University continues to scan the policy environment and is fully engaged with sector bodies and local, regional and national partners to inform the identification and mitigation of risk.

The risk register captures the key risks to the institution, the top three risks currently are (1) cyber security breach (2) financial sustainability (3) decline in student recruitment, which are risks common to the sector. While not complacent, all of the financial modelling undertaken to date provides reassurance of the University’s long-term financial sustainability.

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The University enters the next phase of its development with a clear strategic vision as outlined in the new Strategic Plan and is confident that it can adapt to, manage and minimize the risks faced.

This vision is endorsed by the University Governance structure and ownership is embedded across all senior management.

We enter 2024/25 confident that we will be able to flourish and thrive.

Professor Claire Ozanne

Vice Chancellor & Rector 20[th] November 2024

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Directors Report

Legal status

Mission Statement

Liverpool Hope University was reconstituted in 2005 by order of the Privy Council under Section 129B of the Education Reform Act 1988, as a single, joint Anglican-Roman Catholic ecumenical University. It is registered in England and Wales as a Company Limited by Guarantee (3285547) and registered as a Charity (1060579).

The Mission Statement reflects both the University’s traditions and its intention to develop and maintain a distinctive and forward-looking programme relevant to local, regional, national and international needs.

Liverpool Hope University is an ecumenical, Christian foundation which strives:

In 2002 taught degree awarding powers were secured and the title Liverpool Hope University College officially bestowed. In July 2005 the granting of full University status led to the adoption of the title Liverpool Hope University and in August 2009, the Privy Council granted the University the power to award research degrees.

In the academic and financial year 2023/2024 there were 5,047 students and 642 members of staff, with a range of degrees at undergraduate and postgraduate levels.

Members of the University Council

(A list of directors can be found on page 34)

All the members of the University Council are directors of the Company. No director had any interest in any contract made by the University during the financial year, other than a contract of employment as a member of staff and that described in note 20 to the accounts.

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Equality and Diversity

The University is cognisant of its obligations under the Equality Act 2010 and has due regard to equality and diversity in its policy making processes. Its Equality and Diversity Policy and other related information can be found at:

www.hope.ac.uk/gateway/ staff/peopleservices/ equalitydiversityandinclusion

The University has an Equality & Diversity Steering Committee which reports to Senior Management Team, Senate and the Staffing Committee of University Council. The Steering Committee takes an overview of the University’s equality objectives and analyses data reports to ensure that any issues relating to groups with protected characteristics are identified and then tackled. The University has participated in the Aurora programme to support women into management and leadership positions and is planning to apply for Athena Swann membership.

Employee Involvement

The University places considerable value on the involvement of its employees and on good communication with them. Staff are encouraged to participate in formal and informal consultation at University, School and department level, sometimes through membership of formal Committees. The Vice-Chancellor addresses all staff at the start of the academic year. The ViceChancellor, meets all Academic Leaders and Operational Leaders with the senior team at least twice a term but more regularly if required.

There is a system of cascading information from those meetings to all staff and departments and service areas are expected to hold regular staff meetings to enhance two-way communication.

The University established the Hope Forum to ensure that colleagues’ voices are heard and that staff at all levels are able to contribute to decision-making with the aim to support a positive, collaborative and fair culture that supports success.

The University’s People 2024 Strategy has a strategic strand to enhance engagement with and of staff. The Joint Consultative and Negotiating Committee (JCNC) is a forum for management and Trades Unions’ representatives which meets regularly. The Hope Bulletin is a weekly electronic newsletter sent to the inbox of all members of staff every Wednesday to keep them up to date with University news, events and achievements.

Section 13 of the Trade Union Act 2016 introduced a new requirement to publish data on trade union facility time reporting. For Financial Year ending 31st July 2024 there were 21 trade union representatives equating to 20.54 FTEs at a cost of £23,555. In terms of percentage of working hours spent on facility time, there were 13 employees working less than 0% and 8 employees working between 1% to 50% of their working hours.

Supplier Involvement

When engaging suppliers, the University utilises a number of routes to market including third party collaborative framework agreements, such as from the North Western Universities Purchasing Consortium (NWUPC), together with other consortia as well as awarding our own contracts through competitive tender and quotation activity.

Areas of Public Benefit provided by Liverpool Hope University

In shaping its objectives and planning its activities the University has considered the Charity Commission guidance on public benefit. The University through oversight of its activities at University Council meetings is confident that it fully satisfies the Public Benefit requirements of the Charity Commission as there is a direct benefit to students from its activities and an indirect benefit to the public at large. The Public Benefit requirement requires two principles to be met.

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1. There must be an identifiable benefit or benefits.

The objects of the University are:

This is a clearly identifiable benefit.

2. The benefit must be to the public

or a section of the public. This area is expanded below.

As well as the students themselves, the University provides benefits for the general public. This includes a range of events such as concerts, lectures and the Angel Field Festival that are either free or accessible for a minimal charge.

Health and well-being initiatives are also run at the University which the public is able to attend. The University’s Service and Leadership award encourages students to undertake a range of voluntary activities across the local community and overseas and is recognised by a formal award at the end of their degree. The University is a partner of Contact the Elderly and participates in Childwall in Bloom.

Environment and Sustainability

and future generations and strives to manage its operations in ways that are environmentally sustainable, economically feasible and socially responsible. The University recognises the negative and positive impacts that it has on the environment, economy and society both locally, nationally and globally. The University, however, is well placed to make an exceptional contribution – well positioned through its teaching and research; influence on students, staff and communities; and through its business and campus operations.

Sustainability is central to the University’s mission and values and forms one of the five pillars of the University’s Strategic Plan and our decisions and actions reflect the concern that our community has for our environment. Hope’s Sustainability Policy commits the University to increasing its positive contribution and reducing its negative impact on the environment in six key impact areas: awareness and engagement, utility consumption, travel and transport, waste, estates development and procurement; all of which contribute to the University’s carbon emissions.

The University has committed to achieving net zero Scope 1 and 2 emissions by 2040 and net zero Scope 3 emissions by 2050 at the latest.

The University’s Scope 1 and 2 carbon emissions during 2023-2024 (August to July) were 2,464 tonnes CO2e (equivalent to 0.03 tonnes CO2e per m2 GIA) and have been calculated using the Government conversion factors for company reporting of greenhouse gas emissions (see below). The University’s total Scope 1 and 2 emissions have decreased by 52.8% since 2005-2006, but increased by 0.6% compared to last year (2022-2023).

Liverpool Hope University has a moral and ethical approach to stewardship of the Earth and a responsibility to create a better quality of life for present

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This is despite growth in the size of the University’s estate during the same period.

Work is continuing to collate and analyse the University’s relevant Scope 3 emissions:

Emissions
Source		 Scope Consumption
(2023-2024)		 Tonnes
CO2e		 % diference
between
2005-2006
and 2023-
2024
(consumption)		 % diference
between
2022-2023
and
2023-2024
(consumption)		 Consumption
per Student
(headcount -
July)
Gas 1 6,889,164
kWh		 1,260 -38.7 -6.3 1,367
Fugitive
Emissions		 1 31.5kg 60.6 +22.6 + 0.006
Fuel used
in owned
vehicles		 1 4,073L 10.0 -35.1 +4.2 0.8
Electricity 2 5,471,724
kWh		 1,133 -15.9 +3.5 1,086
Total 1 & 2 -d 2,464 -52.8 +0.6 0.45
Scope 1&2
emissions		 3 as above 584 as above as above as above
Water
(supply &
treatment)		 3 49,814 m3 16.9 -21.0 +3.4 9.9

Carbon reduction projects have continued to contribute to the decrease in carbon emissions with the continued installation of LED lighting and controls; fine-tuning the Building Management System; catering equipment upgrades, including an electric pizza oven; and decarbonisation of one of the University’s halls of residence (as below). The University has generated over 117k kWh from its on-site solar panels; and is aiming to increase its generation over the coming years.

The University’s Estates team has been successful with four separate grant funding bids to the Government Public Sector Decarbonisation Scheme since 2020 enabling the University to access

over £1.4m grant funding: St Julies halls of residence works completed in 20212022 (Salix Public Sector Decarbonisation Scheme Phase 2) included replacing the gas fired heating system with electric panel heaters (removing over 80% of the gas consumption), replacing the original steel framed single glazed windows with double glazing, installing internal wall insulation and solar PV; the Trinity project completed in 2022-23 (Salix PSDS Phase 3a) replaced the gas heating system with an Air Source Heat Pump (removing 100% of the gas consumption), installing double glazing, solar PV and a Building Management System; and Angela Halls of Residence completed in 2023-2024 (Salix PSDS Phase 3b) replaced the gas fired heating system

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with electric panels heaters, replaced the gas fired domestic hot water with an ASHP (removing 100% of the gas consumption) and installed internal wall insulation on the outer facing walls. The University has also successfully applied for Salix PSDS Phase 3c funding for the Gerard Manly Hopkins Hall. The funding will be used to replace the gas fired heating and hot water generation with electric panel heaters and an ASHP removing nearly 100% of the gas consumption (outstanding consumption is to supply the laundrette facility); this project will reduce the University’s gas consumption by a further 8%. This decarbonisation of buildings as part of the PSDS scheme, plus an additional two fully electric buildings, has increased the electrical consumption of the University, but dramatically decreased gas consumption.

Going concern

The financial position of the University, its cash flow, liquidity and borrowings are described in the Financial Statements and accompanying Notes. The University currently has one remaining loan of £2.8 million of loans outstanding with bankers, secured by a fixed and floating charge on University assets. The University’s forecasts and financial projections indicate that it will be able to meet the financial commitments in relation to this loan for the foreseeable future, after consideration of reasonably expected changes in performance.

The University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report which forms part of the Council’s Report. The Council’s Report also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities.

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

The University has prepared a financial model and cash flow forecasts for a period

up to July 2026 which takes account of severe but plausible scenarios. After reviewing the assumptions underpinning these forecasts, the Council is of the opinion that the University will have sufficient funds to meet their liabilities as they fall due, over the period of 12 months from the date of approval of the financial statements (the going concern assessment period).

The financial planning model has used a series of pessimistic but not unrealistic assumptions to demonstrate going concern, reduction in recruitment, inflationary increases in relation to staffing and general inflation, Utility costs. Even on this basis, liquidity levels are forecast to remain strong despite funding the committed capital programme from cash reserves.

Consequently, the Council is confident that the University will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Disclosure of information to auditor

The directors who held office at the date of approval of this directors’ report confirm that, so far as they are each aware, there is no relevant audit information of which the Company’s auditor is unaware; and each director has taken all the steps that s/he ought to have taken as a director to make herself/himself aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.

Section 172 Statement

The members of the University Council are Trustees of the University and directors of the Company. In line with their duties under s172 of the Companies Act 2006, directors act in a way they consider, in good faith, would be most likely to promote the success of the

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Company for the benefit of its members as a whole. As part of the decisionmaking process, matters that are of strategic importance to the Company, the Board and its Committees consider the potential impact of decisions on relevant stakeholders. Whilst also having regard to a number of broader factors, including the impact of the Company’s operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.

Students

Liverpool Hope takes pride in providing its students with a distinctive learning experience in this stage of their learning journey. Liverpool Hope offers the best possible student transformational experience enabling staff to get to know students one by one. This is delivered through high quality teaching and pastoral support, learning resources that underpin teaching and learning and a variety of learning spaces. This learning environment challenges and develops the students to enable them to progress on their journey into the workplace or further study.

The University considers it extremely important that effective ways are found to hear the whole students’ voice in order to respond to their concerns and build a supportive learning community. A wellfunctioning Students’ Union is a vital part of to this endeavour and the University ensures that the Student Union attends all of its major decision-making bodies so that the student voice is heard.

https://www.hope.ac.uk/gateway/ students/studentvoice/

Employees

Each year the University frameworks in place to support staff and ensure compliance with our ethical, legal and employment obligations are reviewed to confirm their alignment with the external legal and compliance environment and our internal values and mission. These include formal staff policies and

procedures which cover all aspects of the employment relationship: performance, reward, well-being, health and safety, personal development and training, and underpinning recruitment, selection and promotion procedures. During this year the People Strategy was fully reviewed to align with the new University strategy. As part of this work there was also an extensive review of performance management and performance review processes, with a similar review of promotions processes planned for the forthcoming academic year.

In the last year, there has been significant emphasis on work to support staff wellbeing and engagement. This included a Health and Safety Executive Survey and a specific well-being survey focused on staff well-being. A number of key findings from these surveys were shared through different media like the Hope Bulletin and communication from the Vice Chancellor through the Senior Leadership team through to Faculty, School, Department and Team to maxmimise engagement with staff and stakeholders.

A range of media are in place to enable feedback from staff back to managers so any areas of concern can be dealt with early and effectively. Transparent and regular management communication channels are used to support our strategic and operational objectives. The University was able to demonstrate some key improvements in staff well-being from these survey results.

The University continues to develop its offering to staff via attractive terms and conditions, leave, well-being and flexible working, health-supporting initiatives and considers equality and diversity at every stage of its work. For example, for the year 2023-2024 a number of WellBeing Foundation hour discussions were built into the university timetable to allow all staff to have the opportunity to have time away from their work to consider well-being issues such as Meet the Well Being Champions, Neurodiversity Awareness in the Workplace, the Money Charity - Financial Wellbeing, Wellbeing

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Directors Report

and Good Practice in Communication. The University is also now a Disability Confident Committed Employer (level one status). The University also signed the Defence Recognition programme.

This progress was against a backdrop of extensive Faculty re-structure work which welcomed consultation from a widerange of colleagues and stakeholders on the best way to align our structures to support delivery of our new Strategies around Ethos and Community, Education, Research, Scholarship and Knowledge Exchange, Partnership and Voice and Sustainability and the Future. This has been completed and the new structures are currently being embedded.

The People Strategy has been developed around these key drivers of university strategy both to support the strategic objectives of the University and to continue to attract a diverse range of suitably skilled and highly qualified staff across all areas of its operation. For example, the Supported Internship Award is beginning soon for a third year building on the success of the two previous cohorts, Well-Being Champions are now in place throughout the University and we led in the regional university sector by providing three paid days of Carer’s Leave out of the five statutory required days of unpaid leave available. This will be reviewed after twelve-months; in 2024 we have reviewed other sector-wide initiatives which were implemented in 2023, such as the Professional Boundaries Guidelines for Staff and Students and the reporting of Staff and Student Sexual Harassment Policies. These measures ensure we are implementing sector-wide requirements for staff and student safety and well-being in an open, transparent and stakeholder-informed way. To reflect the new approach the Personnel Team has now been renamed as People Services which more accurately highlights its position and purpose within the University.

We continue to ensure our colleagues are protected by appropriate risk assessments and access to health supporting initiatives like free flu jabs and occupational health

as well as free confidential counselling for all colleagues who request it. We continue to offer a wide range of compulsory and optional training programmes to colleagues with programmes as varied as Mental Health First Aider, Neurodiversity training and Dealing with Sexual Misconduct.

Suppliers

Procurement within the University is carried out in accordance with legal requirements, the University Financial Regulations and Procurement Policy. A carefully managed University that works efficiently and effectively delivering valuefor-money is central to the University’s Strategic Plan and our procurement activity supports that goal. Liverpool Hope University recognises that in order to achieve its ambitious strategic objectives, we need our suppliers to be on board.

When engaging suppliers, we utilise a number of routes to market including third party collaborative framework agreements, such as from the North Western Universities Purchasing Consortium (NWUPC), together with other consortia as well as awarding our own contracts through competitive tender and quotation activity.

Liverpool Hope University has a moral, ethical and social responsibility to consider the impacts of its activities on students, employees, wider stakeholder groups, as well as on the environment. In order for this to happen, all of our suppliers are given the opportunity to complete an on-line assessment tool to improve their environmental performance and ensure they are making a positive impact on society.

The University has enjoyed a number of successes including; working with our travel management company to promote sustainable and value for money travel options and our waste management company to increase staff and student engagement. We also work closely with our Estates suppliers to look at energy saving projects and initiatives.

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Community Engagement

During 2023 - 24 the Community Engagement team has built on the previous years’ work through the growth of projects and the expansion of the offer across the year. The primary goal for the CET seeks to make connections between people, creating opportunities to connect, share skills, find friendships and offer support. The CET is driven by a Universitywide committee made up of colleagues from across faculties and professional services.

1. Thematic working groups

The development of thematic working groups has been implemented through the CET Committee to drive forward specific university agendas, particularly in relation to issues of inclusion and social justice.

One of the key focus areas for the working groups is social justice issues across the University. Recognising the contribution made by Professional and Campus Services teams to student and community engagement supports the People and Planet League Table status for Liverpool Hope University.

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Directors Report

In 2024, colleagues published an academic paper based on research that originated within the CET exploring the cost of living crisis for students. This is a positive development and aligns with the goals for the CET over the next year, to engage further with participatory and communitybased research.

2. Community events and activities

During 2023 – 24 the CET was engaged in the regular events that form part of the annual calendar, including;

3. Partnerships

Strengthening links with partners not only supports our community driven goals, but has been an opportunity to showcase University facilities that can serve organisations in the region. Key partnerships include ChildwALL Together, Liverpool City Council through a Neighbourhood Manager, as well as links with local councillors, strategic leads, targeted youth support service, Voluntary, Community and Statutory Partnerships across Merseyside – Schools, Colleges, Museums, Arts and Cultural Organisations.

Supporting Childwall Community Choir at various University events, supporting the open garden event with Childwall in Bloom; Working with Childwall Abbey School and Liverpool City Council’s SPLICE project to run creative summer camps for young people; hosting a number of community conversations and consultation events; working with community members to ‘Dance in Your Pants’, fundraising for ovarian cancer; welcoming 80 people to the October Harvest Festival and Ceilidh; Christmas markets on campus; and community Christmas panto and choir concerts.

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Directors Report

Members of the University Council

The following persons served as governors during the year ended 31st July 2024 or were members as at 20th November 2024 when these financial statements were approved. In the case of those who became or ceased to be governors during the year, the appropriate dates are shown.

The governors are generally appointed for a period of three years. Each year they sign a register of interests. All the members of the Council are Trustees of the University and directors of the Company.

Revd Canon P Winn

Mrs J Beever Ms Lesley Martin-Wright

Mr Tim Alderman Mr Nicholas Dawe

(Resigned 31st July 2024) Chair Vice-Chair/Chair from 1st August 2024 Vice-Chair from 1st August 2024

(Joined 23rd July 2024)

Dr Edwin Djabatey Revd Geoff Felton

The Very Revered Dr Sue Jones Fr C. McCoy Mr J Norbury Ms Deborah Shackleton Mrs M Swinson Mr Steven Townley

HH Judge Graham Wood QC Ms Anne-Marie Costello Ms Jean Ellis Revd Canon C Fallon Dr A. Naylor Mr U Russell Ms Jemma Steven Ms Erin Meharry Ms Neve Rosser Dr Penny Haughan Professor Atulya Nagar Ms Paula Raper Dr Caroline Wakefield Professor C Ozanne Mr D Dykins

(Joined 11th September 2023)

(Resigned 7th September 2024 (Resigned 1st August 2023) (Resigned 31st July 2024) (Resigned 20th September 2023) (Resigned 1st August 2023) (Joined 3rd July 2024) (Resigned 14th August 2023) (Resigned 3rd July 2024)

(Resigned 31st July 2024)

Vice Chancellor and Rector Company Secretary and Clerk to Council

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Directors Report

Vice-Chancellor Remuneration Committee

Mrs J Beever Mr J Norbury Mr S Townley Revd Canon P Winn

Senior Salaries Remuneration Committee

Mrs J Beever Mr J Norbury Mr S Townley Revc Canon P Winn

Professor C Ozanne (except for discussion of her own salary)

Finance & General Purposes Committee

Mr J Norbury (Chair) Fr C. McCoy Ms Jean Ellis – ex officio Ms D Shackleton Mr N Dawes – ex officio Professor C Ozanne

Audit Committee

Mr Steven Townley (Chair) Ms J Beever Ms L Martin-Wright Ms S Suchoparek – ex officio

Advisers

External Auditor:

KPMG LLP 1 St Peter’s Square Manchester M2 3AE

Bankers:

Lloyds Bank Merchants Court 2-12 Lord Street Liverpool L2 XF

Santander 7th Floor 4 St Paul’s Square Liverpool L3 9SJ

HSBC Bank 9th Floor Royal Liver Pier Head Liverpool L3 1HU

Barclays plc 48B & 50 Lord Street Liverpool L2 1TD

Rathbones PO Box 1965 Liverpool L69 3HU

Internal Auditor:

RSM Risk Assurance Services LLP 14th Floor, 20 Chapel Street Liverpool L3 9AG

Nominations Committee

Revd Canon P Winn (Chair) Professor C Ozanne Mrs J Beever

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Directors Report

Statement of Council

responsibilities in respect of the Strategic Report, the Directors’ Report and the Financial Statements

The Council is responsible for preparing the Strategic Report, Directors’ Report, Statement of Corporate Governance and Statement of Internal Control 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.

Company law requires the Council (the members of which are the Directors of the University company for the purposes of company law) to prepare financial statements for each financial year.

Under that law it has elected to prepare the University financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The Terms and Conditions of Funding further require the financial statements to be prepared in accordance with the requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students (‘the Accounts Direction’) and the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education.

Under company law the Council must not approve the financial statements unless it is satisfied that they give a true and fair view of the state of affairs of the University and of their income and expenditure, gains and losses and changes in reserves, and of the University’s cash flows for that period. In preparing the University financial statements, the Council is required to:

The Council 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 University and enable it to ensure that its financial statements comply with the Companies Act 2006.

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

The Council is also responsible for ensuring that:

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Directors Report

The Council is responsible for the maintenance and integrity of the corporate and financial information included on the University’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

While the following is not a specific recreation of the constitutional provisions within the Articles of Government, the principal responsibilities of Council, adopted in December 2005 and amended in May 2023, may be summarised as being:

  1. To approve the educational character, mission and strategic vision of Liverpool Hope University, long-term academic and business plans and key performance indicators, and to ensure that these meet the interests of stakeholders.

  2. To delegate authority to the head of the institution, as Vice-Chancellor & Rector, for the academic, corporate, financial, estate and personnel management of the institution, and other responsibilities as detailed in the constitution, and keeping those functions under regular review.

  3. To ensure the establishment and monitoring of systems of control and accountability, including financial and operational controls and risk assessment and procedures for handling internal grievances and for managing conflicts of interest.

  4. To ensure processes are in place to monitor and evaluate the performance and effectiveness of the institution against the plans and approved key performance indicators, which should be, where possible and appropriate, benchmarked against other comparable institutions.

  5. To establish processes to monitor and evaluate the performance and effectiveness of Council itself.

  6. To conduct its business in accordance with best practice in higher education corporate governance and with the principles of public life drawn up by the Committee on Standards in Public Life.

  7. To safeguard the good name and values of Liverpool Hope University.

  8. To appoint the head of the institution as Vice-Chancellor & Rector, and to put in place suitable arrangements for monitoring his/her performance.

  9. To appoint a secretary to Council and to ensure that, if the person appointed has managerial responsibilities in the institution, there is an appropriate separation in the lines of accountability.

  10. To be the employing authority for all staff in the institution and to be responsible for establishing a human resources strategy.

  11. To be the principal financial and business authority of Liverpool Hope University, to ensure that proper books of account are kept and resources used

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Directors Report

properly, effectively and efficiently, and to approve the annual budget and financial statements and have overall responsibility for the University’s assets, property and estate.

  1. To be the institution’s legal authority and, as such, to ensure that systems are in place for meeting all of the institution’s legal obligations, including those arising from contracts and other legal commitments made in Liverpool Hope University’s name.

  2. To make such provision as it thinks fit for the general welfare of students, in consultation with senate, and for the operation of the Students’ Union under a constitution approved by council.

  3. To act as trustee for any property, legacy, endowment, bequest or gift in support of the work and welfare of Liverpool Hope University.

  4. To ensure that Liverpool Hope University’s constitution is followed at all times and that appropriate advice is available to enable this to happen.

Mrs Jane Beever

Director and Chair of Council 20th November 2024

37

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38

Statement of

Corporate Governance

This statement of corporate governance explicitly relates to the period 1st August 2023 – 31st July 2024, up to and including the date when the financial statements are approved.

The institution endeavours to conduct its business in accordance with the seven principles identified by the Committee on Standards in Public Life (selflessness, integrity, objectivity, accountability, openness, honesty and leadership), and with the guidance to institutions of higher education from the Committee of University Chairs in its Guide for Members of HE Governing Bodies in the UK. The University is committed to best practice in all aspects of corporate governance and conducts its business in line with the Office for Students (OfS) general ongoing conditions of registration. The University, through its arrangements for governance, is committed in a demonstrable way to the principles of academic freedom and equality of opportunity.

Liverpool Hope University is an incorporated body whose legal status is that of a company limited by guarantee, a registered charity and a University with taught and research awarding powers. Its objects, powers and framework of governance are set out in the articles of association which were approved by the Privy Council in 1996. The current version of the articles was approved by the Privy Council with effect from 20th

April 2005 and amended in 2023. The articles require Liverpool Hope University to have a governing body and a Senate, each with clearly defined functions and responsibilities to oversee and manage its activities.

The University Council is the executive governing body, responsible for matters including the finance, property and staffing of the institution. It is specifically required to determine the educational character and mission of the institution and to set its general strategic direction. The governing body has a majority of independent members and the chair is elected from among the independent members. There is also provision for the appointment of co-opted members, and representatives of the academic staff and the student body. No members of University Council receive any reimbursement for the work they do for that body.

Subject to the overall responsibility of the governing body, Senate has oversight of the academic affairs of Liverpool Hope University and draws its membership entirely from the staff and the students of the institution, save for 1 Network of Hope College Principal. It is particularly

39

Statement of Corporate Governance

concerned with general issues relating to the learning and teaching and research work of Liverpool Hope University.

The Chief Executive Officer (Vice Chancellor and Rector) is the head of Liverpool Hope University and has a general responsibility to the governing body for the organisation, direction and management of the institution. As Chief Executive, the head of the institution exercises considerable influence upon the development of institutional strategy, the identification and planning of new developments, and shaping of the institutional ethos. The University Senior Executive Team all contribute in various ways to these aspects of the work, working in close collaboration with the Vice Chancellor and University Council, which has ultimate responsibility for the University’s strategic direction, education character and use of resources.

Members of University Council make an annual declaration of interests and further declare any interests in relation to matters under discussion at meetings. The University also makes an annual declaration on matters that confirm that they are “fit and proper” as defined under the Framework for the Office for Students.

University Council has adopted a Statement of Primary responsibilities reflecting sector guidance. This statement reflects the University Council’s understanding of its responsibilities in relation to governance and internal control. In accordance with the articles of association, a secretary to the governing body has been appointed. The Company Secretary and Clerk to Council and the Solicitor & Senior Officer for Legal Services, Governance and Risk, provide independent advice on matters of governance to all members of University Council. Although the governing body meets four times per year, much of its detailed work is handled by committees, including Finance and General Purposes Committee, Audit Committee, Staffing Committee, Health and Safety Standing Committee, Nominations Committee and a Remuneration Committee. The decisions of the Committees are formally reported

to the full University Council by the respective chairs.

Regularity and propriety in the use of public funding is delivered through the overarching governance structure described above. Public funding of research has an additional layer of governance provided through the Research Committee which reports to Senate. The research Committee considers research strategy, policy, funding and scholarly activity. The University governance structure described above facilitates a transparent, adequate and effective system of governance. The structures, policies and processes can be viewed at: https://www.hope.ac.uk/ aboutus/governance/#:~:text=The%20 governing%20body%20of%20 Liverpool,company%20directors%20 and%20charity%20trustees.

Audit Committee

The Audit Committee meets four times per year, with the University’s External and Internal Auditors in attendance. The Committee considers detailed reports including recommendations, for the improvement of the University’s systems of internal control, management responses and implementation plans. It also reviews and tracks the University’s progress against these plans and monitors the risk register. Whilst senior executives attend meetings of the Audit Committee as necessary, they are not members of the Committee. The Committee is empowered to meet the External and Internal Auditors on their own for independent discussions.

The overall opinion within the Internal Audit Annual Report for 2023/24 is that the University has an ‘adequate and effective framework for risk management, governance, internal control and economy efficiency and effectiveness’. However, audit work has identified further enhancements to the framework of risk management, governance, internal control and economy, efficiency and effectiveness to ensure that it remains adequate and effective. The Audit Committee noted that three audits resulted in substantial assurance, one resulted in partial assurance – for project procurement framework and

40

Statement of Corporate Governance

reasonable insurance for implementation. The internal audit of project management of the i3 building resulted in reasonable assurance.

Finance and General Purposes

The Finance and General Purposes Committee meet three times per year and maintains an oversight of the University’s financial and capital development strategies and the financial policy framework.

Staffing Committee

The Staffing Committee is responsible for supporting the strategic direction, performance measurement and service development of the human resource function within the University. It also has an oversight of compliance with equal opportunities and other employment law matters.

Council Standing Committee on Health and Safety

The Committee develops and monitors the implementation of the University’s Health and Safety Policy, Safety Management System and the associated procedures and codes of practice. It keeps under review the University’s compliance with health and safety legislation and monitors trends in accidents and dangerous occurrences.

Remuneration Committee

for University Senior Executive Team and

Remuneration Committee for Vice Chancellor

The purpose is to determine and review the salaries, terms and conditions of the Head of the institution and such other members of staff as Council deems appropriate. These two Committees report annually to Council.

The Remuneration Committees aim to balance the safeguarding of public funds and the need to remain competitive by reference to the Committee of University Chairs HE Senior Staff Remuneration Code. Remuneration decisions are linked to the context in which the University operates and are made with reference to similar institutions, the level of complexity of the role regardless of size, and the responsibilities of the post holder in comparison to the size of the senior team, and the number of years a senior post holder has successfully served in that role.

Performance objectives are agreed with all senior staff by their line manager. The Remuneration Committees base their decisions on the annual performance of the senior staff, taking into account external benchmarks and the particular financial circumstances of the University.

The Remuneration Committee for the University Senior Executive Team comprises the Pro-Chancellor, the Chair of Audit Committee, the Chair of the Finance and General Purposes Committee, the Deputy Chair of University Council and the Vice Chancellor. The Committee meets annually to set the salaries of the members of the senior team.

The remuneration package of the Vice Chancellor is set by the Remuneration Committee for the Vice-Chancellor, which comprises the Pro-Chancellor, the Chair of Audit Committee and the Chair of the Finance and General Purposes Committee. The Vice Chancellor does not attend this meeting. The performance of the Vice Chancellor is monitored and assessed by regular meetings with the Pro-Chancellor and progress against a range of key performance indicators by which Council monitors the overall performance of the University.

Nominations Committee

The purpose is to seek out and recommend new lay/independent co-opted members to the appointing body, taking account of the current skills mix of Council and the diversity of the current membership.

41

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| 2023 - 2024
Annual Report and Financial Statements
|Liverpool Hope University
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Statement of Internal Control

This statement of internal control explicitly relates to the period 1[st] August 2023 - 31[st] July 2024, up to and including the date when the financial statements are approved.

The key elements of the University’s system of internal financial control, which is designed to discharge the responsibilities set out above, include the following:

University Council has the responsibility for reviewing the effectiveness of the system of internal control. Consistent with the Risk Management Strategy approved, the following processes have been established:

with regular reports from managers on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects.

The Audit Committee receives regular reports from the internal auditor, which include the internal auditor’s independent opinion on the adequacy and effectiveness of the institution’s system of internal control, together with recommendations for improvement.

43

Statement of Internal Control

Control Weaknesses Identified

The annual review of the Internal Auditors indicated that the organisation has an adequate and effective framework for risk management, governance and internal control and economy, efficiency and effectiveness. Weakness in the project and procurement framework is being actively addressed.

Role of the External Auditor

The University external auditors perform an interim audit mid-year to review control procedures prior to year-end substantive testing. Throughout the year, communication between the University and external auditors is key critical to obtain reasonable assurance the University’s financial information is free from material misstatement, fraud and errors.

Role of the Internal Auditor

The University’s internal auditors continue to monitor the systems of internal control, risk management controls and governance processes in accordance with an agreed plan of input and report their findings to management and the Audit Committee. Management is responsible for the implementation of agreed audit recommendations, and internal audit undertakes periodic follow-up reviews to ensure such recommendations have been implemented. Both Internal and External auditors in attendance at the Audit Committee, they have to present their detailed plan for the forthcoming year. These plans are prepared in accordance with University requirements, regulatory requirements, accounting standards and direction of funding bodies.

44

Independent Auditor’s Report to the Council of Liverpool Hope University

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Liverpool Hope University (“the University”) for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, the Statement of Changes in Reserves, the Statement of Financial Position, the Statement of Cash Flows and related notes, including the Statement of Principal Accounting Policies.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the University in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The Council has prepared the financial statements on the going concern basis as it does not intend to liquidate the University or to cease their operations, and as it has concluded that the University’s financial position means that this is realistic. It has also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the Council’s conclusions, we considered the inherent risks to the University’s business model and analysed how those risks might affect the University’s financial resources or ability to continue operations over the going concern period.

45

Independent Auditors Report

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the University will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because tuition fees are generally based on standard fee rates and are non-variable in nature. We do not believe there to be an incentive or pressure to manipulate this or other income streams that are material as amounts received either typically relate to a single specific financial year or the source transactions are non-complex, involving little judgement.

We did not identify any additional fraud risks.

We performed procedures including:

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Council and other management (as required by auditing standards), and discussed with the Council and other management the policies and procedures regarding compliance with laws and regulations.

46

Independent Auditors Report

We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the University is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies and related higher education legislation), taxation legislation and pensions legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the University is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: compliance with regulatory requirements of the Office for Students, recognising the nature of the University’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Council and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

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

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned

and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of nondetection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

The Council is responsible for the other information, which comprises the Strategic Report, Directors’ Report, Statement of Corporate Governance and Statement of Internal Control. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge.

Based solely on that work:

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Independent Auditors Report

Matters on which we are required to report by exception

Under the Companies Act 2006, we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Council responsibilities

As explained more fully in its statement set out on page 35, the Council (the members of which are the Directors of the University for the purposes of company law) is responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless it either intends to liquidate the University or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities

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

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

Report on other legal and regulatory requirements

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

In our opinion, in all material respects:

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Independent Auditors Report

Matters on which we are required to report by exception

We are required by the Accounts Direction to report to you where the University has an access and participation plan that has been approved by the Office for Students’ director of fair access and participation and the results of our audit work indicate that the University’s expenditure on access and participation activities for the financial year disclosed in Note 10 has been materially misstated.

We are also required by the Accounts Direction to report to you where the results of our audit work indicate that the University’s grant and fee income, as disclosed in note 6 to the financial statements, has been materially misstated.

paragraph 13(2) of the University’s Articles of Government and section 124B of the Education Reform Act 1988. Our audit work has been undertaken so that we might state to the Council those matters we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the University and the Council for our audit work, for this report, or for the opinions we have formed.

James Boyle (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

We have nothing to report in these respects.

1 St Peter’s Square, Manchester, M2 3AE

25 November 2024

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Council, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and

49

50

Statement of Principal Accounting Policies

1. Basis of preparation

The University is a company limited by guarantee, and was incorporated on 26 November 1996. Under the terms of the Memorandum and Articles of Association, the members of the University Governing Council have each undertaken to contribute a maximum of £1 in the event of winding up of the company.

These financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102), the Statement of Recommended Practice (SORP): Accounting in Further and Higher Education (2019 edition), the Charities SORP (2019) and the Companies Act where appropriate. They have also been prepared in accordance with the ‘carried forward’ powers and duties of previous legislation (Further and Higher Education Act 1992 and the Higher Education Act 2004) and the new powers of the Higher Education and Research Act 2017 during the transition period to 31 July 2019, 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 fixed assets were valued at 31st July 2014, the University chose to freeze the valuation at that date and use the deemed cost going forward in accordance with FRS 102. Capital grants are accounted for using the performance model as opposed to the accruals model. A requirement for holiday pay involves an accrual for unused annual leave as an expense. Pension fund changes relate to interest computations and the inclusion of the USS scheme.

2. Going Concern

The University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report which forms part of the Council’s Report. The Council’s Report also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities.

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

The University have prepared a cash flow forecast for a period up to July 2026. After reviewing these forecasts, the Council is of the opinion that, taking account of severe but plausible downsides, the University will have sufficient funds to meet their liabilities as they fall due over the period

51

Principal Accounting Policies

of 12 months from the date of approval of the financial statements (the going concern assessment period).

The University has prepared a financial model and cash flow forecasts for a period up to July 2026 which takes account of severe but plausible scenarios. After reviewing the assumptions underpinning these forecasts, the Council is of the opinion that the University will have sufficient funds to meet their liabilities as they fall due, over the period of 12 months from the date of approval of the financial statements (the going concern assessment period).

The financial planning model has used a series of pessimistic but not unrealistic assumptions to demonstrate going concern, reduction in recruitment, inflationary increases in relation to staffing and general inflation and Utility costs. Even on this basis, liquidity levels are forecast to remain strong despite funding the committed capital programme from cash reserves.

Consequently, the Council is confident that the University will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

3. Basis of accounting

The financial statements have been prepared under the historical cost convention as modified by the deemed cost of certain fixed assets.

4. Basis of consolidation

The financial statements include the University only as there are no trading subsidiaries in existence.

the University has no control or significant influence over policy decisions.

5. Format of the accounts

The directors have taken advantage of the Companies Act 2006 to adapt the format of the accounts to reflect the special nature of the Company’s business.

6. Recognition of income

The recurrent grants from the Office for Students (OfS) and Engineering and Physical Sciences Research Council (EPSRC) represent the funding allocation which is attributable to the current financial year and is credited direct to the Statement of Comprehensive Income.

Grants intended to support the acquisition of tangible fixed assets are credited to the statement of comprehensive income when the University becomes entitled to them, subject to any performance related conditions being met.

Tuition fees represent student fees received and receivable attributable to the current accounting period.

Income to which the University is entitled from research grants and contracts is released to the statement of comprehensive income in proportion to the degree of completion of the associated activity, with reference to expenditure. The University uses the accruals method of accounting for research grants and contracts.

The University acts as an agent in the payment of training bursaries from the Department of Education. Related payments received and subsequent disbursements to students are excluded from the Statement of Comprehensive Income and are shown separately in note 19.

The financial statements do not include those of Liverpool Hope Students’ Union as it is a separate organisation in which

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Principal Accounting Policies

7. Retirement benefits

The University operates a defined benefit scheme for staff, the Enhanced Pension Provision (EPP). The scheme is a defined benefit scheme which is externally funded and contracted out of the State Second Pension (S2P).

Defined Contribution Plan

A defined contribution plan is a postemployment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the Statement of Comprehensive Income in the periods during which services are rendered by employees.

Defined Benefit Plan

A defined benefit plan is a postemployment benefit plan other than a defined contribution plan. The University’s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) and any unrecognised past service costs are dedicated. The liability discount rate is the yield at the balance sheet date on AA credit rated bonds denominated in the currency of, and have maturity dates approximating to the terms of the University obligations. When the calculation results in a benefit to the University, the recognised asset is limited to the total of any unrecognised past services costs and the present value of benefits available in the form of any future refunds from the plan, reductions in future contributions to the plan or on settlement of the plan and takes account of the adverse effect of any minimum funding requirements.

The USS is a multi-employer scheme for which it is not possible to identify the assets and liabilities to the University members due to the nature of the scheme and therefore this scheme is accounted for as a defined contribution retirement benefit scheme. A liability is recorded within provisions for liabilities and charges for any contractual commitment to fund past deficits within the USS scheme (Note 23).

Retirement benefits for employees of the University are provided by defined benefit schemes, which are funded by contributions from the University and its employees.

The principal schemes for the University’s staff are the Teacher’s Pension Scheme (TPS) for academic and related staff, the Greater Manchester Pension Fund (GMPF) and the Merseyside Pension (MPF) for nonacademic staff. These are defined benefit schemes which are externally funded and contracted out of the State Earnings Related Pension Scheme.

Contributions to the scheme are charged to the Statement of Comprehensive Income so as to spread the cost of pensions over employee’s working lives with the University in such a way that the pension cost is a substantially level percentage of present and future pensionable payroll. Variations from regular costs are spread over the expected average remaining lifetime of members of the schemes after making allowances for further withdrawals. The contributions are determined by qualified actuaries.

IFRIC 14: limit on Defined Benefit Asset

The standard limits the measurement of the defined benefit asset to the present value of economic benefits available in the form of refunds from the plan or a reduction in future contributions to the plan.

For both LGPS schemes the University has set a limit of 50 employees to determine the long-term viability of the scheme. If the scheme falls below 50 members we

53

Principal Accounting Policies

recognise a ‘short term’ approach and calculate the present value of future projected service costs over the term determined by the difference between the average employee age and the normal retirement age. If the scheme remains above 50 members we recognise a ‘perpetuity’ approach and calculate the projected service costs in perpetuity.

Merseyside Pension Fund

There are 5 members in the pension scheme with an average age of 59. Although the scheme is ‘open’ the University does not necessarily encourage new employees to opt into MPF as the preferred pension fund. Three of the members to MPF have been transferred in rather than opted to join. For calculation purposes we have assumed the employees will retire at the age of 67 and therefore calculations this year are based on 8 years (average age (59) to retirement age (67)). Given the low membership of the scheme, and therefore uncertain future membership, MPF has been treated as a closed scheme

Greater Manchester Pension Fund

GMPF is the preferred pension fund for Professional Services staff, new employees joining the University pension fund are automatically included within GMPF. The actuary report confirms the active members in the fund is 350 (at 31st March 2022), the University calculates 349 active members at the end of July 2024 which demonstrates continuing membership. For calculation purposes we have assumed this fund will continue in perpetuity.

8. Employment benefits

Short term employment benefits such as salaries and compensated absences are recognised as an expense during the year in which the employees render service to the organisation. Any unused benefit is accrued and measured as the additional amount the University expects to pay as a result of the unused entitlement.

9. Maintenance of premises

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

10. Operating Leases

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

11. Provisions

Provisions are recognised when the University has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The calculation of the cost of early retirement provisions charged to the statement of comprehensive income in the year of retirement is based on the total capital cost of providing enhanced pensions with allowance for future investment returns at 2.5% in excess of price inflation.

An amount is included in provisions for liabilities and charges representing the extent to which the capital cost charged exceeds actual payments made. The provision will be released against the cost to the University of enhanced pension entitlements over the estimated life expectancy of each relevant employee. (See note 23).

12. Fixed assets

In 1980 the two former colleges, St. Katharine’s and Christ’s and Notre Dame, entered into a Deed of Adherence with the Liverpool Institute of Higher Education under which they provided their respective properties to the Institute. These were superseded in 1998 by similar Deeds of Arrangement of Membership with Liverpool Hope.

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Principal Accounting Policies

St. Katharine’s College (Warrington Training College Incorporated), was granted a 99 year lease in 1963 from the Central Board of Finance of the Church of England for the properties provided to the Institute under the Deed of Adherence. The lease is renewable upon request for a second and final 99 years from 2062.

Christ’s and Notre Dame College property is owned by the Trustees of Christ’s and Notre Dame College. Under the Deed of Adherence, the property of the College was made available for the use of the Institute. These buildings have been included on the Statement of Financial Position since 2004/05 to reflect the fact that the University carries the majority of the benefits and liabilities of the buildings.

Under the terms of the Deed of Adherence, neither College shall withdraw from Liverpool Hope without the agreement of the remaining College and the consent of the Secretary of State for Education.

Subject to the appropriate agreements, written notice must be given at least five years prior to any withdrawal and, in the first instance, may only be given to expire no earlier than 31st August 2024.

Within the Trust Deed and the Deeds of Adherence between the Colleges and the Institute, those elements of the tangible fixed assets which are additions and/or improvements to buildings also become the property of the respective College Trustees.

Fixed assets land and buildings were subject to a full revaluation as at 31st July 2014 under a policy of periodic reappraisal at least every five years. The revaluation was undertaken by Eddisons, a firm of chartered surveyors and the basis of valuation has varied depending upon the nature of the property. The majority of properties were valued on a depreciated replacement cost basis, others such as St Michaels & St Julies at Aigburth and Gerard Manley Hopkins at Everton at market value. The accounting policy hitherto had been to revalue all land and

buildings within a class of revalued assets.

The revaluation carried out as at 31st July 2014 will serve henceforth as deemed cost in accordance with the SORP and no further revaluations will be taking place.

Where buildings are acquired with the aid of specific grants the assets are capitalised and depreciated on the basis shown below. The related grants are treated as income and released to the statement of comprehensive income within the year in which the grant is received.

Finance costs which are directly attributable to the construction of land and buildings are not capitalised as part of the cost of those assets.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable. During the year demolition of the Security Lodge is considered an indication of impairment and an accelerated depreciation charge will be included. An annual impairment review is also carried out annually across the Estate.

Buildings under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs incurred to 31st July. They are not depreciated until they are brought into use.

Building refurbishment works are capitalised subject to a minimum threshold of £20,000 per refurbishment project. Such costs are not depreciated until the works are completed. Costs of refurbishment projects costing less than £20,000 are written off to the Statement of Comprehensive Income in the period in which they are incurred.

Equipment costing less than £10,000 per individual item or group of related items constituting a single suite of equipment is written off to the Statement of Comprehensive Income in the period of acquisition. All other equipment is capitalised at cost.

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Principal Accounting Policies

All assets are depreciated over their useful economic lives as follows, and a full year’s depreciation is charged in the year of acquisition or transfer:

Land & Buildings

Buildings existing at 31st July 2014 (As estimated)*

New buildings 50 years Building refurbishments (greater than £20,000) 10-30 years

Vehicles

Motor vehicles 5 years Equipment Computer equipment 5 years Furniture & fittings 10 years

*As part of the revaluation carried out on 31st July 2014, the estimated useful lives of the existing buildings were reassessed in consultation with the firm of chartered surveyors who had carried out the revaluation. Estimates varied from building to building, ranging from a minimum of 10 years to a maximum of 60 years.

13. Taxation Status

The University is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 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 for charitable purposes. Subsidiary companies are liable for corporation tax for charitable purposes.

The University is partially exempt in respect of Value Added Tax, so that it can only recover a minor element of VAT

charged as inputs. Irrecoverable VAT on inputs is included in the costs of such inputs and added to the cost of tangible fixed assets as appropriate, where the inputs themselves are tangible fixed assets by nature.

14. Bursaries and Scholarships

The University provides bursaries and scholarships to students from its own revenue funds. These bursaries and scholarships are shown in the Statement of Comprehensive Income, as expenditure, and not deducted from income.

The University also distributes bursaries on behalf of the Department of Education in relation to Teacher Training. The University only acts as agent and has no interest in these funds. As such, these transactions are not recognised in the Statement of Comprehensive Income.

15. Cash Flows, Cash and Cash Equivalents

Cash flows comprise increases or decreases in cash. 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. They include term deposits, government securities and loan stock held as part of the University’s Treasury Management activities and policies.

16. Finance Leases

Fixed assets held under hire purchase agreements and the related hire purchase obligations are recorded in the balance sheet and these assets are depreciated over their useful life. As at 31st July 2024 the University held no such assets.

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Principal Accounting Policies

17. Accounting Estimates and Judgements

Preparation of financial statements requires management to make estimates, judgement and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income and expenses. These estimates and judgements are continually evaluated and are based on professional advice, historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

18. Financial Instruments

The University’s principal financial instruments are cash, investments and loans. The core objective of these instruments is to meet the financing needs of the University’s operations. The fair value of each category of University’s financial instruments are the same as their carrying value in the statement of financial position. The University has adopted to apply the provisions of both Section 11 and Section 12 of FRS102 in full.

Management consider the areas set out below to be those where critical accounting judgements have been applied and the resulting estimates and assumptions may lead to adjustments to the future carrying amounts of assets and liabilities:

Impairments: Management make judgements as to whether any indicators of impairment are present for any of the University’s assets.

Recoverability of Debtors: The provision for bad debts is based on our estimate on the expected recovery of the debt. Assumptions are made based on the level of debtors who have defaulted historically.

Pensions: The University operates 3 defined benefit pension schemes, the Teacher’s Pension Scheme (TPS), the Greater Manchester Pension Fund (GMPF) and the Merseyside Pension (MPF). The present value of the University obligations is dependent on a number of factors including life expectancy, salary increases, asset valuations, liability periods and discount rates on corporate bonds. A qualified actuary estimates these values so management can determine net pension obligations in the balance sheet. This does not include an obligation to make contributions to fund past deficit payments.

57

Statement of Comprehensive Income Year ended 31[st] July 2024

Note 2024 2023
£ £
Income
Funding council grants 1 3,834,004 3,766,741
Tuition fees and short course fees 2 43,618,052 46,673,547
Research grants and contracts 3 195,221 202,846
Other operating income 4 7,447,256 6,640,797
Investment income 5 1,854,155 959,492
___ ___
Total Income 56,948,688 58,243,423
___ ___
Expenditure
Staf costs 7 36,468,544 36,452,253
Other operating expenses 8 15,893,559 14,229,394
Depreciation 12 5,033,384 4,490,251
Interest and other fnance costs 9 177,274 762,323
___ ____
Total expenditure 11 57,572,761 55,934,221
___ ___
Operating (defcit)/surplus (624,073) 2,309,202
___ ___
Actuarial gain in respect of pension scheme 5,091,294 13,230,452
___ ___
Total comprehensive income for the year 4,467,221 15,539,654
___ ___
Represented by:
- -
Restricted comprehensive income for the year
Unrestricted comprehensive income for the year		 4,467,221 15,539,654
___ ___

58

Statement of Changes in Reserves Year ended 31[st] July 2024

Unrestricted Revaluation Total
Reserve Reserve
£ £ £
Balance at 1 August 2023 136,406,938 29,563,739 165,970,677
Operating defcit (624,073) - (624,073)
Actuarial gain in respect
of pension scheme 5,091,294 - 5,091,294
Transfers 883,360 (883,360) -
___ ___ ___
Balance at 31 July 2024 141,757,519 28,680,379 170,437,897
___ ___ ___

Statement of Changes in Reserves Year ended 31[st] July 2023

Year ended 31st July 2023
Unrestricted Revaluation Total
Reserve Reserve
£ £ £
Balance at 1 August 2022 119,939,885 30,491,136 150,431,021
Operating surplus 2,309,202 - 2,309,202
Actuarial gain in respect
of pension scheme 13,230,452 - 13,230,452
Transfers 927,398 (927,398) -
___ ___ ___
Balance at 31 July 2023 136,406,938 29,563,739 165,970,677
___ ___ ___

59

Statement of Financial Position

Year ended 31[st] July 2024

Year ended 31[st]July 2024
Note 2024 2023
£ £
Non-current assets
Tangible assets 12 137,147,225 133,719,104
Pension asset 24 19,643,000 15,112,000
___ ___
156,790,225 148,831,104
___ ___
Current assets
Debtors 13 2,066,062 2,064,731
Cash at bank and in hand Investments 12,154,694 19,100,566
14 9,500,000 10,000,000
___ ___
23,720,755 31,165,297
___ ___
Creditors:amounts falling due within one year 15 (7,543,572) (10,073,649)
___ ___
Net current assets 16,177,183 21,091,648
___ ___
Total assets less current liabilities 172,967,408 169,922,752
___ ___
Creditors:amounts falling due after more than one year 16 (2,472,711) (2,845,389)
Provisions for liabilities and charges 23 (56,800) (1,106,686)
___ ___
Total net assets 170,437,897 165,970,677
___ ___
Unrestricted Reserves:
Income and expenditure reserve 141,757,519 136,406,938
Revaluation reserve 28,680,378 29,563,739
___ ___
Total funds 170,437,897 165,970,677
___ ___

The financial statements on pages 58 to 86 were approved by the University Council on 20th November 2024, and signed on its behalf by:

Mr J Norbury Chair of Finance & General Purposes Committee

Mrs J Beever Chair of University Council

Professor C Ozanne Rector & Vice Chancellor

60

Statement of Cash Flows Year ended 31[st] July 2024

2024 2023
£ £
Cash flow from operating activities
(Defcit)/Surplus for the year (624,073) 2,309,202
Adjustment for non-cash items
Depreciation 5,033,384 4,490,251
Investment income (1,854,155) (959,492)
Interest payable 177,274 762,323
(Increase)/Decrease in Debtors (1,331) (146,639)
Increase/(Decrease) in Creditors (2,550,092) (2,616,400)
Increase/(Decrease) in Provisions (11,597) (11,316)
Pension costs 298,000 973,000
Adjustment for investing or fnancing activities
Capital grants utilised in year (441,068) (235,602)
___ ___
Net cash inflow from operating activities 26,342 4,565,327
Cash flows from investing activities
Capital grants received 441,068 235,602
Payments to acquire fxed assets (8,461,505) (14,550,849)
(Gain) / Loss on tangible fxed assets - (51,432)
Proceeds from sale of tangible fxed assets - 92,475
Withdrawal/ (New) Deposits 500,000 12,750,000
___ ___
(7,520,437) (1,524,204)
Cash flows from fnancing activities
Other interest received 1,075,287 844,492
Interest paid (174,401) (722,586)
Repayments of borrowed amounts (352,662) (331,697)
___ ___
548,224 (209,791)
___ ___
(Decrease)/Increase in cash (6,945,873) 2,831,332

61

Notes (forming part of the financial statements)

1. Funding council grants

1. Funding council grants
2024 2023
£ £
Recurrent Grant – OfS 1,500,210 1,517,775
Specifc
Engineering and Physical Sciences Research Council - EPSRC 1,447,246 1,553,111
Higher Education Innovation Fund 499,485 466,414
OfS Hardship Fund - 58,839
EPSRC Special initiatives 322,349 120,000
ITT Accreditation 32,514 -
Capital Grants 32,200 50,602
___ ___
3,834,004 3,766,741
___ ___
2. Tuition fees and short course fees
2024 2023
£ £
Full-time students 38,860,684 41,293,537
Full-time students charged overseas fees 2,389,852 2,898,577
Part-time students 546,349 672,723
__ __
Total fees paid by or on behalf of individual students 41,796,885 44,864,837
__ __
Short course fees 1,821,168 1,808,710
__ __
Total 43,618,052 46,673,547
__ __

3. Research grants and contracts

3. Research grants and contracts
2024 2023
£ £
Research councils 14,468 -
Research charities 63,909 10,359
Industry and commerce 34,744 103,851
Other 82,100 88,636
__ __
Total 195,221 202,846

62

Notes

4. Other operating income

4. Other operating income
2024 2023
£ £
Residences, catering and conferences 6,164,868 6,164,872
Other income 735,704 390,925
Capital Grants – (Salix) 546,684 85,000
__ __
7,447,256 6,640,797
__ __

Note: Salix grants: 2023/24 £441,068 Capital, £106,616 Revenue. 2022/23 £85,000 Capital.

5. Investment income

5. Investment income
2024 2023
£ £
__ __
Interest receivable 1,854,155 959,492
__ __

6. Grant and fee income

6. Grant and fee income
2024 2023
£ £
Grant income from the OfS 1,500,210 1,517,775
Grant income from other bodies 2,333,794 2,248,966
Fee income for taught awards (exclusive of VAT) 42,029,775 45,300,694
Fee income for research awards (exclusive of VAT) 298,877 207,908
__ __
Total 46,162,656 49,275,343
__ __

Note: excludes research grants and contracts as they are shown separately in Note 3

7. Staff costs (including directors’ emoluments)

2024 2023
£ £
Wages and salaries 27,729,629 27,547,817
Social security costs 2,840,898 2,750,423
Other pension costs
FRS102 staf pension adjustments		 5,751,325
146,692		 5,320,725
833,288
__ __
Total 36,468,544 36,452,253
__ __

63

Notes

The average numbers of staff employed by the University (FTE)

2024 2023
Number FTE Number FTE
Academic 309 314
Administrative and technical 231 228
Manual and ancillary 102 102
__ __
Total 642 644
__ __

Emoluments of the Vice-chancellor & Rector

23/24 22/23 22/23 22/23
Prof Claire Prof Claire Dr Penny Prof Gerald
Ozanne Ozanne Haughan Pillay
£ £ £ £
Salary 250,000 104,167 28,775 152,330
Benefts - - - 2,773
(Company Car)
Pension 63,367 19,733 3,053 36,072
__ __ __ __
Total 313,367 123,900 31,827 191,175
_ __ __ __
From 1 March *Interim VC To 31st
2023 1-28 February January 2023

The emoluments of the Vice-chancellor & Rector are shown on the same basis as for higher paid staff (excluding employer’s social security contributions). The University’s pension contributions to the Teachers’ Pension Scheme are paid on behalf of the Vice-Chancellor & Rector at the same rate as for other academic staff (23.68%).

Historically, the Remuneration Committee has an established policy of placing the Vice Chancellor’s salary within the top decile of heads of institutions that were granted University status in 2005

dependent on satisfactory performance. This recognises the experience of Professor Pillay as one of the longest serving Vice Chancellor’s in the sector and his pivotal role in both the creation of the strategic vision for the University and driving forward its implementation.

The median salary has been calculated in accordance with the guidance provided by the OfS, determining the full-year, fulltime equivalent for each worker employed during the year and ranking them from high to low. In the absence of specific guidance for determining the mid-point

64

Notes

value within this list, the University has chosen to do so by making a cumulative total of the full-time equivalent fraction (FTE) for each worker and then finding the midpoint of that cumulative total, thus taking full account of the relative statistical significance of individual workers according to their FTEs.

Professor Claire Ozanne

Basic Salary Ratio (Based on a median pay rate of £39,347): 6.35 times (2023: £38,974: 6.36 times)

Total Remuneration Ratio (Based on a median pay rate of £49,320): 6.35 times 2023: £47,071:6.27 times)

All payments to Directors are in respect of services as members of staff and relate to the period of office. Where appropriate these emoluments are also included in the bands for higher paid staff.

Professor Gerald Pillay

Basic Salary Ratio 2024: not applicable (2023: £38,974; 7.82 times)

Doctor Penny Haughan

Basic Salary Ratio 2024: not applicable (2023: £38,974: 8.86 times)

Total Remuneration Ratio 2024: not applicable (2023: £47,701: 8.11 times)

Total Remuneration Ratio 2024: not applicable (2023: £47,071: 8.12 times)

The number of the staff, including senior post-holders and the Vice Chancellor & Rector, who received remuneration excluding employer pension contributions in the following ranges was:

2024 2023
Number Number
£100,000 - £104,999 3 2
£105,000 - £109,999 - 1
£110,000 - £114,999 2 1
£135,000 - £139,999 1 1
£150,000 - £154,999 1 -
£155,000 - £159,999 - 1
£170,000 - £174,999 - 1
£250,000 - £254,999 1 -
__ __
8 7

Key Management Personnel

2024 2023
Number Number
1,071,838 1,157,817
__ __

65

Notes

While administration of the University is controlled and managed by the University Council, the day to day operations are conducted by the University Senior Executive Team, the Academic Leadership Team and the Operational Leadership Team. The figure disclosed comprises total gross salaries of the University

Senior Executive Team excluding employer’s pension and national insurance contributions.

Severance Payments - Payments were made to 14 individual members of staff equating to £402,247.

8. Other operating expenses

8. Other operating expenses
2024 2023
£ £
Residences, catering and conference operating expenses 710,251 714,206
Teaching departments 2,566,356 2,371,184
Books and periodicals 582,702 574,099
Heat, light, water and power 2,900,495 2,003,723
Repairs and general maintenance 1,743,975 1,961,164
Grants to Liverpool Hope Students’ Union 273,000 260,000
External auditors’ remuneration 157,760 111,718
Other support services 596,688 650,951
Administration and central services 4,393,558 3,585,318
Other income generating activities 340,097 535,622
Other operating expenses 1,628,595 1,460,576
Reimbursement of Trustees ‘expenses 82 833
__ __
15,893,559 14,229,394
__ __

In 2023/24 the Trustees’ expenses related to travel amounted to £82 (2022/23 - £833).

2024 2023
£ £
External auditor’s remuneration in respect of audit services 120,000 103,968
Audit related assurance services 37,760 9,000
__ __
157,760 111,718
_ __

66

Notes

9. Interest and other finance costs

9. Interest and other fnance costs
2024 2023
£ £
Interest payable on bank loans not wholly repayable within fve 174,401 195,366
years
Pension fund interest payable 2,873 39,736
Interest payable on fnance lease - 527,221
__ __
177,274 762,323
_ __
10. Access and Participation
2024 2023
£ £
Access Investment 559,227 460,217
Financial Support 216,283 400,217
Disability Support 634,921 632,547
Research and Evaluation - -
__ __
1,410,431 1,492,981
_ __

As a small institution, the access and participation activities are embedded within the operations of the University and cannot be easily identified as stand-alone costs for the target student population. For some of the categories of expenditure these are subjective in nature. Therefore, the total costs are used and then a percentage of these costs shown as countable expenditure: 61% for Access Investment as this is the average percentage of our students who fall into the APP countable category, Financial Support includes 65% of Learning Support

Fund plus an uplift of 25% on staff costs for overheads, Disability Support cost is uplifted by 25% for overheads.

£869,157 of these costs relates to staff costs and have already been included in the overall staff expenditure figure in note 7.

https://www.hope.ac.uk/media/ aboutus/governancedocuments/ LiverpoolHopeUniversity_APP_2020-21_ V1_10003956%20submitted%2002-02-21. pdf

67

Notes

11. Analysis of expenditure

Staf costs Depreciation Interest Other Total
payable operating
expenses
£ £ £ £ £
Academic 23,205,873 - - 2,566,356 25,772,229
departments
Academic support 2,064,327 - - 1,680,441 3,744,768
services
Other support 1,642,458 - - 869,688 2,512,145
services
Administration and 4,473,427 - - 4,551,400 9,024,827
central services
General education - - - 52,954 52,954
expenditure
Premises 3,270,573 - - 5,122,373 8,392,946
Other income 393,621 - - 340,097 733,718
generating
activities
Residences, 1,271,573 - - 710,250 1,981,823
catering and
conferences
Depreciation - 5,033,384 - - 5,033,384
Interest payable - - 177,274 - 177,274
FRS 102 pension 146,692 - - - 146,692
costs adjustment
Total per __ __ __ __ __
statement of 36,468,544 5,033,384 177,274 15,893,559 57,572,761
comprehensive __ __ __ __ __
income

68

Notes

12. Fixed Assets

Assets in the Land and Equipment Vehicles Total
course of Buildings
construction
£ £ £ £ £
Deemed cost
At 1 August 2023 10,586,618 150,179,352 13,364,428 124,250 174,254,648
Additions at cost 6,008,417 1,415,375 978,792 58,920 8,461,504
Disposals at cost -
Transfers (14,799,683) 14,799,683 - - -
__ __ __ __ __
At 31 July 2024 1,795,352 166,394,410 14,343,220 183,170 182,716,152
__ __ __ __ __
Depreciation
At 1 August 2023 - 30,717,426 9,720,689 97,429 40,535,544
Eliminated on - - - - -
disposals
Charge for the year - 4,145,282 867,377 20,725 5,033,384
__ __ __ __ __
At 31 July 2024 - 34,862,707 10,588,067 118,154 45,568,928
__ __ __ __ __
Net book value
At 31 July 2023 10,586,618 119,461,926 3,643,739 26,821 133,719,104
__ __ __ __ __
At 31 July 2024 1,795,352 131,531,703 3,755,153 65,017 137,147,225
__ __ __ __ __

Included in the 2023 net book value of land and buildings was £7,543,437 which related to Gerard Manley Hopkins Hall, formerly held under a hire purchase agreement. This included a net premium of £2,673,097 paid in July 2023 to acquire the unencumbered freehold. This net premium was treated as an addition to land and

buildings. The net premium consisted of £9,000,000 less the outstanding hire purchase creditor.

Fixed assets include £8,921,000 in relation to land. The land has not been depreciated in the accounts.

69

Notes

13. Debtors

13. Debtors
2024 2023
£ £
Amounts falling due within one year
Trade debtors 1,123,273 943,116
Sundry debtors 35,728 29,056
Prepayments and accrued income 907,060 1,092,559
__ __
2,066,061 2,064,731
_ __
14. Investments
2024 2023
£ £
Deposits maturing in one year or less 9,500,000 10,000,000
__ __
Two fxed term deposits with Santander for £5,000,000 and £4,500,000.
15. Creditors: amounts falling due within one year
2024 2023
£ £
Loans 372,676 352,661
Trade creditors 1,236,058 2,659,119
Social security and other taxation payable 1,387,461 1,401,051
Accruals and deferred income 4,547,377 5,660,818
__ __
7,543,572 10,073,649
_ __

70

Notes

16. Creditors: amounts falling due after more than one year

2024 2023
£ £
Loans secured on residential and other property repayable by 2,472,711 2,845,389
2030
__ __
2,472,711 2,845,389
__ __
Analysis of secured and unsecured loans: 2024 2023
£ £
Due within one year or on demand (Note 15) 372,676 352,661
Due between one and two years 394,378 372,676
Due between two and fve years 1,325,729 1,252,592
Due in fve years or more 752,604 1,220,121
__ __
Debt due after more than one year 2,472,711 2,845,389
__ __
Total secured and unsecured loans 2,845,387 3,198,050
__ __

Interest/terms on loans:

Student
accommodation		 Original Value
£
8,300,000		 Interest rate
%
5.72
1.10		 Basis
£7m Fixed
£1.3m Variable		 Number of
years remaining
7

The loan relates to student accommodation and is secured on the relevant asset of the University. The loan will be repaid by instalments over the period of the loan.

17. Reconciliation of cash flow to Statement of Financial Position

2023 Cash flows 2024
£ £ £
Cash at bank 19,100,566 (6,945,873) 12,154,694
__ __ __

71

Notes

18. Capital and other commitments

Provision has not been made for the following capital commitments at 31 July

2024 2023
£ £
Capital commitments 1,104,725 6,288,983
__ __
19. Training bursary payments
2024 2023
£ £
Grant paid by Department of Education (DfE) 2,150,600 967,500
Payments to trainees (2,136,600) (991,400)
__ __
Grant due to/(from) DfE at end of year 14,000 (23,900)
_ __

19. Training bursary payments

During the year the University administered the Training Bursary Scheme for PGCE students. The University acts only as paying

agent. The grants and related disbursements are therefore excluded from the statement of comprehensive income.

20. Related party disclosures

Due to the nature of the University’s operations and the composition of the University Council (being drawn from local public and private sector organisations), it is inevitable that transactions will take place with organisations in which a Member of the Board 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. Council members declare their interests and the University updates the register of interests annually.

Included in the financial statements are the following transactions with related parties:

Income Expenditure
£ £
Rev Peter Winn - 300
Chair of Governing Body, St Margaret’s C of E Primary School
Fr Christopher McCoy 1,386 -
Governor, Holy Spirit Primary School
Dr Penny Haughan 15,096 -
Chair of Governors, Locking Stumps Community Primary School
Ms Lesley Martin-Wright - 7,200
Company Secretary, Knowsley Chamber of Industry & Commerce

72

Notes

The nature of expenditure transactions relates to payments to schools on behalf of students all payments with the exception of £7,200 to Knowsley Chamber of Commerce,

were made during the financial year 2023/24 and there were no debtors or creditors at the year end.

21. Connected Charitable Institutions

The University is connected to one charitable institution, Liverpool Hope Carter Preston Foundation which was set up in its current state in April 2012. The University appoints two of the trustees. The Foundation has minimal income and expenditure related

to its investments and administration. The net book value of Heritage assets on the Statement of Financial Position were £305,270 and the Foundation had £31,005 in its current account as at 31 July 2024.

22. Provisions for liabilities and charges

Obligation to fund
defcit on USS		 Pension enhancement
on termination		 Total pension
provision
pension £ £
£
At 1st August 2023 1,049,224 57,462 1,106,686
Movement in year (38,553) (11,597) (50,150)
Interest cost 24,132 2,873 27,005
Actuarial gain (1,034,803) 8,062 (1,026,741)
__ __ __
- 56,800 56,800
__ __ __

The obligation to fund the past deficit on the Universities Superannuation Scheme (USS) arises from the contractual obligation with the USS to deficit payments in accordance with the deficit recovery plan that was put in place as part of the 2020 valuation. As set out in Note 20, no deficit recovery plan was required under the 2023 valuation

because the scheme was in a surplus on a technical provisions basis. The institution is no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of comprehensive income.

23. Pension and similar obligations

The University’s employees belong to three principal pension schemes, the Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff, the Greater

Manchester Pension Fund (GMPF) and the Merseyside Pension Fund (MPF) for nonacademic staff. The total pension cost for the period was £5,751,325 (2023: £5,332,486).

73

Notes

2024 2023
£ £
As at 1 August (15,112,000) (2,862,000)
(Decrease)/Increase in liability (4,531,000) (12,250,000)
_ _
As at 31st July (19,643,000) (15,112,000)
_ _
The University’s pension (asset)/ liability is £ £
analysed as follows:
Greater Manchester Pension Fund (19,281,000) (14,781,000)
Merseyside Pension Fund (362,000) (331,000)
_ _
(19,643,000) (15,112,000)
_ _

Accounting Surplus

LGPS surplus can only be recognised to the limit of the present value of the projected future service rates. The GMPF surplus of £19,281k can be fully recognised as the present value of projected services costs is greater than the surplus, the fund is open to new members and is therefore valued in perpetuity. The MPF actuary, Mercer, provided a valuation of the schemes present value of future accounting service costs in the case of both closed and open schemes. Given the low membership of the scheme, and therefore uncertain future membership, MPF has been treated as a closed scheme and the accounting surplus has been limited to £362k as per the Mercer report.

Teachers’ Pension Scheme (TPS)

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pensions Regulations 2010, and, from 1 April 2014, by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

The Teachers’ Pension Budgeting and Valuation Account

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act 1972 and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act.

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

74

Notes

Valuation of the Teachers’ Pension Scheme

The latest actuarial review of the TPS was carried out as at 31 March 2020 and in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was published by the Department for Education (the Department) on 26 October 2023. The key results of the valuation are:

The employer contribution rate for the TPS was implemented in April 2024.

A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website at the following location:

TPS 31 March 2020 Actuarial Valuation Report

Scheme Changes

Following the Hutton report in March 2011 and the subsequent consultations with trade unions and other representative bodies on reform of the TPS, the Department published a Proposed Final Agreement, setting out the design for a reformed TPS to be implemented from 1 April 2024.

The key provisions of the reformed scheme include: a pension based on career average earnings; an accrual rate of 1/57th; and a Normal Pension Age equal to State Pension Age, but with options to enable members to retire earlier or later than their Normal Pension Age. Importantly, pension benefits built up before 1 April 2015 will be fully protected.

when they retire. There will also be further transitional protection, tapered over a three and a half year period, for people who would fall up to three and a half years outside of the 10 year protection.

Regulations giving effect to a reformed Teachers’ Pension Scheme came into force on 1 April 2014 and the reformed scheme commenced on 1 April 2024.

The pension costs paid to TPS in the year amounted to £3,506,527 (2023: £3,109,001).

Greater Manchester Pension Fund (GMPF)

The GMPF is a funded defined benefit scheme, with the assets held in a separate trustee administered fund.

The total contribution made for the year ended 31 July 2024 was £2,665,000 of which employer’s contributions totalled £1,986,000 and employee’s contributions totalled £679,000. The agreed contribution rates for future years are 19.1% for employers and ranges between 5.5% to 12.5% for employees, dependent on salary.

The CPI assumption has been adjusted to recognise the impact of the 2024 PI Order and its medium and long term effects on discount rates and inflation. The CPI assumption has been updated to make allowance for inflation experience since October 2023 being higher than assumed. This adjustment has resulted in the CPI assumption being 0.5% p.a. lower at short durations (less than 17 years), and no change at medium durations (between 17 and 23 years) and at long durations (more than 23 years), compared to the assumption that would have been derived using the methodology adopted at 31 July 2022.

The following information is based upon a full actuarial valuation of the fund as 31 March 2022 updated to 31 July 2024 by a qualified independent actuary..

In addition, the Proposed Final Agreement includes a Government commitment that those within 10 years of Normal Pension Age on 1 April 2012 will see no change to the age at which they can retire, and no decrease in the amount of pension they receive

75

Notes

2024 2023 2022
Rate of increase in salaries 3.55% 3.80% 3.45%
Rate of increase in pensions in payment/inflation 2.75% 3.00% 2.70%
Discount rate for liabilities 5.00% 5.05% 3.50%
Commutation of pension to lump sums 50.00% 50.00% 55.00%

The mortality assumptions as at 31 July 2024 include sufficient allowance for future improvements in mortality rates in line with the latest Continuous Mortality Investigation

(CMI) The assumed life expectancies are based on age 45 for future pensioners and aged 65 for current pensioners as per the latest triennial valuation.

At 31 July At 31 July At 31 July
2024 2023 2022
Retiring today
Males 20.20 20.20 20.30
Females 23.70 23.70 23.20
Retiring in 20 years
Males 21.10 21.20 21.60
Females 24.70 24.70 25.10

The sensitivities regarding the principal assumptions used to measure the scheme obligations are:

Change in assumptions at 31 July 2024 Approximate% Approximate
Increase to DBO monetary amount
£000
0.1% decrease in Real Discount Rate 2% 1,241
1 year increase in member life expectancy 4% 2,404
0.1% increase in the Salary Increase Rate 0% 71
0.1% increase in the Pension Increase Rate (CPI) 2% 1,194

76

Notes

The University’s share of assets in the scheme (which is estimated at less than 1% of total scheme assets) and the estimated rates of

return (are based on actual returns to 30th June 2024 and adjusted to calculate the estimated returns as at 31st July 2024) were:

Value at Value at Value at
31 July 24 31 July 23 31 July 22
£000 £000 £000
Equities 54,777 50,886 48,152
Bonds 11,908 10,034 10,622
Property 6,351 5,734 6,373
Cash 6,351 5,017 5,665
_ _ _
Share of total market value of assets 79,387 71,671 70,812
Present value of scheme liabilities
- Funded (60,085) (56,868) (68,268)
- Unfunded (21) (22) (24)
_ _ _
Surplus/(Defcit) in the scheme 19,281 14,781 2,520
_ _ _

Analysis of the amount charged to the Statement of Comprehensive Income

2024 2023 2022
£000 £000 £000
Current service cost (1,847) (2,807) (4,975)
Past service cost (including curtailments) (394) (12) (50)
_ _ _
Total service cost (2,241) (2,819) (5,025)
_ _ _

77

Notes

Analysis of pension finance income

2024 2023 2022
£000 £000 £000
Interest income on plan assets 3,641 2,495 1,042
Interest cost on defned beneft obligation (2,901) (2,423) (1,567)
_ _ _
Total net interest 740 72 (525)
_ _ _
Total defned beneft recognised in the (1,501) (2,747) (5,550)
statement of comprehensive income
Movement in defcit during year
2024 2023
£’000 £’000
_ _
Surplus/(Defcit) in scheme 14,781 2,520
Movement in year:
Current service charge (1,847) (2,807)
Past service charge (including curtailments) (394) (12)
Net interest / return on assets 740 72
Contributions 1,986 1,911
Remeasurements recognised in the Statement of 4,015 13,097
Comprehensive income
_ _
Surplus/(Defcit) in scheme at end of year 19,281 14,781
_ _

78

Notes

History of experience gains or losses

2024 2023 2022 2021 2020
£ £ £ £ £
Return on assets excluding
amounts included in net 3,204 (2,699) 4,134 9,903 (3,826)
interest
Value of Assets 79,387 71,671 70,812 64,700 53,058
% of scheme assets 4.04% (3.77%) 5.84% 15.31% (7.21%)
Experience gains and losses (811) (15,796) (33,430) 9,266 4,925
on scheme liabilities
Total present value of (60,106) (56,890) (68,292) (95,888) (81,975)
liabilities
% of Total present value of 1.35% 27.77%
scheme liabilities 48.95% (9.66%) (6.01%)
Actuarial gain/(loss)
recognised in statement of 4,015 13,097 37,564 637 (8,751)
comprehensive income (6.68%) (23.02%) (55.00%) (0.66%) 10.68%
% of the present value of
liabilities

Merseyside Pension Fund (MPF)

The MPF is a funded defined benefit scheme, with the assets held in separate trustee administered funds. The total contribution made for the year ended 31 July 2024 was £170,000 of which employer’s contributions totalled £153,000, £151,000 of this was offset by deficit contributions credits and employees’ contributions totalled £17,000.

The agreed contribution rates for future years are 64.1% for employers and ranges between 5.5% to 12.5% for employees, dependent on salary.

The following information is based upon a full actuarial valuation of the fund as at 31 March 2022 updated to 31 July 2024 by a qualified independent actuary.

2024 2023 2022
Rate of increase in salaries 4.20% 4.20% 4.20%
Rate of increase in pensions in payment/inflation 2.80% 2.80% 2.80%
Discount rate for liabilities 4.90% 5.30% 3.40%
Commutation of pension to lump sum 50.00% 50.00% 50.00%

79

Notes

The mortality assumptions as at 31 July 2024 include sufficient allowance for future improvements in mortality rates but does not include the potential effects of Covid-19 this is mainly because there remains uncertainty of the Covid-19 impact on long term mortality rates for pension scheme

members. This will be monitored in future periods and will be updated as appropriate. The assumed life expectancies are based on age 45 for future pensioners and aged 65 for current pensioners as per the latest triennial valuation.

At 31 July At 31 July At 31 July
2024 2023 2022
Retiring today
Males 20.80 20.80 20.90
Females 23.40 23.30 24.00
Retiring in 20 years
Males 22.00 22.10 22.40
Females 25.10 25.10 25.90

The University’s share of assets in the scheme (which is estimated at 0.2% of total scheme assets) and the estimated rates of return (are

based on actual returns to 30th June 2024 and adjusted to calculate the estimated returns as at 31st July 2024) were:

Value at Value at Value at
31 July 24 31 July 23 31 July 22
£000 £000 £000
_ _ _
Equities 2,713 2,980 3,020
Bonds – government 1,155 865 1,772
Bonds – other 396 269 661
Property 574 688 670
Cash & other 1,762 1,749 2,042
IFRIC14 surplus adjustment (745) (859) (896)
_ _ _
Total market value of assets 5,855 5,692 7,269
Present value of scheme liabilities
- Funded (5,490) (5,356) (6,923)
- Unfunded (3) (5) (4)
_ _ _
362 331 342
_ _ _

80

Notes

Analysis of the amount charged to the Statement of Comprehensive Income

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----- Start of picture text -----
2024 2023 2022
£000 £000 £000
[_] [_] [_]
Employer service cost (net of employee (44) (66) (62)
contributions)
Past service cost 0 0 0
[_] [_] [_]
Total operating credit/(charge) (44) (66) (62)
[_] [_] [_]
----- End of picture text -----

Analysis of pension fnance income/(costs)
2024 2023 2022
£000 £000 £000
_ _ _
Interest on plan assets 337 273 127
Interest on pension scheme liabilities (274) (230) (128)
_ _ _
Pension fnance costs 63 43 (1)
_ _ _
2024 2023 2022
£000 £000 £000
_ _ _
Actual return on plan assets 87 (1,617) 244
Experience gains and losses arising on the 26 190 (465)
scheme liabilities
Change in fnancial and demographic
assumptions underlying the scheme liabilities (216) 1,401 1,691
IFRIC14 surplus adjustment (745) (859) (896)
_ _ _
Total remeasurement included within statement (848) (885) 574
of comprehensive income
_ _ _

81

Notes

Movement in deficit during year

Movement in defcit during year
2024 2023 2022
£000 £000 £000
Defcit in scheme at beginning of year 331 342 (170)
Movement in year:
Current service charge (44) (66) (62)
Contributions 2 2 2
Past service costs 0 0 0
Administration costs (1) (1) (1)
Settlements and Curtailments - - -
Net interest/return on assets 63 43 (1)
Actuarial gain (103) (26) 1,470
IFRIC14 surplus adjustment 114 37 (896)
_ _ _
Surplus/(Defcit) in scheme at end of year 362 331 342
_ _ _
History of experience gains or losses
2024 2023 2022 2021 2020
£ £ £ £ £
Return on assets excluding 87 (1,617) 244 914 (82)
amounts included in net interest
Value of assets 5,855 5,692 7,269 8,060 7,331
% of scheme assets 1.49% (28.41%) 3.36% 11.34% (1.12%)
_ _ _ _ _
Experience gains and losses on 190 (1,591) (1,226) 55 (342)
scheme liabilities
Total present value of liabilities (5,493) (5,361) (6,927) (8,230) (8,302)
% of Total present value of (3.46%) 29.7% 17.7% (0.67%) 4.12%
scheme liabilities
_ _ _ _ _
Actuarial gain/(loss) recognised (848) (885) 574 859 260
in statement of comprehensive 15.44% 16.51% (8.29%) (10.44%) (3.13%)
income % of the present value
of liabilities

82

Notes

Actuarial Gain in respect of pension scheme

Actuarial Gain in respect of pension scheme
2024 2023
£ £
_ _
GMP 4,015,000 13,097,000
MPF 11,000 11,000
USS 1,073,356 112,732
EPP (8,062) 9,720
_ _
5,091,294 13,230,452

Recent changes in global and UK economic pressures and tightening of monetary policy have had a significant impact on asset markets and corporate bonds yields, which are key to the FRS102 assessment of the net pension asset or liability. In particular, AA corporate bond yields, used to set the FRS102 discount rate have increased significantly since 31 July 2023, with corresponding falls in asset values. The markets have been exceptionally volatile and therefore while both gross defined benefit obligations and assets will have fallen, it is difficult to estimate the impact of these changes on the net balance sheet position.

reached by the court in this case may have implications for other UK defined benefit plans. Liverpool Hope University, Hymans and Mercers are monitoring developments in terms of whether there is expected to be any impact on LGPS Funds and will consider if there are any implications for the MPF and GMPF. As a result, Liverpool Hope University does not consider it necessary to make any allowance for the potential impact of the Virgin Media case in its financial statements.

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. The conclusions

83

Notes

24. Financial Instruments

The University operates a treasury management function which is responsible for managing the credit, liquidity and interest risk. These financial risks are managed within the parameters specified in the approved Treasury Management Policy. The Treasury Management Policy adopts the key recommendations of the Chartered Institute of Public Practice (CIPFA)’S ‘Treasury Management in the Public Services: Code of Practice.

The University’s principal financial instruments are cash, investments and loans. The core objective of these financial instruments is to meet the financing needs of the University’s operations. The University also has other financial assets and liabilities arising directly from its operations such as trade debtors and creditors.

Credit risk arises from bank balances, investments, student debtor and commercial customers. Student and commercial debtors

are reviewed on an ongoing basis and a bad debt provision is made if recovery becomes uncertain, or written off if deemed irrecoverable.

Liquidity risk refers to the risk that the University will not be able to meet its financial obligations as they fall due. Daily, weekly and monthly monitoring of cash position and regular cashflow forecasts are part of the control environment and planning throughout the year. The University policy is to maintain a balance of no more than £10m with any single banking organisation.

Interest rate risk refers to the likelihood that changes in interest rates will result in fluctuations in the value of balance sheet items.

The fair values of each category of the University’s financial instruments are the same as their carrying value on the statement of financial position.

Financial Assets

inancial Assets
2024 2023
£ £
_ _
Investments 9,500,000 10,000,000
Trade & Other Receivables 1,159,001 972,171
Cash & Cash Equivalents 12,154,694 19,100,566
_ _
22,813,695 30,072,737
Financial Liabilities 2024 2023
£ £
_ _
Loans 2,845,387 3,198,050
Trade & Other Payables 1,236,058 2,659,119
_ _
4,081,445 5,857,169

84

25. Reconciliation of Net Debt

2024 2023
£ £
_ _
Net Debt at 1 August (15,902,516) (6,517,144)
Movement in Cash & Cash Equivalents (6,945,872) 2,831,332
Other non-cash changes 13,539,081 (12,216,704)
_ _
Net Debt at 31 July (9,309,307) (15,902,516)
_ _
Change in Net Debt 6,593,209 (9,385,372)
_ _
Analysis of Net Debt
2024 2023
£ £
Cash & Cash Equivalents less: 12,154,694 19,100,566
Borrowings: amounts falling due within 1 year
Secured Loans 372,676 352,661
_ _
Borrowings: amounts falling due after 1 year
Secured loans 2,472,711 2,845,389
_ _
Net Debt (9,309,307) (15,902,516)
_ _

85

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Liverpool Hope University Financial Statements for year ending 31[st] July 2024

Registered Company Number: 3285547 A company limited by guarantee, without share capital, registered in England

Registered Charity number: 1060579

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