REGISTERED COMPANY NUMBER: 03465914 REGISTERED CHARITY NUMBER: 1066%6 Report of the Trustees and Audlted flMncl•l Ststsments for the year ended 31 Marth 2022 N•tlon•l Centre for Unlversltl•s and Buslno Fornierly known •s The Councll fr•r Industry and Hltsr Eduutlon
NATIONAL CENTRE FOR UNIVERSrnES AND BUSINESS CONTENTS Report of the Trustees 1-13 Independent Audltor's Report 14-17 Statement of Flnancial Actlvlties 18 Balance Sheet 19 Ststement of Cash flows 20 Notes to the Accounts 21-32
NATIONAL CENTRE FOR UNIVERSITIES ANO BUSINESS REPORT OF THE TRusfEES FOR ThE YEAR ENDED 31 MARCH 2022 The Trustees, who are also direttors of the Charityfor the purposes of the Companies Act 2006, present thelr report wlth the financial Statements of the Charity for the year ended 31 March 2022. The Trustees have adopted the prov15ions of the Statement of Recommended Practice ISORPI 'AccountlnB and ReportlnB by Charities, Icharltles SORP IFRS 10211. REFERENCE AND AOMINISTRAnvE DETAILS Reglstered Company number 03465914 Iunlted Kin8doml Re8lstered Charlty number 1066956 IEn8land and Walesl R¢i1s1er offl¢e DC. 115 The Clarence Centre 6 St Gecrge's Clrcus London SEI 6FE Chan8• of name The Charltls name chan8ed from The Councll as Industry and Hlgher Educatlon to Natlonal Centre for UnlversltSes and Buslness INCU81. WebsSte', ww ub.co.uk Trust••s Davld Brown Professor Jean-Noèl Eiln8eard Davld Meads (resigned 16 March 20221 William Samuel Hugh LaSdlaw Ichalrmanl Professor JLJlle Lydon (resigned 31 October 20211 Professor Davld PhoenSx OBE Robert Rabone Professor Roy Sandbach 08E
NATIONAL CEP4TrE FOR UNIVERSMES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 31 MARCH 2022 REFERENCE AND AOMINISTRATIVE DETAILS Icontlnuedl Company Setretsry & Chlef Executhte Offlcer Dr Joe Marshall Audltor Sayer Vincent LLP Chartered Accountants and Statutory Audltor Invltta House, 108-114 Golden Lane, London ECIY OTL Bank•rs Barclays Bank PLC Bedford Square Branch 27 Soho Square London WIA 4WA CAF Bank Llmlted 25 Klngs Hlll Avenue West Malllng Kent ME194JQ Metro Bank 120 Cheapslde London EC2V 7JB STRUCTURE, GOVERNANCE AND MANAGEMENT l. Structure and qovernane• The Charity 15 controlled by its governlng documents, a memorandum and artlcles of a550datlon and constltutes a limited company, Ilmited by guarantee, as defSned by the Companies Art 2006. The Trustees of the charitable company IThe Charity) are Its Trustees for the purpose5 of charitable law and throughout this POrt are collectively referred to as the Tru5tee5. For the purposes of Company Law. Trustees are the Dlrectors of the Charity. The Trustees serving during the year and 5Snce the year end are given on pa8e l. A Chlef Executive is appolnted by the Board to manage the day-to-day operatlon of the Charlty. 21Page
r4ATIONAL CEl+miE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI MARCH 2022 1.1 Trnstee selection. appolntment and cornpetence Trustees are selected for appolntment from the "members of the Council" who are the nominated representative of each organisation that supports NCUB and serve on a wlder Leadership Council. Trustee appointments are made by the general agreement of the Board of Trustee5. Trustees are inducted Into the Charity by the Chair and members of the Executlve Team Sncludlng an overview of the CharStable Articles, prlnclpal actlvitles and governance responsiblllties. The Boird does not condurt a formal annual revlew of board members although d15cusslons are held on the pproachlng retirement of current rnembers. New Tru5tee5 are provided with an introduction and induction through meetln8s wlth the Chalf of Trustees, the Chlef Executlve and senior members of staff. 1.2 Investment Powers Under the Memorandum and Artlcles of Assoclatlon, the Charlty has the power to make any investments whlch the Trustees see flt. As a practlcal matter such investments have been confined to those that cleirlv meet the Charlty's aims and oblectives. 1.3 Charltablg Objects NCVB exSsts for the advancement of education, tralnlng, research and all klnds of learnln8 by the f05terlng and promotlon of mutual understandln8, co-operatlon and 5UPPOrt both In the UK and overseas between educatlonal Instltutlons and Industry and commerce. 2. Alms and ObJectlv•s NCUB Is an independent and not-for-proflt membershlp organ15atlon that promotes, develops and supports unlverslty-business collaboration across the UK. NCUB is the only or8anlsation brin8in8 tO8ether universitles and businesses to Influence government and solve the countrfs challenges. NCUB 55 a 5trateglc, cros5.sector network Ilnklng unlversltles, buslness and Government that provides the platform for members to engage on areas of opportunity. NCUB is a trusted expert on areas of policv Important to unlverslty-business collaboratSon and has Its own dlgltal portfollo and analytlc5 expertise. Areas of searCh and pollcy focus.. Research and Inn¢watlon Shaping the collaborative landscape In the UK to ensure that buslne55es, large and small, leverage and support the research and Snnovatlon capabllities of Brltaln'5 universltie5 across the UK. People, skllls and talent Supporting unlversltles to deliver the sk1115 that busine55e5 require a8alnst a fast chan8ln8 technologlcal and market landscape. Stronger plo¢es Working with the national drlvers behind the devolutlon agenda, looking at the dlfferent ways locallties are choosing to Inhabit it, and how that agenda is shaped movin8 forwards. Collaboratlan Inslghts Reviewlng evolvlng trend5 in collaboration, monitorin8 progress and showcasing achlevements 31Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2022 Our values: We adopt a partnership approach in everythlng we do and respect the often approprlately dlfferent driver5 of the buslness and academia,. We focus on where that partnership approach can add particular value; We argue our case wlth Integrlty and commission impartlal quallty research; We constantly revlew our work and approach to uphold the political neutrallty and independence from any interest group,. We want to be inclusive, diverse, outward lookin8 and draw on internatSonal experlence,. and We seek to secu¥e the close Snvolvement and commltment of all our members. 3. Slgnlflcant Actlvllles NCUB Is fotused on areas where we know we can have meanlngful Impact. Worklng together, Sdentifying problems, deslgning solutions, collaborating with others to Instigate change, and supportln8 and evaluatlng the dellvery an(i effectlveness of new pollcie5 and approaches. 3.1 Analyslsi pollcy •nd engo8ement •. Stst• of the Rolatlonshlp report Each year NCUB publishes a "State of the Relatlonship Report" The report showcases the strength and dlverslty of collaboratlons across the UK and provldes an updated a55e55ment of the metrits on collaboratlon between unSversltles and business. As part of the State of the Relatlonship Report, NCU8 publishe5 the Collaboration Progress Monltor, a bespoke tool trocklng pro8re5s In UK unlverslty.buslness collaboration. Thi5 Monltor allows NCUB, In partnership with Its unlverslty and business rnembers and stakeholders, to assess year-on-year progress on collaboration, examinSng annual changes and trackln8 long. b. Understandln8 Buslness Motl¥atlon5 to Invest In R&D UnSverslty and bu51ness collaboration is central to drlvlng Innovatlon, productlvity and economic growth. There have been concerted efforts to stiengthen tle5 between buslnesses and universltles. However, too often reviews and policie5 have been drlven prlnclpally by insights from unlver51ties and public Instltutlons, rather than busine55. In Sprin8 2022, NCU8 published the finding5 of a survey ol almost 4,CQO businesses on thelr interactions wlth unlversitles, in order to understand why businesses chose to collaborate with unlversltles. Thls was the largest ever survey of its type In the UK. The work wa5 undertaken by the Centre for Business Research at the University of Cambridge, on behalf of NCUB, lookln8 at.. Why buslnesses Interact with universities How businesses Interact with universitles What the barriers are to interaction with univer51tie5 The impact of Covld-19 on interactions with unlverslties
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRU¥tEES FOR THE YEAR ENDED 31 MARCH 2022 A number of themes were Identified.. Overall, businesses said they were 5atlsfied with their Interaction5 wlth universitie5, and more businesses have seen the relevance of universlty Snterartion over time. The diversity and breadth of the university sector and what it offers Is important to bu5inesse5 Businesses cited a range of reason5 for not interacting with univer51tie5 Covid-19 has had an adverse Impact on bu5iness-unlver51ty interactlons c. Influenclng 8trateglc Investment In research, Innovallon and skllls Uslng the strength of our collectlve, cross-sector network we help to Shape and influence UK prlorities, funding and policie5. We do 50 by proactlvely Identifying problems and proposing recommendation5, by reactlng to policy developments and change, and by supportlng and evaluating the lrnplementatlon and delivery of new InStlatlves, A recent example of our influencing was our contributlon to the Governmenys 2021 Comprehensive Spendlng Revlew. Our submisslon set out a strong and clear argument that now 55 the time to Increase bu51ness R&0 Investments In the UK bv., l. TarBetln8 flscal and fundin8 measures towards areas where the UK can become world-leader by optimlslng Snvestment and regulatory frameworks for flrms In the UK. 2. Investing In fundamental sclence by en5urln8 Benuine and slzeable upllfts In publlc fundin8 and wlder Incentlves year-on-year. 3. Benchmarkin8 the cllmate for buslness Investment In R&D in the UK against countries wlth hlgher levels of investment. 4. EquSpping educatSonal Institutlons wlth the certalnty of fundln8, labour market Intelligence and supportlve polides that they need to dellver the hlBhly skllled and adaptable workforce demanded by a research-lntenslve economy Through open letter5, formal submlsslons and senlor-level engagement pollcy makers confirmed that we contributed 51gnificantly to the decision for an increase in public research 5pendin8 and to conslder specific measures to increase private investment. This Impart is reflected In the flnal Spending Review decislons by Government. d. Enhanclng Unlverslty Knowledge Exchange Knowledge Exchange IKEI is the two-way exchange between researcher5 and research Users, to share ideas, reseirch evidence, experience5 and Skills. Through KE, academic ideas and research are shared and external perspectives and experiences are contrlbuted. The KE process both maximlses the impact of academic work and enhances it throu8h exposure to new sotjrces of information. We work with both unSversities and busine55e5 to lind way5 to strengthen KE policie5 and practices. Speciflc examples of th15 recently include helping to shape and review the Knowledge Exchange Concordat and the Knowledge Exchange Framework. We have been an actlve voice and ongoing partner in implementing both initiatives, bringing feedback and the user volce to ensure the initiatives are meanin8ful and drive positive changes for universities and busine5se5. 51Page
NATIONAL CENTRE FOR UNIVERSITIES ANO BUSINESS REPORT OF THE TRUSTEES FOR THEYEAR ENDED 31 MARCH 2022 e. NCUB analytic5 We know that developing policy recommendations and insights relies on stron8 evidence, and are Increaslngly looklng at how new. Innovatlve approache5 and technol(Ydles can grow understanding of business unlversity-lnteractlons. "NCUB Analytlcs" provldes valuable SnslBhts on current and emerglng data across research and Innovation sectors. As part of the work with Research England, we work with our partners to provide rlgorous research and pollcy analysls to explore, examlne and evaluate the research ind development landscape. So far, we have completed a serles of pllot projects with partners, Includlng Government Departments, to gather data and In518hts In a number of areas, Includ5ng: Mapping academic and business research and innovation capabSlltles across the UK Examining data on researcher career mobllity Further growlng insights on university spin out5. We evaluated each pilot with our partners to understand how the insights generated by our data had been used to Inform thelr evldence base and policy work. We received posltlve feedback on both the quality and relevance of our Analytlc5, as well as practlcal examples of how our Inslghts helped to lrnprove thelr actlvSties. We are u51n8 thls feedback to Inform our future approach to Analytlc5 Und•rstsndln8 the Impact of Covld-19 on Innovatlon A5 we emerge from g global pandemlc that has afferted economle5, Ilves and buslnesses across the world, many buslnesses and unlversities have had to make slgnlflcant chan8e5 to how they operate and how they interart wlth custorners. They have a150 been forced to make change5 to how they Invest In research and innovatlon. To understand how the pandemlc has Impacted business and unlversities, Innovatlon actlvlties, NCUB and the Unlversity Commerclalisation and Innovatlon IUCII Pollcy Evidence Unlt at the University of Cambrldge conducted two surveys, one of universlty leaders and one of buslness leaders. Our report "Innovating durlng u crls15.' The efferts of the Covld-19 pondemlc on how unlversltles contribute to innovL7tion" investigates the impart of Covid-19 on the ability of universSties to contribute to innovatlon through the crisls and the economic recovery. And our second report entitled "Innovotion und ResIllen In o Cri515.' the Impact of Covld-19 on 8uslne55 R&LY looks Into nd bu5ines5es' R&D and innovation actlvStles and their collaboratSons Wlth universltle5. 8. Future Sk1115 The UK labour market is changing considerably and education, training and talent development must be responsive. We convened our leadership council to consider the strategic role of business and universlty collaboration in responding appropriately to rapid change. The insi8hts from our membership informed responses to a range of consultations and inquiries. R&D worlrfor¢e A more R&D Sntensive economy will require changes in the R&D workforce, including fundamental rethink of researcher careers and wider R&D related land supporting) roles. NCUB'S 61Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENOED 31 MARCH Z022 R&D Taskforce highlighted that a more R&D intensive economy will not just need more people worklng in R&D related roles but wlll also require Breater mobility between industry and academia. NCUB is feeding into the dellvery and further thlnking regardSng the Government's R&D People and Culture Strategv. Showcaslng NCU8'5 overarching alm Is to promote, develop and 5UPPOrt university-business collaboration across the UK. To that end, we also celebrate and showcase the UK'S world leadlng collaboratlon5. Throu8h our success storie5 an(J quarterly showcasing booklet5, we aSm to Inspire institutions In the UK and abroad to Teallse the potential of univer51ty- business partnerships and begin their own. 3.2 Dliital Platfornis a. Innovatlon Brokerage: konfer In 2016, the Charlty with partners at HEFCE, Research Councils and Innovate UK launched konfer- an Intelllgent brokerage tool- which was created to Improve the e3se with which universitv- business collaboratlon can be enibled and malntalned. More speclflcally the tool.. Enable5 businesses to identlfy potentlal opportunltles for collaboratlon (research, re5eircher5, facilltleslequlpment, fundlng and support) Establishes opportunltles for unlversltle5 to flnd potentlal research partners Provides a tool where issues and challenges for Industry can be addressed through smart searchlng and automated brokerln8. Accesslng collaboratlve opportunltles has tradltionally been the preserve of large corporates wlth the capacity to search out and connect wlth dlfferent unlversltles, smaller companies are underrepresented in interactlons Wlth the university research base. Konfer helps smaller buslnesses use one website to access opportunltSe5 across all VK unlversities. The tool continues to be supported by Research England on behalf of UK Research and Innovatlon IUKRII. Followlng a launch of a beta verslon of the platform In November 2017, there wa5 a new release in May 2019. Tar8ets, ObltIVeS and plans for new features are agreed annually and are regularly revlewed by an Advisory 8oard convened by NCU8. The tool continue5 to be sUPPOrted by Research England on behalf of UK Research and Innovatlon IUKRII. Latest d•velopments In 2021122, the following prlorlty objectives were set to gulde the development of konfer: Improve the quallty of the konfer network and mmUnItY by optimislng the representation of key actors (including univer51ties and busine55e51 both in temis of accuracy and completeness of data and presentation and profiling within konfer. Refine and expand the knowledge and relationshbp graphlng that underpins konfer. Develop and grow the opportunity marketplace, by applying learning from last year to Sustain growth of collaboration activity through konfer, focussing on the most productive sector5 and organlsatSons.
NATIONAL CENTRE FOR UNIVERSMES AND BUSINE55 REPORT OF THE TRUSTEES OR THE YÉAR ENDED 31 MARCH 202Z Support KE practlce across the UK by complementing the Knowledge Exchange Framework and Knowledge Exchange Concordat work to support commercialisatlon and knowledge exchange. These objettives were met by several specSfic actlvlties: Sensltlve expansion of the business dlrettory to include unlverslty spin outs and selected scale ups. Improved representation of research and KE artivity wlth patents, historic Knowled8e Transfer Partnerships and universlty partlcipation In Innovate UK prolects now vSslble wlthln konfer En8aBement wlth natlonal and Snternatlonal networks we contlnue to build a pipelSne of opportunitles Into konfer agalnst a target A serle5 of updates to Improve the user experlence of konfer, Includlng a new menu System, global search, and changes to user re8lStratlon Enhancements to unlver51ty feature page5, as well as a new KE A55lst for universSties that Ilows them to see the response status for live collaboratlons 4. Achlevements and Performanc• NCUB'S expertlse and research output continues to be at the forefront of Buiding Government pollcy on buslne55-HE relatSonshlp5. Our reports have been wldely welcomed by our busine55 and university member5 as well as Government and Its agencles. Leadlng polScy makers contlnue to seek our vlews, be Involved In our groups and Invlte our partlclpation In a range of strategy and dlscusslon 8roups. 4.1 NCUB Publlutlons We continue to Influence Government pollcles and actlon5 and have produced a range of key reports Includln8'. stats of the Relatlonshlp rèport 2021 Our annual revlew of the latesi pattern5, trends and data on unlverslty-buslness colaboratIon, Includln8 thought leadershlp on the Immediate and longer-term impact of the Covld-19 pandemlc on collaboratlons. The Changln8 State of Buslne5S-Unlv•rslty Interartlon5 In the UK 2005 to 2021 •nd Modes and Motivatlons lor Buslne55-Unlverslty Interartion Publication of the findings of a survey on why and how busine5se5 interact with universities, the largest of Its type in the UK, as well as an analytical commentary con5iderinB the impllcatlons of the findings. Flve Thematlc Show¢a51ng Reports A Showcasing report, showing at least ten Insplrln8 examples of buslness-unlverslty collaboration agalnst a strategic theme, was publlshed each quarter.. -International Interactions", -Local Links" Partnerships for the Planet" and "Advancements and Adversity.. We also published a special edition to allgn with the COP26 conference: 'Partnerships for the Planet.. Cooperatlon for COP26". NCUB Submlsslon to the 2021 Comprehensl¥e Spending Revlew NCUB made a comprehensive and strongly evidencè-ba5ed submission to the 2021 Comprehensive Spending Review. Setting out our proposal's recommend3tlons.
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REpoKf OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 InnovatioD and Resilience In a Crlsis: the impart of Covid-19 on Busine55 R&D Published finding5 from a survey of businesses on how the Covid-19 pandemlc lrnpacted their R&D attivities. 4.2 Convenlni and engagement We also held a number of hlgh-proflle events durlng the year Includlng: Networking and launches.. State of the Relatlonshlp Report 2021- Launched the State of the Relatlonship report, providlng an overvlew of findlngs followed by a dlscu551on of a panel of unlverslty and buslne5s leaders Buslness Interartlonlaunch and dls¢usslon- Cons1(lered both the findln8s of a major survey of buslnesses, a5 well a5 reflectlons from NCUB, as well as unlverslty and buslness leader5, on thelr pollcy Implication5 Knowledie EKhanoe Framework: A Revlew- Offered an opportunlty for Research England to set out the maln fSndlng5 of thelr Inltlal revlew of the Knowled8e Exchange Framework. and for universities to ask questlons and respond The Value of Unl¥erslt*Unlverslty Coll•l)oratlon- Explored the value of collaboratlon between unlversltles to buslnesses and others, Includlng showcaslnB opportunltles created by the Connecting Capabilities Fund and dlscu55ing ways In whlch universlty.unlverslty collaboratlon could be strengthened further. A malor focus for 2021122 has been proactlve en8agement wlth members. Thls Included regular meetSngs, as well as strate8ic convening, such a5 dlscu551ons to.. To allow NCUB Leadershlp Counc51 members to contribute to the development of UKRI'S Strategy For busines5 and university leaders to feed thoughts into a Future Research A55essment Exerclse For buslnesses and unlverslty leaders to collertlvely dlscuss future sklll$ 5. Publlc Benefit We fully complled wlth the requlrements for a publlc benefit statement- thls wa5 approved at our Trustees. meeting in 2008 and 15 listed below for compliance purpose5. There are demonstrable benefits to the public from our work. Our mission advan5 the public good bv.. l. Facllltatln8 a dlalo8ue between businesses, unlversltles and colleges so that Indlvldual learners of all ages can be better inforrned on the benefits of higher level learning including enhanced employability and personal good, cultural understanding and their development as global citizens as well as how such learning and understanding can advance the wlder soclal coheslon of the UK.. 2. Advanclng research and knowledge and our understandlng of how knowledge can address global 155ues and enhance the UK'S productivity and competitivene5S- 3. Influencing the Government and its agencie5 SO that policie5 can better achieve these aims, be more efficient and effectlve,. 4. Seeklng to ensure that the UK has an Internatlonally compelltlve system of hlgher educatlon wlthout which enhanced national prosperity and social cohesion will not be achieved. 91Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 The Trustees have referred tothe guldance contained in the Charlty Commlsslon's general guidance on publlc benef5t when reviewlng the Charltrfs alms and objectlve5 and In plannlng Sts future actlvlties. In partlcular, the Trustee5 consider how planned activities will contribute to the aims and objectives they have set. Our work benefits all sections of the society in the UK and potentially outside the UK; we do not focus on anv Soclal group or geographical area. We try to be reflective of the whole spectrum of Britlsh buslnesses and universities. We continue to distrlbute all of our publications free of charge Initially to as many organisations s possible who we thlnk could beneflt even when publlshed only e1ertron11l¥. One of our key aims Is to enhance awareness of the wider benefits of higher level of learning so that all can aspire and ill who are capable partlclpate. We seek to be Internètlonal and open In our dialogue and consbder that thos helps our work to be balanced, informed and evidence-based. 6. Oblectlves and Actlvltle5 6.1 Fundralsln8 a¢vItIeS Fartors outside the control of the Charlty do have a bearln8 on ourfSnanclal posltlon at any one point In time. We endeavour to mlnlm55e the r15k through se¢urSnB a rolllng (not tSme.boundl fundlng commltments from our members. The Trustees have actlvely helped us attract new member5 who also cafe about the UK havln8 world-class system of hlgher education that meets the needs of buslnes5es and students. 6.2 Fundralsln8 Poll¢y The Charity does not en8a8e In publlc fundraislng and does not use professlonal fundralsers or commerclal partlcipators. Durlng the year there was no non-compllance of fundralslng regulatlons and codes and the Charlty recelved no complalnt5 relatln8 to its fundra151n8 practlce. 6.3 FSnancSal R•vl•w and Results The financlal performance and posltlon of the Charlty15 surnmBri5ed In the Statement of Flnandal Artlvltie5 and Balance Sheet set out on page 18 and 19. Total Sncome for the year amounted to £3,141,25112021 £2,586,383) less total expenditure of £2,789,51212021 £2,789,214) glving an overall net Increase In fund5 of £351,73912021.. decrease In funds of £202,831). Project income was received from Research England. As much of thls fundin8 relates to specific project work, It has entlrely been treated as restrlcted. 6.4 Investment pollcy Our policy is to invest the majorltyof our funds prlmarlly with the CAF Bank whlch provides both securlty and flexibility of access. 6.5 Fundln8 Sour¢es A major element of our funding comes from the annual donatlons that our supporting companies. universities and other organisations make to NCUB a5 a registered Charity. Another major elernent of our fundin8 comes from Research England which is now largely treated as restricted income. This enables u5 to recover some of our overheads and costs on the projert5 we undertake. We earn interest on the funds we have on deposit5 at the banks. We continue to increase wherever possible the amount of our project income and resultin8 contribution to overheads in absolute terms and a5 a proportion of total income. 6.6 Going Concern The Trustee5 have acknowledged the latest guldance on going concern. The NCUB has sufficlent flnancial resoUrS to sustain thelr level of artlvlty and has no external debt. The NCUB will endeavour to secure IOIPage
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 20Z2 sufficlent funding to meet commitments and enforce strirter controls on costs. The Trustee5 believe that NCUB is well placed to manage its risks successfully and have a reasonable expettation that the Charity has adequate resource5 to continue in operationèl existence for the foreseeable future. For this reason they continue to adopt the golng concern basls in preparlng the fSnanclal statements. The are no materlal uncertaintles about the Charitvs ability to contlnue a5 a golng concern. 6.7 Remuneratlon Pollcv The NCU8 pay rate Is revlewed annually by the board to take account of cost of livlng Increa5e5 wlth any changes to the pay rates become effectlve from 1st Aprll of each year. The Charlty sets the pay of Its staff and key management personnel using industry benchmarks, performance revlews and appralsals. The Board approves any annual Increases and any changes to the ChSef Executlve's salarv. 6.8 Re5er¥e5 Pollcy The reserves pollcy 15 revlewed annually and was last updated at the March 2022 NCUB Board meetlng. The Trustees have set a reserves policy which requires.. Reserves to be malntalned a level whlch ensures that at least 3 months of NCU8's core actlvlty could contlnue (Jurlng a perlod of unforeseen dlfflculty. A proportion of reserve5 to be invested in a readily realisable form. Over the last few years NCUB has built up re5erve5 from non-restricted income 50urce5. It has ensured that there are formal reserve levels of at least £550,(M)O in place. A5 the balance in funding sources chan8es between Research England fundlng and membershlp subscrlptlons we wlll contbnue to revlew thls reserves levels. For the current financlal year, three month5 Of core activltie5 as per the budgets for 2022-23 would equate to £49S,800. At the 31 Mirch 2022 the free reserve5 of the Charlty, deflned as unrestrlcted fund5 le55 flxed assets used wlth the Charity's buslness, were £1,131,85612021'. £782,077) whlch Is In excess of the tarBet pollcy. Thls level of funding Is prudent 8Sven the non-llnear nature of funding provldes for operatlonal flnance for future years. Our Intentlon would be to bring our total reserve funds closer to the Minimum Reserves Level over the next 3 years l.e. the course of the current agreement wlth Research Englind. We have presented a largely balanced budget for 2022123 but we will continue to monitor the overall reserve funds position throu8h the new financial year. We expect to use the funds for longer term development purposes rather than operating costs and we will make recommendatlons to the Board as to how the funds could be used to move NCUB forward. 6.9 Rlsk Management The major risks facing the Charity are.. Falllng to meet the expectations of members le.g. through not addresslng the malorlssues or being taken seriously by the Government and devolved administrations) and hence their withdrawing their Involvement and flnanclal support. We aim to mStigate this through undertaking work that Is at the forefront of thinklng, Influenclng polScy and pract[ through the power of partnership and in other ways ensuring that the NCUB is seen to be performlnB a highly valued role that commands attention and respect. IIIPage
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Failing to attract new members from a suitable ran8e of major organisations when existin8 member5 retire or rnove on. We alm to mitlgate thls through the quality of Our pollcy research and the leadershSp network that we leverage to underpin our work as well as through the provision of more digltal services to our member5 and funders. Thls aspect of our work will become increasingly Important, with the or8anlsatlon evolvlng to take greater strategic advantage of our unique membershlp. Fallure to malntaln a close relatlonshlp wlth Government and assocSated arms-len8th Publlc Bodle5 to support policy prloritles and be seen as a strateglc partner In fosterlng greater collaboratlon between buslnesses and universities. Fallure to be effectlve by trylng to cover too broad a range of attivltles elther to satlsfy members or respond to external Invltatlons. We have set clear prlorltles and wlll focus the majorlty of resources on establishing our strategic Task Forces to achleve a greater unlverslty-business collaboratlon and leadershlp on the global challen8es that will have a bearlng on the UK'S future competitlveness. Failure of our IT systems, serious loss of data wlth flnanclal and operatlonal limltatlons. We mStSgate thSs by ensurlng our data Is held securely In the Cloud and that approprlate securltv rnea5ures are In place Including regular back.up of our system5. Fallure to retaln senlor staff. Wlth a small core team workln8 In a vlbrant labour market In central London It Is Important to create the condStlons to retaln and develop staff wlthln the organlsatlon. Fallure to avold dlsruptlon from slgnlflcant Internatlonal events. Slnce December 2019, the outbreak of novel straln of the coronaviru51"Covld-19"1 has resulted in government5 worldwide enactin8 emerBency measures to combat the spread of the vlrus. These measures, which Include the Implementation of Inltlal travel bans, self-imposed quarantlne perlods and soclal dlstanclng, have caused material dlsruptlon to businesses resultlnB In an economlc 5Sowdown. The second year of the outbreak tO8ether with the recent war in Ukraine has created unprecedented economic and soc531 uncertalnty throughout the world. The ultimate impact of the outbreak and the war15 dlfflcult to predSct, but It Is Ilkely that it will have a materlally adverse Impact on global, natlonal and local economie5. Glven the uncertalntles In the past 2 years, we have taken a cautSous approach In terms of commltted expendlture agaln5t projected Income. The related financial impact and duration cannot be reasonably estlmated at this tlme. We expect thi5 matter to negatlvely impact our operatlng results and AnancSal posltlon In 2022123 and subsequent years. 7. Plans for future perlo(ts Through 2021122-the Senior Leadershlp Tearr developed a Forward Plan to cover actlvltles for the Charlty throu8h the period of core funding frorn Research England. This was presented and endorsed by the Research England Councll In November and runs from 21122 to 24125. A key priority is the further Integratlon of the different functlons across the Charlty to that they work together more closely and in collaboration with external partners. 8. Staternent of Trustee responslbllltles The Tru5tee5 (who are also Directors of National Centre for Universities and 8usine55 for the purposes of cornpany lawl are respon51ble for preparing the Trustees, annual report and financial staiement in accordance with applicable law and United Kingdom Accountin8 Standards (UK GAAPI. 121Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Company Law required the Trustees to prepare financial statements for each flnanclal year whlch gave true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and appllcatlon of resources, including the Income and expenditure, of the charltable company for that period. In preparing these financlal statements, the trustees are requlred to.. Select suitable attountln8 polScles and then apply them conslstently- Observe the methods and principles in the Charitles SORP; Make lud8ement and estlmates that are reasonable and prudent,. State whether applicable UK Accountlng Standards have been followed, subjert to any materlal departures disclosed and explained in the financial 5tatements,' Prepare the financlal statements on the goln8 concern ba515 unless It Is Inapproprlate to presume that the charltable company wlll contSnue In operatlon. The Trustees are respon5iblefor keeplng adequate accountlng recordsthat dls¢105ewlth reasonable accuracy at any time the flnanclal posltlon of the tharitable company and enable them to ensure that the flnancSal Statements comply wlth the Companles Act 2006. They are also responsible for safeguarding the assets of the Charlty and hence for takln8 reasonable steps for the prevention and detectSon of fraud and other Irregularities. In 50 far as the Trustees are aware.. Therels no relevant audlt Informatlon of whlch the Charity's audltors are unaware,. The Trustees have taken all steps that they ousht to have taken to make themselves aware of anv relevant audit informatlon and to establlsh that the auditors are aware of that Informatlon. The Trustees are responslble for the maintenance and Snte8rlty of the corporate and financlal Snformatlon Included on the charltable companvs website. Leglslatlon In the Unlted Klngdom governlng the preparatlon and dlssemSnatlon of flnanclal statements may dlffer from leglslatlon In other lurlsdlctlons. Audltor Sayer Vincent LLP was re-appolnted as the charltable companf s audltor durlng the year and ha5 expressed Its wlllingness to contlnue In that capaclty. Th• report of the Trustees has been approved bythe Tfustees on OS October 2022 and $18ned on ihelr behalf Name Tltle Date 131Page
NATIONAL CEf4TRE FOR UNIVERSITIES AND BUSINESS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS FOR THE YEAR ENOED 31 MARCH 2022 Opinion We have audlted the flnancial statements of Natlonal Centre For Universitles and Buslness (the 'charltable company'l for the year ended 31 March 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements. Includln8 significant accountln policies. The flnanclal reporting framework that ha5 been applied In thelr preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Finoncttjl Reporting Stt7ndard upplicoble In the UKond Republic of Ireland (United Kln8dom Gener311y A£pted AccountinB Practice). In our oplnlon, the flnancial 5tatements'. Give a true and falr vlew of the state of the charrtable company'5 affairs as at 31 March 2022 and of its Incoming resources and appllcatlon of resources, including its Income and expenditure for the vear then ended Have been properly prepared In accordance wlth Unlted Kln8dom Generally Accepted Accountlng Practlce Have been prepared in accordance wlth the requlrement5 of the Companles Act 26 Basls lor oplnlon We conducted our audlt In accordance wlth Internat5onal Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our responslbllltles under those standards are further descrlbed In the Auditorfs responslbllltles for the audlt of the ftnancial statements section of our report. We are Independent of the charltable company in accordance wlth the ethical requlrements that are relevant to our audlt of the flnanclal statements In the UK, Includlng the FRC'S EthScal Standard and we have fulfllled our other ethScal responsSbllStles in accordance wSth these requirements. We believe that the audlt evidence we have obtalned Is sufficlent and appropriate to provlde a basls for our opSnlon. Con¢luslons r•latln$ to 8oln8 concern In audSting the financial statements, we have concluded that the trustees, use of the Bolng concern basls of accountlng In the preparation of the flnanclal statements Is appropriate. Based on the work we have performed, we have not IdenllfSed any materlal uncertalntles relatln8 to events or condltlons that, Indlvldually or collectlvely, may tast 518nificant doubt on National Centre for Universities and Buslne5s's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorlsed for issue. responslbllltles and the responslbllltbes of the trustees wlth respert to 8oinB concern are descrlbed In the relevant settions of th15 report. Other Inform•llon The other information comprises the informatSon included in the trustees, annual report other than the financial statements and our auditor's report thereon. The trustee5 are responslble for the other information contained wlthln the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expllcitly stated in our report, we (io not express any form of assurance concluslon thereon. Our re5ponslbllitV 15 to read the other information and, in doing so, conslder whether the other information is materially inconsistent with the flnancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materlally mlsstated. If we identify such material Inconslstencies or apparent material misstaternents, we are required to determine whether thls gives rise to a material mi5Statement In the financial statements themselves. If, b35ed on the work we have performed, we conclude that there is a materlal misstatement of thls other Information, we are required to report that fart. 141Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS We have nothing to repurt in thi5 regard. Oplnlon5 on other matter5 prescribed by the Companlès Act 2006 In our opinion, based on the work undertaken In the course of the audit.. The information given in the trustees, annual report for the financlal year for whlch the finantial statements are prepared is consistent with the financial statements. and The trustees, annual report has been prepared in accordance with appll¢able legal requirements. Matters on whlch we are requlred to report by ex¢eptlon In the light of the knowledge and understandin8 of the charitable company and its environment obtalned In the course of the audit, we have not identified materlal m155tstements In the trustees, annual report. We have nothlnB to report In respect of the followlng matters In relatlon to which the Companie5 Art 2006 requlre5 U5 to report to you if, in our opinlon.. Adequate accountln8 record5 have not been kept, or returns adequate for our audit have not been recelved from branches not vlsited by us,. or The flnanclal statement5 are not in agreement wlth the accounting records and returns,. or CertaSn dlsclosures of trustees. remuneratlon specifled by law are not made,. or We have not recelved all the Informatlon and explanatlons we requlre for our audlt; or The dSrectors were not entltled to prepare the flnanclal statements In accordance wSth the small companies re8lme and take advanta8e of the small companle5' exemptlons In preparlng the trustees, annual report and from the requirement to prepare a strategic report. Re5ponslbllltles of trustees A5 explalned more fully In the statement of trustees, responsibllltles set out In the trustees, annual report, the trustees (who are also Ihe dlrectors of the charitable company for the purposes of company lawl are responsible for the preparation of the flnancial statements and for beln8 satlsfied that they glve a true and falr vlew, and for such Snternal control as the trustees determlne Is necessary to enable the preparatSon of financlal statements that are free from materlal mSsstatement, whether due to fraud or error. In preparln8 the flnanclal statement5, the trustees are responslble for a5sesslng the charltable ¢ompanWs abillty to coniinue as a going concern, disclosln& as appllcable, matters related to 8oln8 concern and uslng the golng concern basls of accountlng unless the trustees elther Intend to1Squldate the charltable companv or to cease operations, or have no realistic alternative but to do so. Audltorfs re$ponslbllltles for the audlt of the Ilnanclal $tstements Our oblectSves are to obtain reasonable assurance about whether the flnancial statements as a whole are free from materlal mi55tatement, whether due to fraud or error, and t9 155ue an auditorfs report that Includes our opinion. Reasonable a55urance is a hlgh level of assurance but is not a guarantee that an audit conducted In accordance with ISAS IUKI wlll always detert a materlal misstatement when It exists. Misstatements can arise from fraud or error and are considered material If, individually or in the aggregate, they could reasonably be expected to influence the economlc declslons of users taken on the basls of these financlal statements. Irregularities, 5ncludlng fraud, are Instances of non-compliance with law$ and regulatlons. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detectlng irregularlties, including fraud are set out below. 15 | P a fw e
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS Capablllty of the audlt In detertlni Irre8ularltles In identifying and assessing risks of material misstatement In respect of irregularities, including fraud and non•compliance with laws and regulation5, our prodUreS Included the following.. We enquired of management and the board of trustees, which included obtalning and reviewing SLSPPOrting documentation, concernln8 the charitys pollcles and procedures relitin8 to: Identifyln& evaluatln& and complyln8 Wlth laws and regulations and whether they were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud, The internal controls established to mltlgate risks related to fraud or non-compllance wlth laws and regulation5. We Inspected the mlnutes of meetlngs of those charged wlth governance. We obtalned an under5tandlng of the legal and regulatory framework that the charlty operate51n, focuslng on those laws and regulatlons that had a materlal effect on the financlal statements or that had a fundamental effect on the operitlon5 of the charity from our professlonal and sector experlence. We communlcated appllcable laws and regulatlons throughout the audlt team and remalned alert to any IndlcatSons of non.compliance throughout the audit. We revéewed any reports made to regulator5. We revlewed the flnancial statement dlsclosures and tested these to SUPPOrtlng documentatSon to asse55 compliance with applicable laws and regulatlons. We performed ana11(al procedures to Identlfy any unusual or unexpected relatlonshlps that may Indlcate rlsks of materlal mlsstaternent due to fraud. In addressln8 the rlsk of fraud through managernent overrlde of controls, we tested the approprlateness of Journal entrles and other adlustments, assessed whether the judgement5 made In maklng 3ccountin8 estimates are Indicative of a potential blas and tested significant transactions that are unusual or those outside the normal course of busine55. Because of the Inherent Ilmltatlons of an audit, there Is a rlsk that we wlll not detect all Irregularltles, Includlng those leading to a materlal mlsstaternent In the flnancial statements or non-complSance wlth regulatlon. Thls rlsk Increases the more that compliance with a law or regulatlon Is removed from the events and transactlons reflerted In the flnancial statements. as we wlll be less Ilkely to become aware of Instances of non-compllance. The rlskls also greater regarding irregularltles occurrinB due to fraud rather than error, as fraud Involves intentlonal concealment, forgeryi coIIu5ion, orni55ion or mSsrepresentation. A further descrlptlon of our responslbSlltles is available on the Flnanclal Reporting Councll's webslte at.. www.frc.or .uk auditorsres onsibllitie5. Th55 description forms part of our audltor's Port.
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS Use of our report This report is rnade solely to the charltable company's members as a body. In accordan wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken so that we mlght state to the charitable company's members those matters we are required to State to them In an auditovs 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 charitable company and the charltable company's members as a body, for our audlt work, for this report, or for the opinions we have formed. Noella Serrano (Senlor ststutory audltorl 7 December 2022 for and on behalf of Sayer Vlncent LLP, Statutory Audltor Invltta House. 108-114 Golden Lane, LONDON, ECIY OTL 171Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS STATEMENT OF FINANCIAL AcllviTIES Ilncorporatlng the Income and Expendltur• k¢ountl FOR THE YEAR ENDED 31 MARCH 2022 Total 2022 Total 2021 Unrestrlcted Re5trlrted Notes Income from: Donations Investments 442,C(10 26 2,699,225 3,141,225 26 2,586,310 73 Totsl Income 442,026 2,699,225 3,141,251 2.586,383 ExPendIre on: Ralsln8 funds Charltable actlvltles 77,863 12,059 77,863 2,711,649 144,140 2.645,074 2,699,590 Total expendlture 89,922 2,699,590 2,789,512 2,789,214 N•t lexpendltur¢l/lncom• •nd Net movem•nt In funds 352,104 13651 351,739 1202,8311 Total funds brought fonvard 797,601 964 798,565 1,001,396 Total fund5 carl1 forw•rd 13 1,149,705 599 1,150,304 798,565 The accounts have been prepared on the ba51s that all operatSons are contlnulng, The statement of flnancial activltles contains all reco8nlsed 8alns and Ios5e5 for the year. Movements In funds can be found in note 13. 181Page
NATIONAL CENTRE FOR UNIVERSITIES AWD BUSINESS BALANCE SHEET ASAT31 MARCH 2022 Total 2022 Total 2021 Notes Flxed assets Tangible assets Investments 17,814 35 15,490 35 Total flxed assets 17,849 15,525 Current assets Debtors Cash at bank and In hand li 109,530 1.235,512 97,048 770,413 Totsl currant ass•l$ 1,345,042 867,461 Llabllltl Creditors: Arnounts fallln8 due wlthSn one year 12 1212,5871 184,4211 Net current •ssets 1,132,455 783,040 Net assets 14 1,150,304 798,565 The funds ofthe ch4rlty: Restricted Income funds Unrestrlcted fund5 13 13 599 1,149,705 964 797,601 Total funds 1,150,304 798.565 Approved by the Trustees on 05 October 2022 and s18ned on thelr behalf by.. Mr Wllllam Samuel Hugh Laidlaw Trustee Company number.. 03465914 (England and Wales) 191Page
NATIONAL CEt4TrE FOR UNIVERSMES AND BUSINESS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Not•s Cash flows from op•ratlng actlvltlgs: Net cash provlded byllu5od In) operatlng actl¥ltles 15 473,225 1109,3171 Cash flows from Investlni actlvltlw: Purchase of fixed a55ets 18,1261 110,6271 Net cash {ud Inl Inveslln8 artSvltles 18,1261 110,6271 Change Sn cash & cash equlvalents In the reportin8 perlod 465,099 1119,9441 Cash & cash equlvalents at the be8lnnln8 of the reportlnB perlod 770,413 890,357 Cash & cash equlvalents •t the end of the reportlng peilod 1,235,512 770,413 The only cash and cash equlvalents are amounts held a5 bank balances. 20IPage
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles Statutory Informatlon National Centre for Universities and Bu5ine5s is a charitable company limited by guarantee and is Incorporated in the United Kingdom. The registered office address and principal place of buslness Is Oc. 115 The Clarence Centre, 6 St. Georges Circus, London, England, SEI 6FE. Accountln8 convention The financlal statements have been prepared in accordance with the Statement of Recommended Prattlce: Accountlng and Reportln8 by CharltSes preparln8 thelr account5 In accordance with the Flnanclal Reportlng Standard applicable in the UK and Republlc of Iland IFRS 1021 and the Flnancial Reportin8 Standard appllcable In the Unlted Kln8dom and Republlc of Ireland IFRS 1021 and the Companles Act 2)6 and UK Generally Accepted Accountlng Practlce. The Charlty constltLrtes 3 publlc beneflt entlty as defined by FRSIO2. The flnanclal statements are prepared In sterlln& whlch Is the funrtlonal currency of the Charlty. Monetary amounts In these financlal statements are rounded to the nearest £. The flnanclal statements have been prepared under the hlstorlcal cost conventlon. Goln8 Concern At the tSme of approvlnB the flnancial statements, the Trustees have a reasonable expertation that the Charlty has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. Thu5 the TTU5tee5 continue to adopt the 80in8 concern basis of accounting in prepèring the flnanclal Statements. Income Income from Investments and donations have been accounted for when receivable. Contrartual Income Is recorded when recelvable. Grants and donatlons are reco8nlsed once entltlement and value have been conflrmed In wrltln8. Grants and donatlons that are 5Ltbject to donor-lmposed conditions that specify the time period in which the expendlture of resources can take place are accounted for as deferred income and reco8nised as a liability until the relevant accountlng perlod In which to expend the resource. Grants and donations wlthout such pre-condltions are not deferred, even If the resources are recelved In advance of the e¥penditure on the actlvity funded by the Brant or donation. Membership income is recognlsed In full when recelvable a5 St Is not Ilnked to the 8lvlng of future benefits. 211Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Expenditure and irrecoverable VAT Llabilities are retO8nised as expenditure as soon 3S there is a legal or constructive obligation committing the Charity tothe expenditure. All expendlture Is accounted for on an accruals basss and has been dassified under headlngs that aggregate all costs related to the category. Grants payable are p?yments made to thlrd partles In furtherance of the charltable oblertlves of the Charity. Grants payable are accounted for when either the recipient has a reasonable expettation that they will receive the grant and the Trustees have agreed to pay the 8rant wlthout condltion, or the reclplent has a reasonable expectatlon that they wlll recelve a grant and the condltlon attachlng to the grant is outslde the control of the Trustees. Irrecoverable VAT Is charged aBalnst the cate8ory of re50urce5 expended for whlch It wa5 Incurred. 1.5.1 Cost of ra151ng fund5 The costs of ralslng funds ore those costs attrlbutable to generatlng Income for the Charlty and Include salary and salary related Items. 1.5.2 Charltable actlvltles Support costs are those functlons that asslst the work of the Charlty but do not dlrectly undertake ¢harltable actlvlties. Supporr cost5 Include costs of admlnlstratlon, IT support, repalrs and malntenance costs. etc whlch sUPPOrts the Charlty's actlvltles. All support costs a deemed to relate to the charitsble actlvltles of the Charlty. 1,5.3 Governance Thls represents all costs involving public accountability of the Charity ind its compliance wlth regulation and good practice. These costs Include costs related to statutory audlt and constltutlonal requlrements together with attrlbutable support COSt5. They are Included as a subset of support costs and allocated to other activities in the same manner. 221Page
NATIONAL CENTRE FOR UNIVERSITIES APID BUSINESS NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Tan8lble fixed assets The cost of tan8ible fixed assets is their purchase cost together with any incidental costs of acqulsltlon. The amount at whlch a55et5 are capStali5ed has been set at £1,000 by the Charity. Depreciatlon Is calculated to wrfjte down the cost less estimated resldual value of all tangible fixed assets by equal annual Snstalments over thelr expected useful lives. The depreciation rates applied are.. 2022 2021 Flxtures, flttin8s an(J equlpment:_ 25% 25% Investment in lolnt ventures Investments in jointly controlled entitles are accounted for In accordance wlth the cost model and are recorded at C05t less Impalrment. Flnanclal Instruments The Charity has eletted to apply the provlslons of Settion 11 'Basic FSnancial Instruments, and Section 12 '0ther Financial In5trument5 Issues, of FRS 102 to all of its flnincial instrument5. Financial a55ets are recognised in the Charity's statement of fSnanclal p051tlon when the Charlty becomes party to the contractual provislon5 of the Instrument. Flnancial assets are classified into specifled categorSe5. The classlflcation depends on the nature and purpose of the flnanc131 assets and Is determlned at the tlme of recognltion. 1.8.1 Basic financial Instruments Basic financial instruments, whlch include trade and other recelvables and cash and bank balances, are Inltially measured at transaction prlce Includlng transactlon costs and are subsequently carrled at amortlsed cost uslng the effective interest method, unles5 the arran8ement constitutes financing transaction, where the transaction is meèsured at the present value of the future recelpts dlscounted at i rnarket rate of Interest. Other flnanclal assets classlfled as falr value through the statement of financial activitie5 are rnea5ured at fair value. 1.8.2 Other flnancial Instruments The Charlty currently has no non-baslc flnanclal assets Penslon costs Pension costs relate to employer's contrlbuflons towards the personal penslon fund of employees of the Charity. These contrlbutlons are charged to the income and expenditure account as they become payable. 231Page
14ATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 i.io Funds I.10.1 General funds General funds are donatlons and other Incomlng re50urce5 receivable or generated for the oblects of the Charity without specified purpose. 1.10.2 Restritted funds Re5trlcted funds are speclflcally donated to the CharSty where the donor has speclfled they be used for the benefit of a specSflc project or for a partlcular adminSstrat5ve cost. i.ii Operatlng leases Rentals payable under operatlng leases, Includlng any lease Sncentlves recelved. are charged to income on a stral8ht-Ilne basts over the term of the relevant lease except where other more systematlc ba$15 is more representatlve of the tlme pattern in which economlc beneflts from the lease asset are consumed. al Donatlons {current year) Unfesrted funds Restrlcted funds 2022 Total 2021 Total Donatlons Grants 442,CQO 442,ry)o 2,699,225 372,000 2,214,310 2,699,225 442.(hX) 2,699,225 3,141,225 2,586,310 bl Donatlons Iprlor y•Jrl Unr•strlrt•d fund$ Restrlcted funds 2021 T¢)tsl Donatlons Grants 372,OC 372,000 2,214,310 2,214,310 372,000 2,214,310 2,586,310 241Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 WIRCH 2022 Investment Income Restricted fund5 Unrestricted funds 2022 Total 2021 Total Bank Interest 26 26 73 al Expendlture l¢urr•nt y••r) Dlrect Support costs At5 (not• S) Totsl zozz Totsl 2021 stsff costs Ralslng funds FundraisSn8 costs 77,863 77,863 144,140 Charltable 8rtlvltks Research and d555emination Member servlces 559,946 1,691,552 194,784 2,446,282 2,369,166 246,103 19,264 265,367 275,908 883,912 1.691.552 214,048 2,789,512 2,789,214 b) Expondlture Iprlor yearl Dlrert Support costs sts {note 5) Totsl 2021 Staff Costs Raisln8 funds Fundralslng costs 98,443 45,697 144,140 Charltable attltIeS Research and dissemination Member services 526,420 1.654,248 188,498 2,369,166 224,500 51,408 275,908 849,363 1,654,248 285,603 2,789,214 251Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH Z022 Support costs 2022 2021 Computer costs General office costs Travel Employee tralnlng and welfare cDst5 Rent, rates and utllltles Communlcatlons Accountancy Consultancy fees Professlonal fees Repalrs and renewals Bank charges Oepreclatlon Subscriptions Governance costs- Audltor'5 rernuneratlon 22,869 11,541 1,041 68,115 32,990 3,935 33,750 540 20,362 576 32,160 29,750 1,659 6,735 122,046 6,l¢XI 35,639 4,605 9,527 15,0 940 4,077 8,705 8,660 5,802 1,359 10,600 285,603 Net In¢omel{exp•ndlturel 2022 2021 Net Incomellexpendlturel Is stated after char8ln8: Audltorfs remuneratlon- current year Depreclatlon- owned assets 7,950 5,802 7,550 4,077 St4ff costs 2022 2021 WaBes and Salarles Social security costs Penslon costs Other staff costs 765,499 78,558 36,391 3,464 883,912 735.566 78.292 33,189 2,316 849,363 261Page
NATIONAL CENTRE FOR UNIVERSITIE5 AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Siaff Costs lcontlnuedl The average monthly number of employees durin8 the year was as follows: 2022 16 2011 15 Average head count The number of employees whose emoluments exceeded £60,000, excluding employer natlonal insurance and employer penslon contrlbutions wlthSn the followlng bands was.. 2022 2021 £60,000- £70,000 £80,Th10- £90,WO £120,000- £130,000 The Trustees consider the key management personnel to be all the Trustees, CEO, Head of Operatlons and Head of PolScy and Engagement, Total remuneritlon Includln8 employer pension contributions and employer national insurance of these people for the year ended 31 March 2022 wa5 £322,08412021: £368,128). Tr•ns•cllons wlth Trustees In the year to 31 March 2022, no Trustees recelved remuneratlon 12021.. nlll and there We no expenses relmbursed12021'. nlll. 271Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Tan8lble fixed assets Fbxtures. fittings and equlpment Cost As at l April 2021 Addltlons 38.292 8,126 A5 at 31 March 2022 46,418 Depreclatlon A5 at l April 2021 Charge for the year 22,802 5,802 As at 31 March 2022 28,604 Net book valu• A5 at 31 March 2022 17,814 As at 31 March 2021 15,490 All of the assets above are used for charltsble purposes. io. Investments Cosl As at l AprS12021 Disposal As at 31 March 2022 35 Net book value A5 at 31 March 2022 35 As at 31 March 2021 35 In July 2017, The Charity subscribed for a 36.80% holding In a new venture company called Placer Ltd (Company No. 108035381. The Charity hold5 3,5 ordinary share5 of £0.01 each In Placef Ltd. Placer Ltd's principal actlvity is to develop applications for the collaboratlon between universities and buslnesses. In 2021-22 the busSness of Placer Ltd is being wound down. 281Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2022 ii. Debtors 2022 2021 Donatlons receivable Prepayments and accrued income 95,000 14,530 75,lJ)O 22,048 109,530 97,048 Credltors 2022 2021 Trade credltors Soclal securlty and other taxe5 Accruals and deferred Income 117,956 30,650 63,981 24,044 31,072 29,305 212,587 84,421 13. •) Stat0nt of funds (current yearl As&t l Aprll 2021 At 31 Marth 2022 Income Expendl¢ur• Transfers Unrestrleted fvnds General fund 797,601 442,026 189,9221 1,149,705 Restrlcted funds Innovation Brokera8e Research En8land Busines5 Motlvatlon Survey KE Concordat 178 304 1,593,600 1,025.625 SO,0 30,000 2,699,225 11,594,587) 11,024,521) 150,1X)01 130,4801 12,699,5901 18091 482 964 599 Totsl funds 798,565 3.141.251 12,789,512) 1,150,304 291Page
NATIONAL CENTRE FOR UNIVERSITIES ANO BUSIP4ESS NOTES TO THE FTNANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2022 Restricted funds have been set up for the followlng purposes. Innovatlon brokeroqe.. an intelliBent brokerage tool that ha5 been created to improve the ease wlth which unlversSty-business collaboratlon can be enable(l and maintained. The ne8ative funds carrled forward wlll be used against the income in 2022-23. Research Enqlond: supports the work of the NCUB to promote, showcase and support tsniveisity- business collaboration. 8uslness MotlvotionsSurvey- NCUB has been funded by Research En8land to bulld a new baseline dataset on the drivers and motlvatlons for unlversities to work with universltles. NCUB Is working wlth a research team at the Unlverslty to gather the data. KE Concordat- NCUB has been funded by Research En8land to SUPPOrt the unlveTsIty Sector to Implement a new concordat for Knowledge Exchange. NCUB has developed a new website portal to ralse awareness, share good practice and collate concordat statements. 13. b) Stat•ffl•nt ol fvnds Iprlor y•4fl At 31 March 2021 l Aprll 2020 Income Expendllur• Transfers Unrestrlct•d funds General fund 993,571 372,073 1568,0431 797.601 Restri¢t•d funds Innovation Brokerage Research England Business Motlvatlon Survey KE Concordat 5,473 3,608 995,220 993,840 120,000 105,250 2,214,310 11,O(X),5151 1997,1441 1120,(WI 1103,5121 12,221,171 178 304 11,2561 7,825 964 Totsl funds 1,001.396 2,586,383 12,789,214} 798,565 30IPag¢
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. a) An*lysls of net •$sets betw••n fund51current yearl Restricted funds Unrestrl¢ted funds Tot•1 2022 Total 2021 Fixed assets Current assets Credltor5 due wlthln one year 17,849 1,344,443 1212,5871 1,149,705 17,849 1,345,042 1212,5871 1,150,304 15,525 867,461 184,4211 798,565 599 599 14. b) An•lysls of net •$sets betreen funds {prlor year) R•strlcted lunds Unrastrlrt•d funds Totsl 2021 Tangible assets Current assets Credltors due wlthln one year 15.525 866,497 84,4211 797,601 15,525 867,461 184,421 798,565 964 964 15. Reconclllatlon of not Incom•lexpendlture lo net cash Ilows from operating •¢tl¥ltle¥ Totsl 2012 Totsl 2021 Net movement In fund5 Add back depreciation charge Ilncreaselldecrease In debtors Increa5e/lDecreasel In credltors 351.739 5,802 112,4831 128,166 12020311 4,077 179,312 189,8751 Net cash provlded byl (US Inl operatlng actlvilles 473,225 1109,3171 311Page
NATIONAL CENTRE FOR UNIVERSITIES AND BUSINESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. Relat•d party tran5actlon5 During the year there were no related party tran5actions.12021- nlll 17. Company sl•lus The company Is Ilmlted by guarantee, not havlng a share capital. In the event of windlng up the company's members have agreed to contrlbute an amount of £1. At 31 March 2022 the total of such guarantees was £912021.. £81. 18. Comp•r•tlve Informatlon Statement of Flnanclal Attlvltles Ilncorporatlng the Income and Expendlture Account) Unrestrfcted nds Re5trl¢ted Total funds fund5 2021 14otes In¢ome and •ndowments from: Donatlons and legacles Investments Total Ineorne 372,000 73 2,214,310 2,586,310 73 372,073 2,214,310 2,586,383 Expendlture on: Raising fund5 Charltable actlvltles Totsl resources expended 144,140 423,903 568,043 144,140 2,645,074 2,789,214 2 221,171 2,221,171 Net movement In funds 1195,9701 16,8611 1202,8311 Total funds brought forward 993,571 7,825 1,001,396 Totsl funds carrled forward 13 797,601 964 798,565 321PRg¢