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.
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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
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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.
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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
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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, Obl￿tIVeS 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 col￿aboratIon,
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 advan￿5 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.
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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 e1ertron1￿1l¥. 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
resoUr￿S 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.
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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 2￿6
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 pro￿dUreS 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 ana1￿1(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
ExPendI￿re 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 {u￿d 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 I￿land 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$15 is more representatlve of the tlme pattern in which economlc beneflts from the
lease asset are consumed.
al Donatlons {current year)
Unfes￿rted
funds
Restrlcted
funds
2022
Total
2021
Total
Donatlons
Grants
442,CQO
442,ry)o
2,699,225
372,000
2,214,310
2,699,225
442.(hX)
2,699,225
3,141,225
2,586,310
bl Donatlons Iprlor y•Jrl
Unr•strlrt•d
fund$
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 att￿ltIeS
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.
•) Stat￿0nt 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¢