2022-07-31-accounts

Company no: 04793659 Charity no: 1098136 Canterbury Christ Church University Annual Report and Consolidated Financial Statements For the year ended 31 July 2022

CONTENTS Page Directors and Advisers Vice Chancellorfs Introduction The Strategic Report Public Benefit Statement 22 Statement of Primary Responsibilities of the Universitvs Governing Body 24 Statement of Corporate Governance 27 Modern Slavery ar)d Human Trafflcking 32 Statement of Internal Control 34 Independent Auditorfs Report to the Governing Body 36 Statement of Principal Accounting Policies Consolldated and University Statement of Comprehensive Income and Expenditure for the year ended 31st July 2022 46 Consolidated Statement of Changes in Reserves for year ended 31st July 2022 47 Consolidated and University Statement of Financial Position as at 31st July 2022 48 Consolldated Cash Flow Statement for the year ended 31st July 2022 49 Notes to the Financial Statements 50

DIRECTORS AND ADVISERS Dlrertors In place loi the year to 31 July 2022 and up to the date of 51gnln8 the financlal statement5: Ms N Ahmed Rlght Revd R Hu(tson-Wilkin Isenlor lfidependent Governorl Slr W l R Johnston IDeputy Prolhancellorl I￿$1£￿ed 31 July20221 Mrs P Jones Mrs SAppaeby MSJ Amiitt IPro-(thancelbr from l Au8USt 20211 Mr D Blchener Lady A Ne￿V lfrom l August 20221 Mrs Brown Iie5igned 31 Juty 20221 Mr Cstevens Mi 5 Carev Revd R Stevenson Professor G Dewhutst Mrj Stockwell (from l Au8USt 20221 DrA Eydèn Pmfegsor R Thlwnamachèndran (Wl￿- Chancellor and Princlpall Mr P Fletrher IreslBTred 18 January 20221 DrKFox Profe5sorJ Wood (from l Aprll 20221 Mrs J Hardlng Ch￿10 the Governing Body and Unl¥erslty Sollcitor Mr R Higglns m￿A￿T Independent Audff<or Ma2ars stat￿Ory A￿ditOr 6 Sutton Plaza, Sutton Court Road. Sutton, Surrey SMI 4FS IntemalAudllor KPMG LLP 15 Canada Squarp Canary Wharf London E14 56L Re8lstered offlce- Parent and Subsldlary Canterbury Chrlst Church University CIO Govemance and Legal Serv￿es Dept. An5elm North Holmes Road Canterbury Kent cri iou Prfn¢lpal Bankvs Lloyds 8ank PLC 2 aty Place Beehwe Rlng Road Ga￿￿ck West Sussex RH6 OPA National we$￿nInster Bank PLC 9th Floor 250 8lshops8ate London EC2M 4AA RegIste￿d Company and Charity number 04793659 registered In England and Wales Registered charfty number 1098136

VICE CHANCELLOR'S INTRODucfioN l am plea5edto introducethefinancrdl statementsforcanterbury Christ Church Universityforthe academityear 2021122.These statements Includethe gt3tutory rekx)rtsthatsetoutthefinan£lal performanceolthe Universlty. They also prDvide an opportunity for u5to reflett on the achlevementsand challenges over the Same period. Aswe ernergefrom the elob81 pandernic that hasaffected all aspect5 of put>llc and prNate lrfe. l am ￿eaSe￿ that Canterbury Christ Churth University remains tn a strong position to seite new opportunitles, while recognislng that the sector will continue to face challenges In the year5 ahead. These have some of the most difficult years that w? have known in the Higher Education sector and tt lsa testamentto the hard work of ourstudents, colleagues and Industry partners that we eFnerge from it stronger than when we entered, and wlth eTreT8y, positbvity and a new sense of cornmunty to fuel our effort5 in the coming month5. We are proud, this year, to celebrate our Dramond Jubllee. l atn proud that, In the SLY decade5 since we started a$ 3 small teacher tralnlng collegei we have grown Into a multi-d￿$£1plInary, internatlonal Institutlon wlth over 20,OLK) students and an ever-expandingacadernic offer-8nd we Stlll contlnue to Serve the reBlo# and the needs of its workforce. Thlsyear, we have been iec(enised forthat continued impatt. The 2022 Graduate Outcorrs survey show5that Cantert)ury Christ Church University is ranked third sn the UK for graduates in employment. Result5 from the Research Excellence Framework (REFI showed that Canterbury Christ Church unwer5￿Y has more than doubled the proportion of world-leadiD8 research we have produced Since ihe last REF In 2014. Research England'5 second Knowleie Exchange Framework IKEFI new findin85 shtsw Canterbury Chrfst Church Universlty 15 in the top 20% of univer51tlesfoiwor￿ngW1ththe public and third sector5,and in the top40%of unlverslties in several oiheT key area5, includlng Ic£al ènd regional regeneratlon. We have held a packed programme ol events and inltlative5 to celebrate our Dlamond jubi￿￿. Includi￿ the launch of our Academy for sustainab￿ Futures, which was created to enable the Universlty to make a step- change In it5 dTiveioward5 edutatln& athocatin& and Inffluencin8 ourcollective su5tainèble futures. Despite the challenging economlc climate. the University has ernergedfrom the pandemlc in a stronger financial posV(ion and we have seen significant growth In our income. Largelyi thls ha5 LEen drwen by an in(re3sE in student numbers and greater tuition fee income, and we are pleased to see ovr thriving, dynamic cbmpuses CanterbLry. Medw¥yand Tunbrid£eWells come back to lffe w4th the of our community. We have also seen an increase in our IAterMtional student number5 and have launched a new partnershlp wlth the Global Banking khool, whlch ha5 Significantly strengthened our portFollo offering Busine55 and Tourism Management, Bnd kcounting and Financlal Management courses. l am prDJd that, at home and abroad. we remai a strong ¢holce for students who seèkto choose a modern, dynamlc univers((ythat delivers high quality education. Thi5 Colltlnued growth In Income has allowed u5 to further 8row our ambltlon. We are hugely proud to have OPEned OUT new £65 million ve￿n3 Holmes building which locates englneer5, scientists. doctOT$ and healthcare students together In an inspiratlonal leafning envlronment, with Industry-standard, hi-tech facillties on every floor. We are rea11%ng our strategic ambition and seeing ificreaslng numbers of STEM students and cou15e5 Dn offer, as well as the Continued suc£e5S Ot our medical programrnes through the Kent and Medway Medical Sch(x)l. This trJnsformatlon ol our North Ho1me5 Road campus contlnues a5 part of our longer-term Estate5 Masterplan. Wehave also been able to Invest in cuttingdge IT provlslon tostrengthen ourdigltal learning offer, nd in further staff to supportand add tothe cont￿bUtionS of those who have alreaoy made such an impattand worked $0 hard during the pandem￿. Th15 year has been partlcularly speclal forour Universty. In 2022, we marked our Dlamond Jubllee, reflecting on our 61>yeèr hlstory. celebratingourvibranttommunity and all have achieved together, and Irx)king forward to all that we might become.

VSCE CHANCELLOR'S INTRODucnoN {CONTINUED} When Canterbury Chftsi Church Unwerslty was founded In 1962, we were a small teacheriraining college with just 75 Students. ITr the slx decades sIn￿, we have developed Into an institution 5ervlng over 20,OCK> Students with a mlsslon to pursue excellen￿ in teaching. research and enterwisewith a gbbal impart. Our bcations now Include our original sV(e in Canterbury, campuse5 in Medway and Tunbrid8e Wells. and we are p￿Sent throughout the UK and Iwond through our partner institut￿nS. All throughout 2022, we have been celebratlng ourDiamond jubl￿e 8nd created a year to remember. A packed programmeoleventsand projects has helped u5 honour ourhistoryand lookto ourfuture, engagin8the enlirety of our dlverye community our current and future students, alumni, staff* govemcffs. businesses, the local communitvi Stakeholders, and partners across thtworld. Our DSamnd jUbl￿e yeai has also been the perfett time to start work on thè next stage of our hlstory. ès we c￿ate our new vis￿￿ for 2030, fuelled by optimism. We are developlng a Strategic Framéwork that will tske Canterbury Christ Church University from 2023 to 2030, which wlll be Incluslve. sustainab￿, innovatfve and collaborative. Through a seriÈs of WDrk5hops held over the year, 8ovemors. cdleagues, studenis, alumnl, and stakeholders have corne together to shape how we will need to adapt and find new ways of deliverlng educatlon, research and enterprlse to malntain a successful future. We have also set out how we will continue to rnake a real ènd lasting difference in terms of community, climate changè. and $￿taInability. In we5enting the financlal res￿￿5 for the 2021n022 year, I want to agaln thank all members of the Canterbury Chrlst Church Community (staff, students. govemors, alumni. partners and stakeholdersl for how we have am worked together to achleve an outtvm that wlll underpin the delivery of the new Vlsion for 2030. CM(I Professor R Thlrunamachandran vke-Chan￿1l0r and Prlnclpal

THE STRATEGIC REPORT Dir•¢tors' Report The di￿￿O5￿re requirementsforthe Dlrettors. ￿port can be found in the st￿teg￿ Report on pages 5 to 19 and form part ol thi5 ￿Port by cross refe￿nCe. I present this report on behalf of all named dlrettors (see page 11 In order to meet the requirements of the Companies Act 2W6. Scope ol FSnafj¢lal Ststements The Financial Statements for the year ended 31 July 2022 have been prepared to comply wlth the State￿￿nt of Recommended Practke ISORPI Accountin8 for Further and Hlgher Educatlon and applicable accountln8 standard5 in the UK in line vlith regulatory advlce In the form of the Accounts Direction from rhe Offlce for Students (Ofs 2019.411. The University 6 based In the UK and Operat￿ hs Ly)th a company ￿gIstered In England and Wales and a reglstered charity. Subsldiary Company The University holdsan Investment in a sub5idiarycompany, Medco ICCCUI ￿Mited. Thls Is a company reBi5tered In England and Wale5 which operates Under a franchise Èrrangement wlth Warwick University Enterprises Limited. The subsidiary company Is sn a VAT group with the parent cornpany. The 5ub5idiary tompany's results have been consolida￿d with the parent company in these financial statements. Attlvlties and Objective5 The principal activities and objettives of Canterbury Christ Church University are concerned wlth the pro¥lslon of higher education teaching, research and knowledge exchange. To support these objectives, the Unlversrty ndertakes other activities, includin8 thè provisK)n of ac£ommdatlon. catering and conference seNces. Mlssion Insplred byitschurchof En8landfoundation,the Universlty's mSssSon Isto pUrsUeex￿1￿nce in highèreducation. transforrning irFdividuals. creating arbd disseminatlng knowledge. enrKhing communities and building a sustalnable future. The Universlty has a strategic framework to provide measurable oblettives to help achieve the rni5sion and put shared values into prartice. The framework was d￿eloped followin8 a process of consultatlon led by the Vlce- Chancellor artd the senior management team. Thls Involved engagement wlth staff and students from acrossthe University as well as external partners. A simple one page frarnework was established thai sets out what the Unlverslty want5 to achieve over the next fNe years. The four strateglc aims are clea¥ly identified in the framework 3nd underpirtned by a set of strategies and cros5 cutting thernes. The fTrmework guides the achlevement of the Univer51t¢s 3TnbiliDns,' and the plan's alms and objectives also inform schools and departrttental business plans 8nd the personal objectfve5 of all £olleaEues within the UnNerstty. The four strategic al￿￿ were updated in 2019and reflett the aims that continue through to 2022.. To provide our dive15e #uéent body with a hlgh quality. hdistic student experience In relatlon to learnln& the wider experience of the Un￿erSitY in developing global cStlzens. To maintsin and enhance è high Qual￿vI broadly based academic portfolio which bullds on and fvrther develop5 area5 of the UnNetsity Strength and potential including in relatK)n tts partnershlps. To extend our researrh, enterprise and scholarship of practlce to grow its contrlbutlon to Intelleetual, social, economic and cultural prO$￿￿ty locally. regionally, natK}nal￿ and Intemaibonally. To ensure effthe. efflclenL Innovative and sustainable use of the institution's resour￿$ to enable our people to deliverthe unIver5￿￿/S Strategic goals across all our Icrations.

THE STRATEGIC REPORT ICONTINUEDI A new strate8t plan Wslon 20301$ beln£devek)ped and will be launched In January 2023. Flnènd41 Strntegy Durlng the 202112022 year. the Univer51ty'5 finaTrclal strate8y Colltlnued to suprKJrt Improvements to the facllltie5 on the Conterbury Carnpus, Includin8 the curriculurn areas of rnedicine, enEineerfn8 and the Creative industdes. The partlcular ahns Mthln the finaThcial strategy a¥e'.- Overthe longer term to eenerate surpluses wh￿h rnalntaln cash Inllows sufficlentto enable del￿ery ol the Unlversiils str2tegie objecttves and provide Insiitutk)nal sustainability. To malntain liquldlty and borrowlng at 5VStalnable levels. To grow and dNersrfy inconE streams. To ensure value for money In all UnNerslty aafvitles. To ensure that the conslderation and evaluation of rlsk is undertaken as partrfthe in5titutlon's busine55 plannlng. To malntain effertfve treasury manieement. These aims are underpinned by oblertfve5 over the medium term to ensu￿ that the Unfverslty rpmalns financially 5UStalnable and is well W5￿loned forfurther expansion over the cornln8years. Summary Resufts for thoyear The consolldated results fovthe un￿erSitY for the year ended 31 Juty 2022 are surnmarlsed, a5 follows.. 2012 2021 Income 185834 152.126 Expenditure 191306 141.196 IDefKttl/surplu5 before ProfkllLossl on dRSP)sal of assets and Impairrnent 15Ani 10.930 The partlcular areasto highlighi frorn the consolidated flnanclal results a￿- An IrKrease In total income of 22% from El52.126m to E185.834m An increase In expendlture of 35%to £191.206rn A char8e for the yèar of £10.289m12021.. £7.832ml for ntstionzl Inte￿5t and staff servlce costs thin the Local Governrr*nt Pension Scheme ILGPS Qpr(al addttSons of £8.046m12021- £10.681ml An LGPS pen$ions fleftit of £5.953m, ieduclng by £70.276m from £76.229m.

THE sfRATEGIC REPORT (CONTINUED) The UnNersity returned a reported deficrt of1£5.372ml, ￿preSentIn￿-2.s9% 01 total intome.Thi5 is compared to the 5urpluslldeficitl reported in prevlous years. a5 follows.. Surplus/(deficit) after depreciation and before tax £'m 12 io £'M 2 2017 2018 2019 2020 2021 2022 The operatlng perfonmance includes adjustrnerrt5 required by FRS 102 of whkh the rmst signthcant Is the prudent non-cash adju5trnents forfuture potentrdl pensions. costs. UnNerslty Only 2022 2021 11)efic￿lI5urp1us reported per Financlal Statements lorthe year Release of deferred capltal grants. received In pry)r years U55 pension provlsion movement LGPSand USS pw5i0n interest charges LGPS charges In exce55 Qf Èmployer contribution Adjusted Surplus/ldefic￿I 15,3721 8,827 120.0071 141 1.057 6,775 13,3521 793 ¥187 5.715 The adjusted surplus of £5.715rn represents 3.08%of total irKome. Pension Reserve The Unniersity contributes to the Local Government Pension Scheme ILGPSI on behalf of all ellglble staff who have elected to joln the scherne. This penS￿n fund Is a &fine(I benefit scheme and as its assets and liabilities can ile Separately identlfied by the schem¥s actuary. these are Teported withln the *nanclal ststements. The Unlverslty's 5h3re of the deficlt in the xheme decfe85ed by £70.276m to £5.953m as per Note 23 12021.. increased by £8.385m to £76.229ml. The pension ￿SerVe is shown separately in the Balan￿ Sheet (Statement of Financlal Position). Thls ref￿rts the level at whth the Scheme assets fail to cover the present value of

THE STrATEGIC REPORT {CONTINUEDI Studwrt Numb•rs The UnNersty reported 20,050 51udents reglstered In thè annual ￿t￿m. a rymrked Incre85ewhen compared to the prlor year. The University w0￿S Trmth a number of si8nrfiont partneF5 in the UK and ove15eas to de￿￿er collaboratlve provlslon in addition to offerlng underBraduate and wst gtaduate courses at the ￿MpuS sltes of Cantert)ury, Me{￿3v and Tunbrid8È WelL4to horne and Intemational Students. cap￿al Projects The ￿n￿er$ty has a 10 year capitsl in¥e5tment pkn whKh Specifies the ne￿$sary developments In bulldink5, techrnlogy and other capital schemes. Thls plan support5 the overall Estates and IT Strategies which 5nclude furtheritnprovementsto student facilitie5. rrsystems and Infrastructure. All proposa1sandscheff￿Sa￿ carefully consldered and monIto￿d to rnaxlmlse any wmmunity impact and to supp)rt enVIron￿ntaI sustainablllty Inltlatwes. The investment plan is set In the contekt of the strategic plan to enhance signrficantly and improve the quality of facllltles for the Univer51ty's students as well as supporting new technobgies. enabllng further growth and expansion ol the inst5tution's provislon of eduotkjn. In 202112022 the un￿e￿Ity Invested a total of £7.807m in capltsl assets. Ofthis£3.515m was invested in Softwa￿ and systems developments, iD¢ludingthe mplementatlon of the newstudent records database. whlch went livefor reglsterln8 Studentsforthe 21)2212023 acadernK year. and the introduction ofa COmp￿hen51ve Research Managernent 5YStem. Af￿rt￿rEI.2s2rn was Invested In IT equlpment and Infrastructu￿ and £2.4EQm in classroom facilitie5 and equlpment to enhance the student experIen￿. Annual Capital Investment 4&0 4QO 3&0 3QO 2&0 2QO iso lao on 2018 ?(M9 ?o?I The UnNersttycontinuestobenaltfromthe investment in carbon saving Tneasures as supwrted ￿the￿IndIng recelved in prior years of interest f￿e loans frorn SALIX Flnance and fvorn caprtal grant fundlng received from theofs and the South East L(Kal Enterprise Partnership.

THE STRATEGIC REPORT ICONTINUEDI Paymem of Credllors The payment p)Iky of the Universlty IS that payments are made in accordance wlth those temis and conditions aBreed between the Institution and its supplier5. Where no specific condltions exist. suppliers aTe paid withln 30 days of the receipt of Invoice. The payment performance of the Unlvef5ity 15 avallable to the public at. htt ov.uk check-when-busines5es- -invoices In the year 2021120?2 the Unlversity rnetthe targetto pay valid and undisputed Invoices wkhln 30 days for63% of all invoices receNed12021'. 64%). Cash Flow Canterbury (hrist Church University ha5 COntin￿d to maintain approprlate cash bats￿e$ generated through operation5 tD SUPPOrt the 5ignilicant capital investment. The cash position increased by £3.63m at the end of the year12021.. £2.Im intreasel. The net cash from operating a£tDlitles and reserves has been used to fund the ongoing capital inYestFnent in equlpment and facil￿tieS for students. Cash Balance 35 30 25 £'M 20 19.6 15 io 2018 2019 21Y20 2021 2022 Lon8Tem ￿￿$85 a Percenta8¢ of Income The Llniversity anticlpates the need to manage its loan flnancing arran8erneThts in 3 careful and mea5Ufed manner, ￿cognIs1ngthèt conditionscan changesubstantlally overthe period of a longterm loan.The Goveming Body requires that interest rate exposure 15 managed by meaThs of a wmblnation ol variaNe and Pixed rate borrowlng. The Re¥Ofvi￿ Credit Facility IRCFI frorn Lloyds ènil NatWe5t banks was acc￿Sed durfDg the year to help with cash Ilquidityp and repaSd when no longer required. Atthe end of the lin4nclal year total funds drawn from thisfacillty was £21tn,12021.. £34m drawn). The RCF converts to a long term loan, with capltal repayments CtsTnmencing in May 2023. The balance of undrawn fundson the facilrty remains a ¢ommltment attheyearend, with non-utllisation charges being Incurred.

THE STRATEGIC REPORT (CONTINUED) The ￿Ve1 of long term borrowing has ￿d￿Ced In the year. from f68.424m Sn 2021 to £52.803m in 2022. After the year end, in August 2022. the UnNer5fcy ￿paid a further £IOrn to the RCF, tsking the balance drawn to £IITn. At the end of Octoberthe full balance was rewid, leaving a Thil amount drawn. Long term loans as a percentage of income 70 '63 so 20 28 io 2018 2019 2020 2021 2022 Net éebt rep￿seTrts the total outstandlngdebt as at the yearend. rnSnuscash held atlhe bank.The deErease net debt In 2022 rep￿entS aTr increase in cash held and the repayment of loan finance in year. Net Debt in £'m 5QO 45.0 40.0 3&0 3a0 £'M 25.0 20.0 15.0 loo 2018 2019 2020 21721 2022 Dlsabled Employees Applkations for etnployment by disabled per￿Tr5 are alwa￿ fully Conside￿d, bearln8 In fflind the abilities of the appllcant concerned. In thè event of members of staff becoming dlsabled, every effort Is rnade to ensu that th￿r employmentwlth the Unlversity contlnues, and that approprlate tTaining Is arran8ed. It is the pollcy io

THE STRATEGIC REPORT (CONTINUED) of the institutK)n that the tra¢nin& career devekjpment and promotion of disabled Fef50n5 should, as far as possible, be Identicaliothat of other employees. Post Balance Sheet E¥erts- CPI asgJmpt•)n-Pen51ons rportSng Pension Increase order$a￿ usedto set the level of pension increases wilh effert from l Awil of each year, with referertce to the change In CPI inflat￿n over the 12 rwnth5 to the previous moder. which was announced in Ottober. This was 10.1%, whlch is considerably higher than rhe CPI a55umptlon Set by employers as at 31 July 2022. ￿th0￿gh Pension Increase orders have always been Set wtth reference to the September cw forthe lasr 10 years and the 5eptemLEr RPI for the precedinB 20 years, they are not automatically Set and they a￿ only known wlth absolute cerrainty when the Pension Int￿8$e Order is enarted by Parliament, which Is usually in April of the ftsllowlng year. Similarly. the likely level of the forthcoming Penslon lllcrease Order 2023 was not known at 31 July. Consequentlyj no adjustment has beer madeto reco8Dlse the posslble 2023 Penslon Increase Order within the CPI assumption. Post Bal•n¢e SILeet E¥ents-Petr05 works contratt The Universlty ￿11 be enterlng Into a Contract for the refiJrb15hmeni of the Petros buik41n85 in Canterbury thot will ensure the clèddin8 and insulation of the five blocks of student ￿SIdencIeS are upgraded. This is an investment of E9m that is ￿￿rted as a provlsion In 202112022 Ihat will be utili5ed for 8 work programme expected to commence in January 2023. Secllon 172 Stat•nent The Governing Body welcome5 the reporting requirernent as an opportunity to explain how stakeholder particlpation and feedback has inforrned and shaped de<islons and how the UniveT5ity has reacted to feedback In thÈ strateey and plans it has developed. The GoverDing 8ody sees the main key stskehoiders as being our students, ourempk)yees. our partners and 5up&Aiers who work with us to deliverthe airns of the Unlversity and the wider Society, communify and environmentthat suprx)rt oursustainabilty. The Governing Body has setout In the Statement of Corpor8te Govemance the structure of cornmthes that ald declslon makin8 and how the 80vernors work to 8chieve thelr responsibllltles. Thi5 1￿CludeS the maintenance of a reputation for hl8h Standards of bu%ness conductwlth $upplier5, Partners and with students. Empl¢)¥ee Ew8gement The Governors and Managernent place considerable value on the Involvement of its employees In decisi¢ makin8a5theuniversityconsidersthe employees. Interestsas keytothe SucC￿50ftheOr8aN7s￿I0n. Therefore, the Unfversity undertakes to keep the staff informed on all matteT5 affectlng them, and the various factors affectine the performance of the insiftution and its subsldiary company. This is achieved through and infomwl meetingsi the sharln8 of the stsff new51etter, the 'ln Touch. mag)2lne and by publlshing the annual fin8ncK315tatements on the Unlversity's websi(e. Employee representatlves are ConsU￿ed regularly on a wide nge of matters 3ffe£tiTh8 thelr current and future Inte￿$[$. The a05in8 the Gap inittstive has provlded an oprorrunity for staff to explo￿ how learning and teaching strategie5, professional pratticeand research Intersect In effort5 to tKJild a more racialty Inclusive Unlverslty-The initiat￿e has a speciflc focus on Incluslvlty of the student expertence lor flrst year students. particularly black students. In Au8USt 2020 the Closing the Gap eveni launched the new Closing our Gap.. Strateglc Framework. This Iramework 15 an important communication tod for tracking and monitorlng pro8re55. The framework outllnes the Unlve¥sity-wide commfcment to creating a raC[al￿ diverse and inclu5ivÈ learning and working ÈnwronmeTrt, reducing the attalnment gap and creatlnE a sustalnable future for all. In taklng this framework fo￿ard the UnThfersty recogn15es the n*d totake an InstitLrtK)nal apyoach towardstackllng raclal inequalifies at Canterbury Christ Church and the wider community. The framework was devebped through ¢onsultatlon5 with staff and students across the instltution and Incorporates the Learnlng and reaching Strategy. Access and Partlcipation Plan commltment5 ènd best practice across the settor. ThTouKhout 202112022 the UnNersity li

THE STrATEGIC REPORT {CONTINUEDI continued to support the Closing Our 68P 5trateglc commitrrnts w￿h a serles of devdopment workshops for The Univer51ty has engaged wlth staff ?nd made use of feedback to infom declsions in the year. In April 2022 the staff experience suNey wa5 launched. This survey Is belng used to provlde a better understanding of $taff e¥perience of worklng at the UnIve￿Ity, what is worklng well and where improvernents can be made. both as an Instr(utkTrn and at a local level. The ¥e5ults of the survey were shared in July 2022. wlth a live Q & A event bein8 held for all stsff being led by the Vice Chancellor and the Director ol HR & OD. The results of the survev are being used to Inf￿M key Unfversr(y wojects and prk)rities. In 2022the Deputy Vice Chancellor. Profe5$0rAlison Honourleda serfesof Vlslo 2031Y cOnsu￿at￿nwo￿kSho￿s involwn8 more than 500 col￿agueS from across the Unlverslty as well os students. stakeholders, 8ovemor$ and alumni to developthe nèw strategic framewort for 2023-30. Through thi5 pr£Kess of consultation the Universtty Is Identifylng how it will need to adapt and find new ways of deliverin8 educatlon, fesearch and enterprise to malntain a successful future. This Includes settin8 Out how we will contlnueio make a real and lastln8 drfference In terms of community. cllmate change 3nd sustainability. The new strateglc plan ts beln8 approved by Governors on 29 November 2022. and w611 ￿ implemented frDm January 2023. Buslness Relation5hips- Partner5 and Suppll•rs The Unlverslty recognlses the Strateg￿ importance ol worklng with suppllers. many of whom a￿ local b￿l￿eSseS, to provldea range of servlces and goods tosupport the delivery of hi8h<las5 educati(A). To support this busine$5 relatioThship, the Universlty engages wlth suppliers to consider improvements to the contracting orderin& goods receiptiTh8 and payment processe5. During 2021n022 a number of slgnifitant suppller contratts have been awarded and ¥enewed through open and negotlated ten&r procedures. To 5treamllne the process both for the Unlversity and the supplier, the use ol esrabllshed procuren*nt frameworks was adopted where possib￿. The Universr(y has Invested In addltional resources for the Procurernentteam. who workwithln the Finance Directorate, ap¥￿￿t￿n8theval￿ef0r mney that a professional procurement approach can bring to the Institutlon. The develOp￿￿nt and maintenance of strate8i¢ cdlaboratlve partnerships contlnues to ￿ a for the Universty. This year, we launched a major new partnefship wr(h rhe Global 8ènkin8 khool IGBSI. Thls partnefship allows students out5ideol Kenttostudy a four-year Business andTourism Management degreewf(h Foundatlon Year, whlch ￿ validated by Canterbury Christ Church. GBS deliver5 industry-focused tourses across seven campuses In London, Manchester. BSrmingham, and Leeds, helyng us to collaboTatwely InC￿aSe access to Hi8her Educatlon across the UK. as well as delNering more opportunlties through educatlon to transform lives. Thls partne￿hIP has also significantly strengthened the Unfversws portfolio. offering programmÈs in Bvsine5s and Tou¥lsm Management, and Accounung and Flnanclal Manage￿nt, both of which had multiple intskes throughout 2021122. Sotlety and CommunSty Servin8 the IcKal comrnuntty is a hlgh prlorfty for the Untr4ersity. As part of Its Cornmitment to supportinB the local educational cornmunlty the Univer51ty signed the School Governor a)ampion Charter In 2021. pled8ln8 its support to champion the role of sthool governor and supp)rt staff member5 and studentsto be¢orrEgovernors n local schools.The governance programme Is part of the Insplrfn8 Govern3nce Initiatlvethat prt)videsa unique OPKK)rtunityto shape the live5 of young people at school byellsurin8 all chIld￿n have the ￿5t start in lrfe, wrth equal opponunity to Succeed. This provide5 Universlty Staff with the opportunity to develop their personal and professH)nal sk1115 through challengingsenKJr leader5. approvlng bud8ets and setUn8 the Strategic ambition and vislon of schools. The Unlverslty ￿CogniseS the ￿rSonal commitment this takes from staff who gfve up their tlme to support thelr local 5chwl or college and Offe￿ pald leaveto help with thlscommitrnent. 12

THE sfRATEGIC REPORT ICONTINUEDI In 5UPPOrt of the wider ctsmmunlty the Universlty has been provldlng pract￿31 support io the ukrdine and the Ukraine people. Canterburychrist Church Universlty hosted an event run by'CanterburyforUkralne'.This was attended by over 200 community members, Includln8 VIPS, iity dignltsries, the general public and a wlde range ol charitles and volunt￿[ organlsatSons that have been welcoming Ukrainian5 coming to the area to escapethe war. The event provlded an optx>rtunlty to find out more about the suprK>rt available and helped to brin8 the communlty togeiher. This year, Canterbury Christ Church Unlverslty offlcwlly twlnned with Open International UnNerslty of Human Development IOUHDI in Kyiv. We Joined over 70 UK universities in partnership with Ukrainlan unNersf(le5, facilitatlng the 5harinE of resour£e5 and support in a collective gesture of solldartty and reclprtscity to help Ukrainian institutions, staff and students. The UK-Ukrainian UnlversY(ie5 Twinning Project Wa5 Initiated by Universitie5 UK Intemational IUUKII. in partnershlp wf(h the CoTmack ConsultancyGroup in May 2022 to match UK unlversities with è Ukrainian counterrorr. The Intention Is to offer suptK>rt to academ￿5, Students and university leaders in Ukrèine during the conflitt and more importantly to facilitate long-term colbboratM)n between UK and Ukralnlan institutions. to supwrt their recovery and rebulld for a 5UStainable future. Envlmnment The environment is a key factor Sn the future sustalnabillty of the Unlversky. The Universivs mission, values and strategie ¢ommitmeTrt5showa connettion toourse1ves, each otherandthÈenvironrnent, on dlfferent Scales from the Iwl to the gh)bal. As a strong civic Universlty, the institutK)n recognises it hasa responsibi1ityiO keep looklngoutwardsand helpinfluenceènd advocate foralust S￿Iety. Universitiesare in a strong wsltioThto shape a hopefulfuture in uncertain tirne5. The Unlversity15 dolngall Itcan to ensurethe edU￿tIon, research and wlder setvices it provides are t(mtrlbuting posicNèly to the wodd. Providing an envlronment where equality, diversity ar¥d inclusivity thrives, and in which Students are supported to become global citizens. Is so irnportant to the work of the Unlversty. However,this is d jourTrey whlch the Unlversity 15 Still ￿arning and adapting One of the aims of the Unwersity is to t8ckle the awarding gap and promote raclal equity In Hlgher Education, ¢ognisin8 the unique experiences of students that undertake placement5 during thelr time 4t the Unlversty. The University has ￿rtnered with ihe UnNersity of Brighton to 8aln a deeper Insl8ht into the experlences of Black. ￿lan, Mixed Heritage and Mlnority Ethnic studenis undertaklng practite placemeTht5. The Brld&nB the Gap to leade￿h￿p projea almsto ra15e awareness. enhance the expervènce forstudents3nd provide leadership development opportun￿e5 for students in this group. This will help to bulld an incluswe and diverse workforce and Improve the practlce placementexperience for5tudenis. In considerfng the wider environment the Unlverslty acknovledges the rfsk P￿Sented by climate chanBe and this is recognised in the complLance section of the UnIversi￿5 risk apretite. This year, the Unlverslty hTt a deeply important mllestone in our sustainability journey. with the launch of our new Academy for sustainab￿ Futures. The Academy Is based on ten year5 of pioneedng work in sustslnability and has beencreated toenablethe Universityto makea stepchange in ourdrivetoward5edu¢atln& advocatln and influencing our collertive 5usralnable futures. In respc*)ding to the ¢1imate crlsls, the Academy will drive foNJard theacademlc elemeTrts of the strategy, levera8in8the Unfversity'5 wider InfluerKe and publlc duty. In response to the declaration of a carbon emergency in 2022 the University has reswhnded with a 5trate8y of three parts.Thefirst part determines the Unlversity'5 ￿sponSIbIlItIes, includlng.. to educatethe nextgeneratio of climate advocates.. to provide evldence to inform interventions, policies and systems changes,. to reduce its own car￿rt consumption., anil to model behaviours as a reglonal anchor Instltutlon. 13

THE STRATEGIC REPORT (CONTINUED) The second part of the strètegy looks at what has been achieved to date. This Includes progress In developing educatlon. research and advocacy through the futUTe5 initiatlve and the national and lnTrrnat1￿aI recognttlon forcontlnugus Instltutlonal improvementthrough theGreen ￿￿)￿n Awards. The third of the strategy set5 Out plans for establishing a benchmark base line. settlng tar8et5 and taklng forward to Implementation. It addresses areas.. Procurement. iThcludingconstrLrtlon and refurb15hmenL' Staff ènd student cornmuting., Vtllitles (electricity. 8as & waterl,. Vehlcle fuel and waste: buslness. Travel,. and Educatlon, Research and AokKacy. As part of the Unfversrty's commitment to reduce Its 0￿ratIonal carbon emlsslonsto netzero and to asslst staff and students In supporting thls ￿deaVour, the University offers certlfled Carbon Literacy Training. Thi5 Is part i)f the carbon literacy project which was established by the Qrbon ￿teracY Trust. The training provWes an understanding of.. The baslc science behlnd climate change,. 5ockl equlty and cllmate change.. What we need to do to meet the Parls ABreement tsrgets and achieve a zero carbon soclety., What you can doto aLt on climate change- in your personal lrfe and at unThrersity l in yourfuture job role; and, Strategles and sklllsfor communlc8tingartion on cllmate chanBe. CArl￿n Reportl Canterbury Christ Church UniversitylCCCUI is committed to responsible energy management and sustsinablllty, whlch It practlces throughout the oreani5ation, wherever it 15 C05t eff￿tIve to do $0. CCCU derrN)nsthtes Its commitrTEnt ard role it has to play in ￿dUcIng greenhouse gas erni55ion5 through the Unlverslty's Strateglc Fraftwork 2015-2022, which has sustalnabilrty at its heart. CCCU ha5 developed a dedicated-Framework forsustainabilrf. whkh Include5 energy managetnent and emisslon reductbn with low carbon 2030 vision. The ¢xganisatlon has achieved and maintained 150141XII accredltation for Its Environmental Management System (EM51 with a platinum Eco Campu5 award. During the last 12 months, as part ol its masteTplan, the Unfversity has rdtionalised tts estate with the disposal of several buildings. includln8 the sale ol the Brgadstairs campu517.132m21 In May 2022, folh)wing the site's t1￿Ure in 2018 and thÈ 5UTrenderlng of the lease on Rochester House in Aprll 202214,781 m21. This provided office accommodation for the Universivs professlonal 5erwces teams and the Unlversivs major data ￿ntre. Th55 was possible due to staff adoptlng a hybrid worklng model, with replacement office accommodation being provided on the North Holrnes Road campus, in spacesvacated by academt dep6rtfftents when they mo¥edto the new Verena Holmes buildlng In 2020. The move of IT servltes into the cloud allowed the organlsatlon to rÈducÈ from two onsite data cent￿$ to one. The Universlty also reduced Its student accommodation in Au8USt 2021 with the exit from Rlgby Court12,107 m21. the Unive¥srty estate ha5 reduced by approximately 11.5%, followlng perlods of eKpansion durlng the p￿IouS two years. From l Ottober 2019 the Un￿erSty changefl Its purcha51ng strateey for electrlcrty. 5Wltchin8 form a conventK)nal fvel mlx to 100% renewable sources, from Ofgem accredlted onshore wlnd famis. This supply has 14

THE STRATEGIC REPORT ICONTINUED} contlnued throughout 202V2022. Ener8y contlnue5 be purchased throu8h an energy tonsortium, en5urir the Universlty procures its energy at competitive rat￿ in challenging marf¢et conditlOD5. Durfngthe year energy consumption has Increased slightly, even takin8 into consideration the disw5al of properties. The Verena Holmes building continues to be a significant userof enereyasthe bu51dln¢schlller5 are now operational, having had equipment noise now resolved. There i% a need for thls buildin8 to operate some plant on 3 2417 ￿$1$. to conform to ventilation requirements for the anatorny and Scien￿ labordtory areas. The building beneftts from substartlal sub meterlng and ener8y consumptlon contlnuesto be mtsnitored. During the year the Uniwer5ity was able to implement the followlng energy eff￿lencIeS across the orgaThisation to en511re that energy c(￿Su￿Ptlo￿ and associated emissions are ￿d￿Ced.. Estates rationaSisation, moving out of old. inefficient buildings, followlng the construction of new facilities in Daphne Oram and Verena Holrne5,' Contlnuing the upgrade to fluorescent118hting to LED. with lightlng cortrol Sens￿$ when equipment is replaced orareas are refurbished., Water tonsumption has been tareeted In the year. wth AUt0ft￿ted Meter Reading IAMRI technology bein8 fitted to incoming water meters where practlcal. Using thi5 data rhe consumptlon can be monltored and where increases are recorded it ts Investigated to ensure wèter losses from leaks or overfitsws are mlnlm15ed,. Ensurlng that the Building Management Systems IBMS) operatin8 times m8t£h bullding occupancy patterns. whllst ensuring ventilation conforms to guideline5 for the campus to be COVID secure.. Further expantlÈd and developed carbon counters. which are dlspL3yed In rnajor buildings demonstrating rnonthly emissions and comparison with the prevlou5 12 month perlod- and. Continued ￿p1aterr*￿t of 5tsff desktop tower PC5 to more energy efficleTrt laptOP5, which also allow for more flexible working locatlons. 15

THE STRATEGIC REPORT {CONTINUED SECR Annu•l Report Staterrnt 2022 Yi T•¢> 44T. n2 914è LPG.4W r••J awvfthW UJiiAU UJH•g 7 44,119 5JnlO .7J% iy 41 27Y -'sttsiiirnf4 IPAfj ￿-ry 4171 I￿ S.179 41 OJJJ OA• Lyl￿ta 3 OJ Jsv •d <p' Id Y¢1 EMIS￿On5 Sources This report Includes UK energy use. and the os5criated GHG emisyon5, that relate to.. A¢¢￿VItiesfor whKh the Canterbury Christ Church Universty is responslblè invo￿1￿8 thecombustion of 8as. or consumptN)n of fuel forthe purposes of transport.. and The purchase of ekctrlclty bythe Company for its own use. including forthe purpose of transsxjrt. Emlssl•ns Fadors Awide range of wbllshed carbon emission factots are publKtyavailèble. DEFRA erni5sion factors tove been used for all emL$s￿￿ sources as th15 provide5 the rn5t COmp￿hen$￿e list of factors awailable. They allow an activity to be£onverted Intocarbon dKJxlde equlvalent IC02el. Market based emissionsfactors have been sourcedfrom each relevant supplier. 16

ThE sfRATEGIC REPORT (CONTINUED MethodoloBv Thefootpdnt lscalculated in accordancewith the GreenhouseGas IGHGI Protocol and Environff*ntal Reporting GuIdell￿$.. Includlng streamlined enerBy and carbon rewrtin8 8uidance. Value for Money IVfMI Valuelor mtsneyis Importènt In thecontextofthei￿1uO￿ fees ￿CeIved from students and how these are utillsed withln the inSt￿UtIon. The following chart of Undergraduate Fees demonstrates how these fund5 We￿ app11ed In 202012021 based u￿n the Transparent Approach to CDStin8 ITRAQ methodology datè for that partKular year. The report is presented rfr05pectwely for 202012021 as thls is the latest data available from theTRAC return. Howthe 2020Iz021 Undergraduate Fw was used at Canterbury C￿[$1 Churth Un1vW￿￿. Wp".iipAr.rfC4TVWS lihrill¥.ind -AetllpLTpi)pnLOutyÈAth 17

THE STRATEGIC REPORT ICONTINUEDI The Total undergradLte fee of £9,250 repre5ent5 the folbwln8'. £3,730 Teaching and Research £1,930 Professional and Support Setvtes £I,SSO Estates and Facilities £590 IT Infrastructure and Support £440 Welfare and Careers £280 Library ant Academic Skills £240 Bursaries £220 5ubsldislng StudentAccommodation £ZIO RecruitFneiiL OLrtreach & Communlcatlons £60 Studenls, Union The above is a representstDn of how the 202012021 Undetgraduate fee wa5 Used by the unl¥erS￿ and the relative percentsges are as follows-. 40% Teathinz and Ilesearth. This include5 lectu￿5, technicians, course 8dmin, cOu￿e rnateiials et£. 21% Professional and Support ser41￿ Thi5 will indude student reglstration & ￿￿rds, Human Resources. Finance, Vc's OfPice etc. 17% Estate5 and Fadlltle& Thls covers bulldlng runningcosts, maintenance. light & heaL securlty etc. 6% IT Inlra5trnrture and Support. Moblle commJtln& software, subscTiPtltsns etc. wlll be Included here. 5% Wellare and Ca￿T$. Thls covers, Counsellln& Chaplaincy, Sports Centre and Careers. 3% Libr•ry •nd Academic Sk411& Thls Includes trx)oks, per[(￿ka)S, electronlc SU￿(rIptIons. 3% Bursarie5.Thls represents lee reductions foreligible students. 2%Student Rec￿ltment, ￿treaCh & Communicati•n& School and College en8a8emenL widening partKipation, recrurtment activlty etc. 2%Subsld151ng Re51dence Delklt. The Residènce5 provislon made a fvllyabsorbed deficit in 202012021. l%Students' UThTorn Thi5 IS the 8rdnt to support the ongoing Provis￿n ofthe Students, Union. Prlnclpal rfsks and un¢ert¥intte5 The approval of rfsk management proces5e5. including the Unlversity's hlgh level risk ￿lster. and rlsk managernentfrarnework art delegated bythe Governir Bo(tytotheAuditCommV(tee. which revlews Identlfied risks on a terrnly basis. The processes ensu￿ that a culture of rf5k management Is embedded across the Unlverslty. The Unlverslty's rfsk manaBement frarnework seeks to limit the adverse effects on the perfortnance ol the institution and the system to manage these risks i% described In the statement of Internal control. The system of internal control Is based On an ongoin6 proces5 deslgned to léentify the principal risk5 to the achlevement of strategk pollciès. 3im5 and objectNes,' to evaluatethe nature and extent of those risks,. and to manage them efflcntly. effettivelyand economically. This process has been In pla￿ folthe yearended 31 Ju 18

THE STrATEGIC REPORT (CONTINUED) 2022 and uptothedateof approvalof thefinancial statements and accords with the ￿quIrementS of the Office forStudent5. The Governlng Body's revlew of the effectlveness of the system of Internal control is also Informed by the wo of the Senior Manè8ement Teèm within the University, who have responsibillty for the developw*nt and mèintenance of the internèl control framework, by the work ofthe Internal Audltor, and by comments made by the External Auditor in their rnanagernent letter. Whilst a prtjdènt approach has been adopted to financial plannin& the Unlverslty conslders that theie arè key risks to its financial health and sustain)bilty whkh a￿ also likely to be experienced in other Instituuons across the sector. The main risk a￿a$ and acti(pns beln8 taken to mitl8ate them are.. The impact of r15es in inflation and interest rates on a range of expense5, incSuding utilities. Actions taken Include the developrnent of financlal forec3st5 to Include modellln8 01 rate5 to Identwy the potential risks and Securingr￿ed contracts where possible. The potentral risk relatiTrg to10st income if there is a T&introduction of social di51ancing measures and Possible furthw lock down requlrements. Artions taken to address thls include buildinB f￿xIbbI￿V into the budget to support any furtherenhanced cleanlngand hygiene ￿8s￿re5. The potentlal loss of Income Irom lower levels of studeni ￿¢rustMent. Th6 would place p￿￿￿re on pay and non pay budgets. The continued competitive environTnent for Higher Education. Uncertalnty over govemment PDlicy wf(h regard to the settlng of maxlmum tuition fees and access to Sludent loan funding. Pressure on pensions Costs from increasing employees contribtttlon rates. This ks facioreé into pay budgets and fore￿$ts. All of these factors have been lulty taken Into conslderatlon Irs the Unfverslty's modelllng of future years. forecasts and contingency arrangements are included within the institution'5 business pkns in order that the Impact of these rlsks does notcompromise longer temi sustaiftabllrty. GolnR Con¢•rn The stfong performance ifi year is £￿atIng a stable base for future years. The UnNerslty has a call on thè Revolving Credit Faci1riy until April 2023, at which tirYE the balance drawn will convert to J tefrn loan. The University's forecast5 demonstrate that i( will fulty meet the bank's covenants that were agreed a5 Part of the credit arrangements w￿h the banks. The financial loreca5t through to July 2023 show an imprtrving P051tion, and this is the base for the forecasts through to 2027128. which Conflrm a stron8 hnancl?I positlon. The forecasts wlll formally be shared wlth the OffTce for Students IOfSI In January 2023 following Governing approval in line with the funding bod¢s requlrements. These forecasts provlde confidence to the Govefnlng Body overthe ftnancial sustalnability of the UnNersf(y and confirm the Universlty remains a 80lngcon￿M throughout 202212023 and forthe foreseeable fLrttsre. Director< Indemnilies permltted by the Artkles of Assoclath)n. the Dlrectors have the beneflt of an Indemnfcy whlch Is a quallfylng third ￿rtY indemnity provision as defined by Settion 234 of the CompaniesAtt 2006. The indemnity was inforce throughout the last financial year and is currently in force. The Company also purchased and mèiThtained throu8htsutthe financial year Dlrettors, and Officers, liabllity Insurance in ￿Spect of Itse￿ and its. Directors and those of the subsidiary cornpany. 19

THE STRATEGIC REPORT (CONTINUED} Disclosure of Infornibtiontothe Auditor Each of the persons who are directors atihe date of approval of thi5 report confim)s that $0 far as the dlrecto areaware,there Is no reWant auditlnformation la5 defined by5ettion418ofthecompaniesAct20061 of which thecompany's audittsr i4 unaware, and the dlrectors ha¥etaken all the stepsthat helshe ought to havetaken 35 3 Dirertor in order to rnake him5elf/her5ell aware of any relevant audlt Informatlon and to establish that the company's audi(o¢ is aware of that informatson. R•sers polbcy ond Key performan￿ lrnllcators {KPI51 The Unlver51ty seek5 to ￿taIn a level of reservesto support its flnancial 5ustsinabillty and in 4ccordance with Its stratsky plan, the policy Is reviewed in each academie term. The reserves wstion is malntained throu8h the achievement of surpluses in Ilne wlth the in5titutlon's key perf(mance indicators. The pensions, IlabS1ity reseNe. whilst re£o8nised In the balance sheet, rep￿sents a longer-term liabllty which does not materially impact upon the short to w*dium term pollcy forthe rnalntenance of a 8eneral reserve. month￿ fi.nar￿1aI reports a￿ prodU￿d for the Senior Management Team ISMTI and for each meetlng of the Finance and Resour￿5 Commtttee of the Go¥em¢n8 8￿v. Yhe table below shows the con501idited perforrnance indlcators for the year ended 31 July 2022. compared to artual outturn for the prevlous year. Targets for each of these KPIS are prepared and reported to management based on the approved ann￿1 budget. As part of the mld-year forecastlng Pr￿$S. the financial p051tion Is viewed, and a revised budget Is produced in year. The tsrget KPIS are amended to refleLt the revlsed budget posltlon to be reported through to the end of theyear. Key Performartè Indlcators- a¢wèl outtum Reported {Defic￿l/Surp1US as a % of in¢ome Adjusted Surpluslldelicitl as a % of income Unrestrlcted reserve as a % of total income External borrowingas a %of total incorne Cur￿llt as5etllcurreDt Ilabllktyl ratlo Net li uidity da 2022 2021 12.891 7.18 67.29 32.5 28.41 The ￿Ported deficltfortheyearended 31 July 2022 reflects the adjustrrEntsforaccountinB adjustments forthe penslons. provisions and l￿bIlItIes. The operational outturnladlusted surplus for the Unlversity for the year ended 31 July 2022 was £5.71Sm. Unrestricted reserves are reported net of the LGPS penskjns liabillty. A detrease in the liabilityof £70.276m has increased the level of unrestrlcted reserve5 as a percentage of Income. Ekternal bOrrohW￿ reduced in year with the repayment of Ion8term loan capital anLla reductlon In the amount drawn from the Revofvlng c￿dit Facility IRCFI. The ar1￿u￿t drawn Irom ihe RCF at the year end Vfas £21m, compared to£34m drawn at the end of the prior year, 2021. Net liquidlty days arè reported a5 being 68 days, reducing just a little from the prevkjus year, confirrnin8 the University has a sufficlent level of cash held to meet OLrtgolng expense& 20

THE STRATEGIC REPORT (CONTINUED)

The KPls are included in the monthly financial reports and are monitored and reviewed by the Senior Management Team. They are also considered and assessed by the Finance and Resources committee as part of the review of financial performance. The University's operating performance has remained within the parameters of the approved KPls.

Financial Risk Management

The University recognises that all treasury management activities involve risk and potential reward. The University's policy on borrowing is to minimise cost while maintaining the stability of its financial position by sound debt management techniques. The objective for lending purposes is to achieve the best possible return while minimising risk. The University does not borrow or deposit funds denominated in foreign currencies, which limits the exposure to currency risk. The Director of Finance and Chief Financial Officer has the authority to implement the University's strategy for depositing surplus funds and managing the cash flow of the University. In exercising these powers he has regard to the perceived credit risk associated with the approved organisations with which funds may be deposited or invested; also the effect of possible changes in interest rates on the cost of borrowing and the return from investing and the need to maintain adequate liquid funds to meet the University's obligations.

Outlook

This year there has been much to celebrate, and build on for the future. The results from the Research Excellence Framework (REF) showed that Canterbury Christ Church University has more than doubled the proportion of world-leading research we have produced since the last REF in 2014. We have also more than quadrupled the world-leading impacts and benefits that our research provides for people's lives.

We are incredibly proud of all of our students and graduates who are making such a positive contribution to our communities. We embed employability into our courses and across the University from the day our students start their education journey with us. Through our partnerships with industry and local businesses, we will continue to ensure that our courses are relevant to industry needs, and support students to become high-skilled graduates that will aid economic growth regionally, nationally and internationally.

As the sun sets on our Diamond Jubilee year, we enter an exciting new dawn for the University in 2023, as we prepare to launch our new strategic framework - Vision 2030. Over the course of the year, we have engaged extensively with our students, staff and industry partners to develop a bold and ambitious new strategy for the next seven years.

Professor R Thirunamachandran

Vice Chancellor, Principal and Director Date: 29 November 2022

21

PUBUC BENEFIT sfATEMENT Canterbury Chrlst Church Univers6ty is a registered charrty under the Charltles Acr 2011. The obletts of the Unlversiry a￿ the advancement of education, learnln8 and research for the benePIt of the publlc Includln& in part￿Ular, the condLKt and developftEntof the Univwsity known as Canterburychristchurch Universityfor the tralnlng of persons asteachers and the provtslon of other higher orfitrthereducation. In setting the Universivs objettives, and plannlng Its a¢tlvlties. the governors, as charlty trustees, have gNen t3￿ful consideratlon to the Charity Commission's publlc beneflt8uidance. The Universrty's Strategic Framework 2015 to 2022 Ihttps.'Ilcccu.canterE¥Jry.ac.uklstrate81c- frameworkldocs/frdmework-refresh/stratewc-Framewod(-2015-2022.pdf) sets (Kjt it5 misslon. purF¥)se and vlslon.. Ourm&slon Insplred byour Church of Englondfoundotion, the Unlvetsirfs miss￿￿ fs to puNsue excellence in hApher educGtlon'. tmnslorming indlviduGls, creotlng knowledge, enriching communIt￿5 ond buildlng o stsstoinoblefvture. Weorestronolyttrmrnittedto tronsforminginLllvlduols, ¢reoting knowledge, enrfchingcommunltles ond b(Jildino usuccessfulondsustoinoblefuturefvrthe5outh Eost regioft ttndbeyond. We woftt to do more rhun proV￿e our srudents wlth o hioh-qUt711ty edtsc0t￿n ond excellent student experlence. We 0150 wont to workln portnership wlth ourstudents toensure theybecome enterprlsing, profrssionulgruduotes with un understonding of the ¢I￿llenge$foO￿g soclety ondour world. (yndhave the 5kilts. commirmentondpersonol quolities needed to helpoddress them. Oyr vl wlll be recognlsed os G leoder educutlon. resettrch trnd enterpfryse thot supports the South Eust reglon'sgrowth andeconomyp building on ourheritogea5 0 globollyconnected, dynomKondinnovotive Unrrfersity. dellvering un excellenr ond indusive eXPer￿nCe thot prowdes enrerprtslno, profvssiont71 groduutes, The Unfversity's mlssion, purpose and vl$lon are underpinned by 5trategic3lms'. student Experlence to provide our diverse student body wlth hlgh-quality holistic student experieTh￿S In relation to ￿arnIng and the wlder experlence of universlty developing gbbal cittzens. Educatx)n to malntain and enhance a highquality, broadly based academK portFolio which bullds on and further devek)ps areas of UnlversitY5trength and potential includlng in relatK)n to partnershlps. Research and Enterprise- to exrendouf research. enterpriseand scholarshipof proctice to growits ¢ontributlon to intellectual. sockl, economic. ènd Cu￿￿ra1 prosperity locally, ieglon•lly nationally and internationally. Enabling 5ervlces-to ensure effertive, effKienL innovatfve and sustalnable use ol the Instrtution's resourcesto enab￿ our people deliverthe un￿e￿ty,5 stratsglc goa15 across all our locati￿$. 22

PUBLIC BENEFIT STATEMENT ICONTINUEDI Each aim ha5 5tr8tegk objectlves.. The Strategic Framvotk is underplnned by a set of C￿arty deftned goals and supw)rted by key strategles: peop￿ Strategy Finance Strategy Estate and Facilities Strategy Information Technology StratÈEy Learnin8 and Tea£hinE Strategy and Strategic Plan forResearch and Enterprlse. The enabllng rtrategles. along wlth the Str3te8lc Framewo¥k Eoals. infortn the business plans ol departn*nts and schools across the Unlver5ity. To demonstrate progress toward5 the achievement of the Univeisitws strategic aims, a 5Et of KPIS has been established. Illustr￿￿on5 of howthe UnlversFty has fuKllled its charitsble public benefit purp05e5 In 202V22 include: The Universitycelebrdted its DiamondJubl￿e wlth a serfesof event5, in¢ludingpublic lectures. a festwal of Herita8e, Cieativity and Cukure and a Seryice ofThanks8Diin8 at Canterbury Cathedrol. The Unlverslty offered two Scholarships to celebrate it5 Diarnond Jubilee, the 'Diarnond Jubllee Acadernic ExiÈllÈnce Scholarship 2023, and the'Dlamond Jubilee Academic Scholarship 2023,. The Unwer5rty launched its Academy for Sustsinable Futures underpinned by fow key themes: Community. Education. Research and EnvlronrneTht. 20,050 regIste￿d under8r3duate and p)st8raduate students. Kent and Medway Medkal School welcomed thelr second year intake of 127 registered Students. The Universlty Is ranked thlrd the UK for graduates in employment. The new Grarluate OutcorrEs survey 3150 revealed that.. 88% 01 Canterbury Christ Church graduateswere in empk>yment 15 months afteTcomptetinz their studies- 8 % hlgherthan the sector average of 80% 76% of UK, full-time Cante¢oury Christ Church undergraduate leaver5 who were in employment went into high-skilled employment 15 months aftercompletinethelr studles- 5 % hgher than the national average171%1. The Research Excellence Framework 20215>W the Unlversitrfs ranklng increase by 6 places. 61.2% of Research and 84.3% of lrnpart is rated World Leading or Internationally Extellent. The'world-kading, and'lnternationally extellenv impacrs of ourresearch benefitted multiple mllllons of peopk.. 1.1 Million young people became newly physicalty auhfe 1.3 million young people benefittedfrom newcurricula in Church of England schoo￿. 1.5 rnillion healthcare profe55ionals benefitted from new cllnKal guidellnes and trainlng 1.7 Million babie5 aged 0-2 received betterand mre deVek)pff￿nts1 care Supported new guidance for firearms control throuEhout England.. new legislath)n to combat Organ trafflcklng in Uganda,. and the worldwide inclusion of athletes with Intellettual D￿a￿ljItieS in the Paratympic Games and otherelite global sporting competitions. 23

STATEMENT OF PRIMARY RESPONSI8IUTIES OF THE UNIVERSITY'S GOVERNING BODY In èccordance wf(h the Instrument and Artlcles of Government, the Goveming Body 55 reSponsIb￿ for the determination of the educational character and mi55ion of the Unlversity and the overslght of its actfvstles Including ensurfng that an effective system of intemal control is maintsined. The other primary responslbllSties of the Goveming Body are to.. protert the efFertive and efficient use of ￿$ourtes, and forsafeguarding a55ets. taklngatknce Iromthe Finance and Restrurces Commlttee,. set a framework for the appointmenl, assl8nment. gradin& appraisal, sUspÉfft￿0n. dismis￿4 and determination ofthe pay and conditions of staff other than designated senlor sraff, forthe gu￿anCe of the Flnance and Resources Committee andjor the Vi￿-chance1l0r as appropriate; en$￿￿the effertwe management otthe Unlversity and ￿afi Its future development: obserye the hlghest stsndards of corporate goveman¢e. To ensure and demonstrate IntegrTty anil objetti￿ty In the transactlon of it5 business and, wherever posslble. folltswing a pollcy of opennéssand transparency In the dls5emlnatlon of its decisions.. ensure that funds provided bythe offie for Students and otherfunding ￿leS are used in accordante with specified termsand conditionsin the agreements between the Unlversityand such fundlng bodies.. enS￿re, through the Flnance and Resources Committee and the Audyc Commr(tee. the establlshment and monitorirg of system$ of control and accountabllty Includlng finanthl aThd operational controls aTrd iisk a5sessment,' take such Steps as are reasonably pratti¢able to ensure that the 5tudent5' Unlon operaies in a falr and dem(xratic manner and is accouthtab￿ for itsfinanc&s (The Education Act 19941. protect the health and safety of employees, students and other Indwidua15 whilst on Unnier5ty's premlses and in other places where they tnay be affected by Its operations.. ensufethat the UnTversity ha5 a wrltten statemerstof policy on heakh and safety and arrangements for the Imple￿nI3t10n of that pollcy. includin8the establishmentof a Health and SafÈty Group with trade union and staff fepreseThtstion,' eliminate unlawful dixriminatlon and prornote equality of opportunlty and gocKI relatbns betrrfeen different 8TOUPS,' and determlne the educational charatter and rni55K7n of the University induding the approval of the University'5 Strateglc Plan and the settlng of Key Performance Indlcators IKPlsl. Thespec6fic responsibilr(iesoftheGoverning &odyhave been setoutin thestatement olCtsrpor8teG(y4emance. Flnandal Rèsponslbllltles of theGo¥ernln8 Body The Govemlng Wy 6 ￿Sponsible for keepln8 proper accountln8 iecords which disclose with reasonable accuracy at any tlme, the ftnanclal of the Unlverslty and which enable tt to ensure tTr￿t the flnancial statements are prepared in accordance wlth the Instruft*nt and Artrles of Government, the state￿nt of Re¢omnEnded Practlce.. Accountin8forfurtherand hlgher educatlon and relevant legls13tion. In addition.within the term5 and coTrditlons of Funding for Hlgher EdUCat￿n InstltLrtions from the Office for Student51OISI. the Governlng Body, through its desl8nated accountable offiter (the VTce-Chan£ellorl, is required to prepare financbl ststernents foreach financialyearwhich give a true andfalrview of thestate otalfairs of Unlverslty and of the surplus or defic￿ and cash flows for that year. 24

srATEMENT OF PRIMARY RESPONSIBILITIES OF THE UNIVERSITY'S GOVERNING BODY (CONTINUED) In causing the finarllowin& clear defiDition5 trf the responsibilities of. and the authority delegated to, heads of academic and admini#f8tive department5- a comprehensive medium and short-term lannlng proces5, supplemented by detailed annual Incorne, expenditure. capltal and cash flow bud8ets,' gular revlews of KPIS and buslness dsks and monthly reviews of financial results involvlng varlan reporting at)d update5 of f0￿c0St o￿tt￿rn5- cleidy defined and forrnalised r￿uIrementS for approval and control of expendlture. investment deusions Invo￿1ngCapital or revenue eX￿ndIture belngsublecttoforrnal detailed appra15al and review accordingto #pprtsval levels set by the Governing Body: 25

STATEMENT OF PRIMARY RESPONSIBILITIES OF THE UNIVERSITY'S GOVERNING BODY (CONTINUED) comprehenslve financial regvlitions, detalllng fillanclal contiols and procedures, InclvdlThg a fraud policy, all as approved bythe Finance and Resour￿$ CommSttee and Go4emlng Body.. compliance with è UnNersity pdicy on risk manaBement', and professional internal audltteam whoseannual programme isapproved bythe Auditcornmittee under powers de￿£ated bythe Governing Body ind whose head provid￿ the Audit Committee w￿h a report on internal aulit actNlty Wlthin the Unlverslty and an oplnknn on the ade4uac¥ and effectiveness of it5 system of Internal control, Includlng Internal ftnanclal control. A Thy system of Internal financlal control can, however, only provide reasonable. but not ab501ute. assur3nce against material misststement OT Ioss. The Goveming Body intends to publish the financlal ststements on the Universit(5 website.. the malntenance and integrity of the University's ￿b￿te is the responslbllty of the 8INemors- the work carrled the auditor does not Involve consideration of these matters and, accordingly, the aud￿Or atcÈpts no responsibility for any changes that may have ocCUr￿d to the financlal statements since they were Inltlally presented on the webslte. legislation In the United Kin8dtsm 8overnlng the preparatlon and dis5emlnatloTr of financlal strtements May differ fmm leglslaton In otherlurisdlciions. 5J Armltt PYo<hancellof (c￿1r of the Govern5n8 Body) Date.. 29 Novernber 2Q22 26

STATEMENT OF CORPORATE GOVERNANCE The University is a prlvate Ilmlted company by guarafitèewithout share company and a rew5tered charlty. It has a wholty owned subsidlary. Medco ICCCUI ￿rnited, tradinBas Unitemp5, a private lirnf(ed company. The objects of the Unwersty are set out in artlcles of assodatlon Incorpor3tSng th insrwment of government of 23 September 2021. It is a Tegistered Ots provider. having entered oftto The Ofs Register on 28Augu5t 2018. The Church of Eng&nd retains èn interest in the distinctive Christian elements of the Unnie￿￿t¢s 8overnancÈ arrangements through specyal safeguarding provisK)ns contained in thegovernlng documents. Thesè provisions, known as the golden vote, allow for the Church of England to exe￿1$￿ a power of veto if the governing body passes any resolution that seeks to ￿Move or vary any cbuse in the goverDinE documents pertaining to the Unlv@rslty'sChristian dlstinttiveness.The golden vote Is notconsidered to be a material factorln the UnlversSt(s overall 8overn4nce arrangements In clrcumsranceswhere Ith8s neverbèen Èxercised and its inrlu5KJn and5cope in the governing documents has been narrowed followin8 dialo8ue with the Church of En8iand. Governors arethe charitytwstees and are responsible forensuring compliance with charity13w. The Goveilng Body adhe￿StothE Seven Princlples of PublK Life, the Higher Educatlon Code of Governanceand the Otspublic intere5t8¢)vemance princlple5. The Governing ￿¥ is mandated to consist of not fewer than 18 persons. the majortty of wlK>rn are to be independent GoVer￿Or5. The maximum number of Company Members Is 19. It includes four nominative governor5 being members of the Church of England of whom: 111 one Is appointed by the Arthbi5hop of Canterbury- lill one is appolnted by the t)10￿San Boards of Educatlon of Cantethury and Rochestsr dl(teses artinglolntly Illil one is apwinted by the Archbishops, Council of the Church of England livl one is the Bishop of Dover or thsr nominee. one is the Vice-chancellor and PrInCi￿1,. three staff govemors.. the th￿e being respectively a member of the Academlc Board nominated by that Acadernic Board together with a member of the te#¢hin8 Staff of the University and a member of the support staff of the un￿￿Sty., one student governor, being the elected President of the Students, Union, ex-ofFIcio, 8nd not rn0￿ than nine tO-OPted governors, at least of whom a￿ to be members of the Church of Engbnd. In terms of C￿oPted govevnors. the Governing Body is mandated to geek to ensure that dtfferent Unwersity. county and regbnal Inte￿$15 ère reflected in tts rnember5hip. The Governing Body has been chalred by Ms J AnnitL the Prtrchancellor, since l August 2021. A schedule of delegatbn sets out the ￿sponsibl111S of decigon makin& between the Governlng Body. its cornrnittees and the executlve. The main responslbilities of Governine Body are.. to determine the educational character and m1s51on of the un￿ersitY includin8 th2 approval Lif the Vniver55ty's Stratesic Plan andthe setting of KPIS,. to approve annual e#imates of income and expendlture,. to ensu￿ the solvency of the institutlon and the ￿fegUardIng of rts assets.. to appoint or di5rn1SStheVice-(hancellor, the Clerk to the Governing Body, the Chaplain and such other senior posts desig¢)ated by the Governing BDdy; to eTh$u￿ that there are suitable arrangernents for monitoring the Vice-chancellorfs performantè- to vary or revoke of the Instrument or Articles of Govemment lsubject to provlsions within those docltments regardingthe Archblshops, Councill.. to ensure compliance wlth coM￿nY and Charity law.. to 8pprove annual financial 5taternent5 upon external audit- to approve the constitution of the student body (Students. Union) and re£ei¥e audited accounts of the student body; and 10. to review its own effertheness and performance and that of Its committees formalty every four year5. and annually a'llghttouch, ba51S. 27

STATEMENT OF CORPORATE GOVERNANCE (CONTINUED) The Governing Body normally rneets four perye3r. In 202112022 one add6tlonal Governing Bo ￿￿etIng was held. AdditSonally, the followln8 govemor vislts t￿k place.. vi￿1 of Leamlng and Teaching Enhan￿rnent, and Llbrary and Learning Resources.The third Govemorvisit was delayed until 2023 to facllthte a Govefnorand Senlor Management Team dIscUs￿On around Vision 2030- the new Strategic Plan for 2023-30. Governor vlslts enab￿ governors to be fully lylefed on the Unlverslty's activities. rrlngwith students and stsff. The Academlc Board, 8 cornmittee of the Governlng W. chaired by the Vte-Chan¢ellor, is responsible for all aspects of the acadernic work of the Universlty and can establF5h such commlttees as are nece55ary. Each comtnittee Is cha5￿￿ by a senior member of staff and faculties are represented on all ctsmmktees. Subject to the requlrements of valldatlng and accreditlng bodie5. the Academic BoaTd is responsible for.. 8ener31 &sues latlng to the research, scholarshSp, teachlng and courses at the UnNerslty- thè apptsintment of Internal and external examineis,. a5se55ment and exarnlnatlon policies and procedures. the curriculum,. academic standards and course valldation,. the procedu￿$ for the award of qualifKations and honorary academir titles,. the procedurÈ for the 5uspenslon ot expulslon of students for academlc reasons,. for con5ideringthe development of the Universitls academic actfvltles,. and foradv151ngon such otheirnattersas the Governing orthe v￿e- Chancellor and Principal rnay refer It. An oVe￿IeW0f theeentralacademlc cornmitteesoftheUniver5ity. Including rr￿M￿r$hIPand tsrmsof reference can be found on the Vniver5iWs webslte. There are four otherGoveYnln8 Bodycommlttees.. Chalrs. Cornmltte. FInan￿ ènd ResoUr￿S thmmittee, Aud Comrnlttee and Remuneratbn Committee. all ol whlch include independent govemors. Dec￿lOnS and recommendations of Governln8 Bodycommlttees are reported to the Governln8 Body and iems of reference a￿ reviewed on an annual basi5. The Chalrs. Committee Is ￿SpOnSIb￿ for advlslng the Goveming Body about governaTh￿ PDlicy and pr￿t￿e,. monitoring the UnNersity's re8￿ter of interests.. conslderlng nominations to the Governing Body and recommendlng appointments to It,. considering Honorary Fellowship and Dottorate nomination$,' considering nomlnatlons for namln8 University bulldlngs and rooms; monltorSng corllplian￿ w￿h the CUC Code of Govemance: oversleht tsl commtttee terms of reference and Schedu￿ of de￿Sation,. over51ght of annual governor Informal discussion5 and four yearly revlew of governance.. reviewing It5 own effectlvene55 and performance annually on a 'llght touch. basis and forrpa1￿ every four years., strate8lc overl8ht of Master Plannin& and there Is an annual Tevlew of Chalrs. Comfflittee terms of reference and wot plan. The ChaiTS' Committee mernbw5hlp conslsts of.. Pro-chancellorrjfthe Unwersity (Chalr oltheGovernlng Bodyl-MsJArmltt IArchbSshopofCanteTburfs appolnteel Ifrom l August 20211 Chair ol the Audlt Committee - Mr P Fletcher IlndependeThtllretired 18 January 20221, Mr C Stevens Ilndependentl (from l February 2022 to 30 September 20221 and Lady A Newey IlTrdependentl Ifrom l October 20221 Chair of F&R Committee- Sir W l R Johnston Ilndependentl Ifrom l August 2021 to 31 July 20221 and Mr C Stevens Ilndependentl Ifrorn l October 20221 Chair of the Remuneration Cornmittee and Deputy Proihancellor of the UnNer55ty (Wce Chair of the Goveming B¢)dyl - Sir W l R Johnston Ilndependentl (retired 31 Juty 20221 and Ms N Ahmed IlndependeDtI Ifrorn l Au8USt 20221 Vlce-chancellor and Chalr of the Academic Board- Professor R Thlrunamachandran Ivlce-chancellor One co-optlon rf vacancie5 exist because ijdividual members fulfil mUlti￿e roles. The Chairs, Committee normally meets three times In each academlc year. In 202y22 the Chalrs. Committee met on th￿e ￿c3s1On$. 28

srATEMENT OF CORPORATE GOVERNANCE (CONTINUED) 7he Finance and Resources Commtttee 15 responsible for the finaDclal affalrs of the Univers￿¥ includ1Tr8 consideration of estlmates of income and expenditure and the consolldated financlal ststerneDts.' the strateglc managementolthe Unlverstt¥ls e5tate.' majorbuildin8 developments, acquisition5 ordisposals., the effitient use of physlcal resources,. the care and malntenan¢e of the UnIver￿tIS estate.. consideration ènd monitoring of the ICT strategy,. oversight of the Vlce-chancellorfs actlons related to human resources and strateglc overslght of the Universlty's PeopleStrat@8y' annual accounts of the Students, Union,. overslght ofthe Universlvs subsldlary companie5. approvèl of financial ￿gUlations, policies and prO￿dures', oversight of TRAC retums,. oversi8ht of the svstainabilityagethda.. and reviewing ￿$term$ of reference and work plan annually. The Finance and Resource5 Committee rnernbership ionsist5 of.. Chalrof the Finance and Resources Committee-sir W l R Johnston Ilndependentl (to 31July 20221 and Mr Clfve Stevens Ilndependentllfrom l October 20221 Student Govemor-mr D Bichener MT S Brown Ilndependentl Ito 31 July 20221 Msj Harding Ilndependentl Mr CINe Steven5 Ilndependentl (from l August 2021 to 31 January 20221 Revd R Stevenson Ilndependentl Wice-Chancell(K-Professor R Thirunamachèndran Iviee-chancdlorl The Flnance and Re50ur£es Committee normally meets three time5 in each academic year. The Audlt Committee Is respon5ibleforthe appointmentofthÈ external auditor; dlscusslngthe natu￿ and scope of the external audit,. discussing w￿h the e￿ernal auditor any arlsing problem5 Includlng 3 revlew of the management letter,. appointing the internal auditor.. revlewing the intemal audlt 5trotegy and findlng5.' monltorln8 the effertivenes5 of risk rnaTragement- monltoring the implementatlon of audit recommendations,. ensuring all significant losses are inve5tlgated,. overseelng policie5 on fraud and irre8ularlty,' monitoring arrangements to promote econtsmyi effic￿ncY and effettiveness,. receiving reports from the N81ional Audlt Office and other funding counclls,. MOn￿loring performance of both Internal and extemal audit; consSderin8 financial st3ternents in the presence of the extemal auditor,. monrfcorlng data assurance arrangements,. monitoring KPls.' considering ihe Audit Committee Annual Report.. revlewlng its Terms of Reference and Work Plan annuallv. The Audit Q>tnmittee membership ￿nSistS of.. Chair of the Audit Committee- Mr P Ftetther 11nde￿ndentI Iretlred 18 January 20221, Mr C Steven5 Ilndependentl Ifrom l February 2022 to 30 September 20221 and Lady A Newey Ilndependentl (from i (ktober20221 s S Appleby11ndependentl Mrs Pjones IArchbishops' Councll of the Chur¢h of England appoinleel Mr Stephen Carey Lady A Newey Ilndependentl Ifrom l August 2022 to 30 September 20221 Mrj Stockwell IlndependeTrtl Ifr(>m l August 20221 And Ctropted members.. Mf Ranil Perera (from l A￿$￿$t 2021 to 31 May 20221 Mr QRopeT Mr Ssutton (retl￿d 31 Juw 20221 The Audrc Committee nom)ally w*ets fouTtimes in each acaderni year. The Ri8ht Revd R Hud50n-Wilkln was appolnted Senk)r Independent Govemor on l A￿U51 2022. 29

STATEMENT OF CORPORATE GOVERNANCE (CONTINUED) The Remuneration Commlttee Is ￿spOnSIb￿ for determlnln8 the pay and condltlons of empbymem for the VIcelhan￿llQr', Sen￿)r managerrÉnt team,. and other senlor5tsff deemed approprfète. Rernuneratton Committee ￿￿mbershIp consists of.. Chairof the Remuneratlon Committee-slrw l Rjohnston Ilndependentl (retired 31Juty 20221 and Ms N Ahmed Ilndependentl (from l August 20221 Pro-chancellor of the Universlty-ms J Am)ltt Ms N Ahmed Ilndependentl Professorj Wood Ilndependentl (from l August 20221 And co-opted member.. Lord ￿astaIrC0l8•Ifi Ilndependent Assessor) The Rèmuneratk)n Commlttee noymalty rmets once In each ècademScyear. A Governance Effectlvene55 Revlew undertaken by the University's Internal auditor in 2020 returned an opinion of '5ignfficant as5urancewth rninorlmprovement opportur¢itles'. Upon inltlal ￿gIStratIOn. the Ofs was ￿t1$fied that the University met the general ongoinE condi(ion of registption E2, in that the Unfver$￿¥ ha5 in place adequate and effectlve management and governance arrangement5tooperète in accordance wf(h itsgovernlng documents- deliver publlc Inte￿$t governance princlples,. provide and fully deliver advertised higher education courses and continue to tomply wlth all conditloTrs of Its reg￿tration. A review of the univer￿￿$ Articles of As50c18tion incorporatlngthe Instrumentand Articles of Government was undertaken by the Goveming Body in 2020121. TheGoverningBodyformallyapproved the UKKlated Articles on 23 September 2021 following approval by the Charity Cornmisslon. Changes Included clartf4cation of objerts 4nd power5, the appoint￿￿1 of a Sentor IndepEndentGovernorand Staff Governor and 5tudentGoverrK)rrepresentstion on commtiees. TheGoverning Bo then puEbli5hed a new scheme of delegatlon and assocpated d(tuTrnts. The Governing Body updated tt5 Governor Appolnrment Polky In 2020121 to Include a skills-based method of recrultment and consolidate recruitment requ1￿ments across the ￿tegor￿S of membership of the GcNemin8 Body. The appolniment of three new Independent Governors took place in 202112022 In accordance wth the updated GovemorAppolntment Policy. The UnNersty ensuie5 openness and trdnSpa￿nLY in order that stskeholders can have confidence in Its decision-making and management prO￿$Se5. Transparency about the Cor￿rate governance arrangements of the Universlty Is achieved by virtue ol publtation of the following documents on its web$￿te.. Memorandum and Articles hedule of DeWtK)n Governing Body Structure ReBiSter of Interests Terms of Reference Annual financlal statements Governing Bo(ty Mlnutes Publlcation kheme Whistleblowing Pollcv. The Governing 8￿Y ensures the adequ3ry and effectiveness of arrangements for corKorate governante. risk management and oveT5ight of any statutory and other ￿8￿latory resp)nslbilities, Including compliènce with ongolng ors conLlrtions of registratlon, temis and conditions of fvndlng as well a5 any other ￿levant regutstory re5ponslbl1lt￿s by.. 30

srATEMENT OF CORPORATE GOVERNANCE {CONTINUEDI Meet5ng at leèst four tirnes each acadernic yeartD determine strategy,. Revlewing an annual report on teaching quality and standard5 Ifr(m the Academic thrdl and then 518ns off the Annual Quality Assessment Assurance Statement as part of Its 5Uite of annual retum5 Receiving èn annual feport and assurance from the Unlversty Solicttor regarding the UniversiW5 compliance with Ots initlal and ongolng 8ener81 conditions of registration- Receivlng updates from the Audit Cornmtttee COr¢￿rnIng Internal control, and st￿te&l£ risk managernent., iTrersi8ht by the Audit Committee of thÈ Unlver51ty's risk management framework and a hi¥h-l&v&l strategic rL%k register fully allgned to the Llnl¥e¥sity's strateglc goals set out in the UniveTsity'$ 2015- 2022 strategic framework.. Regular reviews by the Audit Committee of Intemal Audit report5, which include an independent opinion on the adeq￿3¢Y and effectNenes50fthe Univer5iWs systemsof governance. risk management and internèl control, together with impiovement recommendations." MonltOTiDg of institutional KPIS leovernor sUtFsetl' and Revlewinc p05t-investment lesson leèrnlng reviews in resFeCtof rnajor investmenl projetts undertaken bythe Unlversity. Specifically, In terms of public fundlng frorn the OFS, UK Research and In[￿vatIOn IUKRI. including Research Énglandl, the Departrnent for Education or the Education and Skills Funding Agency the University ensures-. a. regularity in the use of public fundin& and b. proprlety in the use of publlc fundlng by.. the provision of framework of financk)I contro15 for the Unlversity In The Financial ReBulatlons and assaciated Financial Pr(Kedure The Financlal Regulatv)ns were approved by the Finance and Resources Committee on 9 November 2022. The Financial Regulations are suiKJrdln3te to the Unlversitls Articles and to any ￿str￿tt(ons contained in terms of condltK>n5 of fundln8 and the audlt code of practice. The p￿r￿>se of rhe Financial Regulation5 15 to provide control over the totaltty ol the Unlverslty's re5tsurces and provlde assurance In fespect of a.. and b., above. cornplian￿ with The FinancSal Regulations is mandatory. a￿acheS are notified to the Goveming Body via the Audit CtsmmSttee. This statement covers the reportin8 period from l August 2021 to the d￿e of sTrgning and approving the financial statements on 29 Novernber 2022. 31

MODERN SLAVERY AND HUMAN TRAFFICKING The University Is committed to ensuring that slavery and human traffl¢kln8 is not taking place in tt$ supply chain Sn Ilne with the Modem Slavery Att 2015, As the Unlverslty 15 a values based InstitutioTr. it condemns morally bad practices and expects all of Its business partne¥s to Ilve up to and adhere tothe prlnciples set out In the anti-slavery leglslation. The actions tsken bythe Unwersrty In this financial year to meer the objecthes include- (￿erS1%ht ofthe managemeni of rfsk5 of fflodem slaveryand human traffkklng In the supply chaln Is prowded by a nominated senbr ￿nager, the Pro Vice Chancellor (Reseaich and Enterprlsel, as part of his role of chalrol the Sustainability Strateglc Mana8ernent Group ISSMGI. The Universty has now agreed and set two Key performan￿ Indkator5 as follows.. KPI l- The Unwersity has set the tsrget of i(K)% of the staff who are managing hÈh rtsk cètegories of contracts will receive tralnlng on identifying and addre55in8 Modern Slavèry in supply chains. KPI 2-The Unlverslty has set thetargetof IOO%of all suppllerswho have beeTrclassified as providin8 hi8h rlsk good5 or senflces will have coms*ted a Modefn Slavery due diligence que5tlonnalre. An Implementatlon pl4n forthe KPIS hasbeen put in place. withseven 5tepsto be achteved. Progress the plan is being Managed bythe Procurementieam.A5atthe endof theflnancialyear, 31Juty 2022, the Procurementtearn wereableto confirTnthreeofthesevenstep5 in the plan had beencompleted and good pro8res5 was bein8 made on thefourth Step. The actlon taken to Inwlement tht l(Pls in¢ludes.' A total of 42 contracts were identffted and rated as hlgh rlsk, based on the Hlgher EdUCat￿Tr Procurement Academy ratin8S. The HEPA Modern Slavery e-learning tnodule to be made available to all relevant staff and the stsff vA)o manage contrartsa￿ being made3w8reofthe need toCoMp￿tethistrJi￿1n& Risk assessments of contracts wlll be undertaken once the relevant managers have completed thelrtraining. The Unlver51ty Is developlng 8 Modern Slavery guestionnalre to be issued to SUFpllers and contratt managers a￿ belng advised on nexr steps in this proTrss. The Sustainablllty Strategic Management Commitiee is responsible for the ongoin8 monltorin8 of the KPIS. Otherathonstakèn by the Unfverslty Intlude.. The 4uestlons relatlng to Modern Slavery and Human Trafflcklng are included ITh the tender/due dlll8en￿ process when contracting for seNlces or go¢xls Identified as trEln8 hieh risk areas. In year thls Incl￿ed the tender for laptop and desktop computers. A pollcy review i5continuln& and modificationsare belng madetoensurethatall ￿leVant UnNersrf£y PK)IKies identify how they support compliance with the Modem Slavery Act. As deernÈd necessary all policles will support practices oFsafeguardingand raisethe awarenes50f the Indicatot50f M￿ern Slavery and Hurnèn Traffickln8. Training and developnEnt In the application of all of the Universi￿5 staff pollcies is in place andls nN)nltored by the Human Resources and Orgzn15atlonal r)evelopment Depèrtment. The University continues to use pre-negotlated framework agreements put in platt bythe Southem Unlverslties Purchasin8 Committee ISUPCI for many of the sIgn[r￿ant tender exer¢ise5. SUPC is afPiliated wlth the Electronk Watch to ensure complIan￿ with labour rights and safety standards in thesupptychain. Thisis partlcu18dv￿le¥antI0rthe hl8h risk areassuch asthe supplyof ITequlpment and consumables. 32

MODERN SLAVERV AND HUMAN TRAFFICKING ICONTINUED) TheSUPClw¥treleasedu5totementr. 'The SUPCIS committedto ocqulring goods und5ervicesfor its members witho￿ cuusing horm to others. Affillrjting to Electronics Wotch is t¥n importont step forword, ond wlll Gllow the 5UPC to hove eye5 Ond ettrs on the ground in producer regions to ensure rights vloltstions are detected ondproperly addre55ed. The University'sGovernance and Legal Services team re¥￿w$ draftcontrartualtem)s and conditions prior to commitmÈnt to ensure prtsvision Is made relating to Modern SlaveTy Act compliance. The Universit(s Modem ￿￿Very and Human Trafficklng Statement has support of the full Governln8 Body, and Is presented for approval atthe fjovernin8 Body meetlng on 29 November 2022. The Uniiemps temporary stsffing 88ency operate5 underfranchlse by the Universlws subsidiary. The agency fallsoutsid&of thexopeofthe moderr slaverylegi51ation. however, on a voluntsry baststhe a8encycomplies th the ￿qu1￿MentS of the Modern Slavery Act. The 3CtIOn5 tsken by the staffing a8efftcy are monitored by the Branch ManaEer. and Snclude.. Cllent ternis of engagement require the client to comply with the requirements of the Modem Slavery Act 2015. All e¥ternal clients must comply wlth all applicable anD-slavery. forced and compulsory labour, and hum8n trzffickin@ laws, statutes and regulations in force. External clÈnts must have and maimain thelr own policies and procedures to ensure tompliance. These policÈes mijst give the client the power to enforce the tondltlons where appropriate. High risk areas for agency staff have been identfiEd as any sector where a gang master's littnse is requlred, such as in agriculture. No Unttemps agency workers can be set assignments In these hlgh risk sector5. The University Continu￿ to expand tts knowledge of the supply chaln and work5 proactively wlth all mana8ers, budget holder5 #nd staff engaged in p¥(*uremÈnt activity to build on their understanding of the requirement5 of the ModeiTh Slavery Act. This fortThs part of the University on80ing commStment to ensuring all vulnerable staff, students and those V￿rkIng In the suppty chain a￿ safeguarded against exploitatlon ￿n all forms. 33

STATEMENT OF INTERNAL CONTROL The fjovemin8 Body has ￿sIN)n￿bilIty for malntslnlng a sound system of internal control that SUPPOrts the achTevement of wlicles. alms and objeLtfve5. whllesafeguardinKthe publlc3ndotherfund5 and assetsforwhlch they are re5ponslble, ln accordance wlth the ￿sPonSIbl11t1es assigned to ihe Governing Body In the Univer5itI5 InstruwÉt)t and Art￿leS of Govemance and the Term5 and Conditions of Funding ftsr Higher Education Institutions from the Ofs. The system of Internal control is designed to manage ratherthan ellminatethe risk offallure toachieve pdlcles, alms and Ob￿rtIves.. ic can theretore only provlde reasonabk and not absolwe assurance of effertiveness. The system of Internal control is based on an on80in8 process designed to identify the prlnclpal r15ks to the achievement of policie5, aims and objectlves,. to evaluate the n4ture and extent of those rfsks.. and to managt them efficieThtly, effectivew and economically. This process has been In place forthe yegi ended 31 July 2022 and up to the date of approval of the Strategk Report and FinarKial Statements and accords with the Ofs and Turnbull guidance. The Govemin8 Boty has responslblllty for the instotutlon's system of Internal control. for revlewlng its eff￿tfvenesS and ensuringthat the review hascovered all controls Iflnanclal, operational, risk rnanagernent and cornpliancel. Thefdlowing processes hève been established- The Goveming Body meets at leastfourtlmes each yearto considerthe plans and strategic direction of the Institutlon. The Goveming Body and the Audit Commlttee have approved the Rlsk Management Pollcy and Procedures which surnmarise the approach. roles and ￿SponSIbl11t1e$, and the revlew of effettivenes5 pr￿eSS. The Govemlng BcKly has assumed Te5ponsibiltty for overslEht of risk manage￿￿Trt process ￿￿thin the Univer51ty as a whole, and determined its risk appetite. which Includes ailopting a differentiated approach to rlsk depending on the nature of the attivity. As Chief EKecutive. the VIce<han￿l10r has ultlmate reS￿nSibIlItY for the management of the Unlversity. includlng the management of rtsk. The Urflverslty's Chlef Flnanclal Officer ovetsee5 the r15k management process adopted by the Unlversf(y. The University maintalns a comprehensive Strdtegic Risk Registerthat Identiffesthe hi8h-level strate8iC sksfaclngthe institirtion. Each risk hasan identlfled rlskownerclearly d￿Vrnented wi(hln the Re8iSter togetherwitha scor5nga5sessmeni based on likelihood and impact. Risks are glven a gross ènd ￿SIdUal ratlng. Rlsk Identrficatlon ènd rnanagement is c105ely Ilnked to the achievement of the institution's objective5, wlth all schools and departments produclng lo￿1 risk reglsters alongside theSr annual business plans and major change strate8K project owners produclng the same. All of the UDwersty'5 identifièd high-level corporate rlsks are dlrectly Ilnked to the University'5 Key Perforrnan￿ Indltstors which monitorachievement against the Strate8ic Plan. Each risk response has been f0rmallyc0nside￿d bythe Senior mana8er￿ntTeam ISMTI and the Audit Commttee. The SMT, chalred by the Vice-chancellor conslders the risks identified in the Projert Rlsk Re8iSteTS. The Vlce-chancellof and the smr monltor the top'net exposure, risks on a regular basls, as well as the effediveness of ¢ontro15 In placeto manage less serfous rfsks. Less5erlous risk53re reviewed and monitored byfaculties, schools and departmÈnts which operate Iixal reglsters 3s partof an overall approach, embedding risk a55e55ment and man38ement withln the UniveJ5ity. The annual presentstlon of local rlsks w￿h1￿ SMTbusine55 plans allows forconsiderdtitrn to be rnadeof ag8re8ated Msks for potentlal Incluslon In the Univev5iWs high-level risk reglster. 34

STATEMENT OF INTERNAL CONTROL {CONTINUED) Re8ul3r reports are received from the Audit ComrnittÈÈ concernlngfindings of the Internal Audittsr and matters latlllg to internal control. The Vice-chancellor provides a wrkteTh report to the Audit Committee on the University's èpprtsath to Risk Man2gÈment at each of its meetings and an annual rewrt i% presented In May of each year. The University has appointed Internal Auditors. who operate to st8ndards defined in the Ots Terms and Condition5 of Funding fr>r Hlgher Education InstitutDns, Audit Code of Prattice. The Internal Auditors Submit regular report5 which include theiT independent oplnlon on the adequary and effertlveness of the system of nternal control. together with recommendatlonsfor Improvement. The Governln8 8ody'5 review of the effettiveness of the system of internal control 15 #Iso bnfom)ed by the work of the executlve nwTra8e15 Wlthin the Unfversity, who have responsibility forthedevelopn*nt and malntenance of the internal control Irarnework, and by comments made bythe External Audf(or5 in their managemeni letter. The￿ were no SI￿)Ificant control weakne5se5 in theyear. 35

STATEMENT OF PRINCIPAL ACCOUNTING pouaES l. Bask of Pr•pw3tlo These financial statements have been prepared in accordance with the Statement of Re¢ornmended Prattice ISORPI.. Accountingfor Furtherand HlgherEducati0Th2019and in a£cordancewlth Financial Reportlng Standards FRS IQ2. The UnNer5tty is a company lirnrted by guarantee incorKx)ratèd in the United Kingdorn under the Companie5 Act. The UnNersrtrfs re8iStered address and that of the subsidiary company Ss shown on page l of thi5 report. Under FRS 102 the Universlty ha5 taken athantage of the exempt4ons for financial Snstrument dlsclosureforthe parent and frorn provldlng a parent company cash flow statement. The Unlvershy 15 a public benefit entity therefr)re has applled the ￿k¥ant publlc benefit requirèments of FRS 102. The Financlal Staiements are prepa￿d in accordance with the historfcal cost convention. The prlnclpal ccounting pulicies, which have been applied consistently throughout the cuirent yearare set out below. The Governing Body is satisfied that the Universlty has sufficient facilities to continue operatln8 at f(s current level and therefore the financl31 ststements have been p￿pared in accordan￿ with the hlstorfcal c05t corwentk)n and on a going concein basis. 2. Cthlcaljudgements The followlng are the ¢T￿lC31 judgements that have been made in the pr￿e$S of applylng the UnlvèrsltI5 accounting pollcles. 2.1 cap￿41 and Research Grants Rec• The Unlversltls accounting rM)Ilcy requires recognltion of intome when perforfflance related condi￿on$ afemet. Incotne received in athance of performance related condltions being Met is recognlsed &5 deferred income within C￿ditOrS on the b31ance sheetand released Into incomeasthe condition5are met.The research contracts that are entered into by the Unlverslty are assessed and any performance condition5 identlfled. The income fromthe5e research artivities is released based on the meetlngof the conditionsstated inthe research contract5 or on commencement ofthe acrivity If no condltlons are 5pecrfied. WhÈre Cond￿10n5 have notyet been met the Income 15 held as deferred income withln creditors on the balance sheet. 3. E5tlrnates The key assumptions concernlngthefutUTe, and other key estimation uncertainty atthe balance sheet datethat have a 5ignifKant risk of causin8 material adlustmentto the carrying amounts tsf the assets and liabilities ￿thin the ne￿ financial yearare hi%hli8hted as follows. 3.1 Local Govermitnt Penslon The presertt value of the L(Kal Government PensK)n Scheme deflned benefit Ilablllty depends on a number of factors that are deterrnined on an actuarial basis usln% a variety of assumptions. The assumptioris used In determinin8 the net cost for pensions Include the dlscount rate. Any changes in these assumptions as disclosed in note23wlll Impad on the carrylngvalue ofthe pension ltsbllity- Furtherrnore a rolw forward approach which projects resulrs from the latest full actuarial valuatlon performed as at 31 March 2019 has been used by the actuary In valuingthe penslons liability as at 31 July 2022. Any dlfferences between these figure5 derNed from the roll fO￿ard approach and a full actuarlal Val￿tIon would impact on the carrylnB amount of the pension liablltty. 4. Basis of Con5011datlon The con501idatedfinancial statements Include the Unlversty and itssubsldiarycompanyforthefinancièl yearto 31 July 2022. Intra*rouptransactions are eliminated on consolitlation. The consolidated financial Statements 40

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES ICONTINUEDI do not Include the incoffle and expendlture of the Students, Union as the Unlversity dtts not exert control OT domlnant influence ￿er F<)licy decisions of the Union. 5. Recognition of Income Income is measured at the falr value of the conslderatloTr ￿e1ved or receNable and represents an￿UnIS receivable for seThlces provsded in the normal course of buslness. net of discounts and VAT recoverable from M Revenue and Cv5toms. Revenue frorn tron￿CtiOnS that have a commercial substance, Includin8 tuitlon fee, accomrnodation. catering and conference inctsme and consuttaDCY fees are reco8ni5ed Is ir￿orne In the Statement of COmp￿hen51ve Income uslng the Performance Related tnethod of apportiooment. Fee income is statedgr055and credited tothe income and expendrture account overthe period in which studentsare studying. Thls may in￿1Ve the deferral of Incorne over rwre than onefinancial year. Where the amount of thetuition fee is ￿d￿red. by a discount awarded by the University for prompt payment, income receivable is shown net of the dlsCOUnt. Bursarles and scholarships areaccounted for£ross as expenditure and are not deducted fromlncome. 6. Grants Revenu&ba5ed grants from Government, the offt￿ for Studènts IOFSI, the Department for Education IDfEI and HEKSS trustsare pa55ed through the lTrcorneand ExpenditureAccount whenthe conditions relatlngto the grant have been 5at151ied15ee 5. Recognfcion ol Income 8bovel. Grants or other contribution5 from Government and other btsdies are accounted for using the performance model and are recognised in the financial statements when the conditions fortheir receipt have been complied with and there is reasonable assurance that the 8rant or contributlon will be received. 7. ABen¢y Arraryemer Fund5 the InstltutK)n receNes and disperse5 as a paying agenton behalf of a funding body are excluded fromthe income and expenditure of the University where the un￿er$[tY is exposed to mlnimal rlsk or enjoys minimal economic benefit rÈlatsd to the transactHM. & FO￿l8n OJrrewK5es Transactions denominated in forelgn currencie5 a￿ ￿cOrded at the Trte of exchange rulin8 at the date of the transbctions. Monetary assets and liabilities denominated in foreign currencies a￿ translated iTrtO stèrling at the cltsslng rate as at the year end. The resulting exchan8e diffe￿nCeS are charged to the Statement of Comprehen$4ve Inco￿. 9. Oper*ln8 iea5e5 Rental costs under operating leasÈs are charged to expendlture in equal annual amounts over the period of the leases. Rentfree perknds (Y other incentNes the total expendlture on the lease, calculated by applyin8 all of the Incentwe overthe life of the lease. 10. lntall8ib￿ Assets The development cost to the Universlty of Softwa￿ assets is capitsllsed as an Intan81b￿ asset when the asset come5 into lull use. Software in developrnent Is held in the asset re8i5ter until com￿ete fully in use. The value of the asset Is stated ai historic cost less accurnulated amortisèt￿D charges, with amortisatlon belng ¢har8ed on a strai8ht line basls frorn the month that the a55et is ful￿ developed. Signiflcant intangible a55ets with a valueof £2LK),000 or MO￿ are amortised over 10 years and lower value a55et5 of less than £200,OCM) are arnort15ed over five years, The costs relating to the development of the medlcal PTogramme are capltslised as an Intangible asset. Developrnent costs accrue from the date at whlch the contract was entered into, and are t8p￿lised when the asser ccxnes lTrtO Use, and will be anN)rt1sed when the benefits are realised on a straieht- line b)sls overfive years. 41

srATEMENT OF PRINapALACCOUNTING pouaES ICONTINUED) 11. TarylbleAssets Tangible assets are skated at histori£ purchase c05t le55 accurnuL4ted depreciatbn, or In the case of Land ènd Bulldlngs, at deemed co bad on the ontroff revaluation undertaken as at 31 July 2014. The total cost of an asset can Include incidental expenses incurred by staff or consukants, Whe￿ these costs relate entirely to the project. The costs of major buildlng programmes wlll also include the Inte￿$t Charged on any related kjan finance wed to fund the bui1din8 durin8the construction phase of creatlngthe asset. Dep￿CIatIOn is charged on a straight line bosisfrom the month that the asset is acqulred or that constructkJn Is complete. During the time of construrtti)n the value of the asset is held In assets under conttruttion. Once constructlon is complete the value of the asset is transferred to the asset re￿ster. Depreci3tion commences from when the assetls commlssloned Into use. nd is not depreclated as It is considered to have an Indefinlte useful lffe. Bulldings a￿ dep￿cIated tsver their expected useful Iwes of up to 50 years. Assets in the course of construction are accounted for at cost incurred to the end of the year. Theyare not depreciated until they are ready for use. For ￿rge constructlon projects the compDnent5 of the bulldlng are identrfied Separate￿ and are deprttiated over the useful economic life as determined by the nature of the a55et. Costs Incurred in ￿latR)n to a tan8lble flxed asset, afterthe initial purchase or pr0dUtt￿n, are capFtallsed to the extent that they Increase the exsiecied fvture benefits to the Universlty frorn the ex15ting tangible fixed asset beyond Its previously assessed standard of perfcrfmance,. the cost of any such enhancernents are added to the 8ross amount of the tan8ible fixed asset concerned. Mlnor works in exces5 of £IO,(M)O are separatety identrfied ènd dep￿CIated over ten year5. These have been included In the freehold land and buildings category in note 9. Flxtures. fittirbgs and ffjulpTrRnt, Indudlng computers and softwa￿, costlng less than flo.￿0 per Indfvldual item are written off In the year of acquisitioft. Equipment that Is capkallsed Is depreclated over the useful etonomic life e¥pertanry of the asset. Th￿5 is estimated to be 5 years for equlpment Including IT asset5 and between 10 to 25 years for plant and rnachinery. whe￿ buildlngs, minorworks and equipment are acquired with the aid of specific grants the asset iscapitalised and depreciated as above. The related grants a￿ ￿leaSe￿aSTn¢0rne whenthe performaneeeonditK)ns are nL or on weipt of funds If no£ond)tlons are5k￿lfied. Expendltureto ènsurethat a tan8ibleli¥ed a55et maintains its prevlousty reco8nlsed stsndard of performance Is oenised in the Statementof Comprehenslve Income the perKJd it Is incurred. The Unlverslty has a planned maintenance programn, which is reviewed on an annual basls. All asws are revlewed on an annu81 bas￿ for indicators of Impalrmenr. Any adjustment to the value of an asset for Impalrment Is char8edto the Staternent of Comprehenslve Incorne in the period it arLse& 12. Assets held for regle Tangible assets that are held for resale are carrled at a value ihat Is the lower of net book value or expected r￿0very amount. Asset5 identlfied as belng held for resale tri8ger an impairment wiew in line with the HE SORP. From the Impa5rment revlew ff an asset requires an adjustment to the carrylng value the ￿$￿￿1ng Impairment is ¢har8ed to the Staternent of Cornprehensive Incorne. 42

STATEMENT OF PRINCIPAL ACCOUNTING POLICIES (CONTINUED) 13. Stixk Stixks are Th￿terialS held by various Universlty departrnents including caterln£ supplles, together with books and other lten￿ purchased for resale. Stcks relate to finished products and are valued at the h)wer of cosr or selling price less costs to sell. on afSrst-Sn, first-OUtba515. Where nece55ary pir)visioTh Is n￿defor0bs0leIe, skJw- moving and defe(tive stocks. 14. Cash and Cash Equfvalents Cash includes cash in hand, cash at bank. deposits repzyable wlthln 3 months and overdrafts. 15. Maintenance of PremSses The Universlty has a bng-term rolling maintenance plan whlch forms the basls of the on8oing maintenance of the estate. The cost of routine corrective m81ntenance is chèrBed to the Income and expendrf(ure account as incurted. A provis￿￿ for dllapldation Is made where the lease ag￿erne￿l requi￿5 the Unlverslty to return the property to the landlord in 3 specifièd state. A provision is made for the estimated costs of the dilapidation spread over the period of tenancy. Any increase or de¢￿aSe in this provision i4 charged to the Statefflent of Comprehensive Income. l& Taxatlonststus The University 15 a ￿gistered charity within the meanlng OF Part 3 of the Charitie5 Act 2011 and a5 such is a charity within the Meaning ot Settion 506 of the income and Corporation Tax Act 1988. It is therefore a chartty wlthin ffEaning of Para l of schedule 6t0 FinanceAct 2010 and accordingly, the Unnierslty is potentially ￿eMpt from tsxation in respect of Income or capital gains Te¢elved within categories covered by Sections 478-488 of the Corporation Taxes Att 2010 or Settion 256 of the Taxatlon of Chargeable Gains Act 1992 to the extent that such Income 01 gainsare applied to exclusively charitsble purposes. Cante¥bury (hrist Church Univer%ty recefves no similar exemption in respect of Value Added TaK IVATI. Irrecoverab￿ VAT on Inputs is Included in the costs of such inputs. Any irrecoverable VAT allocated to tany'ble flxed assers Is Included in thelr c05t. Delerredtsx iSTeco8nised in respect ofalltlmlngdlfferencesthat haveorfglnated butnotrtversEd atthebalance sheet date. where transartions tsrevents that ie5uIt in an Obl￿atIOn to pay more tax In thÈfutUfe or a r4ght io pay lÈss tax in the future have occurred at the balance sheet date. A net deferred tax asset is presented in the financial statetYEnts 85 recoverable and therefore recognlsed only when, on the basis of all available evidence. it can be regarded 3s Ilkely than not that there will be suitable taxable proftts against which to retover carried foThJard tax losse5 ond from whlch the future reversal of undedyingtiming differences can be deducted. Deferred tax 15 measuied at the aversge tsx rates that are expected tts apply In the periods in which the tirnin8 drfferencesareexperted to reverse based on tax rates and lo￿ that have been enacted orSub5tant￿eIyenacted bythe balance Sheet date. Deferred tax Is measured on an undi5counted basi5. 17. Penslon 5¢hemES Retirement benefks to ÈmployÈes of the Ljniversity are provlded by the Local Governmènt Pension Scheme ILGPSI, the Unwersity ￿perannuatiOn Schen* IUSSI and the Teachers, Pension Scherne (TPSI. All scherDe5 are defined beneftt schemes but the USS and TPS schemes are ￿xh mukpempbyerscheme5 it 15 not POS5ible to Identify the assets and Iiabfjl￿leS of the scheme vA)ich are attributable to the University on a consixent and rellable basls. In accordance vAth FRS 102. rhe USS and TPS pension 5chernes are accounted for on a defined contribution basls and the contributions to these schemes are Included as expendlture in the period In whlch they are payable in the StateTh￿nt of ComprehensNe Income. 43

STATEMENT OF PRINCIPAL ACCOLINTING pouaES (CONTINUED) For deffined l￿nefit schemes the amounts charged to the operatin8 surplus arethet05tsarisin8lrom employee servtces renderpd durlng the perlod and the cost of the introductions, benefit ¢hinge5, Settlements and curtallments. They are Included as part of stèff costs. The net Interest cost on the net defined benefit Irdbility is char8ed to profrt or loss and included withln flnance costs. Re-measurement comprlsing actuarial gain5 and 105ses and the ￿tuM on scheme assets (excluding 3trnunts included in net interest on the net defit)ed benefft Ilabilityl are T￿OgnISed immedIate￿ in other comprehensNe income. Theunlverslty hasan a8reed obllgatlon tofund past dePicitsofthe USSand therefore, recognlsesthe net present value ol contrltrAJtions payab￿ that arise from thls agree￿￿nt a5 a liablllty In the Balance Sheet. The TPS is an unfunded scheme and there Is no113bllrty for past deficits reported for th1$5cheme. The UnNersity is able to identify its share of 855et5 and liabilltles of the LGPS. The movement In the defined benefiiliabS1ity of th￿ scherne. when adjusted forpayments into and outof the plan, Ischarged to theStsternent of Corpprehensfve Income. Thls cost is the aggregatlon of changes in the deflned benefit obli8atlon and changes in plan assets. To identfyth15 liablllty ihe assets of the LGPS arevalued using bid valws. LGPS Ilèbillties I￿ rnea5ured uslng the proletted unlt method and discounted atthe current rate of return on hÈh quality corporate bo￿ of equN31ent term and currencyto the liability. The Increase In the present value of the liabiif(Ès of the scheme expected to arise frorn employee seNice in the perlod is charged to Operatlng Expenses, Note8. The difference between the fair value ot the un1vets￿$ share of the assets held in the LGPS defined benefit pension scherne and theKheme's liabllltles rneasured on an actuarial basis using the projerted unit rnethod are recognised In the University'5 Balar￿e Sheet as a penslon sche￿￿ asset or liabillty, as 3ppropriate. The carrying value ol any resulti￿8 pension scheme asset Is restrirted tothe e£ent that the Unlversity is able to recoverthe surplus through redutrd contribLt￿n5 in the future or through funds from the scheme. Attuarthl K3ins and losses, and movements to the defined benefit pension scheme's assets or liabllltles arfsin8 from a change In actuarial assumptions ère charged to the Statement of Comprehensive Incorne in accordance with FRS 102. 18. Investmèr Endownnt Invest￿￿ntS are held as cash. Where Charitab￿ th)nation5 are to be retalnedf0rtl￿ benefit of the Institution aSsp￿rfled by the donors, these are accounted for as endowments the reserve5 Crti the 88￿nce sheet. The Un￿er$ItY ha5 two rnaln type5 of endowments.. EXpenda￿e endowments the donor has speclfled a partlcular oblectlve other than the pur¢h8se or construction ol tènglblefixed a55ets. and the InsritutM)n can convert the donated sum into incorne. RestrKted pe¥manènt endowments - the donor has specrfied that the fund Is to be pemN3nent Invested to 8ervèrate èn income 5trearn to be applted to a particular objertwe. 19. Flngndal Inrtruments The Unlverslty does not hold any non-baslc financial instruments. The primary financial Instrunnts are cash. loans, receivables fromtrade debtors and payables to ¢￿dItOrS and suppliers. The recognltion of trade debtors nd trade credltors is atfairvalue. Loans, accruals and prepayments are recognised atthe amortlsed cost Financlal assets and financial liabilTtles a￿ ￿co@nISed when the Group become5 a party to the contractual provlsknDs of the Instrument. Flnancial liabilitresand equity instrumentsare classrfied actordinEtothesubstance of the contractual arrangements entered into. An equity Instrument is any contract that evidences a ￿sidUal Interest in the a55ets of the Group after dedurtlng all of fjts liabllttles.

srATEMENT OF PRINCIPAL ACCOUNTING POLICIES {CONTINUED) All linanc131 assets and liabllitie5 are initially measured at transèctloTh price lincludingtransactlon c05tsl. except forthosefinèncfjal assets classlledas atlairvalue through profltor loss, which are initially mÈasured atfalrvalue (which 15 normally the transèclion price excluding transactlon costsl. unless the arrèngemÈnt conttitutes a Ilnanclng transaction. If an arrangement Const￿tuteS a financing transartk)n. the flnancial a55et Of flnancial liability is rneasu￿ at the p￿sent value of the future payrnents discounted at a market rate of interest for a slmllar debt instrument. Flnancial assets 3nd liabilit*s are only offset In the statement of financial position when, and onty when there exists a legally enforceable fight t9 Set off the recognised amounts and the GToup Intend5 eitherto settle on a net basis. orto realise the a55et and settle the liability simultaneously. Financlal Ilabilities are derecognised only when the oblrEation speclfled in the contract is discharged, can￿lled or expires. Assets. other than those rneasured at falrvalue. are assessed for indicator5 of impaimient at each balance sheet date. If ther& is oblectlve evidence of impairmènt. an Impairment Ios5 is recoEnised In the Statement of CoMp￿hens￿e Income. 20. Investment in Subsldlartes The Investment In the5ubsidiary undert3kin8 Is shown 3t cost ￿$5 any impairment value. The Unwersitycarries out an annual impairrrEnt revièw of the investment in the subsidiary. 21. Re5er¥es Reserves are cla551fted as restricied or unre5trlcted. Restricted endowment reserves lThclude balances whith, although endowed to the Uniwer5ity, a￿ held as a wmanentty restricted fund which the Unlverslty must hold in perpetuity. The following resetwes are maintsined.. Unre51ricted- where the reserve is not restricted as to its ijse. Designated-this Is the desiEt)ated penslons reserve reported in Note 23. Restrkted- where the University holds funds for which the donor ha5 placed ￿Strirtl￿S on their ￿e. 45

Consolldated and Unlverslty Statement of Comprehensive Income and Expenditure For the Year Ended 31 July 2022 Nores COn￿lIda￿d Unlverslty 2012 2021 2021 £'coo IrKomp Tuition feesand educaboncontracts FUndingb(￿yg[fit5 Research grantsandcontrxts Other income I￿@Stment income 151A12 13,986 lJ39 L8085 104.169 31.928 2,093 13,925 li 151A22 13.986 iJ39 18J42 104,169 31,928 2.1133 13,840 li Total IT￿0￿2 185 152,126 185,691 ts1041 Expendlture StF costs Interest and othw linancecosts Other OPètstinBexpenses [￿p￿(latIon and Amortisthon 79A57 I￿25 I￿.780 75,187 2,218 55,683 8,108 79,384 2.523 I￿738 75,Ir 2,218 55,639 8,108 9&11 Total Exp•ndlure 191.206 141,196 191,091 141,071 Itfi¢W5wr￿￿ yeJr belore l¢Mr￿dLIKx}S•l of fLYd &￿ets ImpairmgTr1 ol Fl¥edAssets PryWI1055lon dlsp05al offixod assets 15B721 10,930 15NOOI 10.970 12,0951 12XJ9SI 36$ 365 It￿l)ISU￿us lorth•yw 8,787 15,0351 8.827 EndownEnt cwprth2Th5iveinccmeforthe ￿ar Artuarial galn Illotsl in re5pectof pen￿￿ schemes L7 23 85 s￿564 142 15571 85 8ffj564 142 15571 TLalc0m￿heTrsI4* Su￿U>forthe year 75.64Z 8.372 75.614 8A12 resented by.. Endovfftnt comprehens1velr￿r￿&￿￿tbè1ear Unre#rlcted comprehensive88lnlllosslfortheyear 17 142 &2ao 142 8370 75,557 7S.529 Surp￿SforthtpIr¥tt￿￿￿b1e1Dl￿1Jn1￿Ts1ty 75.64Z 8272 75.614 8,412 Strategic Report and Financial Statements for the year ended 31 July 2022 46

Consolidated and University Statement of Changes In ReseNes Fortheyear Ended 31July 2022 ConsolNlated In¢oMe ¢Xp¢nd1tU￿￿Cc0I￿t Totsi RestrKte4 Unre5trft BI￿ncl ￿lA￿￿51 IOZD 257 40.781 41mB Oer￿t Iram the Income aTrdexpendrture statemEnl othercompieheDsive 8,787 15581 8.787 14161 142 T0141 (ornprehertsfve YKome ftyrlheye•i 142 8.229 8J71 BaLince at31Jthi IQI 39 49.011 49J49 Balance atiAuBwt loii 49.011 49J49 Def￿Jtfr￿n the Income and expenditure ￿￿em￿rrt Othercompiehensive Income IS.(X)71 )564 15.CWI 80,649 84 Total LomwehensNe hKome forthe year 84 75557 75.642 lance at31j￿¥ ZOZZ Iz4￿68 Uni￿Thty IMOME and exppnthture Rt5trkled Uftrestrkted Totsi ￿￿ •tiAuwtst 2020 157 40.797 41m3 Defkitfrom the Incoffle and expendlture 5tètemeni oihercornprehensive in¢ome BA27 8.827 142 Total oimwehensbR tsxorne lorlhEyear 142 8.288 8,410 ea1artsat31J￿Iy 2021 49065 49.503 e•knn¢e•t iAwgo$12021 Oeflcil frDm the Income expenditure statement Other comprehensive Income 49￿65 15,0351 564 49 15,0351 ,649 Totsl0)mprthw￿￿ kamèforthwr 75529 ,614 Oaknteat 31 JLty1012 IZ459q 125J17 Strategic Report and Finan¢ial Statements for the year ended 31 July 2022 47

Consolidated and Unlversity Statement of Flnancial Position A5 at 31 July 2022 2021 2021 AsJ131JU Asat31Ju Unlbvshv £￿L¥) T￿n￿ble wets A%sets hefdfor iesa InvestmeAts Intanwbleassets 169,857 l217 171213 6,￿3 173,213 a7 450 14,046 191612 li 16.013 k4L27 ia,006 193,162 4571 rrertaSl•t Stock rradeand Dtheriecdvèbles CJsh andcash eqtsiva￿nts 241 241 226 24,387 3Q3B4 54.997 24395 30,693 55.3 343 103,759 LE55..tsediwr$'.amountslallin8 dup oneyear 13 194490) 150A611 150.5391 CLVrnfit ass•ts IX78 Toial I￿￿thIe5 Iy47Zg 191.755 8n70 crEd¢f5'. 4Fnountsfallnidueafter m¥rpthar•oreyeai 14 i¥is 165x131 I65￿3) pension liJWHty LGPS t)thÈr prOvS4ons 23 16 14951) IU49 l Y6.2291 165351 l U4951 16ts351 Trt•lnet458ets 5,091 49,449 12¥IL7 49,503 In¢iJmÈ and eypendY(ure reseNe-Enthwmentre5et¥e 17 39 Income and ependiturÈ rsetve-endowmenireserve Intomeard expenditwe-L0calGovÈrnmentPet￿Qn SthemereseNe Intorne and expendltLYe reivÈ-unretyirted InC￿J￿e5pensIon 17 399 399 176,IZ91 5.294 49A64 I S9S31 X3Q521 12%1151 159531 134547 125,240 49AIO TotalF￿ndS 49.449 125.117 49.503 Tfr￿ Fir￿lf￿la1 Sl*tqtn4nts on 40 to 72 vme appr4¥id and authorwj Ioi (￿vern￿l9 ¢n 29 Novembpr 2022 s￿ned on it5 Piofesstr R ThlwnarnathwdrJn VKe ChaTrcellty and Printip CaDrwburyChrittchurth Univeryty Registered Cornpanynumbtro4￿a659 Ms Aimltt hattcdloy Ichaifo the Governlng Strategic Report and Financial Ststements for the yeaT ended 31 July 2022 48

Consolidated Cash Flow Statement For the Year ended 31 July 2022 Year ended 31 July 2022 Year ended 31 july 2021 Notes £'ooo £'ooo Cash flow from operatlng actlvltles SurplusllDèficitl for the year 15,007) 8,787 Adjustment for nofvtash items Depreciation and amortisation Impairment charge Decreasellincreasel in stock Ilncreaselldecrease in debtor5 Increaselldecreasel in creditors Increaselldecreasel in other provisions Pension charges 9111 8A46 8.108 2,095 56 115) 145072) 47,244 5,960 10.289 12 113,7871 19,311 3.558 7,969 13 16 23 Adjustment for investln8 orflnanclng activities Investment income Interest payable Endowment income 121 1.336 { 123) 15) 1365) 11.9361 20.750 1,161 11731 12031 48 121,0601 IS￿58 17 Donations Lossllprofitl on the sale of tangible awts Capital Grant income Net cash Inflow frorn operatir¥ artivities Cèsh flows from Investlng actlTAtles Proceeds from sales of fixed assets Investment income Payments made to acquire tongible and intanglble assets Payments from endowment assets Capital grant receipts 4,999 li 110,6811 9111 17 2114 17.8071 1381 2,562 4,400 Plet cash louthowl from InvestlnB artiwties 16.3011 Cash flow5 fmm flnandng attlvltles Interest paid Endowment cash received 11.3361 123 11,1611 173 17 Donations received New unsecured loans Repayments of amotjnts borrowed Net cash loutnowl from finandng actlvltles 203 14.CKJOI 12,6321 17,417) 14 15 113,0001 12,621) 116,8291 Increase In cash and cash equlvalents In the year 3.639 2.140 Cash and ¢a5h eqLtivalents at beginning of the year 30.693 Cash and cash equivalents at end of the year 34.323 Strategic Report and Financial Statements for the year ended 31 July 2022 49 18 28.553 30,693 18

Notes to the Financlal Statements Consolidated & Unfverslty I. TUITION FEES AND ÉDUC4TIONALCONTRACTS 2022 £'ooo 2021 Notes Full-time home and European stu(lents Full-tlme Students (herseas Part-time Students 137.571 5.733 4.799 92.670 3.223 5,115 Total fees pald by oron beha￿of Indfvidual students 148,103 101,008 Education contrarts 3.319 3,161 Total 151.422 104.169 Consolldated & Unp4evsSty 2. FUNDING BODYGRANTS 2022 £'o(KJ 2021 £'ooo Returrentgrant Ots Office for Studerrts Other Bodie5 Research En8land Other Bodies Education a[￿ Skills Furrfling Agency Total recurrent grants 5,899 2,690 2,433 ll￿22 2,630 1.849 9,559 Spedftc 8rants Ots DHSC Ofs Catalyst Fund Ots Challenge Competitions Other Bodies Global Challenges Research Fund Other Bodies Hi8her Education Innovation Fund Other Bodies QR Strategic Priorities Fund 2019-20 QR Participatory Research Other Bodles DfE 16 92 120 145 79 612 50 50 20 107 211 Total specific grants 1.309 Capltal 8rani reter4ed and re¢o8nised in the year SELEP Ots. Capltal OfS-Teaching Capital Investment Fund Ots- Research Capital Invesrment FurEd HEE- Kent and Medway Medical Schcol Other- Kent and Medway Medical Schr￿1 Other- Pears 8% 828 10,620 6,540 944 83 301 1,546 1,026 81 ioi Totsl cap]tal grants 1.936 21,060 Total 13.986 31,928 StrategK Report and Financial Ststements for the ￿aT ended 31 Juty 2022 so

Notes to the Financial Statements Icontinued) Consolldated & Unl¥ersbty 3. RESEARCH GRANTSAND CONTRAcrs 2022 2021 Research Councils 119 171 Research Charities 242 372 6overnmenl U% & Overseas 740 881 Ind￿strY Commerce Publ 81 129 Other grants and contracts 757 540 1.939 2,093 c￿S011dat8d 4. OThEROPERATING INCOME IOZ2 2021 £'ooo ResiderKes, cateringènd confereThces 7.773 6.588 Other income generating activities 10.375 6858 Other operating incor 337 479 18,485 L3,925 Other income generatlng actniities above include Teach First. consultancy fees and consultancy contracts. social work and community engagement. Consol1da￿ & Unlverslty 5. 114vESTmEP￿ INCOME zozz 2021 £'o Bank interest receivable li li Strategic Report and Financial Statements for the year ended 31 July 2022 51

Notes to the Financial Statements (contlnued) STAFF cosrs All Staff are empbyed by Canterbwy Chrlrt ¢)ur(h Unfversty. The average monthly numtr of per￿￿% Iincludlng senior p05t hoklerslÈmpbyed LIuri￿ the Year,eXp￿sSed asfoll tlme eqU￿a￿￿tsWas'. Consolldat•d 2021 Number l•Jmb•r Academltsta 617 $73 Profesa&)al SÈNce Staff 710 678 Academic&JppDrtStaff 215 229 Total 1.480 2022 2021 £0 Staff w5ts Wa8esandsatarie5 62￿5 59,771 &)tialsecuritycosts 6)J31 Otherpen%on cotts IL364 10,316 Total 79N57 75.187 The other pensh)n costs represents the totsl value of contributlons duÈ IN the year to TPS, and LGPS. An addltlonal tost of £9,107k1202L' £6,775kl is reco8nlsed withiD other operating expenses ￿L￿t￿r6 to tae bèlance itween the contrIb￿￿on$ dL tD the LGPS andthe¥LtuarL3llyG31¢￿3tedse￿(ecO5t.The totsl eMpenseieco8nlsedforthpyearcan be seen ￿thIn ￿0te 23. Included In WèÈes and sola￿e$ and other penslon costs are Severan￿ payments of fl46.220 for 21 members of staff 12021.. 936.013 lor 67 rftmbets of 5taffj. University has In place a redundancy pollcythat Is applled for all instan￿501 re#rUtt￿ng that may 8ènerate a redundancy situatloo. Although every effort is taken ￿ mlnimise the risk of redundancy, vlhere redundancSes are unavoidible, the Unwerslty wlll endeavour to handle them fairly. ￿nsiste￿ilY, empathÈii¢all¥ and w4th dl8ntty. ThE poIIcy dellnes the measures that wlll be taken to ensure this, through wov4din8 meanln8ful Informatknn, and consulting and Involwn8 empkjyeesand recoin15edtrad@ L￿10n$ re8ardlngwow>sals for¢r8anisational change. Keym•n•8emnt penonnEI Key management peTsonnel are th05e persons havlng a￿￿Onty responbility for plannln& direrting and rontrollln8 the artlvlties of the Unwer51ty. stsff wsts indudes (x)mpensation pald to ke¥ maTha8ement peT50nnel. Compensat￿￿ ￿n￿StS of salary and benefits. includin8 any empboyerfs ￿n￿0Th contrfbutk>n. The Key ManaBernent Personnd In the University a￿ member5 of the Senior Mana8ement Tèam. In 202112022 the￿ We￿ tr40 senior P0tt ho5dtrrs who reiired from the UDiver5ity. and the￿lor￿, both the pwious and current wst h¢lder5 are reported fo the same ￿ar. As a ￿guIt ¢f th15 there were IS indMdu31s for whom cos ère included, coveiing 13 tnana8ement role$12021.. 131. In the pr￿OU$ year202012021. thernernbers of the5eniorMana8ementTeam ISMTltooka vo1untsry reduttlon kn ￿lary th 5UPfM>1 the unive￿ity during the challenges prÈ5ented as a re5utt Df COVID-19 pandemlc. The Imp￿ ofr the SMT ￿t￿mIng to full rEmuneratyon ITh 202112022 is refle(red In the ￿pOrt￿l0f pay forthe Vlce Chartellor. key man4ement per50nnel and the nurnber of5taff In receiwof beDeffts exceeding£lOO,Cts). 2022 2021 Key mèna8ernent wwnne1c￿Npensatknn 1ffi76 1,331 Strategic Report and Finantial Ststements for the year ended 31 July 2022 52

Notes to the Financial Statements (continued) 6. STAFF COSTS ICONllNUÉDI Higher paid staff 2022 2021 Number Salary Range Number £ioo,cw to £104,999 £105,0￿ to £l(Y3,999 £IIO,OW to £114,999 £115,OW to £119,999 £120,OW to £124,999 125.OCiI to £129,999 £130,OW to £134299 £140,OW to £ 144,999 f150.ow to £154999 The emoluments paid to thefive members of the GoverninE Body12021.. 51 and their ￿crue￿ benefits under defined benefits pension schemes are shown below- 2022 £'ooo 425 47 472 2021 £'ooo 396 37 433 Salaries Employer'5 pension contributions Total Emolumentsof the V5ce-chan￿ll9r, btr1￿ the hl8hest pakl dlrector 2022 £'ooo 271 2021 E'QOO 265 1291 Salary Voluntary reduction in salary Ernployer's pension contributions Total emoluments of the Vice-chancellor 15 241 In 2020121 the Vice Chancellorvolunteered to take a pay reduction in response to the challenges placed on the University in the face of the COVID-19 pandemK. This Is reflected in the disc105ure of a lower level of salary for 2021 when compared to 2022. The emoluments of the Vice Chèntellor are shown on the 5arne basis as for higher paid staff. There have been no non-taxable or taxable benefits paid to the Vice Chancellor in the year other than those that are for the imbursernent of business travel and other business expenses. These are claimed in line wrf(h the Universlty's staff expenses w>liiy. The Vice Chancelloes experhse Claims and char8es are approved bythe Prolh?ncelior and published on the Universit¢s websfce. The Vice Chancelknr has enhanced opt out mèmbership of the USS Pension Scheme, and therefore. the contribution made by the Unlversrty to the scheme on his behalf is at the significantly lower contribution rate of 6.3%. The enhanced opt out rate of contrlbutlon was increased by the USS In March 2022 from 2% to 6.3%. The pay ratio of the Wice Chancellorfs total emoluments as a ratio to the median of the total enN)lurnents for all staff 1$ 8.1'.112021: 8.0..11. The pay ratlo of the Vice Chancelltsr's basic salary as a ratio to the median of the basic salary of all staff is 7.9..1 12021.. 7.8..11. These calculations are on a full time equivalent basis for all staff employed by the University whose payroll charges are included in the real time information report to HM Revenue and Customs. The fatio has slightly increased year on year a5, unlike the Vice-chancellor and other higher paid employees. the majortyof UnNersity staff did not have a pay reduction in 2020121. Strategit Report and Financial Statements fof ihe year ended 31 July 2022 53

Notes to the Flnanclal Statements (continued) 6. STAFF COSTS (CONTINUED) rettor5' ErnolumeTrts The remuneration of the Vicé-chancellor is determined by the Remuneration Committee which is made up of Independent Members only and chaired by the Deputy Pro Chancellor of the Governing Body. From November 2018. the Committee has been supplemented to inclvde an external member who is N)t a member of the Governing Body. In addltion. the Presldent of the Students, Union has been a member of this Committeè since November 2021. The decisions of the Remuneratlon Comm￿tee are reported in wittingto the full Governing Body. The remuneration of the Vice-chancellor is based on an annual appraisal against objectives carried out by the Pro- Chancellor. Any ènnual increase in the Vic&Chancellorf5 pay is based on a senior salary framework, which w approved by the Remuneration Committee in 2014 and applies equally to all rnembers of the Senior Management Tearn. The framework Is based on a 3-point s¢ale for assessment and performance Èxceptional, excellent and requiring improvewent. The pay increase for an 'em￿lleD￿ ratin8 is pegged to thè annual national pay award for all 5taff11.5% In 20201211. Where an exceptional rating ha5 been achieved the pay Increase 15 normal￿ an additional Based upon the Vice-Ch8ncellor's performance in 2020121, the committee agreed with the Pro-chancellorfs assessment that this Tèpresented exceptional performarKe and accordingly a pay increase of 2.5% was approved bv the committee. In support of thls assessment. the committee notedthe exceptional leadership of the WKtrChancellor through a very challen8ingfinèncSèl peThod and the successful delivery of key strategic objectives with the completti)n of the construction of the Verena Holmes Building within budget, the establishment of the new Kent & Medwav Medical Sch￿1 in its first year of ortration and the eTrhan￿d level of submissions to the Research Excellence Frameworkin both quant￿ and quality terms. rhe Vice-chancellor's understanding and influence on natlonal policy issues is invaluable with him undertaking kev roles as a member of the Board of Unlversities UK and Chair of Mllllon Plus. The Vit&Chancellor also makes a distinctive contributSon to ￿810n81 life intluding his role as a non executive director of the Medww Foundation NHS Trust. His perfomiaThce as senior lead for fundraisin8 and rai51Flg the profile of the Engineering and Medical Schools, working with the Kent & Medway Economlc Partnef5hip. NHS, charities and local business is a150 corHrnendable. The Vice<hancellorfs authentit leadership 5teereé the Univer5ty through the financial challenge5 012020121 with the agreement of voluntary pay reductions for all of the Senior Management Team, along wrth short time working 3rran8ements and associated pay reduttK)ns for more senior staff. Working with the Trade unions and staff, through these measure5. significant numbers of redundanci￿ were avoided and it was pleasing that the Univer5ity'5 performance was such that these arrangements were able to end five months before the financlal year end. The Unlversty is a thurch of England foundation and o*)e in whith value5 are wominent in the policies, procedures and ways of w0￿1ng for staff and students. The Vice-chancellor lead5 and upholdsthese values in an exemplaryway. The Vlce-chancellor has been in wst at Canterbury Chr15t Church UnNersity since 2013 ènd 1$ held in considerable esteern ¥ross the Hlgher Education sector followin8 many years of experience gained in senlor roles within the Higher Education Funding Council and universitles. The Governirbg Body is pleased to reco8nise the VKe-Chancellor's exceptional knowledge and skills a5 he contlnuesto lead the University through the Current uncertain tirne5 facing the country and the HlÉher Edutatioll 5￿tor. Strategic Report and FinarfiJl statements lor the year ended 31 july 2022

Notes to the Financial Statements (continued) 7. INTERESTPAYABLEAND OTHER FINANCE COSTS Consolidated & Univernlty 202Z 2021 £'o 1.336 1.187 2,523 Bank loans notwholly repawdble wlthin five years Net chargeon pension scheme5 1.161 1,057 Total 2.218 Consolidated & ANALYSIS OFTOTAL EXPENDITURE 8Y AcnviTY 2022 2021 Academic departments Academic services éepartments Administration and central services Premises Residences, catering and conference5 Research grants and contracts Other exp￿Se5 Depreciation Interest Paydble and otherfinance costs 110.426 5.362 31,3 17.612 11.824 2.470 1,144 66,489 4,981 28.319 17.791 9,724 2,133 1,433 8,108 2,218 2,532 191.206 141,196 Con501i¢lated 2022 2021 Other operating expenses include.. Fees payable for auditing of thefinancial statements of the parent company 39 39 Fees payable for audltlng the subsidiary companv Other fees payable to the 8roup auditor- grant alld pen5Tr0ll assurance revie Operating lease rentals- land and buildings 6,903 7,744 Operatin8 lease rentals- eouipment 171 144 8a ACCESS AND PARTICIPATION 2022 2021 Access Investment lil Flnanclal Support t)isability Support lil Research and Evalu4tson 854 3,265 364 720 2,680 1,016 5,491 4,424 lil É1,452kof these costs are i￿luded in the staff cost figures included in the financial statements. note 6.12021.. £1.356kl. The published Acce55 and Participation plan is available on.. https.'//www.tanterbury.ac.uVoutreachldotslAccess-and- Participation-Plan-20-25.pdf Strategic Report and Financial Ststements for the year ended 31 July 2022 55

Notes to the Flnancial Statements (continued) 9. TAP4GIBLE ASSEf5 onsolithted and un￿ey$1ty xture% FIWn85 and £4ulpment Free￿Id land and Builthn Assets under Con5tYu¢tion antand Matmnery Total Co# anddeernedcostfortsnd at)d bulldlrb At I Au8USt 2021 Additlons Assets comin8 Into use 182,587 2,098 4,405 13.4421 30.803 221948 4,405 86 2.799 557 Disposals 13,7021 14.4021 At31JulyZOI2 178.971 3.061 32,902 8P17 22Z,951 Aetumulateddoprethtlor+and Imylrmentlosses At l August 2021 r8c4atio ImpaMTrr 125.5161 11.6051 119.4791 14,7401 149.7351 11.6051 Charge forthe year- DepreciatKn 14,3961 12,7951 17,7061 Disp05als- Depreciation Impairmeni At JI I￿Y 2022 2,218 3.081 126.2181 693 2.911 3,081 153JJ541 121,581 I&Z551 baokvalue At 31)￿¥ 2022 152.755 3,061 11.321 762 169,897 At 31 July 2021 157.071 2.098 11,324 2,720 173,213 Flnan¢ed bycapttsl ¥r•ffl: At aljuly Z022 1.936 1,936 At 31Juty 2021 20￿￿) 970 21,OfA) As part of the tr3nYtM)n to FRS 102 the un￿e[sI￿5 land and buildlhgs ￿*re va&Jed at 31 2014 5￿tt aThd Parker, an external valuer, in accordancewlth RICSValuation-prt)fè55ion31 staNlarOs. erlt38e •ssets held by the Vnhersity CDTr￿5ts of ?rtwowk and assets of culwyal Irbterest di5k4ayed in the Vnwer%Vs Camp￿Se5 In perp2tuity. The total estirnated value of the a55et5 a5 de￿rMirted in April 2021 £169,550 (February 2020.. £171.4001. The reco8nitton value of all items is based the Snsur3n¢e rÈplater7Tent cost. The herlta8e a55ets are noi depreciated astheir indMdual value, other than for Insurance purposes, Is not known. These as5etvaluesare not induded in the tan8d>k a￿et Mte. TherewerEno tan8lble as￿t$￿Id bythe Subskl&ry￿Mpa￿Y. 51fategic Report and Financial Statements for the year ended 31 July 2022 56

Notes to the Financial Statements (continued) 9a TANGIBLE ASSETS HELD FOR RESALE Consolldated and University Freehold Land and Bulldings Total 202Z E'ooo 2022 £,￿0 10,378 Cost As at 31 July 2021 10,378 Disposals 17,7601 17,7601 Check 2.618 2,618 cumulated depreciation and impalm)ent losses As at l Au8USt 2021- Depreciation Impairment losses 11,5131 11,9621 11.5131 11.9621 Depreciation charge for the year 11391 11391 DTsposals- depreciation Disposals- impairment 1,251 1,962 1,251 1,962 As at 31 July 2022 14011 14011 Carylng value At 31 July 2022 2,217 2.217 Al 31 July2021 6.903 6,903 The University held two major assets. Hall Place and thè campus buildings at &roaitstalrs for disposal. The impaim)ent review in 2020 of these properties led to an impairment charse of £1.472m to bring the carrying value to reflect the lower of expected resalè value and net book vèlue, Ilne with the accounting policy for assets held for resale. At the end of the financial year 2021 a further review was carried out and a reductlon of the carrying value of the Broadstairs properties was iequired, leading to an impairment ¢har8e of £490k. The sale ol the property in Broadstairs completeil In May 2022 and the sale of Hall Place completed after the year end in Au8USt 2022. Strateglc Report and Financial Statemenis for the year ended 31 july 2022 57

Notes to the Financial Statements (continued) 10. FIXED ASSETIIIVESTMENTS Shar￿ I Capital Contrlbution Loan$ Total E'O(KI £'o(K) £000 450 At l August 20213nd 31 July 2022 450 450 Medco ICCCUI Limited had share capf(al of lo,0￿.(￿￿• £1 ordinary share5 of which 4,500,002 wert issued. all owned by Canterbury Christ Chufth University. £4,500,￿0 of the £1 ordinary shares were converted from 15sued and pald up redeernable preference shares at an Extraordinary General Meeting on the 7 November 2(116. At an Extraordinary General Meetin8 held on 26 October 2009. Canterbury Chrlst Church UnNersttv a8reed to a voluntary reductlon in it5 share capltal from £4.500.(K12 to £449,999. The subsidiary company Medco ICCCUI Limited had been (lormant from July 2012. The company was reactivated anil started irading as an a8ency for ternporary sraff fforn l February 2015. The result5 of the subsidiary company have been consolidated wlth the parent companws sratements. The regISte￿d address of the subsidiary company is the same as the parent. Rochester House. St Goerge's Place, Canterbury. Kent, cri ILIT. The Directors and Goveming Body believe that the carryin8 V81ue of the investment is underpinned by the tsperational Value the bu5ine55 provides to the parent company. This support is in the form of a8ency woikers Sn a range of role5 Within the Universty. and to students and graduates in the fom of employrnent Oppgrtunities. Stiategic Report and Financial 5tstements for the year Ènded 31 July 2022 58

Notes to the Financlal Statements (continued) 11. INTANGIBLE ASSETS Consolld•t¢d and Uhlverslty Assets I devdopment sOf￿Are Totsl £'(K)o At l A¥ust 2021 10.677 3,023 13,71Y) Additions 3568 3,568 A$s￿S comln8 Into Use IA63 At 31 July 2022 IZ,782 4M6 17,Z68 Amortisatioh At l August 2021 654 Charge forthe year 601 )1 At 31 ￿lY 2022 1.255 L255 Net book value At JI 2022 12.782 3,131 16.013 At 31 July 2021 ID.677 2,369 13,046 I￿￿￿114t assets include the 50ftware a55ets that I￿ t*ng devebped aré the develosxnent eost of the Medlcal School prosrèmmè. Strategic Report and Financial Statements for the year ended 31 July 2022 59

Notes to the Financial Statements {contlnued) 12. TRADE DEBTORSAND OThER RECEIVABLES ConsollOat•d Unlverslty 2022 2021 £'o(K) 2022 2021 £'o(x) Trade debtor5 Prepayment5 and accrued Income Amount owed by 5ubsldlary company 57,886 11,582 18.874 5.522 57,886 11.558 18,865 5,522 69.468 24,396 69.478 24.387 The level of student debt owed at the end of the year has increased by £40m due to the intske of partnershlp students. 11 CRED￿OR5. AMQUNTS FALUNG DUEWITHIN ONE YEAR Ginsolldat•d Uni¥erslty 2022 2021 2022 2021 É'(x)o Bank loans Trade credthrs Amountowed to subsidiary company Taxatlon and social security Accrua15 and defer￿d income Oeferred Capital Grants 2.613 2.621 13,839 2.613 18.2114 213 2,9 74,S68 2,621 I3￿39 132 2,967 30.980 2.967 31.034 74,630 98,430 50.461 98,581 50.539 Amourts owed lottr￿ 5ub5idlary compaty and amounts owed by the parent cDmpaThy are unsecured. interest free and repayable 30 days from the date of itwoice. The bank k)ans relate tt> the Capital r@￿v￿eTht ol loan finance to supptht the campus redeveloprnenL the purchase of thÈ pri50n and student accommodation In Broadstsir* Loans are seojred on assets of the University and the ban agreement restricts further borrowin8 and Indebtsdnes5. As at 31 July 2022 the Unlverslty has a creditor of monies owed to the University of Kent of £1.232.16512021-. a creditorof £IS.011 wa5 reportedl. Strategic Report and Financial Ststements for the year ende¢J 31 July 2022 60

Notes tothe Flnanclal Statements l¢onilnuedl (HEDtTORkAMciifiT5FAWNGDUEAFtEAtrA)EIHtr4 OI%Yi4 2021 2[121 S￿￿redIC￿r 3y.I BI￿03 Z9.1gD 31.103 t4.￿0 65.803 ,iy) 65.803 .1 Th? twalt FacllftyiskninfiMKe providEd ivinvyby Uoyds and PlItWtJt bwr&5. ThED¢￿￿￿ent? Dx103 Utro5ew buryQmtyiDqw¢loyn¢nt3 De< 2034 li lQ.( D¢42D33 479 Bank trdrtFariItyl5(￿1 Apr2D33 i¢sID I7.IDll CrediiFacilit¥15¢N) 2D33 ios FEblD21 12Q23 5thn9 2024 ln Apr￿ 2016 th• inioa FIri￿￿1rty￿th Nwf4•wtt¢ ttr¢ Es141ÈsMasti Plin forthe tov4lty￿rt•￿￿￿nt rfvÈYrswtht￿ QPtsontocKwrtto a tEtrn att tothpwon ofthEbuilrf1￿ progrdhyknè. a r￿￿ul11￿￿)￿cblryp￿bIISlthE futtdsrénlllThtOfLThlt￿d 0.6¥.IhÈ UV1U￿tt￿tslM￿P•nS•dtQthvstrternEnt￿￿p1ltr￿b1ftEom•. Strategic Report and Financial Statements for the year ended 31 July 2022 61

Notes to the Flnanclal Statements (continued) 15. BORROWINGS ICONTINUEDI Consolldated and Unlverslty 2022 £'ooo Bank loans and overdrafts Bank loans and overdrafts are repayable as follows.. 2021 £'oc In one year or les5 2,613 2,621 Betsv&n onè yèar and two years 2.609 2,613 Behveen two and five years 7A79 7,597 In five years of mofe 40.102 55,593 Total 52A03 68.424 16. PROVISIONS FOR LIABILITIES Consolldated awKI Unl¥erslty 2022 £Y¥ 2021 Dilapidation provisign at the stsrt of the year 2,442 Additions in year IW2 Released 16531 At 31 July 1,833 2,442 The University has provided for the potential futvre dilapidatlon ¢osts in line with the substance of the works required. 2022 2021 Other Provlslons Provisions at the start of the year 4.093 1.577 Addltlons in year 7.(69 2,516 Released Provision atthe end of the year 10,662 4.093 Provision is made for the rthum of unused funding from prior years and an estimate of the net pension liability frorn the pension costs of the Universities Superannuation Scheme. Strategic ReFort and Financial Statenwnts for the year ended 31 July 2022 62

Notes to the Financial Statements (continued) 17. ENDOWMENTS Consolldated and Unlverslly 2022 2021 Restricted Pern￿ne￿t Expendable Total Total EllOO £￿00 £'ooo Openlng balance at l August 2021 Capltal 399 39 438 296 Movemènt for the year to date New Endowments 122 122 173 Interest Expendi￿re 1381 (381 1311 84 142 aoslng balance at 31 Juty 2022 483 40 523 438 Represented by: Capital 40 523 438 The above amounts are represented by c?%h balances Repre$entlng.' Speciflc donations Scholarships and bursaries 187 187 Prize funds 298 37 335 249 40 523 438 Strategic Report and Financial Statements for the year ended 31 July 2922 63

Notes to the Financial Statements (continued) 18. CASH AND CASH EQUIVALENTS UniveTrlty At 1st August 2021 Cash Flows At 3tstJulv 2022 Balance at bank 29,940 3,591 33,531 Cash & cash equivalents- endowment a55ets 444 65 509 30,384 3.656 34,040 Conso15dated At 1st Au8USt 2021 Cash Nows £'o At 31st July 2022 Balance at bank- ijniversity 29,940 3,591 33,531 Balance at bank- Medco ICCCUI Limited 309 1261 283 Cash & tash equivalents- et)dowmeAt assets 444 509 30.693 3.630 34,323 19. CONTINGENT LIABILITIES The concluslon of the Harpur Trust v Brazel case in July 2022 detèm14ned that workers who only Work for part of the year, but who are on permanent contracts, are effectively entitled to the same hollday allowance as workers who work all year. rhe Universrty is reviewing r(s position to ensure it 15 in compliance with the Court's interpretation of the relevant re8ulations and is conslderinB the impact on emisting and past contracts. The Unwersity is unable currently to determine wlth any certainty whether a provision 15 required to be reflected in the Finanoal Ststements for the year ended 31 July 2022 and the quantum of any such provision. It is acknowledged that any liabilitywhich may arise will need to be recognised in future years. Strategic Report and Financial Stslements for the year ended 31 July 2022

Notes to the Flnanclal Statements Icontlnued) 20. iEASE oBL￿ATIoNsAND OTHER COMMITMENTS At 31 july 2022, CaTrterbury Christ Church Unwetsity had annual commitmer•ts under non-canCellab￿e operatin8 leases as follows.. land aNI Buiklin8S Pl8nt afftl Machlnery £￿0 Total gljuly 2021 P•ld thevear 4,372 2.166 653B FyfvrÈ nwnimum loa5• paymertsdue: 140¢ later than I year tertan lyear ènd notlerth3n S years laterthan 5yea 4,361 16.683 1,961 7.138 2L499 6322 2321 69.781 6,222 26,931 66,720 T¢)tsl I￿s paymfftntsdue 69,326 30.598 99.9Z4 99,873 The UniVe￿ty had outsts￿Ing finantol ¢ommitmortS in ihÈ form of open wr(a5e order5 with a total value of £8,450,123 3ttheyear End12021..£7.418.2931. Ttteseordersdonot form p3rtof theatrmiveleasecommitments. other commikmentseonslst of bngtermarr8￿ge￿enfsfor the use of Polo Fami facilities bythe Unfvet5hy fora temi of 65 vears. F¥ture minimum pawnents due.. 2022 2021 Nor later1ha￿ l Year Laterthan Iyearand not laterthan S years Laterthan S years 328 ijii 17.177 317 1,266 16,504 1816 18.487 21. RELATED PARTY D15CL05URES CaThtsrbury Chr$t Church VnI¥ersi￿S 5ubsidi3ry company, Prfledco ICCCUI Linitpd trades 35 a Unitemps st3ffin8 36enry, under a franchI5e arrangement with WarwKk UDwersty Enterprises Llmiied. The ultimate CDntrolllng p3rt¥ olthe Subsid￿ry ompany Is the pareni company, the Uniyerslty. The 5ubsldiary companrfs results ha￿ bÈen consolldated wrth the parent company irj ihese h"nancial statements. Furt¢ln8 council 8ranis aredisc105ed on the fa￿ of the State￿￿1 of comprehÈnslve Income and In the relevant notestothp financial statement ZZ. EVEfirs AFTER THE RÉPORTIG PER cpi Sump¥on-Pon$lo￿rVrt1?4 Pen￿0￿ Increase Orders are used to setthe level of pen51on increases wrth effec¢ l Aprll of Eath year, ¥Vilh refefence to the change in CPI inflation o¥er the 12 morsths to ihe preV￿u5 September, whith was announcèd in Ortober. This VAS 10.1% and ¥V3S constrderabty hl8hei than the CPI assumption Set by employers 35 at 11 july 2022. Altho￿8￿ PeTh￿On Increase oiders have always been set wi£h refeyence to thé SeptetTther CPI for the last 10 years and the September RPI for the precedifi8 20 years, thry are not autornatically Set and they awE onty known with absolvte certalnty when the Pension Increase Order i5 enacted by Paillamenr, which is ￿UAllY In April of the follo￿￿£ year. Sinilarfy, the like￿ level of the forthcomin8 Pen4on Int¥ease Order 2023 was not knLVln 3t 31 j￿ty. Consequently, no adjust￿nI has been made to reco8nse the posmble 2023 Pen5kin Increase Order %Yhhkn theCPI assumpti￿. The UnwÈw5ty will be enterfng irsto a contrart forthe ref￿r￿sh￿ffj olthe Petros buildin85 in Canteri¥Jry thal I￿11 ensureth cladding and insulation of the fve of stUde￿r resldÈnties are up8raded. This is an investment of £9m this ￿Ported as a proVi￿on In 202V2022 that￿￿1 be utilised fora pro8rammedexpected to commence in early2023. Strategic Rewrt and Financial Statements for the year w)ded 31 July 2022 65

Notes to the Financial Statements (continued) 23. PENSION SeTr￿mE5 The three principal Pensi￿ Schemes for Canterbury Chrtst Church Unwersity's staff 81e the Teacher's Pension Scheme ITPSI. the local Govemment Pension Scherne ILGPSI and the Universities Superannuatlo Scheme IUSSI. The schemes are defird benefit schemes. The TPS and USS schetne5 are both muki- employer Khemes and It ￿$ not possitAe to identify the è$￿S of the schemes whlch are attri￿tab￿ to the Universityon a con515tent and rellaNe basis. In accorrlance wlth FRS 102 the IJSS andTPS ￿nsions¢her￿es are accounted for on a defined contributh)ns basls. The contribut￿n$ to i￿Se scherne are included as expenditure In the peflod in whth they are payable in the Ststement of Comprehensive Income. The l￿n￿er5￿ has an agreed obligation to fund past defldts of the USS ènd therefore. ￿(O￿nISeS the contributions payalle that arisefrom the agreement asa liablllty Inthe BJlartt Sheet. TPS is an unfijnded scherne and therefore. no liabilityfor past defScfts a￿ ￿￿rted. The total employer's penslon contributionlorcantsrbury Chr￿t Church Uni%rsitywas: 2022 2021 Contribution to TPS 6,663 6.099 Contrfbution to LGPS 3.942 contributi￿ to USS 341 275 11,364 10.316 Percentage employets contributTrons toTPS as atthe year end 23.68X 23.68% Per￿nts￿e ernployers ￿ntrIbUtionS to LGPS as at the yearend 17.50% 17.50% pe￿entsge employets contributions to USS as attheyear end 21.60% 21.1(ty6 a55umptioTrs and other data relevant to the deterMinat￿n of the contiiblrtiot) Iwels of the schemes are as follows.. TPS 31103116 LGPS 31103119 uss 31103120 Latest artuarial valuatlons Acty•rial Method Pr¢J5pertlve benefits Proje¢ted ilnlt Proiected Unll 8]￿ +2.75% to + i.o% Discount rate 5.30% 4.70% Salary sole increases perannum 4.20% 3.60% CPI 2.1% pa Penslon Increases perannum 2.fAN CPI up to 2.5% Market valueof assets at date of last valuation £6.218m £66.5CDm Nornlnal mèrket value of assets at date of the 18St valuation £196,ILK>m £6.193m Proportion of rnembers accrued benefits covered by t￿aCtUaTial value ol assets 98% 82% Strategic Report and Financial Statements for the hear ended 31 July 2022 66

Notes to the Financial Statements {continued) 23. PENSION SCHEMES ICONTINUEDI The most recent valuatlon of Kent's icKal Government Pension Scheme at 31 March 2019 records a deficit 01 £129m, equivalent to a funding level of assets to liabilities of 98%. The Teachers, Pension Scheme valuation at 31 March 2012 reported the scheme as having a notlonal deficit of £15.0 billion. In the valuaiion report for the year ended 31 Maich 2016 the notlgnal deficit Increased to £22.0 billion. The latest Universities. Superannuation Scheme valuation at 31 March 2018 Indlcated that the scheme hèd a shortfall or defitii of £3.6 billion. In the valuation ￿port for 31 March 2020 the deficit had Increased to £14.Ibn. equivalent to a funding level of assets to liabilities of 82%. Teacherf Pénsionsscheme The Teachers. Pension Scheme ITPSI is a statutory, contributory. defined benefit scheme. The regulations undèr which ihe TP5 operates are the Teachers, Penslons Regulations 1997, as amended. These regulètSons apply to teachers in Schools and other edU￿tIonal establishments In England and Wales maintained by socal authorities, to teachers in rnany independent and voluntary-aided schools, and to teachers and lecturers in establishments ol further and higher education. mèMbe￿h¥P is automatic lor full-time teachers 3nd lecturers and from l January 2(XJ7. for teèthers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out tsltheTPS. The Teachers, Pensions Regulations fequire an annual account, the Teacher5, Pension Actount. to be kept of ￿ceIptS and e¥penditure (including the cost of pension5' increa5e51. From l April 2￿1, the Account has been ¢￿dited with a real rale of return Iln excess of Price increase5 and cuirently set at 3.1%), which is equivalent to assuming that the balance in the account il invested in nOt￿n31 investments that produce Ihat real rate of return. Not less than every four years the Government Artuary. uslng normal actuarial principle5. conducts a formal actuarial review of the TPS. The aim of the review is to specify the level ol future contributions. The contribution rate paid into the TPS is assessed in two parts. First, a 5tsndard contrlbutlon rate ISCRI is determined. This is the contribution. expressed as a pefcentage of the salaries of teacher5 and lecturers in service or entering service during the period over which the contribution rate applies. which if it were paid over the entire actlve service of these teacher5 and lecturers would br03dly defray the Cost of benefi15 payable in respect of that service. Secondly, a supplementary contribution is p3yable if, as a result of the actuarial investig3lion, it is found that accumulated liabilities of the Account for benefits to past and wesent teachers, are not fully covered by standard contributions to be paid in future and by the notional fund built up from past contributions. The total contribution rate payable is the sum of the SCR and the supplementarycontribvtion rate. Although teachers and lecLurers are employed by various bodie5. their retirement and other pension benefits, including annual increases payable under the Pensions Ilncreasel Acts, as provided for in the Superaftnuation Act 1972, are paid out of monies provided by Parliament. Under the ktrnfunded TPS. teachers. contributions on a 'pay-as-you-go' basis and ernployer5' contributions are credited to the Exchequer under arrangement5 governed by the above ACL The scheme is accounted lor as rf it is a deflned contribution Scheme. Strategic Report and Fihancial Statements for the year ended 31 july 2022 67

Notes to the Flnancial Statements {continued) 23. pen￿0￿ Scheme5 Icontlnyedl un￿ersIt1eS5uperannUatl0n Scheme US5 is valued every three years by professlonally quallffied independent attuaries using the projected unit method, the rates of contribution payable bein8 determined ty the trustees on the advice of the actuaries. In the intervening years, the USS attuary reviews the progTess of the US5 scheme. The contribution rate payable by Canterbury Christ Church University to USS is 21.6% of pensionable salaries. The actuary to USS has confirmed that rt 15 appropriate to take the pension costs Sn Canterhlry U)rist Church University's finarKial statements to be equal to the attual eontribtrtions paid during the year. In particular, the current contributbn rate has regard to the surpluslldeficitl dlsclosed, the benefit improvements introduced subsequent to the valuation and the need to spread the suiplus/ldeficitl in a prudent manner overthe future worklng lifetime of current scheme members. Because of the mutual nature of the Scheme, Canterbury Christ Church un￿￿sty 15 unable to identrfy it5 share of the underlyin8 a55ets and liabilities of the scheme on a consistent and reasonable basis and therefore, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure accouni represents the contrfbutK)ns payable to the scheme in respect of the accounting year. The liability ftir future payryEnts is Included in the balance sheet as a provision. Local Go¥•rnment Penslon Stheme The LGPS Is a funded Scheme and is Vall￿ every three years by attuaries u51n8 the projected unit method. the rates of contribution payable being determlned by the Members of Kent County Council Superannuation Fund on the advice of the actuarie5. In the intervening years. the IGPS actuary revlÈws the progress of the LGPS Scheme. For LGPS. the actuary has indicated that the resources of the scheme are Ilkely. bn the ￿m}a1 course of events. to meetthe liabilities as they fall due atthe level speclfied bythe LGPS Regulatlon Under the definltions set out in FRS 102 the LGPS Is a multl-employer defined beneflt pert￿on xheme. In the case of the LGP5. the actuary of the scheme has identlfied Canterbury Christ Church Unlversitvs share of its assets and liabilities as at 31 July 2022. The pension scheme assets are held in a separate trustee administered fvnd to meet long-term pension liabilities to past and present employees. The trustees of the fund are required to att in the best interests of the funds. beneliciarie5. The appointment of the trustees of the fund is deterrnlned by the 5chwne's trust documentation. The trustees are responsible lor settln8 the investrnent strate8y for the 5theme after consukation with profess*)nal advisors. The significant assumptions used by the artuary for FRS 102 lor the LGPS at 31 July 2022 were.. 2022 2021 Inflation / Pension increase Rate of increase in salaries Discount rate for Ilabilitie5 2.75 3.25 2.60 3.10 It 15 accepted there is a potential flnartial impact to the choits of assumptions applied. The Universlty has considered the assumptions for the year in comparison to assumption5 applied by other institutM)n5 and selected those within the mid range of the sector. 5tratsgic Rep)rt and Financial Statements for the year ended 31 July 2022 68

Notes to the Fbnanclal Statements (continued) 23. PEN510N SCHEMES ICONTINUEDI The POSL retlrement mortality tsble5 adopted are the S3A tsbles. These base tables a￿ projected using CMI 2021 model. The S3PA tabks provide for a multiplier of 110% for both males and females. The ba tables are projected with a long term rate of improvement of 1.25% p.a., a snKJOthln8 parameter of 7.0, and an initital parameter of 0.0%. The welghtlrw8 parameter for iKlth 2020 and 202115 5%. The assumed life expettationsfrom age 65 are- Males 21.0 years 22.3 years Females 23.5 years 24.9 year5 Current Pensioners Future Pensloners sensltlvltya￿tySS stment torfiscI)unt rate Presentvalue of total obligation Projected service c05t +Q.i% 152,453 6,812 0.0% 156,142 7,087 -0.1% 159,924 7,372 AdJu5tmertto bn8 term salary increase Presentvalue of lotal obll8ation Projerted service cost O.i% 156,452 7,092 0.0% 156,142 7.082 -0.1% 152,733 6,810 Adju51mert to penS￿n increase5 and deferred revaluation Presentvalue of totsl obli8ation Projected service £05t •O.i% -0.1% 159.634 7,373 156,142 7,087 152,733 6.810 Adjustment to hfe expettancy assumptio Present value ol totsl obligation Projerted Se￿iCe c05t 40.1% 161,745 7,378 .0.1% 150,737 6,807 156,142 7.087 The assets In the LGP5 scheme and the expected rate of return forcanterbury Christ Church University were.. Valueat 31Julv 2022 Value at 31 July 2021 £'(YJo £,￿0 Equltles Gilts Bonds Property Cash Absolute return fund 97,517 96.090 938 20,573 15,387 4,383 10,373 19,977 l8,079 2,798 10,957 I50,￿9 147.744 Value at 31 July 2022 £.￿0 Value at 31 July 2021 £'o(M) Tot•l market value of asset$ Presentyalue of stheme Ilabilitles Presentva14Je of unfunded liabilities 150.189 1156,1321 iioi 147,744 1223.9621 Deficrl in the Stheme-netF*￿1ort liablllty strategic Report and Financial Statèments for the year ended 31 July 2022 69

Notes to the Financlal Statements (contlnued) 23. PENSION 5CNEMES ICONnpiiiÈDI 20ZI R¢tonclll•tlon ol Defined Beneffi0￿1￿lknn Openln8Oefined Benefitobllpth Current SernKe Cost Interestcost Change in financial ￿sumptIonS Chan8e in (kmogfaphic 455umptK)ns Contributions by Mefflber5 Losses on curt8llment$ Estimated Unfunded Benefits Pald Estimated Benefrt5 Paid Inet of transfÈr5 inl Exper￿nce (Bal￿11￿•55 C￿ defird benefitowigation a05Ing Bendrt Obll8atlon 223.973 iJ,680 457S 193,2F 10,743 3,086 23,657 12,3851 1.510 43 14.1031 1.846 221 13,1291 939 156 143 12,3591 13,5811 223,973 ' The chan8e In demo8raphlt assumptions reflectsthe outcomèofthe recent McCloud/SargeantpJd8ement. R#ondllKlon ofFaliValue ol Em￿0Y& knets 2021 cnlnJ FalrValu¢of Ern￿0VerA$$ets Intere5ton assets Return on assets le55 interest Admlnlstr8tion expenses ContribvtK)ns bythe Employer ContributK)ns by Manbers Other Actuarial 83in5 E5tlmaied 6enefrts Pa￿ including unfunded beneflts 147,744 1393 13,4581 125,416 2.033 17,134 4,879 4,1 1,510 13,130 123601 ao4ng F•lrValue•f EmpknyErA55els 147.744 The total return on fvrKI a5setsfor the yearto 31 July 2022 was a1055 of £1,065J)tKJ èfter interest charEes3re ￿tted off. Scheme assetsdo not irtludÉ any canteri￿r¥ Chrlst Church Unwersity owned fironclal Instruments•F any property occupled by Canterbury Christ Church Llnlver&ty. 2021 Analyslsoltheamothtshtrwn In bolanu sheetlor LGP5'. Seheme a55ets Scheme liabl1￿e5 In thescheme-nÈtpensitih liibllhy rttoided wlthln peM1o*5 provlslons 150,189 1156,1431 15.9541 147.7M 1223,9731 176,2291 Current seNte tQ5t inckndin6 Curtailments Admin charge Tirtal Opernt1￿ ¢￿1&￿. ,901 10,786 89 10.875 An•lyslsof theamtsiffitt￿r1ed tg Interest pay•blefor LGPS Interest cost charsew otheiflMncelntt)mt 1,182 l.C63 1.053 Totsl profltand loss th•rKe before deductlonbrtax Anily51s ol otherr•rbwrther&lve Intmefor LGP5: Glin on assets Other attuarial 8ain5/llossesl on a55ets Changes to demoEr8phit assumptions Financial assumption thaD6e5 EMp2rY&n£e 8aln/lknssI on defined benefit oblig3ttrJn Total other (omprehensl¥Èin¢omtbÈforededuthn frlrts IJA581 17,134 4.101 2.385 123.6571 3.581 557 19391 Strategic Rèport and Financial Statements for the year ended 31 July 2022 70

Notes to the Financial Statements (continued) 24. FINANCIAI INSTRUMETrITS Consolidated 2022 2021 Flnanclal Assets Financial Instwments are debt instrument5 measured at amortised cost Cash and cash equivalents Tradè and other debtors 34.323 58.567 30,693 19,627 92.890 50,320 Flnanclal Llabllltles Flnanclal liabilities measured at amortised cost Loans Trade creditors Other creditors 52,803 18.201 74.630 68,424 13.664 31,034 145,634 113,122 Unlverslty 2022 £'ooo 2021 £'ooo Flnanclal Assets Financial Instrument5 are debt instruments measured at amort15ed cost Cash and cash equivalents Trade and other debtors 30,384 19,617 58,567 92,607 50.001 Flnanclal Llabilitles Financial liabilities measured at amortised cost Loans Trade creditor5 Other creditors 52.803 18,201 74,781 68,424 13,664 31.112 145,785 113,2CX) 5trategi( Report and Financial Statements for the year ended 31 July 2022 71

Notes to the Financial Statement5 {continued) 25. STUDENT SUPPORT FUNDS 2022 Totsl 2021 Total £'ooo DfE Bursaries Funding Council grants 2,079 5,487 Balance brought forward from previous years 262 169 Disbursed to students 11,9501 15,3941 391 262 HEKSS Paramedic Bursarles Funding Council grants 37 Balance brought forward from prewous years 120) 1211 Travel expenses paid to students Disbursed to student5 121 1361 1201 Strategic Rep)rt and Financial Ststements for the yEar ended 31 July 2022 72

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORING BODY OF CANTERBURY CHR15T CHURCH UNIVERSITY Reportonthe audSt ofthe flnanoal statements Opinlon We have audlted the financial statements of Canterbury ChrTSt Church Univer51ty I'the Univer5ity'l and its 5ub5idlary I'the Group'l for the year ended 31 July 2022 which comprise the Consolidated and UnNersity Statement of Cornprehensnie Income and ExFenditure. the Con501idated and University Statement of Chan8es in Reserves. the Consolidated and Univefstty Statement of Financrél Posltlon, the Consolidated Cèsh Flow Statement note5 to the financial statements, including a summary of signIfi￿nt accountlng polics. The financial reporting framework that h8s been applied in thelr preparation Is applicable law and United Klngdom Ac£ountlng Standard¥ including FRS 102 Yhe Financial Reporting Stsndard Appllcable in the UK and Republic of Ireland" Ivntsd Klngdom Generally A¢￿pted Accounting Practitel. In our oplnion. the financlal 5tstements'. give a true and fair ¥￿WOf the state of the Group's and UnFversity'5 affairs as at 31 July 2022 and of the Group's and Unwersltls income and expenditure gain5 and losses, changes In reserves and cash flows forthe yeai then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accountln8 Practlce,. have been prepared In accordance wlth the requlrements of the Ststement of Recomrnended Prattice Accountlng for Furtherand Hlgher EdUc￿l0￿,- and have ieen p￿pared in accordance with the requlrernents of the Companies Act 2006. Basls foroplnlon We tonducted our audit In accordanre with Intemational Standards on Audrtlng IUXI IIS4s IiIKII and applicable law. Our responsibilrtie5 under those stsndard5 are further descrlbed in the Audltorfs ￿sponSIbl1rtles lor the audft of the financial statements Section of our ￿pOrt. We are iTrdependent of the group and UniveTSity in accordance with the ethical requlrements that are relevant to our audlt of the financial statements In the UK, including the FRCS Ethical Standèrd and we have fumlled our other ethlcal resrK)nsibilitie5 In accordance with these requlTements. We belSeve that the audTt evldere we have obtained i4 5ufficlent and appropriats to provide a basls for our opinion. Concluslon$ r•l•tinBto goln8 (orKern In auditing the flnancial state￿￿nIS, we have concluded that the &1￿CtorS, use of the golng (ortèrn ba5Is of accounting in the preparation of the financal statements is approprfate. Based on the work we have perFofmed. we have not identlfFed any tnaterial urKertalnties relatln8 to events or conditlons that, Indlvidualty or cdlectlvely. may cast slgntfi¢ant doubt on the Group's and Unlverslty's ability to continue as a golng concern for a perlod of at least twelvè months from when the financial Statements are authorlsed for kssue. Our responsibilities and the responsibilr(ies of the dlrectors wlth respect w gdng conctrn are descrfbed in the relevant sections of this ieport. Other Infomwtlon The other inft>rrnation comprlses the inf0rr￿tIQn Included In the Annual Report, other than the financial statements and our audttorfs rèKX)rt thereon. Our oplnion on the financSal sratements does not cover the tsther Infomiatlon and, except to the extent otherwlse expI￿ltIY stated In our report, we do not eXp￿sS any forrn of assurance conclusion thereon. Our responsibllty lsto read the other informatlon and. in (kjing ￿. consider whetherthe other infoTrnatlon1s riN1teilally Inconslstent the financbal statements orouT knOw￿dge obtained in the audlt or otherwise 36

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORING BODY OF CANTERBURY CHRIST CHURCH UNIVER51TI ICONTINUED) appears to be materlalty ml55tated. If we Identrfy such rnateflal Inconsistent*s or apparent rnaterEal misstatements, we a￿ requlred to determine whether there is a material mis5tstement in the financyal statements or a material misstatement of the other inforniation. If, based on the work we have ￿rformed, we contlude that there 15 a materk31 mi5StatenEnt olthis other Informatlon, we are requlred to report that fact. We have nothin8to report In thls regard. Responslbllitiesof Dire¢tors As explained Fwre fully In the Statement of Responsibilities of the Dirertors set out on page XX, the director5 are responsible forthe p￿paratIOn of the financial staiements and for being satisfTed that they give a true and fair view, and for such internal control a5 they detèrm5ne 15 necessary tt> enable the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error. In pre￿rIng the fi'nènckl statements, the dI￿trorS are responsible for assess5n8 the Gioup and UnIversi￿S ability to Continue 85 a going concern, dlsclosing, as applicable. matters related tD going concern and u5inE the going concem basis of accounting unless the directors eithei intend to Ilquidate all or of the Unwer5ity Group or to cease operatlons. or h3ve no realistic 8lternatNe but to do $0. Audito￿$ responsibililies forlhe audlt otthef nandal st•¢ments Our oblettives are to obtaln ￿aSonable assuranEe aly)ut whether the financial stètements a5 a whole a￿ free from rnaterial mI5Statement, whether due to hud or error. and to issue an auditorfs report that includes our oplnion. Reasonable assurance 15 3 hieh level of assurance, but is not a guarantee that an audlt conducted In accordance with ISAS IUKI will alway5 detect a material misstatement when r( exlst5. Misstatement5 can arise from fraud or error and are considered mateiial if, indlvidually or in the aggregate, they could ￿3$onablY be expected to infltsence the econornlc decisions of user5 taken on the basis of these financial statements. The extent to which our pr¢xedures are capable of dÈtectln8 irregularities, including fraud is deta51ed below. Irregularities. including fraud, arelnstances of non-tomp11ancewlth law5 and ogulatlons. We desi8n pr￿edureS In line with our responsibilities. outllned above, to detect rnaterial mlsstaternents in respett of Irre8ularitie5, includlng fraud. Based on our understwndin8 of the Unlverslty Group and ts operation5, we tonsldered that non4ompliance with the followin8 law5 and regulations might have a material effect on the financi41 5tatements.' Ofs requlrements, UK tax legislation. pensions legislation, employment ￿KUlatIOn and heakh and safety regulation. anti-bri￿ry, corruption and fraud, nN)ney K7underingand non-compliance with Implementation of government support xhemes relating to COVItI-19. To help us identlfy instancesof non<ompliancewlth these laws and regulatlons. 3nd in idèntifylngand a55e5sing the risks of materlal misstaiement in reskEct to non-¢omplIan￿, our procèdures Included, butwere not limi(ed to.. Inquiring of management and, where appropriate, those char8ed wlth governance, as to whether the University Group is In compliance with laws and regulations, and dlscussin8 their wli¢tes and proceduKes re8aiding compliance wlth laws and re8ulations,' In5petting correspondence, if any, with relevant licen5inÈ or regulatoryauthorftles.. Communicatlng identffied la￿ and regulations to the Èngagement team and remalnlng alert to any Indications of non-compliance throughoutour audlt; and Considering the risk of acts by the Univetsity Group whlch were Contrary to applicable laws and regulations, Includlngfraud. 37

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORING BODY OF CANTERBURY CHRIST CHURCH UNIVERSITY ICONTINUEDI We aLso considered those laws and ￿8VI8tkjns thèt have a dI￿rt effect on the p￿paratIOn ol the finarKial statements, such as pensions legststion, the Ofs Accounts DirectpJn and the CoM￿nieS Act 2(M)6 In addrtion, we evaluated the director5. and management's Incentlves and opwrtunlties for frdudulont rnanlpulation ofthelinanclal statements, Includingthe rlskolmènagementoverride ofeontrols, anddetermlDed that the principal risk5 related to P05ting rnanual journal entryés to manlpulate flnanc5al performance. rnanagement bias through judgements and assumpt5ons Sn slgnificant accounting estimates, in particular in relatlon to defSned benefrt pension obligations, revenue reCo￿lt￿n Iwhich we pinpointed to the Clrt-off assertK)n, and signi11￿nt one-off or unusual tTansactionsl. Our audlt procedures relatlon to fraud Included bUtWe￿ not limitedio- Makin8 enquiries of the directors and management on whether they had knovAedge of any actual, su$￿¢￿d Oral￿ged fraud., Galning an tsnderstsndingof the Intemal controls established to mitEate risks rÈL4ted to fraud; Discussing arnongst the eng3ge￿Entte3rn the risks of fraud.. and Addressing the risk5 of fraud through management ove￿de of contrds by ￿rf0M11nR loumal e)try test5ng. The￿ are Inherent Ilmitations In the audit procedures d25crlbed above and the prirnary re5ponslblllty for the p￿VentIOn and detection of ir￿8￿13r1t￿5 Including fraud rests wrf(h management. As wlth any audlt, there remained a risk of non4etectK)n of Frre8ularities, asihese may invtsfve collusion, for8ery. Intention31 omI5sbns. misrepresentations orthe override of internal controls. A fvrther description of our responsibilities for the aud¢t of the financial statements is located on the Flnanclal Rep(rting Council's website at Www.f¥c.org.uVaudfcorsres￿n$ibIlitie5. This description forms part of our auditorfs report. Other Requlrel Reponln8 Oplnlons on other matters prescribed by the Q)mpanie5 Art 2W6 In our opinion, based ty) ihe work undertaken in the course of the 8udlt: the inft>rrnatlon 8lven In the strategic report andthe directors, report forthe financlal perTod for which the financial siatements a￿ p￿pa￿d is con51stent wlth the flnancial ststement5.' and the strate8ic rep)rt and the dlrectors, report have been prepared In accordance wlth appI￿ats￿ le8al requlrements. Opinion on othèr matters wesli1￿d in the Ofs Audit Code of PractKe issued under the Further and Hher Eduotk?n Act 1992 In our opinion. in all materlal resP￿ts.. funds Irom whatever source administered by the provider fof speclfic purposes have been properlv applied toihose purposes and managed In &ccordancewith relevant legislation.. funds provided by Ots. UK Research and Innovatlor* (including Research England), the Educatlon and Skills Fundin8 ABency and the Departmert for Education have been applied in accordance wr(h the re￿Vant1erms and Cond￿￿0￿$,. and the requlrements of the Ots's accounts dlrection have been met. 38

INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORING BODY OF CApifERBURY CHRIST CHURCH UNIVERSITI (CONTINUED) Matter5 on which weaie required to report byexceptknn In light of the knowledge and understanding of the group and Univeyslty dnd its envlronment obtained in the course ot the audit, we have not IdentIf￿d materlal misstatements in the strntegic report or the directors, report. We have nothin8 to report in ￿spe￿ OF the following matters in relatioTr to whkh the Companles Act 2(K16 requires us to report to you if. in our Opin￿n.. adequate accountlng records have not been kepL or returns adequate for our audit have not been re&ived from branches rsot ViSlted by u5-, Of thefinaniial statements are not in agreement wlth the accounting record5 and returns; or rtain disclosure5 of directors, remuneration specilled by law are not made.. or we hève not receNed all the Informatlon and explanatlons we require forour audit. We have nothin8to rep)rt In respect of thefollowing rnatters in relatlon to whlch ihe OtsAud￿ Code of Practice QUI￿ us to ￿porr to you rf, in our opinlon: the provxlerfs grant and fee income, as disclosed In the notes to the a¢¢ounts, is materièlly tnlsstated- or, the providerfs èxpendytureon access and participatiL)n actiwttie5. a5 d￿ClOsed in the accounts. has been materlally mi5Stèted. Use of the audlt Yeport This report 15 mèdesolelyio the Vnfverslty's members as a tK)dy In accordance wlth Chapter 3 of Part 16 of the Companles Att 2006. audlt work has been undertaken so that we msght 5tateto the Univer51tVs members those ftktters we a￿ required to state to them in an auditorfs report and for nD Other purpose. To the fullest extent permitted by law. we (50 not accept or a55urne responsibility to anyorse other than the group and University and the University's members. as a body, forour audlt work, for thls rewrt, or for the opinitsn5 we have formed. SiBnBd: DRA Bott Isenior Statutory Auditor) for and on behalf of Mazar5 LLP Chartered Arcount4nts and Statutory AudSttsr 90Vlctorfa Street, Brlstol BSI 6DP Date: 39