Charity Registration No. 1099645
## Company Registration No. 04503712 (England and Wales)
# HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORMATION
## re
|Trustees|ProfessorDameHelenWallace
Sir David Robert Bell||
|---|---|---|
||MsMaryCurnockCook||
||ProfessorDameJulia Goodfellow § (Appointed 1 October||
|||2021)|
||Professor Sally LouiseMapstone|(Appointed23June 2021)|
|Charitynumber|1099645||
|Companynumber|04503712||
|Registered office|80Mount Street||
||Nottingham||
||NG16HH||
|independentexaminer|ShawGibbsLimited|
|---|---|
||264 Banbury Road|
||Oxford|
||OX2 7DY|
|Bankers|LloydsBank (Headington)|
||Lloyds Bank|
||87 London Road|
||Headington|
||Oxford|
||Oxfordshire|
||OX3 9AB|
|Solicitors|FreethsLLP Nottingham|
||80 Mount Street|
||Nottingham|
||NG16HH|
HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE CONTENTS
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||||||
|---|---|---|---|---|
|Page|
|Trustees’|report|4-3|
|Statement|of|trustees’|responsibilities|4|
|Independent|examiner's|report|5|
|Statement|of financial|activities|6|
|Balance sheet|7|
|Statement|of cash|flows|8|
|Notes|to the|financial statements|9-14|
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## HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 JULY 2021
The trustees present their report and financial statements for the year ended 31 July 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)."
## Objectives and activities
The Higher Education Policy Institute (www.hepi.ac.uk) is a charity that was established in 2002 ‘to promote research into and understanding of all aspects of higher education and to disseminate the useful results of such research for the education of policy makers and the general public in the United Kingdom’. HEP! is funded by higher education institutions and other organisations that wish to see a vibrant higher education policy debate shaped by evidence. We are grateful for this continuing support.
Our engagement with policymakers, the higher education sector, the media, students and the public is delivered primarily via reports, an online presence and events. HEPI looks to work collaboratively with other organisations committed to good public policy. Despite the COVID-19 pandemic, which severely disrupted institutions, staff and students during 2020/21, HEPI was able to maintain its impact at a similar level to the previous record year. There were more HEP! publications than in most previous years, a full (virtual) events programme and more engagement with our work online than ever before.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## Achievements and performance
As a specialist body, HEP! is much smaller than most well-known think tanks, but our work was recognised in the Prospect Think Tank of the Year Awards during 2020/21. HEPI was the runner up for the Social Policy Award and the Director was shortlisted for the inaugural Think Tanker of the Year Award.
## Publications
tn 2020/21, HEP! produced 25 pieces of original research:
- six Policy Reports or ‘blue books’, plus an accompanying online history of student finance;
- * six Policy Notes;
- four Debate Papers or ‘red books’;
- ¢ three Policy Briefing Papers;
- two press releases incorporating original research (on free speech and political support among students);
- one Analytical Paper;
- ajoint report with the UPP Foundation; and
- * the HEPI /Advance HE Student Academic Experience Survey.
The annual Student Academic Experience Survey took on a new importance as it revealed detailed facts about student perceptions in a crisis. Other highlights of the year included: HEPI’s first paper on climate change; a detailed look at how student accommodation has changed over recent years; a study of the graduate gender pay gap; an updated study in the series on likely future demand for higher education, this time with a new regional angle; regular polling of students about the impact of the pandemic; and a new focus on students’ personal lives.
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## HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
Our published output was lower than in 2019/20, reflecting reduced staffing during the COVID-19 pandemic, but the number of publications was similar to, or higher than, every earlier year: HEP produced 34 pieces of original research in 2019/20; 25 in 2018/19; 26 in 2017/18; 18 in 2016/17; 16 in 2015/16; 15 in 201 4/15; 10 in 2013/14; and under 10 in each previous year.
## Events
In 2020/21, HEPI hosted 19 events, either on its own or in conjunction with others, attracting almost 4,000 registered attendees and with many more people catching up with the events online afterwards:
- the HEP! Annual Conference on ‘Learning from the Crisis’, sponsored by Lloyds Bank and UPP. including speeches from the Secretary of State for Education and the Chief Executive of the Office for Students;
- the HEPI Policy Briefing Day, including sessions on policymaking, gender and higher education in the media;
- * a half-day conference with HEPI Partner Elsevier on ‘The Research Landscape’, with the Minister for Science, Research and Innovation;
- a party conference event, co-hosted with MillionPlus, with the Minister for Universities as one of the speakers;
- * five joint webinars on the impact of the crisis and climate change (with Lloyds Bank), flexible learning (with the QAA) and access to higher education in other European countries (with the European Universities Consortium);
- three webinars with Advance HE ~ a vice-chancellors’ question time and sessions on value for money and equality — in place of our reguiar series of parliamentary events;
- * three webinars with HEPI University Partners on higher education in the media, social mobility and supporting local communities in the pandemic;
- * two ‘In Conversation’ events with the Chief Executive of UCAS:
- two other webinars on access and funding, featuring the Director for Fair Access and Participation and a former Minister for Universities and Science and
- a Balloon Debate on the right age to start academic selection, including speeches from a former Secretary of State for Education, the Chief Executive of the Sixth Form Colleges Association and a former Chief Executive of UCAS.
It continued to prove impossible to host some of our regular smaller events, such as in-person policy-focused dinners, because of the pandemic. As a result, the total number of HEPI events remained lower than in the two years immediately preceding the pandemic, but we still managed to host more events than HEPI hosted in any year before this.
## Online activity
In 2020/21, HEP! achieved record engagement online. In late July 2021, we welcomed the two millionth visitor to the HEP! website since the start of the 2015 calendar year. Over the 2020/21 year as a whole, we achieved just under 620,000 hits, 22% higher than in the previous record year: there were 510,000 hits in 2019/20, 300,000 hits in 2018/19, 230,000 in 2017/18, 160,000 in 2016/17 and 130,000 in 2015/16.
There were 268 separate blog entries — more than in any previous year. There was a new blog each working day (except between Christmas and new year), plus a small number of weekend entries, and over five times as much new content as in 2015/16: there were 254 entries in 2019/20, 186 in 2018/19, 144 in 2017/18, 60 in 2016/17 and 50 in 2015/16.
Our social media presence continued to grow, especially on Twitter and LinkedIn, as did the number of people on our electronic database for new press releases and blogs. Meanwhile, over 800 people continued to receive our main reports as hard copies.
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## HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
## Financial review
In 2020/21, the key financial indicators improved relative to 2019/20, which had been easily HEPI’s worst financial year in recent times. In 2020/21, income rose by 19% to £554k, though remained lower than in the two years before the pandemic, while expenditure fell by 25% to £429k, to the lowest level since 2015/16, reflecting pandemic-related cost savings. Overail, this produced a surplus of £125k, reversing the previous year's substantial deficit of £107k. This positive financial picture reflects a partial recovery in income and tough contro! of costs, particularly staff costs, as well as strong investment performance. It puts the organisation in a good position to weather likely future challenges, such as rising inflation. The Charity has the power to make any investment which the trustees see fit. In 2020/21, the reserves were divided between two Lioyds bank accounts, a savings account with Aldermore and a medium-risk equity investment vehicle run by Aviva.
HEP! will continue to be buffeted by the COVID-19 pandemic for the foreseeable future but hopes to return to its pre-pandemic position of growth, for example by employing a full complement of staff once more.
Future plans include continuing to conduct and disseminate research to further the aims of the charity as described above. HEPI also pians to maintain and develop relationships with existing and potential partner companies and higher education institutions.
## Structure, governance and management
The charity is a company limited by guarantee.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Professor Sir lvor Martin Crewe (Retired 1 October 2021) Professor Sir George Peter Scott (Retired 21 May 2021) Professor Dame Helen Wallace Sir David Robert Bell Ms Mary Curnock Cook Professor Dame Julia Goodfellow (Appointed 1 October 2021) Professor Sally Louise Mapstone (Appointed 23 June 2021)
The smal! HEPI team is guided by an Advisory Board and is accountable to a Board of Trustees as well as the Charity Commission and other official agencies. The number of trustees shall not be less than three or more than five. They meet regularly to administer the charity. The Chief Executive is responsible for the day-to-day running of the charity, and is accountable to the Trustees collectively for the use of the charity's resources.
We said goodbye with grateful thanks to one long-serving Trustee, Professor Sir Peter Scott, and welcomed Professor Sally Mapstone in his place during 2020/21. We also welcomed Professor Nick Pearce, Professor lyiola Solanke and Professor Mary Stuart as new members of the HEPI Advisory Board.
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The trustees’ report was approved by the Board of Trustees.
Professor Sally Louise Mapstone
trusteeDated: (t¥Aead rztL
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HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2021
The trustees, who are also the directors of Higher Education Policy Institute for the purpose of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HIGHER EDUCATION POLICY INSTITUTE
| report to the trustees on my examination of the financial statements of Higher Education Policy Institute (the charity) for the year ended 31 July 2021.
Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.
- | have completed my examination. | confirm that no matters have come to my attention in connection with
- the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
- { have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Ba Lokf FCA for and on behalf of
Shaw Gibbs Limited
Chartered Certified Accountants 264 Banbury Road Oxford OX2 7DY Dated: MOQ022
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HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021
|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2021|2020|
||Notes|£|£|
|Income from:
Charitable
activiti||||
|Sponsorships&speakers fees|3|53,283|58,193|
|Conference fees|3|12,592|-|
|Partnershipscheme|3|445,280|396,842|
|Investments|&|43,168|9,847|
|Totalincome||554,323|464,882|
|Expenditure
on:
Raising funds|§|3,971|3,731|
|Charitable activities|6|424,958|568,827|
|Other|9|50|-|
|Total resources expended||428,979|572,558|
|Net income/(expenditure)forthe year/||||
|Netmovement infunds||125,344|(107,676)|
|Fund balancesat 1 August2020||§52,952|660,628|
|Fundbalancesat 31July2021||678,296|552,952|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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## HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT 31 JULY 2021
|||2021||2020||
|---|---|---|---|---|---|
||Notes|£|£|£|£|
|Fixed assets||||||
|Tangibleassets|10||12,079||15,217|
|Current assets||||||
|Debtors
investments
Cash atbankand inhand|11
12|44,840
419,167
340,238||72,103
380,880
242,344||
|||804,245||695,327||
|Creditors: amountsfalling due within
oneyear|13|(138,028)||(157,592)||
|Net current assets|||666,217||537,735|
|Totalassets lesscurrent liabilities|||678,296||552,952|
|Incomefunds||||||
|Unrestricted funds|||678,296||552,952|
||||678,296||$52,952|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2027.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
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The financial statements were approved by the Trustees on IA. eel 2022.
(
Professodff NegSally Louise Mapstone
Trustee
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## Company Registration No. 04503712
## ips
Fis
HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS
## FOR THE YEAR ENDED 31 JULY 2021
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|||||||||
|---|---|---|---|---|---|---|---|
|2021|2020|
|Notes|£|£|£|£|
|Cash flows from|operating|activities|
|Cash|generated|from/(absorbed|by)|16|
|operations|93,378|(161,858)|
|investing|activities|
|Purchase|of tangible|fixed|assets|(765)|(1,542)|
|Proceeds on disposal|of tangible|fixed|
|assets|400|a|
|Purchase|of|investments|(38,287)|(4,363)|
|interest|received|43,168|9,847|
|Net cash|generated from|investing|
|activities|4,516|3,942|
|Net cash|used|in|financing|activities|-|-|
|Net increase/(decrease)|in|cash and|cash|
|equivalents|97,894|(157,916)|
|Cash|and cash|equivalents|at|beginning|of year|242,344|400,260|
|Cash and|cash|equivatents|at end|of year|340,238|242,344|
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## HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
- 1 Accounting policies
## Charity information
The Higher Education Policy Institute is a private company limited by guarantee incorporated in England and Wales. The registered office is, 80 Mount Street, Nottingham, NG1 6HH.
- 1.1 Accounting convention
The accounts have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
- 1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
- 1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources Incoming resources in the period shown in the Statement of Financial Activities represents funds received from the partnership schemes, consultancy fees and other miscellaneous sources. Income from grants is recognised in full in the statement of financial activities on a receivable basis according to conditions imposed by the donor.
income from partnership scheme is recognised when the company obtains a right to consideration in exchange for its performance. Any amounts received in advance are deferred to future periods.
- 1.5 Resources expended
Expenditure is directly attributable to specific activities and is charged to those cost categories.
- 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs 20% reducing balance Computer Equipment 3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## gg is
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## HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
## 1 Accounting policies
## (Continued)
## 1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## 1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## 1.10 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## 2 = Critical accounting estimates and judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
- 3 Charitable activities
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Sponsorships Conference Partnership Total Sponsorships Partnership Total
& speakers fees scheme & speakers scheme
fees fees
2021 2021 2021 2021 2020 2020 2020
£ £ £ £ £ £ £
Income
within
charitable
activities §3,283 12,592 445,280 511,155 58,193 396,842 455,035
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HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
## 4 investments
|||Unrestricted|Unrestricted|
|---|---|---|---|
|||funds|funds|
|||2021|2020|
|||£|£|
|Income|from investments|42,260|8,093|
|Interestreceivable|receivable|908|1,754|
|||43,168|9,847|
## 5 Raising funds
||Unrestricted|Unrestricted|
|---|---|---|
||funds|funds|
||2021|2020|
||£|£|
|investmentmanagement|3,971|3,731|
||3,971|3,731|
|Charitable activities|||
||2021|2020|
||£|£|
|Staffcosts|280,308|334,166|
|Officecosts|44,413|77,899|
|Conferences, seminars, catering, room hire andconsultant|73,996|119,734|
|Otherexpenditure|26,241|37,028|
||424,958|568,827|
## 6 Charitable activities
## 7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
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HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
## FOR THE YEAR ENDED 31 JULY 2021
## 8 Employees
## The average monthly number of employees during the year was:
|||2021|2020|
|---|---|---|---|
|||Number|Number|
||Average employeenumbers|5|6|
||Employment costs|2021|2020|
|||£|£|
||Wagesandsalaries
Social! security costs|233,969
20,157|278,469
26,604|
||Otherpension costs|26,182|29,093|
|||280,308|334,166|
||The number of employees whose annual remuneration was £60,000 or|||
||more were:|||
|||2021|2020|
|||Number|Number|
||£90,001-£100,000|1|1|
|9|Other|||
|||Unrestricted|Total|
|||funds||
||||£|
|||2021|2020|
||Net lossondisposal of tangiblefixedassets|50|-|
|||50|-|
ae
HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
|10|Tangible fixed assets||||
|---|---|---|---|---|
|||Websitecosts|Computer|Total|
||||equipment||
|||£|£|£|
||Cost||||
||At 1 August2020|30,776|24,986|§5,762|
||Additions|-|765|765|
||Disposais|-|(999)|(999)|
||At 31 July 2021|30,776|24,752|§5,528|
||Depreciationand impairment||||
||At 1 August2020|17,187|23,359|40,546|
||Depreciation charged intheyear|2,718|735|3,453|
||Eliminated in respect ofdisposals|-|(550)|(550)|
||At 31 July 2021|19,905|23,544|43,449|
||Carrying amount||||
||At 31 July 2021|10,871|1,208|12,079|
||At 31 July2020|13,589|1,628|15,217|
|11|Debtors||||
||||2021|2020|
||Amountsfalling duewithin oneyear:||£|£|
||Trade debtors||43,590|51,266|
||Otherdebtors||1,250|20,837|
||||44,840|72,103|
|12|Currentasset investments||||
||||2021|2020|
||||£|£|
||Listedinvestments||419,167|380,880|
azn
HIGHER EDUCATION POLICY INSTITUTE COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021
## 13 Creditors: amounts falling due within one year
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||||||
|---|---|---|---|---|
|2021|2020|
|£|£|
|Other taxation|and|social security|19,999|9,034|
|Trade|creditors|19,285|7,369|
|Other creditors|6,403|6,958|
|Accruals|and|deferred income|92,341|134,231|
|138,028|157,592|
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## 14 Company limited by guarantee
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||||||||||
|---|---|---|---|---|---|---|---|---|
|The company does|not have share|capital and|is|limited|by guarantee.|Each|member|of the company|
|undertakes to|contribute to the assets of|the company,|in|the|event of it being wound up such amounts|
|as may|be|required|will|not exceed|£1.|
|15|Analysis|of changes|in|net funds|
|The|charity|had|no|debt during|the year.|
|16|Cash generated from operations|2021|2020|
|£|£|
|Surplus/(deficit)|for the year|125,344|(107,676)|
|Adjustments|for:|
|Investment income|recognised|in statement|of financial|activities|(43,168)|(9,847)|
|Loss on disposal|of tangible|fixed|assets|50|-|
|Depreciation and|impairment|of tangible|fixed|assets|3,453|4444|
|Movements|in working|capital:|
|Decrease/(increase)|in debtors|27,263|(59,023)|
|(Decrease)/increase|in|creditors|(19,564)|10,244|
|Cash generated from/(absorbed|by) operations|93,378|(161,858)|
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