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← Advance He

2024-07-31-accounts

Annual report and accounts

Year ended 31 July 2024

Company Registration Number: 04931031 Registered Charity Numbers: 1101607 and SC043946

Contents

Contents
Introduction from our Chair and Chief Executive 3
Legal and administrative information 5
About Advance HE 7
Strategic Report 9
Key highlights of 2023-24 9
Review of 2023-24 performance and achievements 13
Financial Review 18
Looking forward 22
Risk Management 22
Directors’ Report 26
Trustees’ responsibilities statement 30
Independent Auditor’s Report 32
Financial Statements 36
Notes to Financial Statements 39

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Introduction from our Chair and Chief Executive

As the 2023-24 academic and reporting year closes so, in terms of its timeline at least, does our Strategy 2021-24. The Strategy, along with dynamic consultation with members throughout the period, has guided both our purpose, ‘to help higher education organisations be the best they can be by unlocking the potential of their people’, and our vision, where ‘Higher education providers and systems that are inclusive, sustainable and high-performing in all they do.’

We are proud of the legacy of Strategy 2021-24 which continues to serve the Advance HE global community well. Headline initiatives over this strategic period have included the launch of the revised Athena Swan and Race Equality Charters; a major consultation, review and launch of the new Professional Standards Framework with its global reach and impact on teaching; the launch of our leadership alumnae groups, global Leadership Survey and Vice-Chancellor Transition Programme; the introduction of the Board diversity toolkit to tackle under-representation of minority groups and promote more effective governance; and our Member Benefit projects, specifically targeted at significant – often shared – operational and strategic challenges that our members have asked us to work with them on, such as the impact of Generative AI or creating a culture for Strategic EDI Change. We are set to build on the legacy of Strategy 2021-24, consulting and developing its successor iteration which will guide our strategic direction with our members wherever they are in the world, and the wider higher education sector, to 2030.

Turning to this year specifically, 2023-24 has been one of considerable challenge for higher education, wherever it’s delivered; not least in terms of financial sustainability. Despite this – or perhaps because of it – we are delighted to report the sector’s continued confidence in our work, evidenced by the retention of current members and welcoming more where the overall number has increased in-year from 427 to 447. Recognising the tough financial backdrop, we made some minor tactical and judicious structural adjustments to ensure that we deliver maximum value for members through the careful management of our overheads and costs.

Along with the increase in membership, there has been a significant growth in the number of Fellows worldwide this year, from 174,000 to over 192,000. This is by some distance the fastest in-year rate of growth in Fellowship ever recorded representing a 10% growth compared to the end of last year. This increase coincides with the positive engagement in the new Professional Standards Framework; and the growing number of international institutions investing in the recognition of their staff through accreditation or supporting direct fellowship applications. There are now 18,000 Fellows outside of the UK. Illustrating this engagement, was the launch of a new network of Senior Fellows in Malaysia who support each other's CPD and aim to promote the value of Fellowship with colleagues in the country. Elsewhere, Copenhagen Business School (CBS) was the first higher education institution to successfully apply to transition their accredited provision for fellowship from the 2011 version to the revised 2023 Professional Standards Framework (PSF).

In Teaching and Learning, working closely with the sector and members globally, we completed the launch of the full complement of the ‘Essential Frameworks for Enhancing Student Success’. The series provides a shared point of reference and common language to discuss, shape and review policy, process and practice around the broad and complex issues impacting student success. Our 2024 Student Academic Experience Survey, co-published with HEPI, points to an increasingly positive academic experience for undergraduates studying in the UK. We are pleased that the report has generated further important research, which we are proud to have co-sponsored, by Professor Nicola Dandridge exploring student choice and retention. In other research, our 'TEF 2023: Patterns of Excellence’ report comprehensively maps patterns in the submissions across a sample of 40 providers achieving a TEF Gold award in 2023. Elsewhere, our Member Benefit project explored, ‘Fit for the Future: Enhancing and adapting practice for new paradigms of higher education’ through a range of global views.

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We have made significant strides in our work to support UK HE to develop more holistic and strategically aligned approaches to equality diversity and inclusion, building on the strengths of Athena Swan and the Race Equality Charter as catalysts for change. Complementing this work, our member Benefit project. ‘Creating a culture for Strategic EDI Change’ explored Strategic EDI as an approach that focuses on integrating fairness, justice, and equality into all aspects of an organisation's operations and decisionmaking processes.

Working with Universities UK, Guild HE and others to convene the sector in unpacking the challenges around significant tension on and off campus, we’ve offered a range of support and guidance material in the technical and nuanced work of securing the rights to freedom of speech, academic freedom, and protection from harassment for all staff and students.

In the sphere of leadership and its intersection with EDI, we celebrated 10 years of Aurora, our leadership development initiative for women in HE; and we announced plans to launch the programme in Australia. Concurrently, our new online membership community of Aurora alumnae topped 1,000. Recognising the vital role of leadership in challenging times, we co-published two thought-provoking insight reports with Wonkhe: ‘Looking outward: the changing people needs of higher education in the years ahead’, and ‘Leading strategic change in higher education in challenging times’. This work, coupled with our leadership survey and a global consultation, is informing our work to deliver a global leadership framework and a recognition structure in 2024-25.

We celebrated 20 years of supporting governance effectiveness in higher education with a new podcast series. Our Governance Effectiveness Reviews are firmly embedded in the sector’s approach to everimproving governance. With CUC, we launched the enhanced higher education 'Board Vacancies' portal to broaden the governor recruitment pool; and we were delighted that Wellcome agreed to continue funding our Success of the Board programme, supporting and encouraging diversity in the boardroom. Our governance news alerts support governors decipher governance implications of a variety of sector report and policy statements, helping them to fulfil their role as a critical friend to their respective executives.

We are proud to support the work of organisations such as the British Council, to share good practice in developing HE systems. This year, we entered the second phase of our long-term HE governance project in Uzbekistan, now underpinned by a new Memorandum of Understanding (MOU) with the Ministry of Higher Education, Science and Innovation. In Bangladesh, we designed a blended Teaching Excellence Programme to build in-country capacity. We worked with six higher education institutions in Cyprus who have committed to a pilot project based on the Athena Swan Charter. We awarded 44 grants- to illustrate good practice around the world in HE towards the UN’s Sustainable Development Goals (SDGs).

As we referenced earlier, and as you would expect, we are maintaining very close scrutiny and handson approach of our financial performance, with close management at every level of budget. This gives us confidence and certainty as we move into the next year to deliver on our promise to our members, on our charitable objectives and our ambition to grow the business for the benefit of the global higher education community. None of this is possible without the extraordinary contribution of our people, who continue to work tirelessly in support of both our aims and of our members.

.

Mark E. Smith Chair

Alison Johns Chief Executive

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Legal and Administrative Details

Advance HE

Advance HE is a registered charity and company limited by guarantee incorporated in England. Company registration number: 04931031

Charity registration numbers

England and Wales: 1101607 Scotland: SC043946

Registered office

Advance HE, Innovation Way, York Science Park, York YO10 5BR

Auditors

Sagars Accountants Ltd t/a AAB, Gresham House, 5 7 St Pauls Street, Leeds LS1 2JG

Bankers

The Royal Bank of Scotland Plc, Waterside Court, Chatham ME4 4RT

AIB Bank, XPO Box 114A, 100/101 Grafton Street, Dublin 2

Solicitors

HGF LLP, Central Court, 25 Southampton Buildings, London WC2A 1AL Pinsent Masons, 30 Crown Place, Earl Street, London, EC2A 4ES

Executive Team

Alison Johns, Chief Executive

Ciara Murphy, Interim Executive Director, Consultancy, Marketing and Commercial Development (From 20 November 2023)

David Bass, Director of Equality, Diversity and Inclusion

Greg Ferrari, Chief Operating and Transformation Officer

Hannah Harris, Company Secretary and Head of Corporate Support

Kathryn Harrison-Graves, Executive Director, Membership, Innovation and Development

Kat Hunt, Associate Director of Marketing and Communications (To 31 July 2024)

Phil Johnson, Interim Director, Consultancy and Commercial Solutions (To 27 December 2023)

Sarah Threadgold, Director of Finance and Deputy Chief Operating Officer

Tracy Bell-Reeves, Executive Director, Delivery, Knowledge and Quality (To 31 July 2024)

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Board of Directors

The directors of the charitable company are its trustees for the purpose of charity law. The directors and officers who served during the year and up to the date of signature of this report were as follows:

Professor Mark E. Smith, Vice-Chancellor, University of Southampton (Appointed Chair 2 January 2024)

Frances Corner, Warden, Goldsmiths (Resigned 21 September 2023)

Professor Sarah Greer, Vice-Chancellor, University of Winchester (Resigned 31 July 2024)

Dr Samuel Grogan, Pro Vice-Chancellor for Student Experience, University of Salford

Annette Hay, Head of Equality, Diversity and Inclusion, De Montfort University

Professor Helen Langton, Vice-Chancellor of the University of Suffolk (Resigned 27 August 2024)

Janet Legrand KC (Hon), Lawyer and Senior Lay Member of Court, University of Edinburgh

Professor Quintin McKellar, Vice-Chancellor and Chief Executive of the University of Hertfordshire (Resigned 31 July 2024)

Professor Joanna Newman, Deputy Vice-Chancellor and Provost, SOAS (Appointed 6 August 2024)

Professor Andrea Nolan, Principal and Vice-Chancellor of Edinburgh Napier University

Saad Qureshi, Chief Executive, Metron College (Resigned 31 July 2024)

Professor David Sadler, Deputy Vice-Chancellor, Academic, The University of Notre Dame Australia

Christopher Sayers, Non-Executive Director and previous Chair of Northumbria University (Resigned 2 September 2024)

Rose Wangen Jones, Managing Director, London and Partners, (Resigned 1 September 2023)

Professor Randall Whittaker, Principal, Rose Bruford College (Appointed 4 July 2024)

Paul Woodgates, Deputy Chair of Governors, De Montfort University and Trustee, British Council

Professor Parveen Yaqoob, Deputy Vice Chancellor, University of Reading (Appointed 29 September 2023)

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About Advance HE – Update

Advance HE is an international, member-focused organisation and a UK registered charity that is dedicated to the development and enhancement of higher education for the benefit of students, staff and society.

By further developing expertise and new thinking, Advance HE can support institutions to meet the challenges of the present and evolving higher education sector landscape. We are experts in higher education with a particular focus on enhancing teaching and learning, effective governance, leadership development and tackling inequalities through our equality, diversity and inclusion work. We deliver support through professional development programmes and events, Fellowships, awards, student surveys, providing strategic change and consultancy services and through membership (including accreditation of teaching and learning, equality charters, research, knowledge and resources).

Using our expertise and sharing best practice, we work with our network of global associates and partners, and with people, providers and systems around the world to understand contexts and challenges, and deliver solutions with a member-focused, collaborative approach.

Our strategy

In 2021, we launched our three-year strategy to 2024, setting out our purpose and strategic priorities for the future. Advance HE has a deep-rooted partnership with the higher education sector, sharing its values and understanding its unique culture and how this varies within local contexts.

We use our in-depth understanding of HE practice and research, as well as our network of global associates to work in partnership with people, providers and systems around the world to understand contexts and challenges and provide solutions. There are many challenges facing the HE sector and how we support members and stakeholders in this context rightly continues to inform all that we do.

Our strategic goals

In partnership with members and stakeholders, we work to:

These strategic goals are underpinned by six commitments that guide our work to 2024. It is not an exhaustive list of everything we do, but it sets a direction of travel to ensure that we will deliver on the things we know matter most:

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Additionally, many member strategies are strongly aligned with the UN Sustainable Development Goals (especially those of quality education, gender equality and reduced inequalities, and, of course, education for sustainable development). To support members to contribute to sustainable institutions, systems and society, the UN Sustainable Development Goals are integrated into our current strategy and the work that we do.

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Strategic Report

Key highlights of 2023-24

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+ Fellowship

On 31 July 2024, there were 20,881 new Fellowships awarded in 3,033 new international Fellows 2023 – 24 ~~en~~ ©

On 31 July 2024, there were 192,196 total Fellowships worldwide. 3,033 17,848 new international Fellows new UK Fellows ~~en~~ pitt. a ~~——~~ sorts ala 20,881 new Fellowships awarded

+ Teaching and Learning Accreditation

Member organisations awarded and re-accredited in last 12 months.

Total member organisations with Accreditation.

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41
16 57 UK
International
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145
35 180 UK
International
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+ Knowledge Hub

159 new member Users from 409 member benefit resources institutions

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7
podcasts
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12,587 video views

+ Unique Knowledge Hub users

Most downloaded Knowledge Hub resources during 2023 – 24.

Equality in higher education - 2023 statistical reports.

Impacts of higher education assessment and feedback policy and practice on students: a review of the literature 2016-2021.

Education for Sustainable Development: a review of the literature 2015-2022.

+ Athena Swan

On 31 July 2024, there were 141[*] Athena Swan institutional award holders.

A total of 1,113[] Athena Swan departmental award holders:*

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7 36 [] 3 44 [] 33 []
Bronze Silver Gold
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*within the United Kingdom and the Republic of Ireland.

Athena Swan is used on licence in Australia, Brazil, Canada, Cyprus, India, USA, and the Republic of Ireland (where Advance HE administers the Charter).

+ Race Equality Charter

On 31 July 2024, there were 51 REC institutional award holders.

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4 8 3 2 8 %
Bronze Silver increase in REC
award holders award holders award holders
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+ Surveys

During 2023 – 24, 122 institutions participated in one or more of Advance HE’s Student Surveys.

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----- Start of picture text -----
POSTGRADUATE POSTGRADUATE UK
2023 – 24 TAUGHT EXPERIENCE RESEARCH EXPERIENCE ENGAGEMENT ENGAGEMENT
SURVEY SURVEY SURVEY SURVEY
108 61 10,300+
PTES participants PRES participants UKES participants
+ Teaching Excellence Awards
70 FELLOWSHIP SCHEME FOR TEACHING EXCELLENCE
awards
NTFS winners 55 CATE winners 15
© fe NATIONALTEACHING fe COLLABORATIVE AWARD
+ Advance HE Connect
5,310 a l Di 2 ry
new users
389 29 22,385
institutions represented total countries represented total users
© ( a)
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+ Bespoke Consultancy

Across 22 countries outside of the UK

Commissioned to undertake 364 bespoke enhancement projects

Supported 171 organisations

112 252 UK International

118 53 UK International

Review of 2023-24 performance and key achievements

As a result of our activities in the year, the following key achievements were achieved in pursuit of our strategic commitments:

Commitment 1: Enable strategic transformation

Delivering strategic change well has never been so important and perhaps so complex. Executive leadership teams, their governing bodies and organisations are seeking to learn from and build on their responses to the pandemic as they reimagine their futures. Whether the focus is on organisation-wide or national system level change, we will use our expertise to help higher education shape its future. Working in close partnership we will support institutions to set new strategic directions and create roadmaps to get there while embedding sustainable development within new ways of working . (Advance HE Strategy 2021-24).

The activity below illustrates our work to enable strategic transformation in the HE sector in 2023-24:

Commitment 2: Transform leadership for a new world

“Changing geo-political forces; adapting to a post-Covid world; increasing competition and the need to build new relationships; all call for a different kind of leadership that builds and sustains inclusion. Confident, capable leaders adapt, grow and diversify their talents, their teams and their institutions to respond to future challenges. We will create pathways to leadership that build a more diverse pool of leaders and enhance the skills and cultural competence of existing and future leaders.” (Advance HE Strategy 2021-24).

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The work below highlights our work in 2023-24 to transform leadership for a new world :

Commitment 3: Drive progress in equality diversity and inclusion

“Discrimination in society, institutions and organisations continues to exist. We see growing tensions arising from differing cultural, ethnic and other identities, both on campus and in wider society. With much to be done in universities, colleges and wider society, HE is well placed to offer insights and show leadership in creating the safe, inclusive and respectful environments needed to live, learn and work. Equipping staff and other stakeholders to take an active role in driving change and sharing successes from a broad range of contexts, we will work to create a global centre for excellence in equality and inclusion in HE, accelerating the rate of change across the sector.” (Advance HE Strategy 2021-24).

We delivered sustained support to the sector to drive progress in equality diversity and inclusion in 202324:

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Commitment 4: Enhance teaching and learning for student and institutional success

“Across the globe enhancements to the student learning experience have been both disrupted and accelerated by the pandemic. This pivot to hybrid and flexible learning, along with the growth in artificial intelligence and the information revolution continue to create unprecedented drivers for change. Drawing on our connections around the world we will support individuals, institutions and country systems to provide flexible, high quality, digitally-enabled student experiences that prepare learners for success as constructive contributors to the future world.” (Advance HE Strategy 2021-24).

To enhance teaching and learning for student and institutional success, in 2023-24 we:

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Commitment 5: Re-imagine professional development and recognition

The pace of change in HE has intensified the need for continuous professional learning that gives people the skills, expertise and recognition they need to succeed, whilst also supporting them to connect and collaborate with peers across the world. To respond to this, we will create a new home for digitally-recognised professional learning and development, supporting career development and institutional succession planning. (Advance HE Strategy 2021-24).

In reimagining professional development and recognition in HE, in 2023-24:

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Commitment 6 Evolve higher education governance.

“Good governance is critical to delivering impactful HE and confidence and trust for stakeholders. Yet we know that understanding what is effective in your context is needed more than ever to navigate turbulence and be fit for the future. We will build on our unparalleled track record of supporting and developing governors, governance professionals, institutions and systems of governance across the world.” (Advance HE Strategy 2021-24).

We delivered significant workstreams to evolve higher education governance, in 2023-24:

Internal transformation

During 2023-24, Advance HE continued to invest strategically in its people, infrastructure and product/service portfolio in order to maximise value for members and other stakeholders. This has delivered measurable improvements in the security of customer and employee data and associated technologies, upgrades to payroll and HR information systems, and the deployment of service management and workforce/project management platforms. Collectively, these enhancements will drive more seamless experiences for customers, with streamlined ways of working beginning to reduce corporate overheads as a proportion of income, enabling an increased investment in member benefits over time.

Concurrently, significant strides have been made in apportioning cost and time, leading to greater visibility in the effective use of resources; and significant strides have been made in the processes in lead-capture and consultancy pipeline development. Reflecting the financial pressure that our members face, we have reduced the cost of our overhead through a limited voluntary severance scheme.

A portfolio review of Advance HE’s products and services commenced in September 2023 which aimed to streamline, integrate and simplify the portfolio. This work ensures that Advance HE will continue to provide what members need in a timely and cost-effective manner both in 2024-25 and in the future years.

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Financial review

Overall financial results

In the 2023-24 financial year, Advance HE faced significant challenges brought about by the global higher education environment and external economic pressures.

These pressures impacted our financial performance including the overall year-end deficit position.

There was, however, modest growth in income generation from both existing and new products and services with notable progress made towards our strategic goals. In the Spring of 2023-24, in-year cost reduction initiatives were therefore implemented to mitigate the reduced income.

Advance HE had planned for a deficit of £1,370k. The actual deficit was £1,864k. This was funded by drawing down reserves and cash reserves.

The statutory surplus (as reported through the Statement of Financial Activities and the Balance Sheet) was the result of the reversal of the previous liability associated with the UK’s Universities Superannuation Scheme (USS) pension. This statutory accounting adjustment therefore returned the Balance Sheet to a positive position of £5,176k.

Summary Financial results

Income: Advance HE’s income for the year rose to £19,194k. This was £1,643k lower than budgeted, although £1,836k higher than the previous year. This year-on-year increase was driven by income from membership, fellowship programmes, accreditation services and consultancy, along with higher bank interest. The shortfall against the budget however directly reflected the impact of the financial and budget constraints experienced by our members and customers and the amount of budget available for our services.

Expenditure: Operational expenditure for the year totalled £20,863k, which was £1,343k lower than the budgeted £22,207k, and £1,495k higher than the previous year. The year-on-year increase partly reflects the higher 2023-24 income and the investment in organisational capacity agreed the previous year.

The in-year investment expenditure for Advance HE’s products, services, and infrastructure was £233k against a budget of £554k. This was £126k lower than in 2022-23.

Costs increased to accommodate the budgeted income and against investment plans. However, when the financial pressures in the sector started to impact our income, a full review of the cost base was undertaken and associated actions were implemented in the Spring of 2023-24, to reduce both the in-year costs and to reset the future cost base. A proportion of these reductions were made through lowering the in-year pay bill (with these reductions carrying forward to the immediate proceeding years) and pausing the investment spend.

Underlying Deficit: The resulting deficit (of the above income and expenditure) of £1,669k was £299k higher than the budgeted £1,370k deficit. This deficit was £467k lower in comparison to the previous year.

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One-off costs / annual accounting adjustments: As a consequence of resetting the pay bill, there was £227k of one-off costs during the year for payments under a Voluntary Severance Scheme. Other additional one-off and annual accounting adjustments resulted in a net cost reduction of £34k returning a total £193k.

Reported Surplus: The reported Surplus of £9,193k was due to the latest valuation of the UK’s USS Pension Scheme whereby the scheme's liability was reduced to zero, creating a large credit (£11,055k) / reduction in costs.

This adjustment is a non-cash item and does not affect day-to-day financial operations, cash flow, or the ability to deliver the charitable activities. It reflects a long-term accounting estimate of the charity’s pension obligations (which could return to a liability position in the future subject to the statutory actuarial valuations).

Advance HE plans to continue a modest growth strategy which is reflective of the pressures on the sector in 2024-25, using in-year surplus to invest in new products and services that will support our members and increase our impact.

The overall summary of the financial results for the year to 31 July 2024 are summarised below:

2024
£000		 2023
£000
(a) Total Income £19,194 £17,358
Total Operational Expenditure £20,630 £19,135
Total In-Year Investment £233 £359
(b) Total Expenditure £20,863 £19,494
(c) Deficit -£1,669 -£2,136
One-off costs / annual accounting adjustment
(costs)*		 £193 -£10
Statutory USS Pension adjustment (credit) -£11,055 -£2,658
(d) Reported Surplus £9,193 £532
(e) Reserves(excluding USS Pension Liability) £5,176 £7,038

*one-off costs being voluntary severance, and annual adjustments being unused 2023-24 staff holiday entitlement carried forward into 2024-25, and doubtful debt provision movements.

Capital Expenditure: Advance HE invested in updating the IT infrastructure, with capital expenditures totalling £138k on computer equipment and £56k on developing internal systems to improve operational efficiency. This investment is part of a longer-term strategy to ensure our technology is up-to-date and supports our mission effectively.

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Balance sheet, Treasury Management and liquidity

The Balance Sheet holds unrestricted reserves of £5,176k, the equivalent to 3 months’ of operational expenditure which is in accordance the Reserves Policy.

Advance HE holds surplus cash in low-risk, short-term deposit accounts, with the longest maturity being 12 months. This ensures liquidity and the ability to meet financial obligations as they arise. Cash balances decreased £2,368k to £12,527k reflecting the cash consumption from the planned investments made.

Advance HE does not have any borrowings, mortgages or financing arrangements.

Reserves

Advance HE’s reserves policy has a target level of total unrestricted reserves of 3 months of operational expenditure, taking into account the future use of reserves in line with its charitable objects. This policy allows Directors to meet their obligations under the Companies Act and to comply with Charity Commission guidance.

Total unrestricted reserves as at 31 July 2024 was 3 months. Included within these is £1,658k (2022-23, £1,891k) allocated to a designated reserve fund to be utilised for strategic investment into the development of products and services to our stakeholders, and our internal capabilities to deliver these. It is expected that this reserve will be utilised over future years.

The accounting impact of the USS pension provision has resulted in the Balance Sheet of Advance HE returning to a positive position.

Business Model

During 2023-24, the Executive has been developing a new business model which will be implemented from 2024-25 and will underpin the structure of Advance HE’s Five-Year Rolling Plan. We have consolidated our core activity areas that our members and customers engage with into focused areas to support greater financial transparency, sustainability and value for money.

The new business model will provide greater consistency and clarity in financial reporting in the future across the organisation. It will also enable better strategic decision making in respect of cost and resource management; and being agile to respond to customer demand in terms of Advance HE’s products and delivery of the strategy.

Going concern

The charity’s financial position at 31 July 2024 has been outlined in the Financial Review on pages 18 to 21 of this report.

As disclosed in 2021-22, the USS Pension Liability reported a significant liability, which resulted in the Balance Sheet of Advance HE becoming negative. The annual adjustment in 2023-24 eliminated this liability. Whilst this is a positive adjustment it is important to note that this annual accounting adjustment does not have an impact on the day-to-day financial sustainability and operations of Advance HE, its cash position / cashflow or its operating costs and is an estimation of a long-term position.

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The Board has considered the charity’s cash position, reserves position, strategic risks, sources of income and planned expenditure, inflation effects, the liquidity of its assets and the charity’s ability to withstand a fall in income. Based on this information, the Board has concluded that Advance HE has sufficient resources to meet its obligations as they fall due and continue its charitable activities for at least, but not limited to, the 12 months from the date these statutory accounts are signed. The Board does not believe that there are events that represent a material uncertainty that may cause significant doubt on the company’s ability to continue as a going concern. Accordingly, they continue to adopt the going concern basis in the preparation of these accounts. Please refer to page 39 for additional information.

Auditors

A tender process for external auditors was undertaken in 2023-24 and Sagars Accountants Ltd (t/a AAB) were appointed as external auditors from 2023-24.

Related parties

None of the trustees of the charity receives any remuneration or other benefit from their work with the charity. Related party transactions are reported in notes 6 and 22 to the financial statements.

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Looking forward

Advance HE has embarked on developing its third strategy to 2030, which will be published in November 2024. The work reflects significant consultation with our Strategic Advisory Groups, Vice Chancellors, members and stakeholders worldwide. These global perspectives are particularly important in view of our continued efforts to grow our work international work in the coming year, with a particular focus, but not limited to, Ireland, Australasia and South-East Asia.

We will further our work with members and partners to build deeper communities, share successful practice and evidence our impact. A key element of our work this year will be taking forward holistic approaches to inclusion, supporting members to benefit from the talents of all students and staff, and campus where everyone has the opportunity to reach their potential and thrive. Our product and service portfolio will continue to be driven by insight and feedback to ensure it meets the needs of our members and clients, whatever their country or context.

Our members continue to face common challenges, and we are running four key Global Member Benefit projects in 2024-25 (informed through insight gained as part of the strategy consultation), specifically designed to engage and be relevant to all members, no matter where they are located or what kind of institution they represent: Leading and Governing Transformation; Securing Student Outcomes; Designing Education for the Future; Protecting Inclusion in Times of Change. Each project will feature a series of sub-themes generating outputs including events, reports, publications and podcasts.

Throughout the year, we will continue to very carefully manage our overheads and strive to ensure maximum value for our members; while continuing to deliver our charitable objectives to best effect and to realise our vision that, ‘Higher education providers and systems that are inclusive, sustainable and high-performing in all they do.’

In parallel, Advance HE is developing an internal enabling strategy to support the delivery of the 2030 Strategy by its professional services functions. These activities are pivotal in the development of organisational health, culture, governance and sustainability, impacting the engagement and productivity of every employee. By extension, they play a key role in supporting the quality and value of products and services delivered to Advance HE’s external stakeholders. The enabling strategy will focus on six contextually relevant and highly impactful strategic priorities including technological advancements; customer experience; and employer of choice’ for skills and career development.

Risk management

Overall Risk Management Approach

Risks are considered as occurrences or opportunities that would impact on the delivery of Advance HE’s core business, the quality of its outputs, the achievement of its strategic goals or the excellence of its reputation. Each quarter, the most significant risks to our strategic goals are identified and reported to the Board.

The charity regularly monitors and reviews its risks at both a strategic and operational level, using a risk matrix to determine Advance HE’s principal risks and enable informed decision-making and timely action. The significant risks to Advance HE are regularly reviewed by the Executive Team and the Audit, Finance and Risk Committee, on behalf of the Board.

The Board of Directors acknowledges its responsibility to ensure that the charity’s risk management framework is effective. The Board regularly reviews the charity’s process for identifying, assessing, and managing risks and, where applicable, the charity’s system of internal controls to manage these risks. The

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Board reviews the effectiveness of the charity’s approach to risk at least every year and has ultimate responsibility for Advance HE’s key risks, approving the framework for risk assessment and management, monitoring risk management activities, and setting Advance HE’s risk appetite.

Advance HE’s Audit, Finance and Risk Committee is responsible for reviewing the effectiveness of risk management, control, and governance arrangements and, in particular, to review the external auditors’ management letter, audit reports and management responses. The Chief Executive is responsible for maintaining and promoting the operational efficiency of Advance HE’s financial management, strategic management, and risk management processes.

While it is robust in its approach to risk management, it is not inherently a ‘risk averse’ organisation and encourages enterprise and innovation. Advance HE has achieved considerable success since its inception and is prepared to invest and innovate in order to enhance its standing as a sector leader in higher education. Advance HE’s objective is to be ‘risk aware’, by ensuring that risk management is an integral part of its planning and review processes, including the evaluation of new development opportunities. Advance HE’s system of internal controls is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable, not absolute, assurance against material misstatement or loss.

The Board has delegated the day-to-day responsibility to the Chief Executive for maintaining a sound system of internal control that supports the achievement of Advance HE’s policies, aims and objectives while safeguarding the funds and assets for which they are responsible. The Chief Executive is also responsible for reporting any material weaknesses or breakdowns in internal control to the Board.

Risk Management 2023-24

Advance HE’s risks have been positively managed over the year and an increase in resourcing and projects led to a number of risks being addressed by year end. However, financial challenges led to an increase in financial risks although significant controls and mitigations were put in place to manage these risks effectively.

Throughout the year, Advance HE introduced a more robust and consistent Risk Management Framework which now provides an analysis of risk at an operational level and drives clear communication and escalation of risks from identification through to Board oversight.

By the end of the reporting period, Advance HE had the following risk levels:

Number of Risks
Risk Score Strategic Operational
Critical
1		 2
High 3 29
Moderate 4 53
Low 0 16
Total 8 100

23

The following provides a summary of Advance HE’s principal strategic risks and their management during 2023-24:

Risk In year changes Management strategy
Financial
Position at
Year End
2023/24		 This risk was opened in Q2 where there was an
increase in reports that income targets may not be
met by year-end
From Q2 the income level predictions further
reduced with this materialising at the year-end by
income being £1.6m lower than the original budget		 •
Financial reforecast meetings focused on
enhanced cost control measures to implement
and agree changes to individual budgets to
reduce the gap in income
•
A Voluntary Severance Scheme was offered and
created an estimated annualised £858k saving in
payroll (including employer on-costs)
•
A freeze on recruitment
•
Restricted face to face travel activities
implemented
•
Focused action plan on income targets
•
The budget build for 2024-25 includes income
gap monitoring and cost control strategies to
reach breakeven at year-end
Financial
Sustainability		 In Q2, this risk increased from a residual risk score
of 8 to 12 following the addition of the year-end
position risk
It later increased at Q4 from a 12 to 16 due to the
May 2024 management accounts identifying that
the budget would not be met at year-end		 •
Actions same as above
Litigation of
Members in
relation to
Freedom of
Speech and
Academic
Freedom		 There was no change to the risk score throughout
the year. However, there was ongoing work to
improve the mitigating controls in place		 •
Advance HE remains focused on the changing
landscape of the litigation of members and will
continue to offer support to institutions that may
become subject to any litigation proceedings
Market Position
and Reach		 There were no changes to the risk score
throughout the year, however there was ongoing
work to further mitigate the risks by implementing
more controls which included the appointment of a
Director of International to further support Advance
HE’s international market position		 •
Advance HE’s strategy is to drive growth within
the market sector, including increasing the global
reach
•
Advance HE has undertaken a significant amount
of work over the last year to monitor and analysis
the market position and strengthen its approach.
This has been achieved through identifying
partnership opportunities; establishing
collaboration projects with sector partners; and
targeted market research
Responding to
Members
Needs		 There were no changes to the risk score
throughout the year, however there was ongoing
work to mitigate this risk
There has been an introduction of new measures
to identify and support member’s needs, including
direct engagement with members		 •
Advance HE remains focused on its members
needs and aims to increase engagement with the
sector to ensure members needs are met
•
Advance HE will continue to consult with the
sector and engage with Strategic Advisory
Groups to establish and deliver on the needs of
its members
Limiting EDI
Activities		 This risk was one of the highest reported
throughout the majority of the year, however in Q4
this risk was reduced to a moderate risk scoring.
This was due to a new Labour Government which
reduced the likelihood of Advance HE being a
political focus
However, following consultation sessions with
institutions, it has become clear that institutions are
moving away from focusing on EDI		 •
Although institutions are moving away from EDI
being a top focus priority, Advance HE will
maintain an ongoing focus to embed EDI within
the sector
•
Additional risks may occur from the change in
institutional focus, such as lack of engagement
•
Advance HE new strategy includes the new focus
priorities of institutions, but EDI remains as a key
theme within the strategy

24

Although the majority of risks mainly sit at a moderate level, there are still a number of risks that move towards a high / critical score which will be the primary focus in the upcoming year.

Looking ahead, Advance HE may face challenges in relation to the economic sustainability of the sector and the introduction of a Labour government, particularly risks to changes in the compliance requirements of the organisation.

Advance HE’s overall risk profile is that in line with those seen on a global and sector scale and is being effectively managed to ensure there is no immediate risk to the sustainability of the organisation.

25

Directors’ report

Advance HE is a registered charity incorporated as a company limited by guarantee on 14 October 2003. It is registered as a charity with the Charity Commission and the Office of the Scottish Charity Regulator. Advance HE is governed by its Memorandum and Articles of Association, which were last modified on 26 March 2018. For the purposes of this report, the trustees of the charity are also the directors of the company.

Advance HE’s key objects are to promote higher education for the public benefit, promoting equality and diversity within the education sector and further developing the professionalism and profile of leadership, management and governance.

Public benefit

Advance HE is a registered charity and the Board has due regard to the Charity Commission’s guidance on public benefit, ensuring that its activities continue to deliver its charitable aims to advance education. Advance HE operates across the global higher education community and provides benefit to different stakeholders, including institutions, individuals, the HE sector (working with governments, funding bodies, HE mission groups, professional, statutory and regulatory bodies, and other sector agencies and groups) and other stakeholders who access Advance HE products and services, such as research institutes and further education colleges.

Advance HE provides public benefit, through delivering its charitable articles:

All trustees give their time voluntarily and receive no benefits from the charity. Expenses claimed from the charity are included within note 22.

26

Governance and management

Advance HE has adopted the principles and recommended practice of the Charity Governance Code, supporting the Board’s aim to develop high standards of governance and demonstrate best practice in all aspects of governance. Our trustees must also have regard for Nolan’s Seven Principles of Public Life, demonstrating the highest ethical conduct when discharging their duties as directors of Advance HE.

Board of Directors

The charity is governed by a Board of Directors (trustees for the purposes of charity law), who are responsible for the strategic governance of the charity and setting Advance HE’s overall strategy.

As a company Limited by Guarantee, there are no shareholders and the Board act as Trustees of the charity. There are two founding members of the Board, Universities UK and Guild HE.

Helen Langton acted as Interim Chair whilst an external recruitment process for a new Chair was undertaken. Professor Mark E. Smith, Vice Chancellor at the University of Southampton was appointed Chair of the Board from 2 January 2024.

The Board meets at least five times a year and receives written reports on all aspects of Advance HE’s work at each meeting. In order to monitor progress and ensure that Advance HE is delivering its charitable objectives, the Board is provided with regular and timely information on the financial performance of Advance HE, together with other information such as performance against targets and stakeholder feedback.

In the year ending 31 July 2024, the number of directors serving on the Board was 13. Directors are initially appointed for two or three years. Following this initial term, all directors can be reappointed for a further term, up to a maximum of nine years. Recruitment of new directors is overseen by the Governance and Nominations Committee, which undertakes an open recruitment process, recommending new appointments when necessary and ensuring appropriate recruitment and succession plans are in place.

New directors follow a thorough induction process, spending time with senior executive members and fellow directors and generally gaining an understanding of all aspects of our work. Any training needs are identified through annual effectiveness reviews undertaken by the Chair, so that Board directors are able to successfully discharge their duties and have a full understanding of the role’s legal obligations.

The Board appointed a Senior Independent Director, Helen Langton, on 27 April 2023, whose key responsibilities are to support the Chair in the effective leadership of the Board, support the Board to review the Chair’s performance annually and be involved in succession planning for the Chair.

The Company Secretary maintains a register of financial and personal interests of the Directors (trustees) and Senior Management (Executive Team). The register is available for inspection at the registered office.

The Board conducts its business through a number of committees (detailed on pages 28 to 29): Audit, Finance and Risk; Equality, Diversity and Inclusion; Governance and Nominations; People and Remuneration; and Peer Review Quality Committee. The business of these committees is formally reported to the Board. All Board committees operate in accordance with written terms of reference, which outline their responsibilities in more detail and are reviewed annually and approved by the Board.

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At least once a year the external auditors meet the Audit, Finance and Risk committee for independent discussion without the presence of management. The committee is responsible for reviewing the effectiveness and independence of the external auditors and also advises the Board on the appointment of the external auditors and their remuneration for both audit and non-audit work.

Chief Executive

The Board has delegated the day-to-day management of the charity to the Chief Executive who is supported by the Executive Team in delivering the agreed strategic objectives. The Chief Executive is the head of Advance HE and has a general responsibility to the Board for the organisation, direction and management of Advance HE. The Board is responsible for the appointment and removal of the Chief Executive.

Directors’ indemnities

As permitted by Advance HE’s Articles of Association, the directors have the benefit of an indemnity, which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. Advance HE also purchased and maintained Directors’ and Officers’ liability insurance in respect of itself and its Directors throughout the financial year.

Remuneration policy

The People and Remuneration Committee meet at least once a year and have delegated authority to review the performance of the Chief Executive and other senior post holders appointed by the Board and to set the remuneration and conditions of service (including any severance arrangements) for all senior post holders, with particular responsibility to represent the public interest.

Governance structure

The Board is supported by several committees, in order to provide assurance and dedicated oversight to the matters for which is it responsible. As well as Board meetings, all directors are expected to contribute to those committees where their individual skills can be of most benefit, in discussion with the Chair and Governance and Nominations Committee. These committees bring together Board directors and co-optees with specific professional experience, who then make recommendations to the Board.

Below outlines the key focus and members of each Board Committee:

Committee Focus Members
Audit, Finance and
Risk Committee		 •
Internal and external audit
•
Annual Report and Accounts
•
Annual budget and forecasts
•
Financial performance
•
Capital investment
•
Reserves and cashflow
•
Key policies and frameworks
•
Risk management		 •
Christopher Sayers (Chair) (To
2 September 2024)
•
Mark E. Smith (Joined June 2024)
•
Saad Qureshi (Moved from Board
member to co-optee on 31 July
2024)
•
Paul Woodgates (Chair of the
Committee from 2 September 2024)
•
Graham Hillier (Co-optee)

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Committee Focus Members
Peer Review Quality
Committee		 •
Quality assurance of peer review
services
•
Enhancement of peer review
services
•
Peer review policy
•
EPAO performance and
compliance (Ofqual)		 •
Samuel Grogan (Chair)
•
Quintin McKellar (Stood down
31 July 2024)
•
Annette Hay
•
Elaine Buckley (Co-optee)
•
Jon Scott (Co-optee)
•
Nona McDuff (Co-optee) (Stood
down 31 July 2024)
People and
Remuneration
Committee		 •
Pay and reward structures for
Chief Executive and the
Executive Team
•
Employee benefits structures
•
Internal EDI practice
•
Remuneration policy
•
People strategy development
•
Staff engagement		 •
Helen Langton (Chair) (Stood
down 23 August 2024)
•
Mark E. Smith (January 2024)
•
Christopher Sayers (Stood
down 2 September 2024)
•
Sarah Greer (Stood down 31
July 2024)
Equality, Diversity
and Inclusion
Committee		 •
EDI strategic development
•
EDI integration
•
EDI risks
•
EDI policy
•
Athena Swan governance assurance
•
Race Equality Charter governance
assurance		 •
Parveen Yaqoob (Chair) (From
September 2024)
•
Annette Hay
•
Randall Whittaker (Co-optee/Board
members from 4 July 2024)
•
Pradeep Passi (Co-optee)
•
Chantal Davies (Co-optee)
•
Aloma Onyemah (Co-optee)
•
Osma Khan (Co-optee, joined March
2023)
Governance and
Nominations
Committee		 •
Board Member nominations
•
Board Member recruitment
•
Succession planning
•
Board governance
•
Board diversity		 •
Janet Legrand KC Hon (Chair)
•
Mark E. Smith (January 2024)
•
Andrea Nolan
•
Shahid Omer UUK
•
Alex Bols/Brooke Storer-
Church, GuildHE

Strategic Advisory Groups

Our five Strategic Advisory Groups help to ensure our members can contribute to shaping the activity and future direction of Advance HE and ensuring future developments meet member needs in core areas: Teaching and Learning; Leadership and Management; Governance; Equality, Diversity and Inclusion; and Global Perspectives.

29

Trustees’ responsibilities statement

The trustees (who are also directors of Advance HE for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed.

The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that:

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The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ Annual Report for the year ended 31 July 2024 has been approved by the Board of Directors of Advance HE on 5 December 2024 and signed on their behalf by:

Mark E. Smith (Chair) 5 December 2024

Company No. 04931031

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Independent auditor’s report

Opinion

We have audited the financial statements of Advance HE (the ‘charitable company’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities (incorporating the income and expenditure account), the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

33

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud to be income recognition and posting of unusual journal entries. Audit procedures performed to address these risks included:

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Charities and Trustee Investment (Scotland) Act 2005, together with the Charities SORP (FRS 102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

34

Use of our report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Susan Seaman BA FCA CIOT

Audit Partner for and on behalf of Sagars Accountants Ltd Statutory Auditor, Chartered Accountants

06-Dec-2024 Date:

Sagars Accountants Ltd is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

35

Financial statements

Statement of financial activities (incorporating the income and expenditure account) for the year ended 31 July 2024

Notes
Income from:
Charitable activities
Funding body grants
3
Other income
4
Investments
5
Total income
Expenditure on:
Charitable activities
Staff costs
6, 7
Other operating expenses
8
Depreciation and amortisation
10, 11
Interest and other finance costs
9,14
USS Pension annual adjustment
relating to staff costs
6,14
Total expenditure
Net income / (expenditure) and net
movement in funds
Fund balances brought forward
Fund balances carried forward		 2024
£000
-
18,639
555
19,194

(12,377)
(8,363)
(260)
(309)
11,308
(10,001)

9,193
(4,017)
5,176		 2023
£000
11
17,064
283
17,358
(10,519)
(8,693)
(229)
(499)
3,114
(16,826)
532
(4,549)
(4,017)

The income and expenditure account is in respect of continuing activities for Advance HE.

There were no gains and losses other than those reported in the income and expenditure account.

The accompanying accounting policies and notes form an integral part of these financial statements. All activities were unrestricted in the current and prior year.

The notes on pages 38 to 53 are an integral part of these financial statements.

36

Balance sheet as at the 31 July 2024

Notes 2024 2023
£000 £000
Fixed assets
Tangible assets 10 230 247
Intangible assets 11 190 223
420 470
Current assets
Debtors 12 5,707 4,281
Cash at bank and in hand 12,527 14,895
18,234 19,176
Creditors: amounts falling due within one year 13 (11,526) (11,002)
Net current assets 6,708 8,174
Total assets less current liabilities 7,128 8,644
Creditors: amounts falling due over one year 13 (1,547) (1,200)
Provision for liabilities 14 (405) (11,460)
NET ASSETS/(LIABILITIES) 5,176 (4,016)
Unrestricted Reserves
General Reserve 23 3,518 (5,907)
Designated Reserve 23 1,658 1,891
TOTAL RESERVES 5,176 (4,016)

The notes on pages 39 to 53 are an integral part of these financial statements. The financial statements were approved and authorised for issue by the Board of Directors on 5 December 2024 and were signed on its behalf by:

Mark E. Smith – Chair

Company number: 04931031

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Statement of cash flows for the year to 31 July 2024

Notes
Cash flows from operating activities
15
Cash flows used in investing activities
16
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting
period		 2024
£000
(2,393)
27
(2,366)
14,893
12,527		 2023
£000
547
(302)
245
14,648
14,893

The accompanying accounting policies and notes form an integral part of these financial statements.

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Notes to the financial statements

For the year ended 31 July 2024

1. Principal accounting policies

The principal accounting policies adopted in the preparation of the financial statements are summarised below and have been consistently applied throughout the year and to the preceding period.

1.1. Basis of preparation

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to Advance HE’s financial statements.

The financial statements have been prepared under the historical cost convention and in accordance with the Charities Statement of Recommended Practice (SORP) and FRS102.

Advance HE meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy.

The accounts are presented in £ Sterling.

1.2. Going Concern

The significant increase in the UK’s USS Pension Liability in 2021-22 has now been reversed following the latest 2023 valuation. This valuation resulted in the eradication of the schemes total liability position and thereby Advance HE’s proportion. 2023-24 therefore reports a positive Balance Sheet.

As in prior years, particular emphasis during 2023-24 has been around the impact that the Covid-19 pandemic continues to have on the global economy, on the activities of Advance HE and on any carrying amounts within the assets and liabilities in the Balance Sheet into 2024-25. Additionally the higher education system is experiencing and will experience, unprecedented changes, challenges and opportunities impacting financial sustainability. In light of this, the operating financial budget for 2024-25 has been prepared following a number of scenario models and stress tests, particularly regarding cost increases and inflationary pressures, each

with associated trigger and escalation actions. In addition, the timing of the financial returns of the investments made during 2022-23 and 2023-24 into the strategic growth and the further planned investment into Advance HE’s services, technology and infrastructure, is expected to return a break even position 2024-25. To prepare for this, a number of enhanced cost control measures were implemented during 2023-24, which included a number of reductions in the headcount (and payroll).

Advance HE’s planning cycle for its rolling Five-Year Financial Planning will routinely commence in the spring of 2025 and will continue to reflect the changing environment that Advance HE is responding to, alongside global communities.

Advance HE does not have any loans or any other borrowings.

After considering these factors, the Board has also approved the longer range five-year financial growth plans, business plan, financial forecasts covering the period to 31 July 2028 and the planned reserve levels and is satisfied that Advance HE will operate in a financially sustainable manner. The Board will monitor the direct and indirect impacts of cost increases, inflation levels, Covid-19, Brexit and the changes the new government

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may implement, during 2023-24. The Board considers that Advance HE has sufficient resources to continue in operational existence for at least but not limited to the 12 months from the date these statutory accounts are signed and continues to adopt the ‘going concern’ basis in preparing the statutory accounts. The Board does not believe that there are events that represent a material uncertainty that may cause significant doubt on the company’s ability to continue as a going concern.

Cash flow forecasts have been prepared to the end of May 2026, which consider our cash position and cash requirements, derived from our five-year financial growth plans. These forecasts include any additional costs and savings arising from our scenario modelling and have also considered sensitivities surrounding our income related pipeline.

1.3. Income

Income from specific commissioned monies, contracts and other services is accounted for on an accruals basis and recognised in the accounts when the conditions for their receipt have been complied with and there is reasonable assurance that the grant or contribution will be received. This is generally equivalent to the sum of the relevant expenditure incurred during the year and any related contributions towards overhead costs.

The following specific policies apply to certain categories of income:

1.4. Expenditure

Expenditure has been charged to the statement of financial activities on an accrual basis. Costs are shown inclusive of any related value added tax.

1.5. Tangible fixed assets

Tangible assets are capitalised where they are capable of being used for a period that exceeds one year. Laptops, desk top computers and servers are capitalised, irrespective of cost. All other equipment (excluding computer software and licences), furniture and fittings are capitalised at cost where the aggregated or individual cost is £1,000 or more.

1.6. Intangible assets and depreciation

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Intangible assets are capitalised where they are capable of being used for a period that exceeds one year. Intangible assets under construction relate to a new finance software system.

1.7. Depreciation

All tangible fixed assets are depreciated on a straight line basis over their useful economic life as follows:

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Leasehold improvements - over the period of the lease
Equipment - three years
Computer equipment - three years
Office equipment - three years
Furniture and fittings - five years
Amortisation
Advance HE website - four years
Advance HE CRM - four years

1.8. Leased assets

Costs in respect of operating leases are charged to expenditure on a straight-line basis over the lease term.

1.9. Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.10. Creditors and provisions

Short-term trade creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Provisions are recognised when Advance HE has a present financial obligation as a result of a past event and it is probable that a transfer of economic benefit will be required to settle the obligation, and a reliable estimate can be made of its value.

1.11. Contingent liabilities

Contingent liabilities are disclosed by way of a note, when the definition of a provision is not met and includes three scenarios: a possible rather than a present obligation: a possible rather than a probable outflow of economic benefits; an inability to measure the economic outflow.

1.12. Liquid resources

Liquid resources include sums on short-term deposits with recognised banks, building societies and government securities. Advance HE has no significant exposure to cash flow interest rate risk as it does not have any loans or interest charging facilities in place.

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1.13. Post Balance Sheet events

Post Balance Sheet events are categorised into adjusting and non-adjusting that occur between the end of the reporting period and the date when the financial statements are approved. Post Balance Sheet adjusting events are those where there is evidence of a condition(s) that exist at the end of the reporting period and are disclosed within the accounts. These can be favourable and/or unfavourable. Post Balance Sheet nonadjusting events are those where there are indicative conditions that have arisen after the end of the reporting period and are disclosed by way of a note. These can be favourable and/or unfavourable.

1.14. Taxation

Advance HE is a charity within the meaning of schedule 3 of the Charities Act 2011 and as such is a charity within the meaning of section 467 Corporation Tax Act 2010 (CTA 2010). Accordingly, Advance HE is potentially exempt from taxation in respect of income or capital gains received within categories covered by part 11 of CTA 2010 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes. Advance HE receives no similar exemption in respect of Value Added Tax.

1.15. Foreign currency

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange prevailing at the balance sheet date. Exchange differences are included in the consolidated statement of financial activities for the period in which they are incurred.

1.16. Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred. Redundancy costs are recognised as an expense in the period in which the charity becomes irrevocably committed to incurring the costs and the main features of the plans have been announced to affected employees.

1.17. Fundraising

Advance HE’s income is generated from membership subscriptions and fees, programmes and events fees, consultancy fees, accreditation and charters fees, awards fees, commissioned work from national Funding Bodies (OfS, HEFCW, DfE Northern Ireland). Advance HE does not use professional fundraisers or commercial participators, nor does it operate any voluntary standards and schemes for fundraising.

1.18. Pension schemes

Advance HE participates in the UK’s ‘Universities Superannuation Scheme’. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate Trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual organisations/institutions and a scheme-wide contribution rate is set. Advance HE is therefore exposed to actuarial risks associated with other organisations’/institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, Advance HE therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount

42

charged to the profit and loss account represents the contributions payable to the scheme. As a result the amount charged to the income and expenditure account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme’s Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit.

Advance HE recognises a liability for the contributions payable that arise from such an the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the income statement. Further disclosures relating to a deficit recovery liability would be found within the notes to the accounts.

1.19. Financial instruments

The organisation only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

A review of the Balance Sheet as at 31 July 2024 has been undertaken regarding any impairment risks. The Board considers that there are no significant risks.

2. Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts 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 considered relevant. The items in the financial statements where these judgements, estimates and assumptions have been made include:

43

Judgements and estimates

Pension Scheme

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as (the UK) Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit

results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102.

At 31 July 2023 Advance HE’s Balance Sheet included a liability of £11,055k for future contributions payable under the deficit recovery agreement which was concluded on 30 September 2021, following the 2020 valuation when the scheme was in deficit. No deficit recovery plan was required from the 2023 valuation, because the scheme was in surplus. Changes to contribution rates were implemented from 1 January 2024 and from that date Advance HE was no longer required to make deficit recovery contributions. The remaining liability of the £11,055k was released to the income and expenditure account. Further disclosures to the deficit recovery liability can be found in note 18.

Judgements

Provision for doubtful debts

All debts over 90 days were reviewed and a judgement made as to the level of provision required on a case by case basis. Additionally there were some invoices issued to institutions without a purchase order (as required by some institutions) relating to attendance at Advance HE events which remained unpaid (amounting to £4k), which were less than 90 days overdue. This provision amounted to a total of £11k (202223 £5k).

3. Funding body grants

. Funding body grants
Higher Education Funding Council for Wales
. Other income
Memberships
Consultancy
Programmes
Accreditation
Other Income		 2024
£000
-
-
2024
£000
7,782
3,643
4,797
1,793
624
18,639		 2023
£000
11
11
2023
£000
7,234
3,037
4,856
1,191
746
17,064

4. Other income

44

5. Investment

Interest receivable
. Staff
Staff costs
Wages and salaries
Social security costs
Pension costs
Movement on USS provision		 2024
£000
555
555
2024
£000
9,776
1,054
1,547
(11,308)
1,069		 2023
£000
283
283
2023
£000
8,062
892
1,564
(3,114)
7,404

6. Staff

None of the trustees of the charity receives any remuneration or other benefit from their work with the charity.

No trustee expenses have been incurred in the current or prior year.

The significant movement in the USS provision is the result of the 2023 valuation which completely reversed the total UK USS Pension Liability.

Voluntary severance payments made included in the above are £233k (2022-23: £72k).

Emoluments of the Chief Executive:
Total emoluments		 2024
£000
161		 2023
£000
169

Emoluments include salary and exclude employers’ national insurance contributions and pension costs.

The number of higher paid post-holders with a basic salary of over £60,000 per annum (excluding employers’ national insurance and pension contributions and voluntary severance) are below:

£60,000 to £64,999
£65,000 to £69,999
£70,000 to £74,999
£75,000 to £79,999
£80,000 to £84,999
£90,000 to £94,999
£95,000 to £99,999
£105,000 to £109,999
£115,000 to £119,999
£160,000 to £164,999
£165,000 to £169,999		 2024
£000
21
15
9
1
5
-
-
3
1
1
-
56		 2023
£000
14
10
1
4
1
1
3
1
-
-
1
36

45

The average number of persons employed by Advance HE during the year, by major category was:

Operations
Marketing
Overheads		 2024
No.
158
16
32
206		 2023
No.
141
16
25
182

The above bandings reflect salaries only and do not include any employer costs of employment.

7. Key management personnel

The key management personnel of the organisation comprises those persons having authority and responsibility for planning, directing and controlling the activities of Advance HE and comprises all members of the Executive Team of Advance HE outlined on page 5. The total amount of employee benefits paid to members of the Executive Team in respect of their services to Advance HE (including remuneration, employer’s pension contributions, employer’s National Insurance and other benefits) was £1,251k (2022-23 £1,199k).

8. Other operating expenditure

Operational costs
Indirect staff costs
Rent and rates
Heat, light and power
Travel and subsistence
Postage, printing, stationery and telephone
Professional fees
Office equipment and computer maintenance
General expenses
Public relations and marketing
Recruitment costs
Loss on disposal of assets
Other operating expenditure includes:
Auditor’s remuneration
-
External auditor’s remuneration in respect of audit services
Hire of buildings – operating leases		 2024
£000

5,175
203
486
9
604
151
204
875
89
343
213
11
8,363
2024
£000
47
386		 2023
£000
5,541
108
431
5
734
147
190
697
43
365
431
-
8,692
2023
£000
57
346

46

9. Interest and other finance costs

Bank charges
Finance cost of USS Pension		 2024
£000
56
253
309		 2023
£000
43
456
499

10. Tangible fixed assets

Cost
Opening balance
Additions
Disposals
At 31 July 2024
Depreciation
Opening balance
Charge for the year
Disposals
At 31 July 2024
Net book value
At 31 July 2024
At 31 July 2023		 Leasehold
Improvements
£000
139
-
-
139
57
14
-
71
68
**82 **		 Computer
Equipment
£000
597
138
(348)
387
443
120
(335)
226
161
**154 **		 Office
Equipment
£000
45
-
-
45
45
-
-
45
-
-		 Fixtures
Fittings
£000
55
-
-
55
44
10
-
54
1
11		 Total
£000
836
138
(348)
626
589
144
(336)
397
230
247

11. Intangible assets

Cost
Opening balance
Additions
Transfers
At 31 July 2024
Amortisation
Opening balance
Charge for the year
At 31 July 2024
Net Book Value
At 31 July 2024
At 31 July 2023		 Under Construction
£000
20
26
(21)
25
-
-
-
25
20		 Computer System
£000
545
57
21
623
342
116
458
165
203		 Total
£000
565
83
-
648
342
116
458
190
223

47

12. Debtors

2. Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
Accrued income		 2024
£000
4,771
175
561
200
5,707		 2023
£000
3,284
261
463
273
4,281

13. Creditors: amounts falling due within one year

Trade creditors
Other tax and social security
Accruals and Deferred Income*		 2024
£000
525
666
11,881
13,072		 2023
£000
495
241
11,467
12,203

*2024 Includes £397k of Other Creditors payable later than one year and £10,287k Deferred Income

(£9,138k<1yr, £1,149k between 1-5yrs). 2023 includes £382k of Other Creditors payable later than one year and £9,765k Deferred Income (£8,986k <1yr, £779k between 1-5yrs).

14. Provisions for liabilities

As at 1 August 2023
Utilised in the year
At 31 July 2024		 Obligation to fund past
deficit on USS pension
£000
Office
dilapidations
£000
Total
£000
11,055
405
11,460
(11,055)
-
(11,055)
-
405
405

The total amount utilised in the year of £11,055k regarding the USS Pension, is the net of the £11,308k staff cost credit (as disclosed in note 6) and the £253k finance cost charge (as disclosed in note 9).

The significant decrease in the total UK USS provision is based on HE sector negotiated and agreed longterm actuarial assumptions as per the 2023 valuation.

The office dilapidations provision is expected to be utilised with the expiry of the longest lease (March 2029).

48

15. Reconciliation of net income / (expenditure) to net cash flow from operating activities

Surplus for the year
Depreciation and Amortisation (note 10 & 11)
(Increase)/decrease in debtors (note 12)
Increase/(decrease) in creditors (note 13)
Interest receivable (note 5)
Interest payable and similar charges (note 9)
Loss on disposal of Assets
Net cash provided by / (used in) operating activities		 2024
£000
9,193
260
(1,426)
(10,185)
(555)
309
11
(2,393)		 2023
£000
532
230
2,261
(2,691)
(283)
499
-
548

16. Cash flows from investing activities

Interest receivable
Interest payable and similar charges
Purchase of fixed assets
Net cash provided / (used in) investing activities		 2024
£000
555
(309)
(219)
27		 2023
£000
283
(499)
(86)
(302)

17. Analysis of changes in net debt

This balance represents cash as Advance HE does not have any borrowings.

Cash
Total		 At 1 August 2023
£000
Cash flow
£000
At 31 July 2024
£000
14,893
(2,368)
12,525
14,893
(2,368)
12,525

18. Pensions and similar obligations

The total amount credited to the Income and Expenditure account is £11,055k (2022-23: £2,658 was credited to the Income and Expenditure account) resulting in a total provision of £Nil (2022-23 £11,055k). The latest available complete actuarial valuation of the USS Retirement Income Builder is at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since Advance HE cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for the section as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion

49

and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below:

CPI assumption Term dependent rates in line with the difference
between the Fixed Interest and Index Linked yield
curves less:
1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from
2030
Pension increases (subject to a floor of 0%) Benefits with no cap:
CPI assumption plus 3bps
Benefits subject to a “soft cap” of 5% (providing
inflationary increases up to 5%, and half of any excess
inflation over 5% up to a maximum of 10%):
CPI assumption minus 3bps
Discount rate (forward rates) Fixed interest gilt yield curve plus:
Pre-retirement: 2.5% p.a.
Post retirement: 0.9% p.a.

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

2023 valuation

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females. Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a, 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females.

The current life expectancies on retirement at age 65 are:

2024 2023
Males currently aged 65 (years) 23.7 24.0
Females currently aged 65 (years) 25.6 25.6
Males currently aged 45 (years) 25.4 26.0
Females currently aged 45 (years) 27.2 27.4

Increases or decreases in the USS Pension contribution rates for employees and employers are accounted for as these change.

50

19. Capital commitments

No contracted capital commitments were in place as at 31 July 2024 (2023: nil).

20. Financial commitments

At 31 July 2024 Advance HE had total commitments under non-cancellable operating leases as follows:

Future minimum lease payments due:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£000
535
1,385
-
1,920		 2023
£000
530
1,734
157
2,421

There is one property with two and a half years of a 25-year lease remaining and one property with four years and seven months of 10-year term remaining, which mitigates any risk of longer term liability.

At 31 July 2024 Advance HE had total future minimum lease receipts under non-cancellable operating leases which net against the above total as follows:

Future minimum receipts due:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years		 2024
£000
311
475
-
786		 2023
£000
311
785
-
1,096

21. Contingent liabilities

There are no contingent liabilities at 31 July 2024 (2023: £42k).

22. Related party transactions

Due to the nature of Advance HE’s operations and the composition of the Board (being drawn from the higher education sector), it is inevitable that transactions will take place with organisations in which a Director of the Board or a Member of Advance HE may have an interest. All transactions involving organisations in which a Director of the Board or a Member of Advance HE may have an interest are conducted at arms’ length and in accordance with Advance HE’s financial regulations and normal procurement procedures.

During the period there were no transactions (neither income nor expenditure) with organisations with which any director of the Board or Member of Advance HE may have an interest.

51

The following transactions were identified for disclosure under FRS 102: Related Party Disclosures:

Director/Trustee: Related Party: Sales to
Related Party:		 Owed from
Related Party:		 Purchases from
Related Party:
£000 £000 £000
Saad Qureshi Metron College 4 - -
Professor Sarah
Greer		 University of Winchester 30 - -
Dr Samuel Grogan University of Salford 184 15 -
Annette Hay Coventry University 95 87 -
Professor Helen
Langton		 University of Suffolk 71 - -
Janet Legrand University of Edinburgh 230 24 -
Professor Quintin
McKellar		 University of Hertfordshire 145 11 -
Professor Andrea
Nolan		 Edinburgh Napier
University		 35 35 5
Professor David
Sadler		 University of Western
Australia		 19 7 -
Professor David
Sadler		 Universities Australia - - 1
Mr Christopher
Sayers		 SRUC 40 - -
Professor Mark E
Smith		 University of Southampton 104 4 -
Professor Randall
Whittaker		 Northumbria University 162 14 4
Professor Andrea
Nolan		 Trinity College Dublin 56 29 -
Professor Andrea
Nolan		 Carnegie Trust for the
Universities of Scotland		 8 - -
Annette Hay, Paul
Woodgates		 De Montfort University 130 10 5
Paul Woodgates British Council 26 - -
Dr Samuel Grogan BPP university 29 33 -
Kathryn Harrison-
Graves		 RDG Media - - 6

The Owed to (Owed from) represents invoices due to (due from) at 31 July 2024.

The Receipts from and Payments to represents invoices within the period of the Board Member’s appointment.

23. Unrestricted reserves

As at 31 July 2023
(Deficit)/Surplus for the
period
Transfer of Reserves
At 31 July 2024		 Designated reserve
General reserve
Total unrestricted
reserve
£000
£000
£000
1,891
(5,907)
(4,016)
(233)
9,425
9,192
-
-
-
1,658
3,518
5,176

52

Advance HE, as a company Limited by Guarantee, does not have shareholders or share capital. Its reserves are the result of cumulative prior year activities and are used to support the charity in delivering its objects.

The unrestricted reserves at 31 July 2024 remained within the target reserves level of 3 months of operational expenditure.

The designated (specific) reserve fund is required for the strategic investment into the development of

products and services to our stakeholders, in the appropriate resourcing of and the internal supporting infrastructure to deliver this.

24. Financial instruments

Financial assets that are debt instruments measured at amortised cost:
Trade and other debtors
Cash
Accrued income
Financial liabilities measured at amortised cost:
Trade and other creditors		 Year ended
31 July 2024
£000
4,945
12,527
201
17,673
2,120		 Year ended
31 July 2023
£000
3,545
14,895
273
18,713
2,196

53

Contact us

All enquiries

Email: communications@advance-he.ac.uk

Advance HE helps HE institutions be the best they can be, by unlocking the potential of their people.

We are a member-led, sector-owned charity that works with institutions and higher education across the world to improve higher education for staff, students and society. We are experts in higher education with a particular focus on enhancing teaching and learning, effective governance, leadership development and tackling inequalities through our equality, diversity and inclusion (EDI) work.

Our strategic goals to enhance confidence and trust in HE, address inequalities, promote inclusion and advance education to meet the evolving needs of students and society, support the work of our members and the HE sector.

We deliver our support through professional development programmes and events, Fellowships, awards, student surveys and research, providing strategic change and consultancy services and through membership (including accreditation of teaching and learning, equality charters, knowledge and resources).

Advance HE is a company limited by guarantee registered in England and Wales no. 04931031. Company limited by guarantee registered in Ireland no. 703150. Registered as a charity in England and Wales no. 1101607. Registered as a charity in Scotland no. SC043946. Registered Office: Advance HE, Innovation Way, York Science Park, Heslington, York, YO10 5BR, United Kingdom.

© 2024 Advance HE. All rights reserved.

The views expressed in this publication are those of the author and not necessarily those of Advance HE. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or any storage and retrieval system without the written permission of the copyright owner. Such permission will normally be granted for non-commercial, educational purposes provided that due acknowledgement is given. The Advance HE logo should not be used without our permission.

To request copies of this report in large print or in a different format, please contact the Marketing and Communications Team at Advance HE: communications@advance-he.ac.uk

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