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2022-07-31-accounts

ANNUAL REPORT AND FINANCIAL ANNUAL REPORT AND FINANCIAL ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 July 2022
CONTENTS page
Directors and Advisors
Introduction
and Nature ofthe University
Strategic Report
Charitable
Purpose
and Public Benefit
Directors' Report 13
Corporate
Governance		 16
Independent
Auditor's		 Report 21
Statement ofPrincipal Accounting Policies 25
Statement ofComprehensive
Income and Expenditure		 29
Statement ofChanges in Reserves 30
Balance Sheet 31
Cash Flow Statement 32
Notes to the Financial Statements 33

Pension actuarial
adjustments:
- Current service costs in excess ofcontributions 3,351 2,790
-Net interest on pension
liabilities		 495 487
Surplus for the year as per the Statement ofComprehensive
Income 4Expenditure		 6575 4,533
"' excluding
pension
actuarial adjustinents
Cash generation
and liquidity:		 2022 2021
X'000 f.'000
EBITDA for the year 13,638 10,865
Operating
cash flow		 15,417 10,891
Cash and short term investments 39,124 27,960
Borrowings (8,518) (9,188)
Net funds 30,606 18,772

Target 21/22 Actual 21/22 Actual 20/21
EBITDA KlI,Om f.13,6m f.I0.9m
Operating Surplus (exc pension actuarial adjustments) X8.0m f.I0,4m K7.8m
Staff costs as a%ofincome (exc pension actuarial adjustments) 53,5% 49.9% 50.6%

Streamlined
Euergy		 Streamlined
Euergy		 and Carbon and Carbon Reporting
As a company
limited		 by guarantee, the University is covered by the government's policy on Streamlined Energy and
Carbon Reporting, which aims to increase awareness of energy costs and help to prompt a reduction on the impact on
climate change.
Greenhouse
gas emissions		 and energy use data for the period: 2021l22 2020/21
Energy consumption used to calculate emissions (kWh)' 8,308,227 8,235,099
Energy consumption break down (kWh) (optional):
Gas 6,361,048 6,762,083
Electricity 1,858,695 1,473,016
Transport
fuel		 88,484 6,807
Scope 1 emissions in metric tonnes CO2e:
Gas consumption 1,217 1,239
Owned transpoit
Total scope I 1,218 1,240
Scope 2 emissions in metric tonnes CO2e:
Purchased
electricity		 285 313
Scope 3 emissions in metric tonnes CO2e;
Business travel in employee owned vehicles 6.8
Total gross emissions in metric tonnes CO2e 1,510 1,557
Intensity
ratio:
Tonnes CO2e per member ofstaff and students 0,28 0.37

For the year ended 31 July 20 22
Year ended Year ended
Note 31July 31July
2022 2021
INCOME
Tuition fees and education contracts 47,636,570 40,529,328
Funding
body grants		 2,581,513 1,884,821
Research grants and contracts 37,810 44,552
Other income 4,217,889 3,108,522
Investment
income		 84,759 87,451
Donations
and Endowments
Total income 54,558,541 45,654,674
EXPENDITURE
Staff costs 7,8 30,591,874 25,907,254
Other operating expenses 8 13,448,712 11,440,772
Depreciation
Interest and other finance costs		 8,9
8		 3,169,606
773,533		 3,015,709
758,044
Total expenditure 47,983,725 41,121,779
Surplus for the year 6,574,816 4,532,895
Actuarial
gain/(loss)		 in respect of pension 14 27,227,000 8,811,000
schemes
Total Coniprehensive income / (expense) for the year 33,801,816 13,343,895
Represented
by:
Unrestricted
comprehensive		 income / (expense) for the year 33,801,816 13,343,895
33,801,816 13,343,895

Income and Expenditure Account Revaluation Total
Reserve
Endowment Restricted Unrestricted
Balance at 1August 2020 6,272 318 3,463,512 4,900,764 8,370,866
Surplus
fi'om
income		 and 4,532,895 4,532,895
expenditure
statement
Other comprehensive
expense		 8,811,000 8,811,000
Transfer
between
revaluation		 and 204,086 (204,086)
income and expenditure
reserve
Total
comprehensive
income		 / 13,547,981 (204,086) 13,343,895
(expense) for the year
Balance at 1 August 2021 6,272 318 17,011,493 4,696,678 21,714,761
Surplus
fi'om
income		 and 6,574,816 6,574,816
expenditure
statement
Other comprehensive
expense		 27,227,000 27,227,000
Transfer
between
revaluation		 and 204,086 (204,086)
income and expenditure
reserve
Total
comprehensive
income		 / 34,005,902 (204,086) 33,801,816
(expense) for the year
Balance at 31July 2022 6,272 318 51,017,395 4,492,592 55,516,577

BALANCE SHEET BALANCE SHEET
As at 31July 2022
Note 31July 31July
2022 2021
NON CURRENT ASSETS
Fixed assets 39,438,39] 38,973,737
CURRENT ASSETS
Stock 13,146 17,483
Trade and other receivables 10 4,992,108 3,487,106
Investments 11 13,193,601 11,220,269
Cash and cash equivalents 25,929,979 16,739,639
Less: 44,128,834 31,464,497
Creditors: amounts
falling due within		 one year 12 (9,912,093) (6,294,476)
NET CURRENT ASSETS 34,216,741 25,170,021
Total assets less current liabilities 73,655,132 64,143,758
Creditors: amounts
falling due after		 more than one year 13 (11,183,316) (12,054,909)
Provisions for pensions 14 (6,955,239) (30,374,088)
TOTAL NET ASSETS 55,516,577 21,714,761
Restricted Reserves
Income and expenditure reserve —endowment reserve 15 6,272 6,272
Income and expenditure reserve —restricted reserve 15 318 318
Unrestricted Reserves
Income and expenditure reserve 51,017,395 17,011,493
Revaluation reserve 16 4,492,592 4,696,678
TOTALRESERVES 55,516,577 21,714,761
CASH FLOW STATEMENT
For the year ended 31 July 2022
Year ended Year ended
31July 31July
2022 2021
Cash flow from operating
activities
Surplus for the year 6,574,816 4,532,895
Adjustment
for non-cash
items
Depreciation
(note 8)		 3,169,606 3,015,709
DefeiTed capital grants released to income (note 2) (228,970) (231,607)
Decrease/(Increase)
in stock		 4,337 2,516
(Increase) in debtors (1,505,002) (I,170,782)
Increase/(Decrease)
in creditors		 3,381,240 1,318,455
Decrease in provisions (37,849) (41,560)
Current
and past service cost in excess of conti~butions		 (note 8) 3,351,000 2,790,000
Adjustment
for investing
or financing		 activities
Investment
income (note 5)		 (84,759) (87,451)
Interest and other finance costs (note 8) 773,533 758,044
Loss on write-off and disposal offixed assets 18,804 5,096
Net cash inflow from operating
activities		 iI5,416,756 10,891,315
Cash flows from investing
activities
Payments
made to acquire fixed assets		 (3,327,861) (1,861,811)
Movement
on deposits		 (1,973,332) 3,921,849
DefeiTed capital grant received 30,000 330,951
Other interest received 9,831 78,152
(5,261,362) 2,469,141
Cash flows from financing
activities
Interest paid (294,466) (282,291)
New term loan boiTowings
Repayment ofprevious
loan borrowings		 (670,588) (670,588)
(965,054) (952,879)
Increase/(Decrease)
in cash in the year		 (note 17) 9,190,340 12,407,577

ITION FEESAND EDUCATION CONTRACTS
Year ended Year ended
31July 2022 31July 2021
Full-time home and EU students 46,304,208 39,472,660
Full-time international students 219,500 121,000
Part-tine home and EU students 1,112,862 935,668
47,636,570 40,529,328

NDING BODY GRANTS
Year ended Year ended
31July 2022 31July 2021
OfS DofE UKRI Total Total
Recurrent grant 1,825,763 119,935 1,945,698 1,092,410
Specific grants 68,211 2,682 335,952 406,845 560,804
Releases ofdeferred
capital grants,
Buildings 228,970 228,970 231,607
Total 2,122,944 2,682 455,887 2,581,513 1,884,821
he source ofgrant and fee incom e included
within notes
1 an		 d 2 is as follows;
Year ended Year ended
31July 2022 31July 2021
Grant income fi.om the OfS 2,122,944 1,695,842
Grant income from other bodies 458,569 188,979
Fee income for taught awards 47,540,200 40,422,193
Fee income for research awards 42,500 56,500
Fee income fiom non-qualifying courses 53,870 50,635
50,281,083 42,414,149

RESEARCH GRANTS AND CONTRACTS
Year ended Year ended
31 July 2022 31July 2021
Research councils and charities 37,810 42,559
Government 1,993
Other
37,810 44,552

4. OTHER INCOME
Year ended Year ended
31July 2022 31July 2021
Residences,
catering		 and conferences 3,271,450 2,163,695
Other income 946,439 944,827
4,217,889 3,108,522
5. INVESTMENT INCOME
Year ended Year ended
31July 2022 31July 2021
Income ftom short term investments 84,759 87,451
6. DONATIONS
AND		 ENDOWMENTS
Year ended Year ended
31July 2022 31July 2021
Unrestricted
donations
7. STAFF COSTS
Year ended Year ended
31July 2022 31July 2021
No No
The average number ofpersons (including senior post-holders) employed
by the University
during		 the year, expressed as full-tune equivalents, was:
Lecturing staff, holders ofsenior posts, staff paid on academic scales and 230 174
part-time
lecturers
Administrative,
professional		 aud technical staff 280 253
Other 31 24
541 451
Note Year ended Year ended
Staff costs for the above persons: 31July 2022 31July 2021
Wages aud salaries 20,833,324 17,789,235
Social security costs 2,146,147 1,743,995
Contributious
to pension		 schemes 20 4,104,493 3,553,593
Pension enhancement costs 20 32,171 25,431
Restructuring
costs		 124,739 5,000
Service cost in excess ofcontributions 20 3,351,000 2,790,000
Total 30,591,874 25,907,254

Year ended Year ended
Severance payments
included		 within staff costs: 31July 2022 31July 2021
Total severance and other compensation paid 124,739 5,000
No No
The number of people that this relates to 2 1
Year ended Year ended
31July 2022 31July 2021
No No
Year ended Year ended
Directors' remuneration 31July 2022 31July 2021
Emoluments 273,420 260,839
Pension contributions 63,769 50,650
337,189 311,489
The number ofdirectors who: Year ended Year ended
31July 2022 31July 2021
No No
Are members ofa defined benefit pension scheme

Reinuneratio n
ofthe Vice Chancellor
(being the highest pa		 id director):
Year ended Year ended
31July 2022 31July 2021
Salaiy 190,000 138,750
Bonus
Supplement in lieu ofpension contributions
190,000 138,750
Pension contributions 44,992 32,856
234,992 171,606
Ratio ofthe remuneration
ofthe Vice Chancello		 r
to the median for the whole workforce:
Year ended Year ended
31July 2022, 31July 2021
Basic Salary 5.6:I 5.5:1
Total Remuneration 5.8:I 5,5:I
Year ended Year ended
Key Management Personnel 31July 2022 31July 2021
Emoluments 656,923 546,695
656,923 546,695

Interest Total Total
Other and other Year ended Year ended
operating finance 31July 31July
Staff costs Depreciation expenses costs 2022 2021
Academic
depaitments		 14,608,492 21,262 3,854,495 80 18,484,329 15,422,596
Academic services 2,758,692 1,008,825 1,811,388 1,412 5,580,317 5,129,874
Residences
and catering		 531,201 469,549 890,528 636 1,891,914 1,811,723
Research grants and contracts 45,187 51,067 96,254 54,375
Premises 961,377 1,625,658 1,248,099 3,835,134 3,372,522
Administration
and other		 8,335,925 44,312 5,575,110 276,405 14,231,752 12,048,593
Exceptional
restiwcturing		 cost
Loss on w/off offixed assets 18,025 18,025 5,096
Service cost in excess of 3,351,000 3,351,000 2,790,000
contributions
Exceptional past service cost 495,000 495,000
Net interest on pension 487,000
liabilities
Total per income and
expenditure
account		 30,591,874 3,169,606 13,448,712 773,533 47,983,725 41,121,779
Other operating
expenses include:		 Other operating
expenses include:		 Other operating
expenses include:		 Other operating
expenses include:		 Year ended Year ended
31July 2022 31July 2021
External auditor's remuneration for auditing ofthe financial statements 48,000 42,600
External auditor's remuneration for other assurance services 5,600 4,440
External auditor's remuneration for taxation compliance services
Payments under operating
leases		 in respect ofequipment 102,657 121,639

Furniture,
Assets in the Freehold equipment,
course of land and fixtures Motor
construction buildings and fittings vehicles Total
Cost/valuation
At I August 2021 at cost 818,525 49,272,782 9,269,427 57,558 59,418,292
At 1 August 2021 at valuation 12,355,611 12,355,611
Additions during the year 1,012,447 1,648,434 992,184 3,653,065
Completed during the year (818,525) 818,525 (684,479) (684,479)
Disposals during the year
At 31July 2022 1,012,447 64,095,352 9,577, 132 57,558 74,742,489
At cost 1,012,447 51,739,740 9,577,132 57,558 62,386,877
At valuation 12,355,612 12,355,612
At 31 July 2022 1,012,447 64,095,352 9,577, 132 57,558 74,742,489
Accumulated
depreciation
At I August 2021 26,283,785 6,463,075 53,306 32,800,166
Charge for the year 2,052,360 1,112,994 4,252 3,169,606
Disposals (665,674) (665,674)
At 31 July 2022 28,336,145 6,910,395 57,558 35,304,098
Net book value
At 31 July 2022 1,012,447 35,759,207 2,666,737 39,438,391
At 31 July 2021 818,525 35,344,608 2,806,352 4,252 38,973,737

31July 2022 31July 2021
Amounts
falling due within		 one year:
Trade debtors 3,465,936 2,274,909
Prepayments and accrued income 1,526,172 1,212,197
4,992,108 3,487,106
11. INVESTMENTS
31July 2022 31July 2021
Deposits maturing:
In one year or less 13,193,601 11,220,269

Trade creditors Trade creditors 3,438,085 1,095,410
Bank loan repayable
in less		 than one year 670,588 670,588
Payments received in advance 131,970 203,407
Social security
and other taxation payable		 769,834 459,496
Pensions and similar obligations 540,592 422,231
Deferred capital grants 233,642 231,607
Accruals and other deferred income 4,065,544 2,928,249
Nnounts owing to funding councils 61,838 283,488
9,912,093 6,294,476

CREDITORS: AMOUNTS FALLING DUE AF TER MORE THAN ONE YEAR
31July 2022 31July 2021
Bank loan 7,847,058 8,517,648
Deferred capital grants 3,336,258 3,537,261
11,183,316 12,054,909

Restricted permanent Expendable 2022 Total 2021 Total
endowments Endowments
Balances at 1August
Capital 318 6,272 6,590 6,590
New endowments
Investment
income
Expenditure
At 31July 318 6,272 6,590 6,590
Represented by
Cash 318 6,272 6,590 6,590
Analysis
by		 type ofpurpose
Scholarships and bursaries 318 4,965 5,283 5,283
Prize funds 1,307 1,307 1,307
318 6,272 6,590 6,590

2022 2021
At 1 August 4,696,678 4,900,764
Transfer from revaluation reserve to general reserve in respect of;
Depreciation on revalued assets (204,086) (204,086)
At 31July 4,492,592 4,696,678

At 31July At 31July
2021 Cash flows 2022
Cash at bank and in hand 16,739,639 9,190,340 25,929,979
Current asset investments 11,220,269 1,973,332 13,193,601
Total short term funds 27,959,908 11,163,672 39,123,580
Debts due within
one year		 (670,588) (670,588)
Debts due after one year (8,517,648) 670,588 (7,847,060)
Total 18,771,672 11,834,260 30,605,932
LEASE OBLIGATIONS
Rentals payable under operating leases 31July 2022 31July 2021
Future minimum
lease payments		 due:
Due within one year 67,338
Due between two and five years
Due in five years or more
Total lease payments
due		 67,338

31 July 2022 31July 2021
Commitinents contracted for 144,408 1,378,477

e niateria l
assump		 tions
used by the actuary for FRS102		 at 31 July 2022 were,'
31July 31July
2022 2021
Rate of increase in salaries 3,850ro 3.85'ro
Liability discount rate 3,400/ o 1.70lo
Inflation assumption 2.600/o 2.60'so
31July 31July
2022 2021
Retiring today
Males 21,8 21.9
Females 24.6 24.7
Retiring in 20years
Males 22.5 22,6
Females 25,7 25,8
The asset allo cation ofthe defined benefit scheme is shown below:
31July 2022 31July 2021
Value K'000 K'000
Equities 43,070 40,819
Property 2,172 1,883
Government Bonds 3,747 4,174
Other Bonds 2,335 2,240
Cash/liquidity 2, 172 1,120
Other 815 662
Total 54,311 50,898
Analysis ofthe amount shown shown in the balance sheet 31July 31July
2022 2021
4'000 f.'000
The University's estnnated asset share 54,311 50,898
Present value of the University's Scheme liabilities (60,953) (80,921)
Deficit in the Scheme - Net pension liability (6,642) (30,023)

Analysis ofthe amount charged charged to staff costs within operating surplus 2022 2021
f.'000 f'000
Current service cost (5,243) (4,342)
Past service cost
Total operating
charge		 (3,243) (4,342)
Analysis ofamount
that		 is charged to other finance costs 2022 2021
X'000 K'000
Interest income on pension scheme assets 877 582
Interest on pension scheme liabilities (1,372) (1,069)
Net charge (493) (487)
Analysis ofthe amount recognisable in the Statement ofComprehensive 2022 2021
Income and Expenditure (SOCI) K'000 f.'000
Actuarial
gain / (loss) recognised		 in SOCI 27,277 8,811
Net gain
/ (loss)		 27,277 8,811
Analysis ofthe movement in the present value ofthe scheme liabilities 2022 2021
X'000 K'000
At beginning ofyear 80,921 76,684
Current service cost 5,243 4,342
Interest cost 1,372 1,069
Contributions
by scheme		 participants 688 569
Actuarial
losses / (gains)		 (26,040) (464)
Benefits paid (1,231) (1,279)
Past service cost
At end ofyear 60,953 80,921
Analysis ofthe movement in the market value ofthe scheme assets 2022 2021
f'000 K'000
At beginning ofyear 50,898 41,127
Expected rate ofreturn on scheme assets 877 582
Actuarial
gains
/ (losses)		 1,187 8,347
Contribution
by employer		 1,892 1,552
Contribution
by scheme paiticipants		 688 569
Benefits paid (1,231) (1,279)
At end ofyear 54,311 50,898

Year ended Year ended
31July 2022 31July 2021
Purchases fiom Yorkshire Universities 10,610 7,610
as summari sed
 below:
Year ended Year ended
31July 2022 31July 2021
Purchases fiom Leeds Learning 7,500 500
Alliance
summarised belo w:
Year ended Year ended
31July 2022 31July 2021
Subvention paid to LTSU 192,000 192,000
Other payments to LTSU 99,584 67,888
291,584 259,888

Universit y's
transactions
with the Catholic Di		 ocese ofLeeds were as summarised
below;
Year ended Year ended
31July 2022 31July 2021
Visiting Lecturers 3,056 9,500

NATIONAL CO LLEGE FOR TEACHING
AND L		 EADERSHIP (NCTL))
31July 2022 31July 2021
Funds received 1,193,000 3,676,700
Disbursed to students 1,234,700 3,535,900
Balance unspent at 31July 41,700 140,800

ACCESS AND PARTICIPATION
31July 2022 31July 2021
Access Investment 1,538,498 1,390,133
Financial Support 550,918 1,055,436
Disability Support 186,584 150,592
Research and Evaluation
2,276,000 2,596,161