# Annual Report & Financial Statements For the year ended 31 December 2025 ## Contents |Legal and Administrative Information
The Chair’s Statement
The Vice Chancellor's Statement
Trustee's Report
Chancellor and Members of Council
Statement of Responsibilities of the University
Council in Relation to the Financial Statements
Statement of Corporate Governance and Internal
Control
Independent Auditors’ Report to the Council of The
University of Buckingham|3
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7
8
25
26
27
30||Consolidated and University Statement of
Comprehensive Income for the Year Ended 31
December 2025
Consolidated and University Statement of Changes in
Reserves for the Year Ended31 December 2025
Consolidated and University Statement of
Financial Position as at 31 December 2025
Consolidated Statement of Cashflows for the
Year Ended 31 December 2025
Statement of Principal Accounting Policies
Notes to the Financial Statements|33
34
35
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44| |---|---|---|---|---| 2 ## Legal and Administrative Information ## **Corporate Status** The University of Buckingham (the “University”) is incorporated by Royal Charter, number RC000730. The University is a Registered Charity, number 1141691. ## **Principal place of business** The University of Buckingham Yeomanry House Hunter Street Buckingham MK18 1EG ## **Independent auditors** MHA 6th Floor 2 London Wall Place London EC2Y 5AU ## **Bankers** National Westminster Bank plc Milton Keynes Branch Unit 164 166 Midsummer Boulevard Milton Keynes MK9 3BA 3 ## The Chair’s Statement As I reflect on the past year as Chair of Council at The University of Buckingham, I do so with both realism about the challenges we have faced and optimism about our future. This has been a year of significant transition and while the higher education sector continues to face unprecedented headwinds, I am confident that we are building the foundations for a stronger, more focused institution. ## **A Year of Challenge and Change** The challenges facing UK higher education have intensified. Changing demographics, frozen funding mechanisms, rising costs, and changing student expectations create a perfect storm that no institution can ignore. Competition now comes from multiple directions. Traditional universities are fighting harder for a shrinking pool of domestic students. But the more profound shift is the emergence of alternatives that bypass the university model altogether: online bootcamps offering job-ready skills in weeks rather than years, employer-designed academies that train directly for specific roles, professional bodies expanding their own credentialing, and AIpowered tutoring platforms that promise personalised learning at a fraction of the cost. For a growing number of prospective students, the question is no longer which university, but whether university at all. We must be clear-eyed about this. The case for what we offer cannot rest on tradition. We have to earn our place by delivering something these alternatives cannot. ## **Sector Headwinds and Our Response** The domestic demographic picture offers a brief window of growth, with the 18-year-old population peaking around 2030, followed by a sustained and steeper decline than previously forecast. International student flows remain uncertain due to visa policy changes and global competition, while operational costs continue to rise and funding mechanisms remain frozen. In response, we have sharpened our focus on financial sustainability, operational discipline, and strategic clarity. Council has worked closely with the Executive to ensure robust forecasting, prudent cost management, and careful resource allocation. These are essential practices that will underpin our long-term viability. ## **What Makes Buckingham Special** In 2026 we celebrate our 50th anniversary, an extraordinary milestone. Founded in 1976 as Britain's first independent university, Buckingham was born as a disruptor. At a time when the sector was monolithic and state-controlled, our founders made a radical bet: that a different kind of university was possible, one built on independence, efficiency, and an uncompromising focus on the student. That disruptive spirit produced the two-year degree, the tutor group system, and a model of personalised attention that larger institutions still cannot replicate. But we cannot live on inheritance. The world has changed, and what counted as radical in 1976 is not enough in 2026. The competitors we now face, from AI platforms to corporate academies, are themselves disruptors. If we want to stay ahead, we must rediscover the instinct that created this institution in the first place. We must be willing to challenge our own assumptions, evolve what we offer, and find new ways to deliver value that others cannot match. The founders did not build Buckingham to preserve a model forever. They built it to prove that better was possible. That challenge now falls to us. ## **Excellence, Relevance, and the Future** Quality means different things to different people. Students experience it through the education they receive, the guidance available to them, and whether their degree opens the doors they hoped for. Employers see it in whether our graduates can think clearly, communicate well, and contribute from the outset. Academics understand it through the seriousness of the work they do and the intellectual standing of what we teach. Our job is to keep all three views in focus, building programmes that work for students, employers, and the academic enterprise together. The world our students will graduate into is shifting at remarkable speed. Artificial intelligence is remaking industries, altering what jobs look like, and changing what it means to be good at them. What employers prized five years ago is not what they will look for five years from now. We want to lead, not follow. That means weaving an understanding of AI and new technologies through our programmes, cultivating the reasoning, flexibility, and independent thought that will stay valuable as particular tools become obsolete, and staying close to what employers actually need. Our size and freedom give us an edge: we can move, test ideas, and change course without waiting for the rest of the sector to catch up. 4 ## The Chair’s Statement ## **Our Approach to Future Growth** How does a small, independent university thrive when the sector around it is consolidating and under pressure? We do not try to compete on the same terms as larger institutions. Instead, we look for openings where our size and independence work in our favour. We can act fast when regulations shift or workforce needs change. We build outward from what we already do well rather than launching into unfamiliar territory. We look for revenue where employers or professional bodies pay. We direct our distinctive teaching model toward audiences who genuinely need it. Where we grow internationally, we prefer well-matched partnership over chasing volume. And we pursue only opportunities that call for the capabilities we are already building. When conditions are uncertain, clarity of purpose is itself an advantage. ## **An Outstanding Student Experience** The student experience remains at the absolute centre of everything we do. Our tutor group model continues to deliver exceptional personalised learning, and we are exploring how technology can enhance, not replace, this distinctive approach. We are investing in digital infrastructure that reduces administrative burden on our academics, giving them more time to focus on what they do best: teach, supervise, mentor, and inspire. These same technologies will streamline our support functions, enabling colleagues to focus on training and professional development in their roles alongside delivering high-quality, student-facing support. Technology should enhance human connection, not diminish it. ## **Governance and Leadership** Effective governance is the foundation of sustainability. Council has worked to strengthen governance structures, improve decision-making processes, and enhance accountability frameworks. Following Professor Tooley's departure, at the end of his contract on 31 December 2025, we initiated a search for his successor, now well underway. We are seeking a Vice Chancellor who shares our commitment to Buckingham's distinctive mission and can provide the strategic leadership necessary to navigate the challenges ahead. On behalf of Council, I want to express our sincere appreciation for James' years of service and dedication to Buckingham. His passion for educational independence and student success has been unwavering, and we wish him every success in his future endeavours. I am delighted that David Cole agreed to serve as Interim Vice Chancellor during this period. David has brought a deep understanding of the University's operations, finances, and culture to the role, and his steady, thoughtful leadership has already made a positive impact, providing the stability and continuity we need during this transition. I want to acknowledge the hard work of the Executive team and the dedication of our staff, both in academic, corporate and professional services, during a challenging period. I am also grateful to my fellow Council members for their wisdom and commitment. Dame Mary Archer continues to serve as Chancellor with distinction. In February 2026, we installed Dame Mary for her second term, a fitting start to our anniversary year. ## **Looking Forward** 2026, as mentioned earlier, marks the University of Buckingham's 50th anniversary, half a century since our founders took a radical bet on educational independence. Their vision is even more relevant today: in a sector increasingly homogenised and constrained, Buckingham stands for something distinctive and necessary. We are celebrating this anniversary properly, but more importantly, we are using it to restate our purpose, recommit to our mission, and demonstrate why independent higher education matters more than ever. The world does not owe us our success; we must earn it every day. With every student we teach, every course we design, every partnership we build, and every decision we make. I am confident that with focus, unity, and determination, we can navigate the challenges ahead and emerge a stronger institution, true to our founding principles and ready for the next fifty years. My heartfelt thanks go to our students, staff, alumni, Council members, donors, and the wider community for their continued support and belief in what we are building together. ## **Mark St John Qualter** Chair of Council 18 May 2026 5 ## The Vice Chancellor’s Statement As I write this in our 50th anniversary year, I reflect on 2025, a year that has seen us make significant strides towards our transformational aims, but also reaffirm the ethos on which the University of Buckingham was founded. The past year brought its share of challenges for the higher education sector, and we were not immune from this. External factors meant we experienced slower growth and rising costs that impact our ability to invest, and new regulatory developments that required us to adapt our services. Resilience, creativity, and determination were traits in evidence across our university community. Amid the difficult environment we are operating in, it is clear that fifty years after the founding of The University of Buckingham – our independent ethos still gives us freedom to innovate, move quickly, and put students first. ## **Delivering for our students** Our students continue to value the same independent spirit and desire for knowledge on which The University of Buckingham was founded, and we are committed to delivering and codeveloping an excellent student experience with them. Despite sector challenges last year, the University continued to invest in attracting new students with modern and accessible facilities that more effectively support the needs of our students. The Complete University Guide recognised us as being in the top 10 for facilities spend per student. 6 ## The Vice Chancellor’s Statement In 2025 we completed refurbishment of the Hunter Street library, study and social spaces and further renovations to our Students’ Union and various teaching spaces. We also brought our catering services in-house to offer students improved value for money and more flexible services to meet evolving needs. We made several developments in direct response to student feedback. We improved our student wellbeing offer, introduced new assessment tools and marking processes to ensure students achieve learning outcomes, and delivered improvements to connectivity infrastructure on campus. Our person-centred approach led to national recognition in the WhatUni Student Choice Awards (WUSCAs), with our students placing us 4th for Lecturers and Teaching Quality and 7th for Student Support. We delight in the success of our students; they achieved some inspirational personal accolades including appearing on multiple future leaders lists and achieving awards in the UK and internationally. Our vision to foster the leaders, thinkers, and achievers of the future continues to deliver. solutions, processes, and improved governance. We successfully launched new HR and payroll systems in 2025, adding to the finance platform launched in 2024. As these changes become embedded and combined with future capabilities, we will enable our staff body to make more data-driven decisions that will help us to achieve more for our students. ## **Renewal and purpose** Our 50th anniversary year is an opportunity to reflect and renew our purpose. Everyone at the University is delighted at the consistency in leadership we gain through Dame Mary Archer’s appointment for a second term as the University’s Chancellor. Our success across five decades has been shaped by outstanding leadership, and our Chancellors have played a defining role in that journey. Each has brought vision, creativity and steadfast commitment, leaving a legacy for which the University and its community remain profoundly grateful. It is an honour to lead the University at such a landmark point, and our focus is on positioning the University optimally for long into the future. ## **Supporting our people** Our students' achievements would not be possible without the commitment and professionalism of our staff - who remain our advantage. Our staff body has embraced the challenge of our digital transformation journey to develop and implement innovative My sincere thanks to our students, staff, Council members, partners, and supporters for their continued contribution to everything that sets the University apart. ## **David Cole** Interim Vice Chancellor 18 May 2026 7 ## Trustees’ Report **The Trustees’ Report represents the strategic review for The University of Buckingham (the “University”) and its subsidiaries (together “the Group”).** 8 ## Trustees' Report ## **CORPORATE STATUS, REFERENCE AND ADMINISTRATIVE DETAILS** The University of Buckingham was incorporated by Royal Charter on 11 February 1983. Prior to that, the University College at Buckingham was founded in 1973 and admitted its first students in 1976. Student numbers have continued to rise in 2025 as explained in more detail on p10 with UK students on a positive trajectory. In addition to the noted constraints on student funding, as an Approved provider, the University is unable to access any direct government funding for learning and teaching, research or capital activity. The University is committed to diversity and inclusion as embedded in its Royal Charter. Article 15 states: The University is not-for-profit and is a Recognised Body under Statutory Instrument No.573 (The Education (Recognised Bodies) (England) Order 2020). It is authorised by its Royal Charter to award taught and research degrees in perpetuity. The University is registered at the Charity Commission for England and Wales (Charity number: 1141691). The principal place of the University’s business, as well as the names and addresses of the University’s auditors and bankers, have been presented separately in the Legal and Administrative Information section of these accounts. ‘The University shall abide by all relevant discrimination legislation, and such discrimination will not affect admittance to the University, the holding of office therein or the bestowing of any advantage or privilege therein.’ The University’s priority continues to be the health, wellbeing, and inclusion of its students. During 2025, the University strengthened its non-academic student support provision through the development and launch of the Wellbeing Hub (previously WSD), bringing together wellbeing, disability and reasonable adjustments, mentoring, and counselling services within a single, accessible model. The Wellbeing Hub provides daily support to students across a wide range of needs, including mental health and wellbeing support, disability and specific learning difficulty support, reasonable adjustments, mentoring, counselling, and signposting to external services where appropriate. The service also supports key academic processes such as mitigating circumstances, student-ofconcern management, and transition support during induction and placement periods. Despite a reduction in staffing costs during the year, student engagement with wellbeing and disability support has increased significantly. This reflects a continued institutional commitment to early intervention, compliance with regulatory and equality duties, and ensuring that students are supported to succeed throughout their studies. The University is registered with the Office for Students (‘OfS’) in the Approved provider category. Approved higher education providers (‘HEPs’) differ from Approved (‘Fee Cap’) HEPs in being able to levy uncapped tuition fees for undergraduate degrees but with the caveat that students at Approved providers can only access student loan funding to the lower limit. Since 2018 this has been £6,165 per annum for threeyear programmes and £7,400 per annum for two-year programmes, and from September 2025 increased to £6,355 and £7,625 respectively. Despite the University’s exemption from being required to have an Access and Participation Plan it remains committed to broadening opportunities for students from all backgrounds to access university education. During 2025 the University continued to progress innovative funding arrangements targeted to help UK students bridge the gap between fees and student loan levels via Future Earnings Agreements (FEAs) underwritten by the University. £0.5m of our tuition fees over the last 3 years have been funded by FEA agreements. Accessibility through financial support is further strengthened by bursary and scholarship programmes. 9 Trustees' Report ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The University’s consolidated financial statements include a subsidiary company and a charity, being Medical Property Management Ltd (“MPML”) and The University of Buckingham Foundation, respectively. MPML is a wholly owned trading subsidiary which is being dissolved in 2026. The University of Buckingham Foundation is a charitable trust whose purpose is to advance education, in particular supporting and promoting the education of students at the University, and to promote research into academic and scientific fields of learning. Financial statements for these entities can be obtained from the University’s principal place of business, which is noted on page 1 of these accounts. The University’s governing instruments are published on its website, which include: - the University’s Royal Charter and Statutes; - Ordinances and Scheme of Delegation; • our academic, management and committee structures, and the terms of reference and membership of all committees. The University completed a detailed independent review of the effectiveness of its governance in 2023 which made a number of recommendations and suggestions for improvement, the implementation of which is being overseen by a Steering Group of Council members. A number of these improvements have already been implemented and communications are provided regularly to staff on this process. Halpin conducted an ‘Impact Review’ with the University in January 2025 which included a review of progress made since they issued their report. In their Impact Review report, Halpin were ‘delighted that such a detailed report had been actioned so quickly’. Further work will continue through 2025 to ensure that the remaining actions continue to be prioritised. The University is due to begin a new Governance Effectiveness Review in early in 2028. The Trustees are required to ensure the University is carrying out its purposes for the public benefit, complies with the governing document and law, acts in the University’s best interests, manages its resources responsibly and is accountable. They do so through the organisation and conduct of regular meetings for both the Council and its subcommittees. The agreed decisions and actions from the meetings are then appropriately delegated to and implemented by the University’s senior management and functional departments. With regards to the setting of remuneration, the University, through written commitment provided in the Ordinances, complies with the Higher Education Remuneration Code published by the Committee of University Chairs. In practice, the University’s Remuneration Committee: considers the comparative information on the emoluments of the employees within its remit; ensures all arrangements are unambiguous and diligently recorded; determines annually the principles on which merit awards shall be made for all members of staff in the salary review for that year. The University’s Ordinances and Scheme of Delegation have also undergone a regular periodic review with updated versions implemented in early 2024. The University’s Council agreed in late 2024 to adopt the Independent HE’s Code of Governance as a means of evidencing the ways in which it adheres to good governance principles. Council agreed to review annually a compliance self-assessment against the requirements of this Code and that this assessment be published on the University’s website. See this publication in the following link: here The University usually issues an annual salary increase to all staff but does not presently have in place any bonus scheme. 10 Trustees' Report ## **OBJECTS AND ACTIVITIES** As codified in the University’s Statutes, the University’s objectives are the advancement of learning and knowledge by teaching and research, and to enable students to obtain the advantages of a university education. The Trustees have had due regard to the Charity Commission’s guidance on public benefit during their stewardship of the University’s activities. Details of activities to further public benefit are set out in these accounts. In particular, the Trustees have taken care to: - make strategic decisions that further the charitable objectives; - maximise public benefit to significant numbers of beneficiaries who are local to Buckingham, as well as more widely; - manage and mitigate risks to our beneficiaries and to the University itself; - • offer Scholarships and Bursaries to promote access and participation to the public benefit as further noted below; - welcome the local community, as well as our staff and students, to attend academic and social events at the University, including lectures, fireside chats with renowned guest speaks, taster days, musical concerts and festivals such as the History and Literature Festivals; - extending outreach activities to local schools and community to broaden access to Higher Education; - allow public use of certain University facilities. ## **BUCKINGHAM’S DISTINCTIVE POSITION** The distinctive position of The University of Buckingham is that it is an early innovator, having pioneered the accelerated two-year honours degree some 40 years ago. This is a cost-effective route for students to spend less on tuition and living costs than if they were taking a three-year degree, and enter employment a year earlier if they wish, or leave after three years with both an honours and a master’s degree. Three-year honours degree options are also available. Our Medicine course is also unique, offering a GMC-accredited four-and-a-half year course with a January start date, the removal of long holidays allowing for shorter overall study time whilst still enabling graduated students to enter the NHS foundation programme commencing in August each year. ## **STAFF** As with any organisation, staff numbers fluctuate through the year, therefore average numbers are used in these financial statements. In 2025, there was an average of 413 full time equivalent members of staff (2024: 473), comprising 132 academic (2024: 173), 4 research (2024: 7), 236 support (2024: 257) and 41 manual staff (2024: 36). 11 Trustees' Report ## **ACHIEVEMENTS** ## **Institutional achievements** Key achievements during the year included strong outcomes across national higher education surveys and league tables, reflecting the University’s focus on delivering high-quality teaching and a strong student experience. ## In the **WhatUni Student Choice Awards (WUSCAs),** the University ranked: ## **Awards and recognition** The University’s external reputation was strengthened through sector recognition and awards. The School of Computing received three awards at the **MK STEM Awards 2025** : 1. Advancing Women in STEM Award 2. Overall STEM Champion Award - 4th for Lecturers and Teaching Quality 3. Computing student Madera Premchandramohan was awarded the _Tomorrow’s Leader Award._ - 7th for Student Support - In the **National Student Survey (NSS),** the School of Computing ranked: • 2nd overall - Economics and International Business ranked fourth placed within the top tier In the **Good University Guide,** the University secured: - Joint 1st in Medicine for graduate prospects These recognitions enhance the University’s profile and demonstrate its contribution to widening participation and excellence in STEM disciplines. ## **Individual achievements** Several individuals associated with the University were recognised for their contribution to education and the wider sector. - Top 10 ranking in Business for teaching quality **Professor Barnaby Lenon** received a Lifetime Achievement Award at the Schools Awards. In the **Complete University Guide,** the University achieved: - Joint 1[st] for Graduate Prospects (On Track) **Nick Hillman,** independent trustee and Council Member, was awarded an OBE in the King’s Birthday Honours for services to higher education policy. - Joint 3rd for Student Satisfaction in Business and Management These outcomes support positive academic and career outcomes for students and align with the University’s strategic priority to enhance teaching quality and student satisfaction. While these results are encouraging, the University recognises the need to improve consistency across all areas and continues to prioritise this through targeted academic and improvements. ## **Accreditations by Advanced HE** The University secured Advance HE accreditation for: - Postgraduate Certificate in Academic Practice (PGCAP) - Postgraduate Certificate in Medical Education (PGCME) This supports the development of academic staff, strengthens teaching capability, and contributes to the delivery of high-quality education, aligned to the University’s commitment to investing in its people. These recognitions reflect the strength of leadership and governance supporting the University’s strategic direction. 12 ## Trustees' Report ## **STUDENT NUMBERS** For the Autumn 2025 intake, the overall student population continues its positive trajectory, with 3,684 total student population, up from Autumn 2024 as shown in the table below. This positive direction is a result of the increased number of new students as well as the individual schools preserving a higher number of continuing students. We continue to attract students from across the world along with solid student numbers from United Kingdom and UK territories. |**STUDENT**
**NUMBERS**|**Overall**
**2025**|**% increase**
**on 2024**|**2024**
**Student**
**increases**| |---|---|---|---| |**Total**|**3,684**|**2%**|**+81**| |Continuing|2,216|62%|+850| |Total split over: -|||| |Under-graduate|1,578|-8%|-143| |Post-graduate
Taught|1,617|8%|+118| |Post-graduate
Research|444|18%|+68| |Other|45|543%|+38| **3,684** students from around the world studying across **8** discipline areas The University has students of all ages, with 88% being over 21. **54%** of students identified as white and **37%** as Black Asian Minority Ethnic (BAME), with **9%** of surveyed students preferring not to respond. **Full year intakes split : 2,862** UK (inc .overseas territories) **1,275** Asia and Pacific **176** Sub Saharan Africa and Indian Ocean **57%** of students identify as female. **94** European Union 13% of students declared a disability **259** Middle East and North Africa **31** Europe (other than UK and EU) and Central Asia **266** Americas and Caribbean 13 Trustees' Report ## **COLLABORATIVE PARTNERS** ## **RESEARCH** The University has developed several important partnerships which are geographically spread and culturally diverse, and has collaborations with key academic institutions such as British University in Georgia, International Business School in Budapest, Sarajevo School of Science and Technology in Bosnia and Herzegovina, Learna and the Anglo Mexican Foundation. From pioneering advances in quantum biology and cardiovascular AI to incisive analyses of monetary policy, asylum law, and educational reform, our scholars demonstrate an exceptional capacity to address the most pressing questions of our time while opening new frontiers of inquiry. The work presented here spans the natural sciences, humanities, social sciences, and professional disciplines, yet is united by a common commitment to rigour, originality, and real-world impact. ## **SCHOLARSHIPS AND BURSARIES** The University’s Scholarships and Bursaries programme is an important part of assisting students to benefit from a university education, regardless of their financial circumstances. We have bursaries and scholarships available for both home and international students at undergraduate and postgraduate study levels. These are awarded based on location, merit or financial need. The University of Buckingham Foundation holds funds as endowed investments and property, generating income to support scholarships, bursaries, grants and other projects available for the benefit of the University. In 2025, the University awarded total scholarships, bursaries, and prizes of £0.9m (2024: £0.9m). These scholarships and bursaries include funded, named scholarships from the Foundation of £0.1m (2024: £0.1m). These are recorded within Curriculum costs, itself within Other operating expenses. The University, and students who have benefited are ever grateful to all donors who have supported funded scholarships and bursaries. 14 Trustees' Report ## **FINANCIAL REVIEW** ## **Income** The University continues to use scholarships and bursaries to improve student access, and to support those who would otherwise struggle financially to join the University and benefit from what the University has to offer. The Group spent £0.9m on this support, (2024: £0.9m). The University is currently reviewing its offerings in this area to ensure they are best focused on the needs of our students. Total income for the Group at £62.8m in 2025 increased by 8% (2024: £58.1m). Tuition fees remain the principal income source for the Group and financially support much of our day-to-day teaching and research activities. Tuition fees represent 87% of total income in 2025 (2024: 85%). Tuition income has increased in all areas except for our pre- and non-degree courses and part-time undergraduates. In early 2025 we went through a voluntary severance scheme but have avoided any compulsory redundancies by carefully managing our spend throughout the year. Residences and catering income on the Buckingham campus totalled £4.1m (2024: £3.6m). The reported Group surplus of £0.9m (2024 deficit of £1.2m) shows our control over costs in 2025. At the consolidated level, donation and endowment income in 2025 was £0.4m (2024: £0.5m). ## **Key performance indicators** ## **Expenditure** |Group expenditure increased in 2025 by
£3.2m to £62.8m. Reasons for these
movements include:
•
Premises costs have continued to grow
•
The Digital Transformation journey we
embarked upon late 2023 has a full year
cost of £2.0m in 2025 (£1.4m in 2024). This
is a long-term project to improve the
technologies used across the University to
enhance the student journey and improve
efficiencies in workloads of staff. The final
platform is due to be implemented in Q1
2027.|**KPIs covering financial**
**strength of The University**
**of Buckingham Group**
**2025**
**2024**| |---|---| ||Cash and cash equivalents
£18.2m
£13.9m| ||External borrowing as a
percentage of total income
8%
9%| ||Surplus /(deficit) for the year
£1m
(£1.2m)| ||| 15 ## Trustees' Report ## **FINANCIAL REVIEW** ## **University Investments** No market investments on behalf of the University can be made without the approval of the Finance & Resource Committee and no new market investments were made during 2025. The priorities for investment are identified by the Vice-Chancellor and University’s senior management, through business, social and environmental considerations. The University have two main investment portfolios within the group: The University investment portfolios performed strongly in the year ended 31 December 2025. The non-managed portfolio delivered a total return of 14.4%, increasing in value from £3.9m to £4.3m, primarily driven by capital gains in favourable market conditions and materially. The Foundation’s managed portfolio, valued at £3.7m at year end, generated a net return of 13.4%, outperforming both the Asset Risk Consultant (ARC) Steady Growth Charity Index (8.6%) and the ARC Balance Asset Charity index (11.6%) supported by diversified exposure across equities, bonds and alternative assets. While market conditions remain broadly supportive, uncertainty persists due to inflationary pressures, monetary policy developments and geopolitical risks, which will continue to inform the Group’s investment strategy and risk management approach. 16 Trustees' Report ## **FINANCIAL REVIEW** ## **Reserves** The Group aims to maintain an appropriate level of unrestricted reserves and cash resources for the following reasons: - Market factors may impact the number of students attending University courses, and the mix of courses and students. The University gains most of its income from academic programmes and may rely on reserves if there is a reduction in student numbers, whether permanent or temporary. - The University has substantial ongoing commitments relating to the welfare and education of the students and needs to maintain a level of reserves sufficient to continue to meet these commitments. - The University has commitments to its lenders to repay capital and interest on its borrowings. The Trustees are committed to improving the long-term financial sustainability through effective use and deployment of resources. A Reserves and Liquidity Policy has been established targeting improvements in these areas. Specifically, the number of days of unrestricted reserves (unrestricted reserves divided by annual expenditure less depreciation, amortisation and changes to pension provisions, multiplied by 365) and liquidity days (cash plus cash equivalents less any overdrafts or loans repayable within 12 months, divided by annual expenditure less depreciation, amortisation and changes to pension provisions multiplied by 365). At the balance sheet date, unrestricted reserves equated to 71 days, which is within the targeted range of 40–120 days. Net liquidity stood at 139 days; which is positively above the target range of 60–120 days. This reflects continued strengthening of the University’s liquidity position. Overall, these metrics demonstrate positive progress in line with the University’s financial strategy, and the Trustees are satisfied with the progress made to date. - The Group’s unrestricted reserves decreased to £12m as at 31 December 2025 (31 December 2024: £12.3m), driven by the financial performance in the year as discussed throughout these accounts. - The consolidated restricted reserves increased to £6.2m as at 31 December 2025 (31 December 2024: £5.7m). The consolidated total endowment reserves increased to £8.5m (2024: £7.7m) due to an increase in market value of investments. The timing of expenditure of restricted funds is based on when the costs required to complete the specific purposes of the funds arise, as well as the award of bursaries and scholarships to students in certain degree courses, which are sponsored by specific funds. The Trustees consider the level of reserves at the balance sheet date to be adequate for the purposes outlined above and anticipate that over the course of the next five years unrestricted reserves will increase following pursuit of income growth and cost efficiency. A more detailed view of the University’s future is covered under the ‘going concern’ section of this Report. At the date of the signing of these accounts progress has been made on the review of Endowment and Restricted funds, and the presentation of income and expenditure associated with endowment funds. We are attempting to draw this review to a conclusion as quickly as possible. ## **Cash Flow and Financing** The Group held liquid cash balances of £18.2m at the year-end (2024:£13.9m). At the balance sheet date, the £5m loan drawn in 2021 with NatWest was due for repayment in Quarter 1 of 2026. After year end, and before these accounts were signed, we agreed and signed new loan arrangements extending this for a further five years. The University also holds a £5m revolving credit facility with NatWest, which was not utilised during 2025 and, following its term end after the balance sheet date, has been renewed for another five years. The University continues to consider ways of improving its cash position through investment of our own funds and philanthropic support to ensure we continue to provide the student experience to enable our students to flourish. 17 ## Trustees' Report ## **PRINCIPAL RISKS** The University considers its principal risks (which include external factors outside of its control) to lie in the key areas below and has taken active steps to identify and mitigate these as well as other detailed operational risks. ## **1. Financial** In the HE sector financial stability in the current climate is key to the University’s success in delivering its objectives. The cost-of-living crisis and the changes in visa rules to exclude dependents continues to impact the sector. The Government planned increases in the student loan values for UK students will assist the future student growth pathway although the increase in the Employers National Insurance will inevitably dampen the bottom-line growth, as it will in all headcount heavy sectors. Through the University’s commitment to providing degrees in a shorter timescale and with new means of funding via our FEA scheme, as well as multiple bursaries and scholarships, we strive to continue to be attractive to new students. The University remains focused and diligent to ensure our financial position remains sustainable both in the short term and long into the future. Overall, the Trustees are confident in the University’s ability to manage the provision of academic delivery and student outcomes and experience whilst maintaining a focus on income generation and cost control through the uncertainties that may arise through the operationalisation of the approved strategy. ## **2. Staffing** Like many organisations, there is a risk of not being able to recruit and retain proficient staff – with a resultant adverse impact on the student experience and the quality of administrative services. Management across the University ensure sufficient staff resources are available at crucial times. Among the mitigation measures, particular care is taken around staff engagement, well-being, and professional development. The Vice-Chancellor holds regular ‘town hall’ meetings to encourage engagement and debate with staff colleagues, and there are regular events to promote staff well-being. As a relatively small organisation there is recognition that the University is reliant on several key individuals, but our collegiate approach allows information and expertise to be shared so that absences can be covered where needed and, in some cases, interim staffing brought in. In early 2025 the University chose to open a voluntary severance scheme to assist in its financial stability . The scheme was open for a short period only, to all eligible staff, and resulted in 14 individuals leaving the University at the end of March 2025 with £0.4m annualised savings. No further redundancies were required in 2025. ## **3. Built Estate** The University’s estate comprises a combination of modern facilities and historic buildings, each requiring a tailored approach to maintenance, compliance, and long-term investment. During 2025, continued focus has been placed on ensuring that all buildings remain safe, resilient, and aligned with the expectations of students and staff, while supporting the University’s strategic and regulatory obligations. During 2025, significant progress has been made in improving the quality, safety, and compliance of the residential and academic estate. Works completed include the removal of legacy cold-water storage tanks and conversion to direct mains water supplies in selected buildings, reducing maintenance burden and materially lowering Legionella risk. These works form part of a broader programme to improve water hygiene management and system resilience. Fire safety has remained a key priority across the estate. During the year, extensive fire door replacement and upgrade works were completed, alongside targeted compartmentation and fire-stopping improvements to address historic deficiencies and strengthen overall lifesafety performance. In parallel, upgrades to legacy fire alarm systems were delivered, replacing outdated infrastructure with modern, compliant systems to improve reliability, monitoring, and regulatory assurance. Targeted investment has continued across the academic and social estate. The Anthony de Rothschild building’s social space refurbishment was completed, delivering a modernised student-focused environment consistent with improvements delivered in other faculties. Additional student social spaces were upgraded in line with the University’s wider campus strategy. At Hunter Street Library, refurbishment works continued across all remaining internal areas, improving functionality, accessibility, and the overall quality of the learning environment. Operational efficiency and service integration have also been enhanced. During 2025, the Maintenance and IT helpdesks were successfully co-located with the Postroom in a new central location on the main campus. This consolidation has improved service coordination, visibility, and response times. As part of this project, parcel lockers were installed on the Hunter Street campus, improving the student experience and reducing operational pressures associated with deliveries. Significant upgrades to building services were also delivered. Building Management System (BMS) upgrades replaced obsolete systems operating on unsupported Windows 2006 platforms with modern, secure, and supportable solutions. These improvements have enhanced heating control, monitoring, resilience, and energy management across key buildings. Further estate improvements completed during the year include the completion of the Verney Park kitchen upgrade programme, originally commenced in 2022, and the delivery of outstanding washroom renovations at Old Tanlaw Mill that were not included within earlier phases of refurbishment. Estates remain committed to the continued improvement of the estate and recognise that sustained, planned investment is essential to maintaining safety, compliance, and a highquality student experience 18 ## Trustees' Report ## **4. Information Systems and Data Security** The University of Buckingham is, like many universities, at risk of malicious cyber incursions and unforeseen infrastructure failures that can impact its staff and students; however, as was shown during the pandemic, the University is agile enough to respond to emerging threats quickly and pivot to new forms of delivery should this be necessary. As a small institution, the University must remain cognisant of risks to its market share and seek to address these proactively through technology investment, consistent messaging, awareness and a personalised approach. Significant upgrades to the technology infrastructure commenced during 2024 that have continued through 2025 and into 2026, to both improve technology performance and experience throughout the University. ​ To further strengthen our IT security and resilience, and improve the technology delivery to students and staff, the University launched a Digital Transformation programme at the end of 2023. We successfully launched the new the Finance system in November 2024 and our HR and Payroll systems went live in July 2025. We are currently progressing our new student management implementation which is due to go live in 2027, with a commitment to bring improvements to the student management and end to end student journey. ​In addition, we have successfully renewed our Cyber Essentials (CE) certification with the aim of achieving CE+ in Q2 2026 and we are pleased to confirm in February 2026 we also achieved ISO 27001 and IS0 22301 certification, demonstrating our commitment to strengthening information security and business continuity. Finally, to further improve the experience and ensure we are future proofed, the Finance & Resources Committee has recently approved investment to replace the legacy network infrastructure, with a modern, next generation architecture. ## **5. Regulatory Compliance** The University of Buckingham operates within the regulatory framework established by the Higher Education and Research Act 2017 (HERA) and overseen by the Office for Students (OfS), the independent regulator for higher education in England. As a registered provider in the Approved category, the University is required to comply with the OfS Conditions of Registration across access and participation, quality and standards, consumer protection, financial sustainability, governance, information provision and financial accountability. The OfS assumed full responsibility for regulating academic standards and quality in April 2023, following the cessation of the QAA’s role as Designated Quality Body. The OfS also oversees the sector’s data environment, supported by JISC as Designated Data Body. As at 1 August 2025, 28 Conditions of Registration apply across the sector, of which 21 apply to Buckingham. To ensure ongoing compliance, the University maintains a comprehensive regulatory assurance framework mapping each condition to detailed assessment criteria, expected organisational behaviours and a structured evidence base. Evidence includes governing instruments, strategies, policies, committee minutes and statutory publications. Compliance activity spans the full range of regulatory obligations, including the publication of an Access and Participation Statement, maintenance of student protection arrangements, fulfilment of consumer protection duties, and provision of timely and accurate statutory and data returns. Governance responsibilities are discharged through effective oversight by Council, the Audit & Risk Committee, Senate and Executive with the Vice-Chancellor serving as Accountable Officer to the OfS and the Registrar & Chief Administrative Officer responsible for ongoing operational delivery. The University is also accountable to a variety of Professional, Statutory and Regulatory Bodies (PSRBs) including the DfE, GMC, Ofsted, SRA, BPS, BCS, CMI and the ACCA. Through these mechanisms, the University ensures transparency, accountability and strong assurance that it continues to meet its regulatory obligations in full. ## **6. Reputational Risk** The University recognises the importance of maintaining a positive reputation with students, staff, regulators, partners and other stakeholders. Reputation is closely linked to effective governance, regulatory compliance, academic standards and the quality of the student experience. Reputational risks are identified, monitored and managed through the University’s risk management framework, with oversight from the Trustees and relevant governance committees. During the year, matters relating to senior leadership attracted external interest and were managed through established governance processes, including appropriate engagement with regulators and stakeholders. The University continues to take steps to protect and strengthen its reputation through transparent governance arrangements, effective risk management and clear, appropriate communication. 19 ## Trustees' Report ## **Financial Risk Management Objectives and Policies** The Group’s main financial instruments are cash and quoted investments held by the University and the Foundation. In addition, items such as trade debtors and trade creditors arise directly from its operations. The main purpose of these financial instruments is to fund the Group’s operations. The existence of these financial instruments exposes the Group to several financial risks, namely market risk, liquidity risk and credit risk. The Trustees review and agree policies for managing each of these risks and they are summarised below. ## **a. Market Risk** - Currency risk: The Group is exposed to some translation and transaction foreign exchange risk in respect of cash, cash equivalents, and investments. This risk is not significant to the Group and accordingly there are no hedging provisions in place. - Interest rate risk: At the balance sheet date the University had a £5m bank loan outstanding. Details of the loan are in Note 14. Since the loan interest rate is fixed, there is no current interest rate risk. - Share price risk: The Group’s exposure to share price risk consists mainly of movements in the value of the Group’s investments in quoted shares. ## **b. Liquidity risk** The University has sufficient liquid cash resources partially arising from funds drawn down from the loan. The University manages its liquidity risk through regular cash flow forecasts and other financial management information tools. Also, the University monitors cash resources as a proportion of operating costs through the year, considering peaks and troughs in cash flows and the projected impacts on banking covenants. Furthermore, the University has a £5m revolving credit facility with NatWest available which has been unused since it was established in 2021. The loan and revolving credit facilities have been renewed in early 2026 extending both facilities for a further 5 years. The University’s investments are guided by the University’s Financial Regulations, and the University’s Finance and Resource Committee, which also has oversight of the Reserves and Liquidity policy setting out the strategy and policies for cash management, long term investments and borrowings. ## **c. Credit Risk** The Group’s principal financial assets are quoted investments held by the University and the Foundation, cash and trade debtors. Quoted investments are managed by independent professional advisers, working with a cautious risk appetite set by The University of Buckingham and The University of Buckingham Foundation. The credit risk associated with the investments and cash is limited, as the counterparties are wellestablished financial institutions. The principal credit risk arises therefore from the Group’s receivables. The nature of the Group’s client base, being mainly undergraduate and postgraduate students, is such that it is not significantly exposed to any single individual customer, although there are several commercial and institutional clients. For example, the University validates other providers’ programmes in the UK and internationally. The Trustees therefore concentrate their efforts on ensuring that the processes around credit approval and debt collection are sufficiently robust and the updating of our student management system in 2027 will further assist with this matter. ## **Fraud and error** As with any business, there are potential risks to the integrity of financial assets and financial information. The primary safeguards are the staffing and ongoing training of the Finance Office, along with its financial procedures, which were reviewed and updated regularly throughout 2025 to ensure continued adherence to robust control mechanisms The Audit and Risk Committee undertakes rolling reviews of risk management. The Finance and Resources Committee and the Council receive financial reports and information which enable them to engage in significant financial decisions. 20 ## Trustees' Report ## **Climate change** During 2025, the University strengthened its governance arrangements for sustainability through the appointment of a new Chair for the Sustainability Committee. This has provided clearer leadership, improved oversight, and a renewed focus on embedding sustainability more consistently across academic, operational, and strategic activity. A key area of focus during the year has been the integration of sustainability considerations into the curriculum, ensuring that environmental responsibility and climate awareness are reflected in teaching and learning where appropriate. This work is intended to support student expectations, align with wider societal and legislative drivers, and reinforce the University’s commitment to responsible and sustainable practice. The University has also recognised the need to implement a more robust, institution-wide system for measuring and reporting its carbon footprint on a consistent, year-on-year basis. While progress has been made in improving data quality and understanding of energy use, further work is required to establish a comprehensive reporting framework. It is anticipated that improved carbon footprint reporting will be in place during 2026, with results reported annually to support transparency, decision-making, and regulatory readiness. Investment in sustainability initiatives has continued to demonstrate tangible benefits. Returns from solar photovoltaic installations completed in 2024 have proven highly effective during 2025. In particular, during summer months the Beloff building’s electrical demand has been fully met through on-site solar generation, with surplus electricity redistributed to other buildings across the campus. This has delivered measurable reductions in grid electricity consumption and associated carbon emissions. In addition, voltage optimisation systems have been installed in key areas of the estate. These systems have reduced overall electricity demand drawn from the national grid, improving energy efficiency, lowering operating costs, and contributing to the University’s wider sustainability objectives. While these initiatives demonstrate clear progress, it should be acknowledged that further funding will be required to implement additional sustainability measures and to support the development of comprehensive reporting systems. Identification of appropriate funding mechanisms and investment pathways remains an area for further work during 2026. We remain committed to improving the University’s environmental performance and recognise that sustained leadership, robust data, and targeted investment will be essential to delivering long-term sustainability outcomes aligned with the University’s strategic objectives. ## **Perspectives on future direction** The University of Buckingham launched its Strategic Plan 2023-2028 in 2023. Setting out the University’s ambitions for the coming five years, the Strategic Plan emphasises the importance of sustainable growth in numbers, income and surplus alongside growth of the University’s academic provision and growth of the University’s employees, personally and professionally. Underpinning these aims are four guiding principles that build on the University’s foundations while speaking to the future: independence and academic freedom, academic excellence, student partnership, and innovation and entrepreneurship. Progress to date on transformational initiatives has been satisfactory. During 2026 as the University celebrates the history and successes in its 50th anniversary year, there is activity to refresh the strategic focus and initiatives, embracing the ethos and founding principles to ensure success into the future. The following section sets out a summary of those Strategic plans. 21 Our A beacon of independence and academic freedom, we will be a university Vision internationally recognised for fostering the leaders, thinkers and achievers of the future. Our Mission Inspiring and empffivering indiiiduals to achi￿￿ the £Ktraordinar)' through eKcellenee in learnin& tea£hing. research and entrepreneu￿hip- Discover the Buckingham difference: learn with the best in a universit). where yOUTe always a name, never a number. Our Pitch Our Guiding Principles Our Values COMMUNITY AUTHEMTICITY INDEPENDENCEAMD ACADEMIC FREEDOM We are 3 global community of studen scholars professionals and alumni. sharing our passion for understanding. We are true towhowe are.. an irKlependent Univers￿Y. whol commrttèd to the pursuit offtee enquiry. ADEMK EXCELLENCE kE5PONSIBILffY EXCELLENCE We take responsibility for our action5 arKI our words, and howwe maintain and utilise our phy51cal. financial arKI natural resources and environment. We are professional. ollegiate and hard- working. and we rive for success in all that we do. STUDENT PARTMÉRSHIP INNOVATIOM AND ENTrEPRENEUASHIP Our Motto Alis Vozans Proprizs Flying on our own wings ## One Strategic Aim Four Guiding Principles We will grow our student numbers, income and operational surplus in a planned, measured and sustainable manner. We will grow our academic provision in breadth, depth and rigour. We will grow our people by supporting them with professional development and state-ofthe-art systems and processes. We will underpin our growth and sustainability with four guiding principles: independence and academic freedom; academic excellence; student partnership; innovation and entrepreneurship. 23 ## Trustees’ Report ## **Going concern** The Group and University’s financial statements are prepared on a going concern basis, based on Trustees’ assessment of the financial position, operating model, and forecast cash flows. This assumes the Group and University will continue in operation for the foreseeable future including meeting its future obligations as they fall due. The University continues to take actions to further improve governance and financial sustainability, and the Strategic Plan provides the focus and direction for the further growth and success of the University. At the balance sheet date, the Group is reporting net current assets of £0.8m (University: net current liabilities £5.1m), which is an improvement of £0.7m for the Group (University shows an increase in liabilities of £0.5m). Throughout 2025 the Group continued to comply with the debt service covenants. Based on forecasts and projections, the Group also expects to comply with such covenants for the foreseeable future, with the ability to withstand plausible negative variations in those forecasts. We have also refinanced our £5m loan and revolving credit facility to further stabilise our cash and financial stability. After considering significant potential risks to plans and forecasts and the potential actions, which could include the sale of additional capital assets and a programme of cost restructuring, the Trustees are satisfied that it remains appropriate to prepare the Group and University financial statements on a going concern basis. Approved by the Trustees and signed on their behalf on 18 May 2026 by: **David Cole** **Kirsty Leigh** Interim Chief Financial Officer **Mark St John Qualter** Chair of Council 18 May 2026 Interim Vice-Chancellor **Chancellor** Dame Mary Archer ## **Independent Members of** ## **Council** ## Chancellor and Members of Council |Chancellor
and Members
of Council
**THE COMPOSITION OF THE COUNCIL**
Pursuant to Statute 15, the Council shall comprise ex-officio
members, independent members and elected members.
Membership of the sub-committees of Council for 2025 are listed
below, with the Chair denoted in bold. The lists below represent the
committee members**as at 31 December 2025.**
**Finance &**
**Resources**
**Committee**
**Mr Andy Dunkley**
Ms Annabel
Awosika
Ms Anthea Bailey
Ms Kristina
Church
Ms Nadia Strone
Professor James
Tooley
Mr Phil Wolfenden
Mr Martin Kersey
**Audit & Risk**
**Committee**
**Mr Chris Hollis**
Mr Nicholas
Hillman
Lord Peter Lilley
Professor Göran
Roos
Mr Nitesh Magdani
**Nominations &**
**Governance**
**Committee**
**Mr Mark St John**
**Qualter**
Ms Annabel
Awosika
Mr Chris Hollis
Ms Anthea Bailey
Ms Katie Nykanen
Ms Camilla
Soames
Professor James
Tooley
Mr Phil Wolfenden
**Remuneration**
**Committee**
**Ms Nadia Strone**
Mr Andy Dunkley
Mr Martin Kersey
Mr Mark St John
Qualter
Mrs Camilla
Soames
**Council Strategy**
**and**
**Transformation**
**Sub-Group**
**Professor Göran**
**Roos**
Ms Annabel
Awosika
Mr Nitesh Magdani
Ms Sarah Myhill
Ms Katie Nykanen
Mr Phil Wolfenden|Mr Mark Qualter|(Chair of Council)| |---|---|---| ||Mrs Camilla Soames|(Vice-Chair of Council)| ||Mrs Kristina Church|| ||Mr Andy Dunkley|| ||Professor Timothy Evans|| ||Mr Nicholas Hillman|| ||Mr Chris Hollis|| ||Lord Peter Lilley|| ||Mr Martin Kersey|| ||Mr Nitesh Magdani|| ||Ms Katie Nykanen|| ||Professor Göran Roos|| ||Ms Nadia Strone|| ||Mr Phil Wolfenden|| ||Dr Adekunle Ayodeji Osibogun|| ||**Elected Members of Council**|| ||Mrs Anthea Bailey|(Professional Services)| ||Mr Graham Jones|(Senate-elected academic)| ||Vacant|(Senate-elected academic)
Post filled by Dr Jessica Walsh
(25 February 2026)| ||Mrs Sarah Myhill|(Senate-elected academic)| ||Mr Kamva Gcaza|(Student member)
Replaced by Ms Maneeka
Bhujun (1 January 2026)| ||**Ex-Officio Members of Council**|| ||Professor James Tooley|(Vice-Chancellor)
Term ended
(31 December 2025)
Replaced by David Cole,
Interim Vice-Chancellor
(1 January 2026)| ||Professor Harriet Dunbar-Morris|(Pro-Vice Chancellor
(Academic) & Provost)| (President of the Students’ Replaced by Kamva Gcaza (1 25 Union) January 2026) Ms Annabel Awosika ## Statement of responsibilities of the University Council in relation to the financial statements ## **RESPONSIBILITIES AND ACTIVITIES OF THE COUNCIL IN RELATION TO THE FINANCIAL STATEMENTS** The Council is responsible for preparing the Annual Report and financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law). In accordance with its regulatory responsibilities under section 18 of Schedule 7 of the Education Reform Act 1988, the University’s Council presents audited financial statements for each financial year. The Council is required to keep proper accounting records which: disclose with reasonable accuracy at any time the financial position of the Group and University; which enable it to ensure that the annual financial statements give a true and fair view of the state of affairs of the Group and University and of the income and expenditure for that year; and comply with the Charities Act 2011 and the provisions of its Royal Charter. In causing the financial statements to be prepared, Council has ensured that: - Judgements and estimates are made that are reasonable and prudent The financial statements have also been prepared in accordance with: - Financial statements are prepared on the going concern basis unless it is inappropriate to presume that the Group and University will continue in operation for the foreseeable future. - The Statement of Recommended Practice “Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” Council is responsible for safeguarding the assets of the Group and University and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - The Charities Act 2011 - The provisions of the Statement of Recommended Practice – Accounting for Further and Higher Education 2019 and meet the requirements of the Office for Students accounts direction dated 25 October 2019. Council is further responsible for the maintenance and integrity of the information, charity and financial, included on the University’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. ## Operations of Council Council’s powers are exercised through a number of subcommittees and sub-groups: - Audit and Risk Committee (ARC) - Finance and Resources Committee (FRC) - Nominations and Governance Committee (NGC) - Remuneration Committee (Rem Com) - Inclusion Committee* - Honorary Appointments and Awards Committee* - (* Joint Committee of Council and Senate) ## Operations of Senate Senate’s powers are exercised through a number of subcommittees, whose terms of reference were approved by Senate: - University Research Committee - University Learning & Teaching Committee - Inclusion Committee* - Honorary Appointments and Awards Committee* - (* Joint Committee of Council and Senate) **David Cole** Interim Vice-Chancellor **Kirsty Leigh** 18 May 2026 Interim Chief Financial Officer **Mark St John Qualter** Chair of Council Statement of Corporate Governance and Internal Control **This statement of corporate governance and internal control covers the period from 1 January 2025 to the date of approval of these financial statements.** ## **Corporate governance structure** The University is incorporated by Royal Charter (number RC000730) and the conduct of the University’s affairs is governed by the Royal Charter and accompanying Schedule (Statutes), approved by the Privy Council. The University is registered as an Approved Provider with the Office for Students (UKPRN: 10007787) and is a registered charity (number 1141691). It is authorised by its Royal Charter to award taught and research degrees in perpetuity. The University is a member of Universities UK. The University has a bicameral constitution comprising the Council and the Senate. Whereas the Council is the governing body, and its members are Trustees of the University, the Senate is the governing academic authority, responsible for the setting and maintenance of threshold academic standards and for assuring and enhancing the quality of students’ learning opportunities. The Council of the University has responsibility for the stewardship of the University’s assets; its members focus on strategic decision making and ensuring adherence to its charitable objectives whilst delegating day-to-day operational responsibilities to the Vice-Chancellor, the Executive and senior management team. It receives assurances that the University meets all legal and regulatory requirements imposed on it as a corporate body. ## It is a requirement of the University’s Ordinances that Council’s membership be formed of a majority of independent members who are external to the University and that it is made up of at least 15 and no more than 25 members in total. Council is currently made up of 23 members, of whom three are ex-officio members (the Vice- Chancellor, Pro Vice-Chancellor and President of the Students ‘ Union), three are academic staff members elected by Senate to Council, one is a professional services staff member elected by their constituency and one is a further student member nominated by the Students’ Union. The remaining members are independent, of whom one member is nominated by the University’s alumnus. The membership of Council is considered by the Nominations and Governance Committee, based on a skills matrix and diversity information that enables decisions to be made about future recruitment activity. The Senate of the University is its governing academic authority. Senate’s responsibilities include: the regulation and control of all academic awards as well as the programming and teaching that facilitates students’ admission to said academic awards, the management of the formalities associated with making academic awards and the regulation of University discipline. The Senate is responsible for overseeing the development of the University’s academic portfolio (including all associated research, learning and teaching and assessment activities), for the admission of students and for all areas pertaining to academic delivery and support. The principal academic and administrative officer of the University is the Vice- Chancellor, who has a general responsibility to the Council for maintaining and promoting the efficiency and good order of the University and who is the Chair of the Senate. The Vice-Chancellor also chairs the Executive Group, comprising the members of the University’s senior management. The Audit and Risk Committee of the Council (ARC) provides much of the oversight of the University’s compliance, corporate governance and risk management. This is through reports from senior management, the University’s Internal and External auditors, and from the University’s risk management lead from whom a report is received at each meeting. The Council, in turn, receives the minutes of ARC and an update at each of its meetings from the Chair of ARC. The Council receives updates on matters relating to Corporate Governance from the Vice-Chancellor. The Council and its Committees ensure that the University complies with its statutory and regulatory responsibilities. The ARC, together with Senate, provide much of the oversight of compliance with OfS’ ongoing conditions of registration. Additionally, the Finance and Resources Committee (FRC) oversees compliance with the University’s statutory obligations in relation to health and safety. The University’s management accounts are considered by the Council, the FRC and the ARC on a monthly basis. 27 Statement of Corporate Governance and Internal Control ## **Scope of responsibility** The Council has ultimate responsibility for the University’s system of internal control and reviewing its effectiveness. The Council has delegated to the Vice- Chancellor the day-today responsibility for maintaining sound systems of internal control that support the policies, aims and objectives of the University whilst safeguarding all funds and assets in accordance with responsibilities set out in the Office for Students’ conditions of registration. The effectiveness of these controls is reviewed by the ARC. The Vice- Chancellor is also responsible for reporting to the Council any material weaknesses or breakdowns in internal control. ## **The purpose of the system of internal control** The system of internal control is an on- going process designed to identify the principal risks to the achievement of the University’s plans, policies and objectives; to evaluate the extent of those risks; and to manage them efficiently, effectively, and economically. Such a system is designed to manage and mitigate rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable and not absolute assurance against material misstatement or loss. 28 Statement of Corporate Governance and Internal Control ## **The risk and control framework** The Council has taken reasonable steps to ensure: - There are appropriate financial and management controls in place to safeguard the assets of the Group and University and prevent and detect fraud, with any concerns investigated thoroughly before the financial statements are signed off. - The economical, efficient, and effective management of the Group and University’s resources and expenditure. - Funds from whatever sources and administered by the University for designated purposes have been applied properly for those purposes and managed in accordance with applicable legislation. - It is in receipt of regular reports and additional meetings are scheduled, to discuss the issues arising from significant matters if and as required. A process is in place for identifying, evaluating, and managing the significant risks facing the University, and ensuring the associated procedures have been in place and operational throughout the year, notably through the regular review and updating of the University’s Risk Register. The Risk Register details strategic and recurrent risks and covers governance, management, quality of service, reputational, operational, compliance as well as financial risks together with the range of mitigating controls in place and the early ## warning indicators for each risk. The Risk Register is under continuous review by senior management and by the ARC at each of its meetings. This enables the University to ensure that it can monitor and manage risks in an ever-changing environment. The key elements of the University’s system of risk assessment and internal control, which is designed to discharge the responsibilities set out above, include the following: - Risk Management, which is led by the Registrar, supported by senior managers, and reports into ARC. - A medium and short-term financial planning process, supplemented by detailed annual income, expenditure, capital, and cash flow budgets. - Regular reviews of academic performance and monthly reviews of financial results involving variance reporting and updated of forecast outturns. - Clearly defined requirements for approval and control of expenditure. - - with investment decisions involving capital or revenue expenditure being subject to review according to approval levels set by FRC. - An outsourced internal audit function, reporting directly to ARC . ## **Review of effectiveness** and the governing documents of the University, making recommendations thereon as required for the approval of Council. The Council receives periodic reports from ARC (including copies of minutes of its meetings), and arrangements are in place to ensure regular reports are received from the University management on their actions to manage risks in their areas of responsibility. Reviews by Council of the effectiveness of the system of internal control are informed by the reports of Council, committees, and Officers of the University. ARC is satisfied with the improving maturity of the risk control framework and is supportive of the use of the internal audit expertise to deliver training workshops to Executive. ARC and the Trustees are satisfied with the resultant effectiveness of the implemented framework. ## **Remuneration Committee** The Remuneration Committee (Rem Com) monitors the performance of Officers of the University falling within its remit (including the Vice-Chancellor) and determines any changes in their remuneration. The Rem Com sets the salary of the ViceChancellor and other staff members falling within its remit considering the nature of the role, the institution and performance in the role, and does so in accordance with Senior Staff Remuneration Framework it has approved in compliance with the Committee of University Chairs’ Higher Education Senior Staff Remuneration Code (November 2021). The Rem Com reviews the Senior Staff Remuneration Framework annually to ensure it remains fit for purpose. A trustee annual review process has been implemented in 2025 to ensure that the contribution of trustees is reviewed and reflected upon, with a resultant report considered thereon by Council. The Chair of Council undertakes the annual appraisal of the Vice-Chancellor’s performance in the previous year, agreeing objectives for the next 12-month period. This takes place at the end of each calendar year. ## **Nominations and Governance Committee** The Nominations and Governance Committee (‘NGC’) normally meets at least bi-annually to oversee the skills base of Council, the appointment of independent and other members of Council and Officers of the University, review terms of office of members **David Cole** 18 May 2026 **Kirsty Leigh** Interim Chief Financial Officer **Mark St John Qualter** Chair of Council Interim Vice-Chancellor 29 Independent Auditors’ report to the Council of The University of Buckingham ## **Opinion** We have audited the financial statements of The University of Buckingham (the 'University') and its subsidiaries (‘the Group’) for the year ended 31 December 2025 which comprise the Group and University Statements of Comprehensive Income, Group and University Statements of Changes in Reserves, Group and University Statements of Financial Position, Group Statement of Cashflows and the related notes, including a Statement of Principal Accounting Policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Statement of Recommended Practice Accounting for Further and Higher Education 2019 in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations, The Charities (Accounts and Reports) Regulations 2008, but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: - give a true and fair view of the state of the University’s and Group’s affairs as at 31 December 2025 and of their incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **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 University and the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, including consideration of financial forecasts and cashflows and compliance with bank covenants, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the University’s and Group’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 Council with respect to going concern are described in the relevant sections of this report. 30 Independent Auditors’ report to the Council of The University of Buckingham ## **Other information** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ Report thereon. The Council are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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. ## **Responsibilities of the Governing Body** As explained more fully in the Statement of Responsibilities of the University’s Council in Relation to the Financial Statements, the Council are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Council 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 Council are responsible for assessing the Group and University’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 Council either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. ## **Auditor's responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act 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 Auditors’ 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 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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management and those charged with governance concerning actual and potential litigation, regulatory actions and claims; - Enquiry of staff to identify any instances of non-compliance with laws and regulations; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness; - Evaluating the business rationale of significant transactions outside the normal course of business; - Reviewing accounting estimates for bias; - Reviewing minutes of meetings of those charged with governance; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 31 Independent Auditors’ report to the Council of The University of Buckingham Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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. ## **Report on other legal and regulatory** We are required to report on the following matters by the Accounts Direction dated 25 October 2019 issued by the Office for Students (‘the Accounts Direction’). In our opinion, in all material respects: funds from whatever source administered by the Academy for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation; and the financial statements meet the requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students. We are also required by the Accounts Direction to report where the results of our audit work indicate that the University’s grant and fee income, as disclosed in the notes to the financial statements, has been materially misstated. We have nothing to report in these respects. ## **Use of our report** This report is made solely to the Council, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Council 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 Group and University and its Council, as a body, for our audit work, for this report, or for the opinions we have formed. ## **MHA, Statutory Auditor** London, United Kingdom ## Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). MHA Audit Services LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 32 Group and University statements of comprehensive income for year ended 31 December 2025 |Note
**Income**
1
Tuition fees and education contracts
2
Research grants and contracts
3
Other income
4
Investment income|**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**| |---|---| ||54,664
54,664
49,671
49,671
226
226
325
325
7,094
7,095
7,178
7,147
427
186
464
219| |Total income before donations and endowments
5
Donations and endowments|62,411
62,171
57,638
57,362
364
549
496
590| |Total income|62,775
62,720
58,134
57,952| |**Expenditure**
6
Staff costs
7
Other operating expenses
10
Depreciation
8
Interest and other finance costs|26,572
26,572
25,041
25,041
33,846
33,939
32,274
32,832
2,247
2,229
2,158
2,098
107
107
107
107| |9
Total expenditure|62,772
62,847
59,580
60,078| |Deficit before other gains
(Losses) on disposal of fixed assets
11
Gains on investments|3
(127)
(1,446)
(2,126)
(1)
(1)
(129)
-
954
706
390
678| |**Surplus/(deficit) for the year**
Total comprehensive income/(expenditure) for the year|956
578
(1,185)
(1,448)
956
578
(1,185)
(1,448)| |Represented by:
16
Endowment income/(expenditure) for the year
17
Restricted income/(expenditure) for the year
Unrestricted (expenditure)/income for the year|764
396
160
118
442
439
267
55
(250)
(257)
(1,612)
(1,621)| |**Surplus/(deficit) for the year**|956
578
(1,185)
(1,448)| The consolidated income is attributable to the University and its subsidiaries. There is no non-controlling interest. All income and expenditure of the University and its subsidiaries relates wholly to continuing operations. The notes on pages 37 to 64 form part of these financial statements. 33 Group and University statements of changes in reserves for year ended 31 December 2025 |**Group**
**Balance at 1 January 2024**|**Endowment**
**£000**
**Restricted**
**£000**
**Unrestricted**
**£000**
**Total**
**£000**
**7,567**
**5,484**
**13,929**
**26,980**| |---|---| |Surplus/(deficit) for the year
Release of restricted funds spent in the year
Transfers between reserves
New donations and reclassifications|-
-
(1,185)
(1,185)
(75)
(684)
(821)
(1,580)
(155)
155
-
-
390
796
394
1,580| |Surplus/(deficit)for theyear ended 31 December 2024|160
267
(1,612)
(1,185)| |**Balance at 1 January 2025**|**7,727**
**5,751**
**12,317**
**25,795**| |Surplus for the year
Release of funds spent in the year
Transfers between reserves
New donations and reclassifications|-
-
956
956
(185)
(576)
(1,207)
(1,968)
(5)
5
-
-
954
1,013
1
1,968| |Surplus/(deficit)for theyear ended 31 December 2025|764
442
(250)
956| |**Balance at 31 December 2025**|**8,491**
**6,193**
**12,067**
**26,751**| |**University**
**Balance at 1 January 2024**|**Endowment**
**£000**
**Restricted**
**£000**
**Unrestricted**
**£000**
**Total**
**£000**| |---|---| ||**3,803**
**5,803**
**12,332**
**21,938**| |Surplus/(deficit) for the year
Release of restricted funds spent in the year
Transfers between reserves
New donations and reclassifications|-
-
(1,448)
(1,448)
(60)
(579)
(639)
(1,278)
-
-
-
-
178
634
466
1,278| |Surplus/(deficit) for the year ended 31 December 2024|118
55
(1,621)
(1,448)| |**Balance at 1 January 2025**|**3,921**
**5,858**
**10,711**
**20,490**| |Surplus for the year
Release of funds spent in the year
Transfers between reserves
New donations and reclassifications|-
-
578
578
(167)
(529)
(835)
(1,531)
-
-
-
-
563
968
-
1,531| |Surplus for the year ended 31 December 2025|396
439
(257)
578| |**Balance at 31 December 2025**|**4,317**
**6,297**
**10,454**
**21,068**| 34 Group and University statements of financial position at 31 December 2025 |Note
**Fixed assets**
10
Tangible assets
11
Investments|**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**| |---|---| ||26,863
26,042
27,552
26,714
8,058
9,169
7,293
8,630| |**Total fixed assets**|34,921
35,211
34,845
35,344| |**Current assets**
12
Trade and other receivables
Cash and cash equivalents|13,264
13,439
12,721
12,805
18,202
17,357
13,897
12,213| |**Total current assets**|31,466
30,796
26,618
25,018| |13
**Less creditors amounts falling due within one year**
**Net current assets/(liabilities)**
14
**Creditors: amounts falling due after more than one year**
15
Pensions provisions
15
Other provisions|(30,557)
(35,860)
(26,489)
(30,693)
909
(5,064)
129
(5,675)
(5,000)
(5,000)
(5,000)
(5,000)
(4)
(4)
(50)
(50)
(4,075)
(4,075)
(4,129)
(4,129)| |**Total net assets**|**26,751**
**21,068**
**25,795**
**20,490**| |**Restricted reserves**
16
Income and expenditure reserve – Endowment
17
Income and expenditure reserve – Restricted
**Unrestricted reserves**
Income and expenditure reserve – Unrestricted|8,491
4,317
7,727
3,921
6,193
6,297
5,751
5,858
12,067
10,454
12,317
10,711| |18
**Total reserves**|**26,751**
**21,068**
**25,795**
20,490| The financial statements on pages 31 to 64 were approved by Council on 18 May 2026 and were signed on its behalf by: **David Cole** Interim Vice-Chancellor **Kirsty Leigh** Interim Chief Financial Officer **Mark St John Qualter** Chair of Council 35 ## Group Statement of Cash Flows ||**Group**|**Group**| |---|---|---| |**Cashflow from operating activities**|**2025**|**2024**| ||**£000**|**£000**| |Surplus/(deficit) for the year|956|(1,185)| |**Adjustments for non-cash items**||| |Depreciation|2,247|2,158| |Release of funds spent in the year|(1,968)|(1,580)| |Decrease in current investments|-|87| |(Increase)/decrease in student receivables|(1,969)|2,239| |Decrease/(increase) in other debtors, prepayments, and accrued income|1,426|(2,665)| |Increase/(decrease) in creditors|4,068|(1,267)| |Decrease in other provisions|(54)|(1,171)| |Decrease in pension provision|(46)|-| |**Adjustments for investing or financial activities**||| |Interest payable|107|107| |Investment income|(427)|(464)| |Loss on disposal of fixed assets|1|129| |(Gain)in investments|(954)|(390)| |**Net cash inflow/(outflow) from operating activities**|3,387|(4,002)| |**Cashflows from investing activities**||| |Investment income|427|464| |Gain in investments|954|390| |(Purchase) of investments|(765)|(309)| |(Payments) to acquire tangible assets|(1,559)|(2,063)| |Proceeds of fixed asset disposals|-|4,476| |**Net(outflow)/inflow from investing activities**|**(943)**|2,958| |**Cash flows from financing activities**||| |Interest paid|(107)|(107)| |New donations – restricted and endowment|1,968|1,580| |**Net cash inflow from financing activities**|**1,861**|1,473| |Increase in cash and cash equivalents in theyear|**4,305**|429| |Cash and cash equivalents at the beginningof theyear|13,897|13,468| |Cash and cash equivalents at the end of theyear|18,202|13,897| Details of the analysis of changes in net debt can be found in Note 19. 36 ## Statement of Principal Accounting Policies The consolidated and University financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP 2019): Accounting for Further and Higher Education, and in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (FRS 102)”, and the Charities Act 2011. The University is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS 102. The financial statements are prepared on a going concern basis, under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value. The accounting policies have been applied consistently over the period. The financial statements reflect the requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students. The functional currency of the group is UK Sterling, and all financial statements have been prepared to the nearest thousand pounds. The financial statements have been prepared and give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure is required following Statement of Recommended Practice – Accounting for further and higher education issued on 1 October 2018, since this statement of recommended practice is most relevant to the University, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 January 2019. The University has taken advantage of ## exemptions in FRS 102 from: - Preparing a statement of cash flows for the University, on the basis that it is a qualifying entity, and the consolidated statement of cash flows included in these financial statements includes the University’s cash flows. - The financial instrument disclosures, required under FRS 102 paragraphs 11.39 to 11.48A and paragraphs 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures. ## **1. BASIS OF PREPARATION - GOING** ## **CONCERN** The Consolidated and University financial statements are prepared on a going concern basis, based on Trustees’ assessment of the financial position, operating model, and forecast cash flows. This assumes the Group and University will continue in operation for the foreseeable future including meeting its future obligations as they fall due. The University continues to take actions to further improve governance and financial sustainability, and new Strategic plan provides the focus and direction for the further growth and success of the University. At the balance sheet date, the Group is reporting net current assets of £0.9m (University: net current liabilities £5.1m), which is an improvement of £0.8m (University shows decrease in liabilities of £0.6m). The University forecasts that it will meet all its banking covenant and debt servicing requirements for the foreseeable future. After considering significant potential risks to plans and forecasts and the potential actions, which could include the sale of additional capital assets and a programme of cost restructuring, the Trustees are satisfied that it remains appropriate to prepare the Group and University financial statements on a going concern basis. ## **2. BASIS OF CONSOLIDATION** The financial statements for the Group are the consolidation of the financial statements of The University of Buckingham (The “University”), the University of Buckingham Foundation (“the Foundation”) and Medical Property Management Ltd (“MPML”). The University has not consolidated its other subsidiaries, being: - Buckingham Business Enterprises Ltd, whose net assets and financial performance are immaterial for the purpose of giving a true and fair view. This subsidiary has been dissolved post year end. - University of Buckingham Medical Sciences North Ltd, a dormant company whose net assets and financial performance are immaterial for the purpose of giving a true and fair view. In 2025 this company has been dissolved. The close relationship between the University and the Foundation is a determining factor in the University exercising effective control. The Trustee board, including the Chair of Trustees, agree that the primary intent of the Foundation is to support the University and are guided by the University in decisions relating to the distribution of funds. The makeup of the Foundation board is an important, but not the only, factor. Trustees are appointed by the trustee board and the University has a specified minimum number set out in the Foundation trust deed. At the financial year end the Foundation Board comprises four Trustees appointed by the University and two independent Trustees. The Foundation operates in support of the University’s charitable objectives, with its activities and funding decisions directed towards advancing education through the University The University has the ability to direct the relevant activities of the Foundation through its representation on the Board and its involvement in governance and decision-making processes. The Foundation’s resources are applied primarily for the benefit of the University, including the provision of funding to support students and academic activities. On this basis, the University considers that it exercise control over the Foundation and accordingly consolidates results of the Foundation within the Group financial statements. Associated companies are accounted for using the equity method. Investment in an associate is held at cost less accumulated impairment losses. An investment in a subsidiary company is held at cost less accumulated impairment losses in the University’s financial statements. Medical Property Management (MPML) is included in the Group financial statements. The company has not been subject to a separate audited separately. It is currently intended that MPML will be dissolved prior to its next filing date. 37 Statement of Principal Accounting Policies ## **3. INCOME RECOGNITION** This accounting policy covers: Tuition fees and education contracts, Research grants and contracts, other income, Investment income, and Donations and endowments. Income arising from the sale of goods or provision of services (including student accommodation and catering) is recognised and credited to the Consolidated Statement of Comprehensive Income on exchange of such goods and services, or when the terms of the contracts have been satisfied fully. These accounts are shown net of VAT, returns, discounts, and rebates as appropriate. Where services are rendered but are not complete at the end of the period, income is recognised by stage of completion/degree of provision. Tuition fee income is stated gross of any expenditure which is not a discount. Tuition fee income is credited to the Consolidated Statement of Comprehensive Income on a prorata basis across the length of the course, in line with the provision of courses to students. For any portion of the income paid for via a Future Earnings Agreement (FEA) this is not recognised in the income statement until the FEA is repaid when the student leaves the University and starts paying it back via their earnings. Bursaries and scholarships are accounted for as expenditure and not deducted from income. These are reflected as a cost to the University, as part of its delivery of student support. Validation involves the University reviewing the educational offerings of third-party providers of being a suitable standard for those providers’ students to receive University of Buckingham degrees. Validation fee income is recognised when the University is satisfied that its contractual services including academic due diligence have been delivered/ satisfied and the collection of the fees will occur with reasonable certainty. Validation income is shown separately within Note 3. recognised as income once the University is entitled to the funds. Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms applied to the individual endowment fund. Investment income is credited to the Consolidated Statement of Comprehensive Income on a receivable basis. Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms applied to the individual endowment fund. ## **Grant Funding** All grant funding, including research grants and capital grants from government and other sources, is recognised in income when the University is entitled to the funding, and any performancerelated conditions have been met. Performance conditions are defined as ‘a condition that requires the performance of a particular level of service or units of output to be delivered, with payment of, or entitlement to, the resources conditional on that performance.’ There are five main types of donations and endowments identified within reserves: - i. Restricted donations – the donor has specified that the donation must be used for a particular objective. - ii. - Unrestricted donations – the donor has not specified the use of the donation and so it is to be used for the general benefit of the University. Income received in advance of performance related conditions being met is recognised as iii. deferred income within Creditors on the Statement of Financial Position and released to income as or when any conditions are met. Unrestricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the University. ## **Donations and Endowments** - iv. - Restricted expendable endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the University has the power to use the capital. Non-exchangeable transactions without performance related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised as income when the University is entitled to the funds. Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer. Donations with no restrictions are - Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective. v. 38 Statement of Principal Accounting Policies ## **4. PENSION SCHEMES** The Aviva Group Personal Pension Plan (GPP) is a defined contribution scheme, established by contract. The employer’s contributions payable for each accounting period are accounted for as expenditure in the period in which they are incurred. The NEST Auto Enrolment Scheme (NESTAES) is a defined contribution scheme, established by contract. The employer’s contributions payable for each accounting period are accounted for as expenditure in the period in which they are incurred. The Universities Superannuation Scheme (USS) is a defined benefit scheme, established by trust deed with assets held in a separate fund. The employer’s contributions payable for each accounting period are accounted for as expenditure in the period in which they are incurred. The debt recovery plan put in place by USS has resulted in the suitable recovery of the funds, so there is no longer a provision in place for this. This scheme is closed to new members. The University of Buckingham Employee Benefits Plan (EBP), established as a defined contribution scheme by trust deed was closed to further contributions on 31 December 2007. However, the scheme provides a Guaranteed Minimum Pension in respect of periods of membership prior to 6 April 1997. The University accounts for any funding deficit, based on the actuary’s reports to the scheme’s Trustees on the funding of the scheme at the schemes most recent valuation date, April 2023. ## **5. TAXATION AND CHARITABLE STATUS** The University is a Registered Charity within the meaning of Part 3 of the Charities Act 2011. It is also a charity within the meaning of Paragraph 1 of Schedule 6 to the Finance Act 2010. The University is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 472 – 488 of the Corporation Tax Act 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. Charitable status provides no similar exemption from VAT, but the University is defined as an Eligible Body by Schedule 9 Group 6 of the VAT Act 1994. This means that the education provided is exempt from VAT, but that VAT cannot be recovered on education related purchases. Irrecoverable VAT is therefore included in both revenue and capital expenditure. ## **6. TANGIBLE FIXED ASSETS AND DEPRECIATION** Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Equipment and property costing more than £3,000 per item or project is capitalised. Other equipment is written off in the year of purchase. Land is not depreciated. Depreciation is provided on a straight-line basis on other assets at the following annual rates to write off the cost/valuation |**Buildings**|**2%**| |---|---| |**Equipment**|Furniture, furnishings,
equipment
**10%-20%**| ||Office equipment
**10%-20%**| ||Science laboratory
equipment
**20%-25%**| ||Motor vehicles
**20%**| ||Computing equipment
and software
**25%-33%**| ||Specialist laboratory
equipment
**33%**| On the grounds of materiality, the above six categories have been aggregated as equipment. The carrying amount of fixed assets is tested for impairment in accordance with the policy described in Note 9. 39 Statement of Principal Accounting Policies ## **7. INTANGIBLE ASSETS** Intangible assets are stated at cost less accumulated amortisation and any impairment losses. Cost includes the original purchase price of the asset and costs attributable to bringing the asset to its working condition for intended use. Amortisation is provided on a straight-line basis over the estimated useful life of the asset. The carrying amount of intangible assets is tested for impairment in accordance with the policy described in Note 9. ## **8. INVESTMENTS** ## **Investments** Investments in listed shares are re-measured to fair value at each year-end date. If there are any gains or losses on re-measurement these are recognised in the period and any gains or losses on disposal are recognised in the Statement of Comprehensive Income within Gains/(losses) on investments. ## **9. IMPAIRMENT OF ASSETS** Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ## **10. CASH AND CASH EQUIVALENTS** Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty. An investment qualifies as a cash equivalent only when it has a short-term maturity of three months or less from the acquisition date. ## **11. PROVISIONS** Provisions are recognised in the financial statements when: - i. The University has a present obligation (legal or constructive) as a result of a past event; - ii. It is probable that an outflow of economic benefit will be required to settle the obligation; and - iii. A reliable estimate can be made of the amount of the obligation. ## **12. RESERVES** Reserves are classified as restricted or unrestricted. There are two types of restricted reserves: - i. The first type of restricted reserve, “Endowment reserves”, include balances which, through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity. - ii. The second type of restricted reserve, called “Restricted reserves”, includes balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds, and unspent balances of restricted donations are treated in line with the British Universities Finance Directors Group (BUFDG) Implementation Guidance to the SORP. Reserve transfers are made between Restricted and Unrestricted reserves for the depreciation on assets that were funded by grants or donations with restrictions on those underlying assets. ## **13. LEASES** The Group and the University are lessees of property and whether an arrangement is or contains a lease depends on the substance of that arrangement. Leases in which substantially all the risk and rewards incidental to the ownership of an asset are transferred to the lessee by the lessor are classed as finance leases. Leases which are not finance leases are classified as operating leases. Gross rental expenditure in respect of operating leases is recognised on a straight-line basis over the term of the leases, unless another systemic basis is representative of the time pattern of the lessee’s benefit from the use of the leased asset. Rent free periods are accounted for within the Statement of Financial Position as Accruals and deferred income. 40 ## Statement of Principal Accounting Policies ## **14. FINANCIAL INSTRUMENTS** The Group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. ## **i) Financial assets** Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Consolidated Statement of Comprehensive Income. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when: - the contractual rights to the cash flows from the asset expire or are settled; or - substantially all the risks and rewards of the ownership of the asset are transferred to another party; or - despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ## **ii) Financial liabilities** Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group entities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires. ## **iii) Offsetting** Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **iv) Financial guarantee contracts** A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the original or modified terms of a debt instrument. These are accounted for under Section 21 of FRS 102. Where appropriate, a provision has been made and/or a contingent liability disclosed. 41 Statement of Principal Accounting Policies ## **15. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES** The preparation of financial statements requires management to make judgements and adopt estimates that affect the financial statements during the reporting period. accounts for the scheme as if it were a defined contribution scheme. **ii) Effective control of The University of Buckingham Foundation** These estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The University has judged that it is in a position of effective control arising from several factors, notwithstanding that the Foundation is a distinct charitable trust, therefore the results of the Foundation have been consolidated in the consolidated financial statements. **a) Critical judgements in applying the Group and University’s accounting policies** The trust deed for the Foundation declares that its primary purpose is to advance the education of the public by, in particular, supporting and promoting the education of students attending the University and by benefiting the wider academic community and purposes of the University as a whole. **i) Evaluation of the Universities Superannuation Scheme as a multiemployer scheme** The University has judged that the USS meets the definition of a multi-employer scheme for the reasons set out in Note 21. The close relationship between the University and the Foundation is a determining factor in the University exercising effective control. The Trustee board, several of whom are officers of the University, agree that the primary intent of the Foundation is to support the University and are guided by the University in decisions relating the distribution of funds. 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 institutions, and a scheme-wide contribution rate is set. The University is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. Therefore, as required by Section 28 of FRS 102 “Employee benefits”, the University **b) Critical estimates in applying the Group and University’s accounting policies** In the preparation of the consolidated financial statements, management has made estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for income and expenses during the year. Actual results could differ from these estimates. ## **i) Depreciation and impairment of fixed assets** Assets are depreciated as set out in Note 6, Principal Accounting Policies, which are judged to be an appropriate assessment of the useful life of assets, and assuming that the University is operating as a going concern on the Buckingham campus for the foreseeable future. The University’s material fixed assets are reviewed annually to determine whether their book value should be reduced due to their value being impaired. Estimates are made of the extent of any impairment on individual assets or related groups of assets. ## **ii) Crewe exit provision** Following the decision and communication to relocate teaching activities and educational provision from Crewe to Buckingham by the end of 2026, an exit costs provision based on the 2026 lease and running costs (by which time the campus will be substantially unused), and future retention, relocation and redundancy of staff has been established. 42 Statement of Principal Accounting Policies ## **15. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)** ## **(iii) Impairment of receivables** Student and commercial/trade receivables are reviewed at least annually to determine the extent to which a provision is required against debts that have a reasonable risk of non- payment. The risk reflects the length of time for which the debt has been unpaid and the reason for non-payment. The University assesses such debts on an individual student or customer basis and does not include general provisions. The University continues to seek payment of such debts until all reasonable efforts have been exhausted. ## **16. RELATED PARTY TRANSACTIONS** The Group and University discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature, such as regular payments, are aggregated unless, in the opinion of the Council, separate disclosure is necessary to understand the effect of the transactions on the consolidated financial statements. ## **17. TERMINATION BENEFITS** Termination benefits of any kind relating to staff are based upon the relevant employment contracts, length of service, discretionary awards, and any statutory requirements. 43 Notes to the Financial Statements ## **1. Tuition fees and education contract** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**
**£000**|**2025**
**£000**|**2024**
**£000**|**2024**
**£000**| ||Full-time undergraduates -
Home|15,953|15,953|15,336|15,336| ||Full-time undergraduates -
International|26,734|26,734|23,946|23,946| ||Part-time undergraduates|53|53|159|159| ||Postgraduates -
Home|8,350|8,350|6,650|6,650| ||Postgraduates -
International|3,429|3,429|3,410|3,410| ||Pre- and non-degree
courses|145|145|170|170| |||**54,664**|**54,664**|**49,671**|**49,671**| ## **3. Other income** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| |||**£000**|**£000**|**£000**|**£000**| ||Residences|3,802|3,802|3,327|3,327| ||Catering and Bar|290|290|260|260| ||Validation and
franchise fees|2,220|2,220|2,109|2,109| ||Other income *|782|783|1,482|1,451| |||**7,094**|**7,095**|**7,178**|**7,147**| * Other income comprises, in particular: registration fees, Grant income, VAT partial exemption recovery, credit card commissions earned, rental income from parties outside The University of Buckingham ## **4. Investment income** The table above includes Apprenticeship income in 2025 of £4.4m (2024: £2.9m). Apprenticeship income has increased in 2025 due to significant expansion in programme scale, particularly within the Postgraduate Teacher Apprenticeship, where the University is now the largest provider in England. Annual starting student numbers have increased substantially from an initial cohort of 34 apprentices to over 400 per year, now delivered across two cohorts. ## **2. Research grants and contracts** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| |||**£000**|**£000**|**£000**|**£000**| ||Research charities|122|122|208|208| ||Industry and commerce|104|104|117|117| |||**226**|**226**|**325**|**325**| |||**Group**
**2025**
**£000**|**University**
**2025**
**£000**|**Group**
**2024**
**£000**|**University**
**2024**
**£000**| |---|---|---|---|---|---| ||Investment income|74|-|76|-| ||Bank Interest income|353|186|388|219| |||**427**|**186**|**464**|**219**| 44 Notes to the Financial Statements ## **5. Donations and endowments** |||**Group**|**University**|**Group**|**University**|| |---|---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**|| |||**£000**|**£000**|**£000**|**£000**|| ||Donations
with restrictions|272|341|471|531|| ||University of Buckingham
Foundation donations|59|75|25|59|| ||Unrestricted donations|33|133|-|-|| |||**364**|**549**|**496**|**590**|| ||**6. Staff costs**|**Group**
**2025**|**University**
**2025**|**Group**
**2024**|**University**
**2024**|| |||**£000**|**£000**|**£000**|**£000**|| ||Salaries*|22,338|22,338|21,122|21,122|| ||Social security costs|2,557|2,557|2,273|2,273|| ||Pensions costs,
excluding USS|1,586|1,586|1,559|1,559|| ||Apprenticeship levy|91|91|87|87|| |||**26,572**|**26,572**|**25,041**|**25,041**|| ## **6. Staff costs (continued)** ||**Average number of**|**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| ||**full- time equivalent**|**2025**|**2025**|**2024**|**2024**| ||**members of staff**|**Number**|**Number**|**Number**|**Number**| ||Academic|132|132|173|173| ||Research|4|4|7|7| ||Support|236|236|257|257| ||Manual|41|41|36|36| |||**413**|**413**|**473**|**473**| ||**Average headcount of**
**staff**|**Group**
**2025**
**Number**|**University**
**2025**
**Number**|**Group**
**2024**
**Number**|**University**
**2024**
**Number**| |---|---|---|---|---|---| ||**Academic**|189|189|240|240| ||**Research**|5|5|7|7| ||**Support**|268|268|270|270| ||**Manual**|44|44|38|38| |||**506**|**506**|**555**|**555**| *Within salaries, compensation for loss of office (including voluntary severance) of £436,989 was paid in 2025 (2024: £236,176) which relates to 40 employees (2024: 20 employees). This is high due to redundancies following the exit of the Crewe campus. Within these figures, no payments were made in 2025 in respect of compensation for loss of office to members of the key management personnel (2024: £nil). 45 Notes to the Financial Statements ## **6. Staff costs (continued)** ||**Remuneration of the Vice-Chancellor**|**2025**
**£**|**2024**
**£**|| |---|---|---|---|---| ||Basic salary|176,513|175,888|| ||Other Remuneration|72,015|-|| ||Taxable benefits – living accommodation|18,481|17,120|| ||Pension contribution to USS|30,823|25,504|| ||**Total remuneration**|**297,832**|**218,512**|| |||||| ||**Remuneration of the Interim Accountable**|||| ||**Officer during the absence of the Vice-**
**Chancellor from 1st January to 19th**
**February 2025 (2024 : from 14th October**|**2025**
**£**|**2024**
**£**|| ||**to 31st December 2024)**|||| ||Basic salary|16,576|26,121|| ||Pension contribution|1,538|2,424|| ||**Total remuneration**|**18,114**|**28,545**|| |||||| ||**Remuneration of the Interim Accountable**|||| ||**Officer during the absence of the Vice-**|**2025**|**2024**|| ||**Chancellor from 15th September to 31st**|**£**|**£**|| ||**December 2025**
Basic salary|39,308|-|| ||Other Remuneration|8,750|-|| ||Pension contribution|3,656|-|| ||**Total remuneration**|**51,714**|**-**|| The Vice-Chancellor was absent for periods in 2024 and 2025, during which the Registrar & Chief Administrative Officer and Pro Vice-Chancellor both covered the role of Accountable Officer. Their remuneration during these periods are detailed to the above in the 2[nd] and 3[rd] tables. Please note that Other Remuneration includes allowances, Pay in lieu of notice (PILON) and holiday pay. As a requirement of the contract of employment, the Vice-Chancellor is required to reside at the University in order to discharge their duties fully. There is considerable value to the University in the Vice-Chancellor residing on the University campus. The living accommodation taxable benefit has been calculated based on HMRC benefit in kind rules. The Vice-Chancellor’s salary is 5.42 times the median salary of staff (2024: 4.42), where the median pay is calculated on a full-time equivalent basis for the salaries paid by the University to its staff. The Vice-Chancellor’s remuneration is 8.04 times (2024: 5.11) the median total remuneration of staff where the median total remuneration is calculated on a full-time equivalent basis for the total remuneration by the University of its staff. Please note total remuneration includes the other remuneration, i.e. the allowances, PILON and Holiday pay, which is the reason for the large difference in 2025 versus 2024. These calculations have been performed on the Vice-Chancellor and do not include amounts paid to the Accountable Officers. The Vice-Chancellor has the overall responsibility for ensuring the effective and efficient management of the University. The Vice-Chancellor is the Accountable Officer as per OfS Regulatory Advice 10 and as such, bears the responsibility of effective governance and financial stewardship of the University. The University undertakes collaborations with other institutions around the world, and its undergraduate and postgraduate students come from various parts of the world. The ViceChancellor is responsible for promoting the University’s interests at home and overseas, developing good business relationships between the University and its Collaboration Partners and other stakeholders, including Government representatives, the Office for Students, and the Charity Commission. The Vice-Chancellor works closely with both Council and Senate bodies and leads the Executive Board of the University in all matters relating to governing and running the operations of the University. This ensures appropriate strategic development to deliver the University’s academic and financial sustainability. Assessment of the Vice-Chancellor’s performance is conducted on an annual basis. This is conducted by the Chair of Council, in consultation with the Nomination Performance and Remuneration Committee, and is based on achievements against the set objectives and the overall performance of the University. These include student recruitment and completion, student satisfaction, staff satisfaction and the overall financial performance. The Nomination Performance and Remuneration Committee is responsible for ensuring the right remuneration is set for the Vice-Chancellor to reflect the strategic workload, achievement of performance targets and the general remuneration for Higher Education Heads in the United Kingdom. 46 Notes to the Financial Statements ## **6. Staff costs (continued)** ## **Employees earning over £60,000 (Charity SORP disclosure)** The table below shows the numbers of employees whose emoluments for the year exceed £60,000 (including benefits in kind and redundancy/termination costs but excluding employer's pension contributions & allowances). |**£ Band**|**2025**|**2024**| |---|---|---| |£60,001 - £70,000|18|16| |£70,001 - £80,000|16|13| |£80,001 - £90,000|5|9| |£90,001 - £100,000|5|4| |£100,001 - £110,000|2|1| |£110,001 - £120,000|1|3| |£120,001 - £130,000|2|-| |£130,001 - £140,000|-|1| |£140,001 - £150,000|1|2| |£150,001 - £160,000|1|1| |£160,001 - £170,000|1|-| |£190,001 -£200,000|-|1| |£240,001 - £250,000|1|-| ||**53**|**51**| ## **Employees earning over £100,000 (Office for Students disclosure)** In accordance with the OfS Accounts Direction, the table below includes the number of staff with a full-time equivalent basic salary of over £100,000 per annum. Basic salary includes market supplements but excludes bonus payments, allowances and other such payments. As per the guidance it also does not include any staff who joined or left during the financial year. |**£ Band**|**2025**|**2024**| |---|---|---| |100,000-104,999|1|1| |115,000-119,999|1|2| |120,000-124,999|1|1| |130,000-134,999|1|1| |140,000-144,999|-|2| |150,000-154,999|1|2| |175,000-179,999|1|1| ||**6**|**10**| 47 Notes to the Financial Statements ## **6. Staff costs (continued)** ## **Key management personnel** ## **Council members** Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the University. The Key Management Personnel at the University are considered to be the following personnel: the Vice Chancellor, Pro Vice Chancellor, Registrar & Chief Administrative Officer, Chief Financial Officer, and Secretary to Council. This includes said personnel in their Interim roles as Accountable Officers. |||**Group/**
**University**
**2025**|**Group/**
**University**
**2024**|| |---|---|---|---|---| ||Key management personnel – total remuneration|£0.8m|£0.7m|| ||Number of key management personnel|5|5|| ||**Key management personnel – average remuneration**|**£169k**|**£145k**|| Council members are the Trustees for charitable law purposes. A list of Council members who served at any time during the financial year and until the date these financial statements were formally approved is contained in the “Chancellor and Members of Council” section on page 25. Due to the nature of the University’s operations and the composition of the Council, drawn from local public and private sector organisations, it is inevitable that transactions may take place with organisations in which a member of Council may have an interest. All transactions involving organisations in which a member of Council have an interest, including those identified below, are conducted at arm’s length and in accordance with the University’s Financial Regulations and usual procurement procedures. Note 22 contains details of related party transactions in the year. No members of Council received honoraria from the University during the year (2024: Nil). The total expenses paid to or on behalf of the Council members in the year was £19.5k (2024: £4.7k), representing travel and subsistence incurred in attending meetings and events in their official capacity. 48 Notes to the Financial Statements ## **7. Other operating expenses** |**Other operating**
**expenses include:**|**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**| |---|---| |External auditors’
remuneration in
respect of audit
services
Other costs (see below
for further analysis)|129
129
147
141
33,717
33,810
32,127
32,691| ||**33,846**
**33,939**
**32,274**
**32,832**| ||| |**Further analysis of**
**other costs**|**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**| |Curriculum costs
Medical student
placement fees*
Staff and student travel
Premises costs
Residence costs
General administrative
expenses**
Catering and
merchandising costs|2,407
2,407
5,338
5,312
12,597
12,597
11,265
11,265
843
843
1,291
1,291
4,651
4,654
3,389
3,332
1,134
1,134
1,929
1,990
10,961
11,051
8,238
8,824
1,124
1,124
677
677| ||**33,717**
**33,810**
**32,127**
**32,691**| ## **8. Interest and other finance costs** ||**Other operating**
**expenses include:**|**Group**
**2025**
**£000**|**University**
**2025**
**£000**|**Group**
**2024**
**£000**|**University**
**2024**
**£000**|| |---|---|---|---|---|---|---| ||Bank loans|107
**107**|107
**107**|107
**107**|107
**107**|| ## **9. Total expenditure** ||**Other operating**
**expenses include:**
Academic and related|**Group**
**2025**
**£000**|**University**
**2025**
**£000**|**Group**
**2024**
**£000**|**University**
**2024**
**£000**| |---|---|---|---|---|---| ||expenditure|31,043|31,043|30,939|30,915| ||Administration and
central services|22,648|22,723|21,730|22,252| ||Premises|5,941|5,941|3,767|3,723| ||Residences|2,081|2,081|2,129|2,173| ||Catering and bar|720|720|615|615| ||Research grants and
contracts|339
**62,772**|339
**62,847**|400
**59,580**|400
**60,078**| For 2025 our operating costs include £2.0m of costs relating to our Digital Transformation project (shown in Administration and central services) :- £1.4m for 2024. *Medical student placement fees continue to rise as do our property rent costs. **General administrative expenses include an increase in our professional fees of £1.3m. The University has two classes of business being the provision of education and the delivery of research. The provision of residences, catering, bar plus administration and central services are ancillary activities. 49 Notes to the Financial Statements ## **10. Tangible assets** |||**Freehold land**|**Freehold Buildings**|**Equipment**|**Assets in course of**|**Total**| |---|---|---|---|---|---|---| ||**Group**||||**construction**|| |||**£000**|**£000**|**£000**|**£000**|**£000**| ||Cost:|||||| ||At 1 January 2025|3,714|28,444|16,625|37|48,820| ||Additions|-|-|1,316|243|1,559| ||Disposals|-|-|(748)|-|(748)| ||Transfer completed assets in course
of construction|-|-|37|(37)|-| ||**At 31 December 2025**|3,714|28,444|17,230|243|49,631| ||Depreciation:|||||| ||At 1 January 2025|-|11,773|9,495|-|21,268| ||Charge for the year|-|579|1,668|-|2,247| ||Disposals|-|-|(747)|-|(747)| ||**At 31 December 2025**|-|12,352|10,416|-|22,768| ||Net book amount:|||||| |||**3,714**|**16,092**|**6,814**|**243**|**26,863**| ||**At 31 December 2025**|||||| ||At 31 December 2024|3,714|16,671|7,130|37|27,552| 50 Notes to the Financial Statements ## **10. Tangible assets (continued)** |||**Freehold**|**Freehold**|**Equipment**|**Assets in**|**Total**|| |---|---|---|---|---|---|---|---| ||**University**|**land**|**Buildings**||**course of**
**construction**||| |||**£000**|**£000**|**£000**|**£000**|**£000**|| ||Cost:||||||| ||At 1 January 2025|3,521|27,672|16,624|37|47,854|| ||Additions|-|-|1,315|243|1,558|| ||Disposals
Transfer|-
-|-
-|(748)
37|-
(37)|(748)
-|| ||**At 31 December**
**2025**|**3,521**|**27,672**|**17,228**|**243**|**48,664**|| ||Depreciation:||||||| ||At 1 January 2024|-|11,645|9,495|-|21,140|| ||Charge for the year|-|561|1,668|-|2,229|| ||Disposals|-|-|(747)|-|(747)|| ||**At 31 December**
**2025**|**-**|**12,206**|**10,416**|**-**|**22,622**|| ||Net book amount:||||||| ||At 31 December 2025|**3,521**|**15,466**|**6,812**|**243**|**26,042**|| ||At 31 December 2024|3,521|16,027|7,129|37|
26,714|| ## **11. Investments** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| |||**£000**|**£000**|**£000**|**£000**| ||Investments in MPML|-|4,828|-|4,686| ||Shares in CVCP Properties
Plc|23|23|23|23| ||Other listed investments|7,885|4,240|7,078|3,757| ||Cash investment deposits:
Non-current|150|78|192|164| ||**Total Investments**|**8,058**|**9,169**|**7,293**|**8,630**| The University owns 0.54% of the issued ordinary share capital in CVCP Properties plc, the company that owns the offices of Universities UK. The University has an immaterial dormant subsidiary, University of Buckingham Medical Sciences North Ltd., as detailed in Note 24. Other listed investments represent equity shares, principally UK equities, managed by external independent professional fund managers. These are recognised as non-current asset investments, as they are held with a long-term intention to earn recurring income that pays for expenditure connected with Restricted and Endowment Funds. The Endowment funds held in the Group and University have earned small returns in the year as shown in Note 16. 51 ## Notes to the Financial Statements ## **12. Trade and other receivables** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| |||**£000**|**£000**|**£000**|**£000**| ||Escrow funds
Student receivables|1,630
7,327|1,630
7,327|1,607
5,358|1,607
5,358| ||Other trade
receivables|741|741|2,339|2,339| ||Prepayments and
accrued income|3,293|3,293|3,295|3,295| ||Amounts due from||||| ||subsidiary
undertakings|-|175|-|84| ||Other debtors|273|273|122|122| |||**13,264**|**13,439**|**12,721**|**12,805**| The amounts due from subsidiary undertakings are trading account balances and payable on demand. The Group holds £1.6m of funds in an escrow account relating to the financial guarantee supporting the lease of the Booth Hall student accommodation by Apollo Buckingham Health Sciences Campus Limited from Manchester Metropolitan University. The University has judged that this should be treated in the financial statements as a receivable rather than cash and cash equivalents. The restricted cash is contained in a bank account held jointly in escrow with Manchester Metropolitan University and, whilst this does represent cash funds, it is freely available only to the extent released by both parties following payment of rents and lease liabilities. At 31 December 2025 the full recoverability of the escrow account is not certain due to future rent and dilapidations liabilities. A provision of £1.6m (2024: £1.6m) (see Note 15) has therefore been made in these financial statements being the current judgement of the uncertain amount. ## **13. Creditors: amounts falling due within one year** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| |||**£000**|**£000**|**£000**|**£000**| ||Student fees received in
advance|7,734|7,734|8,418|8,418| ||Trade payables|2,620|2,621|2,947|2,947| ||Social security and other
taxation payable|698|698|616|616| ||Other payables|572|572|847|847| ||Accruals and deferred
income|18,933|19,447|13,661|14,172| ||Amounts due to
subsidiary undertakings|-|4,788|-|3,693| |||**30,557**|**35,860**|**26,489**|**30,693**| ## **14. Creditors: amounts falling due after more than one year** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| ||Bank loans due between
one and two years|**£000**
5,000|**£000**
5,000|**£000**
5,000|**£000**
5,000| ||**At 31 December 2025**|**5,000**|**5,000**|**5,000**|**5,000**| The University has agreed a new five-year loan from March 2026, at a fixed interest rate of 6.07% As part of the agreement, a revolving credit facility of £5m is available to the University for the duration of the loan.. The revolving credit facility has not been used since the start of the facility agreement. Financial covenants have been complied with during the term and the University has been renewed for another five years 52 Notes to the Financial Statements ## **15. Provisions** |**Group**
**Financial**
**guarantee**
**contract**
**provision**
**£000**
**Crewe**
**exit**
**provision**
**£000**
**Other**
**provisions**
**£000**
**Total**
**£000**
At 1 January 2025
1,580
2,082
517
4,179
Changes in provisions
-
(118)
18
(100)
**At 31 December 2025**
**1,580**
**1,964**
**535**
**4,079**|**University**
**Financial**
**guarantee**
**contract**
**provision**
**£000**
**Crewe exit**
**provision**
**£000**
**Other**
**provisions**
**£000**
**Total**
**£000**| |---|---| ||At 1 January2025
1,580
2,082
517
4,179
Changes in provisions
-
(118)
60
(58)| ||**At 31** **December 2025**
**1,580**
**1,964**
**577**
**4,121**| **Financial guarantee contract provision** - See note 12 Trade & Other Receivables for more information **.** ## **Crewe lease and exit provisions** During the year, the University simultaneously exited the original lease at Crewe and entered into a new lease to December 2026. However, with the students either on placements or at the Buckingham Campus, the lease will largely be unused by students. As such, what has historically been recognised as an onerous lease provision (‘Crewe lease’) has been replaced with a provision for the costs associated with the 2026 lease (‘Crewe exit provision’), which include the redundancy and retention costs that have been agreed in consultation with the staff working at the Crewe campus. ## **Other provisions** - The Employee Benefit Plan is an in-house pension scheme that is in the process of being wound up. Provisions relate to the current deficit on the scheme less recovery payments to date. - Following internal reviews around various compliance areas the University has identified various one-off, individually immaterial matters which are in the process of being addressed. These are the same reviews from 2023 that whilst conversations have progressed, final settlements have not been finalised or paid but these should be finalised in 2026. 53 Notes to the Financial Statements ## **16. Endowment reserves** ||**2025**|**Group Restricted**|**Group Restricted**|**Group Total**|**University Restricted**|**University**|**University Total**| |---|---|---|---|---|---|---|---| |||**Permanent**|**Expendable**||**Permanent**|**Restricted**|| |||||||**Expendable**|| ||**Capital**|**£000**|**£000**|**£000**|**£000**|**£000**|**£000**| ||As at 1 January 2025|5.621|1,058|6,679|3,455|22|3,477| ||Increase in market value of
investments|843|112|955|563|-|563| ||Transfers between reserves|(120)|115|(5)|-|-|-| ||Capital Expenditure|(18)|-|(18)|-|-|-| ||**As at 31 December 2025**|6,326|1,285|7,611|4,018|22|4,040| ||Accumulated income||||||| ||As at 1 January 2025|935|113|1,048|466|(22)|444| ||Expenditure|(168)|-|(168)|(167)|-|(167)| ||**As at 31 December 2025**|767|113|880|299|(22)|277| ||Total funds||||||| ||As at 1 January 2025|6,556|1,171|7,727|3,921|-|3,921| ||**As at 31 December 2025**|7,093|1,398|8,491|4,317|-|4,317| ||Analysis by Fund Type||||||| ||Scholarships and bursaries|2,646|1,397|4,043|-|-|-| ||Grants and prizes|130|-|130|-|-|-| ||Development funds|4,318|-|4,318|4,317||4,317| ||**As at 31 December 2025**|**7,094**|**1,397**|**8,491**|**4,317**|**-**|**4,317**| ||||||||| ||**Analysis by asset type 2025**|||||**Group total**
**£000**|**University total**
**£000**| ||Fixed assets|||||820|-| ||Investments|||||7,671|4,317| ||**As at 31 December 2025**|||||**8,491**|**4,317**| 54 Notes to the Financial Statements ## **16. Endowment reserves (continued)** ||**2024**|**Group Restricted**|**Group Restricted**|**Group Total**|**University Restricted**|**University**|**University Total**| |---|---|---|---|---|---|---|---| |||**Permanent**|**Expendable**||**Permanent**|**Restricted**|| |||||||**Expendable**|| ||**Capital**|**£000**|**£000**|**£000**|**£000**|**£000**|**£000**| ||As at 1 January 2024|5,612|848|6,460|3,277|22|3,299| ||New donations|344|46|390|178|-|178| ||Decrease in market value of
investments|(319)|164|(155)|-|-|-| ||Capital Expenditure|(16)|-|(16)|-|-|-| ||**As at 31 December 2024**|**5,621**|**1,058**|**6,679**|**3,455**|**22**|**3,477**| ||Accumulated income||||||| ||As at 1 January 2024|994|113|1,107|526|(22)|504| ||Expenditure|(59)|-|(59)|(60)|-|(60)| ||**As at 31 December 2024**|**935**|**113**|**1,048**|**466**|**(22)**|**444**| ||Total funds||||||| ||As at 1 January 2024|6,606|961|7,567|3,803|-|3,803| ||**As at 31 December 2024**|**6,556**|**1,171**|**7,727**|**3,921**|**-**|**3,921**| ||Analysis by Fund Type|||||-|-| ||Scholarships and bursaries|2,515|1,171|3,686|-|-|-| ||Grants and prizes|120|-|120|-|-|-| ||Development funds|3,921|-|3,921|3,921|-|3,921| ||**As at 31 December 2024**|**6,556**|**1,171**|**7,727**|**3,921**|**-**|**3,921**| |**Analysis by asset type 2024**|**Group total**
**£000**|**University total**
**£000**| |---|---|---| |Fixed assets|838|-| |Investments|6,889|3,921| |**As at 31 December 2024**|**7,727**|**3,921**| 55 Notes to the Financial Statements ## **16. Endowment reserves (continued)** |||||**As at 1 January**|**Income & New**|**Expenditure**|**Revaluation Gains/**|**As at 31 December**| |---|---|---|---|---|---|---|---|---| ||**Fund Name**|**Type**|**Purpose**|**2025**|**Donations**||**(losses)**|**2025**| |||||**£000**|**£000**|**£000**|**£000**|**£000**| ||Vinson|Permanent|Economics & Entrepreneurship|3,922||(168)|563|4,317| ||Gregory|Permanent|Scholarships & Bursaries|1,824|-|(18)|181|1,987| ||Desborough|Expendable|Scholarships & Bursaries|679|-|-|59|738| Each of the individually material endowment funds detailed above are represented by listed investments and cash investment deposits only, and each are of sufficient value and liquidity to enable them to be applied in accordance with their associated restrictions. 56 Notes to the Financial Statements ## **17. Restricted reserves** ## **18. Total reserves** |||**Group**|**University**|**Group**|**University**| |---|---|---|---|---|---| |||**2025**|**2025**|**2024**|**2024**| |||**£000**|**£000**|**£000**|**£000**| ||As at 1 January
Surplus/(deficit) for the year|25,795
956|20,490
578|26,980
(1,185)|21,938
(1,448)| ||Release of restricted funds
spent in the year|(1,968)|(1,531)|(821)|(639)| ||New donations and re-
classifications|1,968|1,531|821|639| ||**As at 31 December**|**26,751**|**21,068**|**25,795**|**20,490**| |||**Group**
**2025**|**University**
**2025**|**Group**
**2024**|**University**
**2024**| |||**£000**|**£000**|**£000**|**£000**| ||Restricted donations|364
**364**|549
**549**|496
**496**|590
**590**| Reserves with restrictions are as follows: ||**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**|**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**|**Group**
**2025**
**£000**
**University**
**2025**
**£000**
**Group**
**2024**
**£000**
**University**
**2024**
**£000**| |---|---|---|---| |**2025**
**Group**
**£000**
**University**
**£000**
As at 1 January 2025
5,751
5,858
Transfers between reserves
5
-
New donations and reclassifications
1,013
968
Income release to cover expenditure
(576)
(529)
**Total restricted reserves**
**comprehensive income for the year**
442
439
**As at 31 December 2025**
**6,193**
**6,297**
**2024**
**Group**
**£000**
**University**
**£000**
As at 1 January 2024
5,484
5,803
Transfers between reserves
155
-
New donations and reclassifications
796
634
Income release to cover expenditure
(684)
(579)
**Total restricted reserves**
**comprehensive income for the year**
**267**
**55**
**As at 31 December 2024**
**5,751**
**5,858**|As at 1 January
25,795
Surplus/(deficit) for the year
956
Release of restricted funds
spent in the year
(1,968)
New donations and re-
classifications
1,968|20,490
26,980
578
(1,185)
(1,531)
(821)
1,531
821|21,938
(1,448)
(639)
639
**20,490**
**University**
**2024**
**£000**
590
**590**| ||**As at 31 December**
**26,751**|**21,068**
**25,795**|| ||||| ||**Group**
**2025**
**£000**|**University**
**2025**
**£000**
**Group**
**2024**
**£000**|| ||Restricted donations
364|549
496|| ||**364**|**549**
**496**|| ||At the date of the signing of these accounts progress has been made on the review of
Endowment, Restricted and Unrestricted funds, and the presentation of income and
expenditure associated with endowment funds. During 2025, this work has progressed
resulting in some transfers between reserves and is drawing to a conclusion through
consultation with the original donors and through Charity Commission consents.
**2025**
**£000**
**2024**
**£000**
Cash and cash equivalents
18,202
13,897
**Borrowings: amounts falling due after**
**more than one year**
Unsecured loans
(5,000)
(5,000)
**Net debt**
(13,202)
**(8,897)**
**Change in net debt**
**(4,305)**
**429**
**19.Consolidated net debt**||| 57 Notes to the Financial Statements ## **20. Capital commitments** At the year end the University had £0.2m in capital commitments (2024: £0.3m). ## **21. Pension commitments** The University participates in the following pension schemes: - The Aviva Group Personal Pension Plan (GPP) and the NEST Auto Enrolment Scheme (NEST-AES) are defined contribution schemes, so no commitment exists beyond the employer’s contractual contributions for each accounting period. The NEST- AES is a money purchase scheme contracted into the State Second Pension (S2P), which covers a small number of staff under auto enrolment. - The Universities Superannuation Scheme (‘USS’) provides defined benefits, and the fund is no longer in a deficit. Membership of the fund is closed to new staff. - The University of Buckingham Employee Benefits Plan (‘EBP’) has defined benefits for those members with Guaranteed Minimum Pension rights and the University accounts for the deficit of EBP’s liabilities over assets. ## **The Universities Superannuation Scheme (‘USS’)** ## **Basis of the scheme** This 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 trusteeadministered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions, and a scheme-wide contribution rate is set. The University is therefore exposed to actuarial risks associated with other 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”, the University accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the Statement of Comprehensive Income represents the contributions payable to the 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 typically represents an industry-wide scheme such as USS ## **Financial impact of the scheme valuation** A schedule of contributions based on the 31 March 2023 valuation has been agreed as: ||||**Employer**|**Employee**| |---|---|---|---|---| ||1|January 2019 to 31 March 2019|18.0%|8.0%| ||1|April 2019 to 30 September 2019|19.5%|8.8%| ||1|October 2019 to 30 September 2021|21.1%|9.6%| ||1|October 2021 to 31 March 2022|21.4%|9.8%| ||1|April 2022 to 31 December 2023|21.6%|9.8%| ||1|January 2024 onwards|14.5%|6.1%| ## **Actuarial information and assumptions** Since the University cannot identify its share of USS Retirement Income Builder assets and liabilities, the following disclosures reflect those relevant for the scheme’s assets and liabilities as a whole. The University has 54 active members as at 31 December 2025 (2024: 65 active members). **Pay increases** : Future salaries increase rate 2%, no change in staff membership. ## **Mortality base table** 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: |||**2025**|**2024**| |---|---|---|---| ||Males currently aged 65 years|23.8 years|23.7 years| ||Females currently aged 65 years|25.5 years|25.6 years| ||Males currently aged 45 years|25.7 years|25.4 years| ||Females currently aged 45 years|27.2 years|27.2 years| 58 Notes to the Financial Statements ## **21. Pension commitments (continued)** ||**Cost to the University**|**Group/**
**University**
**2025**|**Group/**
**University**
**2024**| |---|---|---|---| |||**£000**|**£000**| ||Contributions to USS|550|603| ||Contributions to GPP|1,041|999| ||Contributions to AES|17|11| ||(Decrease)in EBP Provision
**Total pension cost for the year (Note 6)**|(22)
**1,586**|(54)
**1,559**| |||**Group/**|**Group/**| |---|---|---|---| ||**Contributions outstanding**|**University**|**University**| ||**as at 31 December**|**2025**|**2024**| |||**£000**|**£000**| ||To USS|67|71| ||To GPP|144|144| ||To AES|-|3| ||**Totalpension outstanding as at 31 December**|**211**|**218**| Key financial assumptions used in 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. ## **Most recent actuarial valuations** A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. As set out in the note above, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provision’s basis. The University was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account. The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method. Since the University cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities 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 (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1 billion 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 University of Buckingham Employee Benefits Plan (EBP)** The EBP is a defined contribution (money purchase) scheme which includes guaranteed minimum pension (GMP) benefits. The scheme started to wind up on 31 January 2008 when it operated on a contracted in basis. The scheme was contracted out on a GMP basis prior to 6 April 1997. Those members with GMP benefits in respect of contracted out service prior to April 1997 have pensions payable from the scheme which must not be less than the GMPs specified in legislation. The GMP rights mean the scheme provides a defined benefit. On retirement the full proceeds of each member’s individual account with Royal London are used to secure benefits in terms of the rules of the scheme, via the purchase of an annuity policy. The net assets of the fund as at 5 April 2025 (the plan’s financial year-end) were £147,130 with the value of investments designated to members valued on this date as £56,122. The assets of the plan are invested in units of various funds with Royal London. The latest actuarial valuation of the scheme in place at the year-end was prepared as at 6 April 2023. The valuation results indicated the scheme had a shortfall of £96,000. It was agreed that no further contributions will be made that the University will continue to pay the cost of Pensions Protection Fund levies and the cost of any expenses other than those paid by Royal London. The next valuation for the period to April 2025 is due after the signing of these accounts and therefore will be reflected in the next year’s accounts. 59 Notes to the Financial Statements ## **21. Pension commitments (continued)** Most recent actuarial valuations There are 12 members of the scheme (as at actuarial date 6 April 2023) |**Funding Position**|**6 April 2023**
**Valuation £’000**|**6 April 2023**
**Valuation £’000**|**6 April 2020**
**Valuation £’000**|**6 April 2020**
**Valuation £’000**|**6 April 2017**
**Valuation £’000**|**6 April 2017**
**Valuation £’000**| |---|---|---|---|---|---|---| |**Total GMP member**
**liabilities**||**139**||**153**||**201**| |**Assets**||||||| |GMP accounts||-||-||113| |Contingency account||7||7||43| |Net current assets||36||(6)||(6)| |**Total assets**
**(Deficit)**||**43**
**(96)**||**1**
**(152)**||**150**
**(51)**| |Funding ratio||31%||1%||75%| ## **Discount rate:** The main demographic assumption relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 6 April 2023 actuarial valuation. The mortality assumptions used in these figures are as follows: ||**Male**|**Female**| |---|---|---| |Current pensioner aged 65 – cohort|86.8|89.1| |Current pensioner aged 65 – period|85.8|87.8| |Future pensioner aged 65 – 20 year in future|89.0|91.4| |Future improvement rate|2%|2%| The EBP pension provision of £46k in the University relates to the balance of potential payments to encourage a reduction in Scheme membership by way of transfer values or the purchase of annuities, where possible. The provisions are required for GMP equalisation costs and legal advice, together with wind up costs. If a member, after taking financial advice, decides that he/she wishes to transfer his/her benefits to a new provider, then the employer will need to provide this enhancement. The aim has been for the benefits of the GMP members to be bought and replaced with a deferred annuity. The intention is to wind up the scheme and distribute assets to remaining members. Before retirement -3.5% p.a. (10 year gilts) After retirement – 3.5% p.a. (10 year gilts) ||**2023**|**2020**| |---|---|---| |RPI inflation:|3.6% p.a.|3.1% p.a.| |CPI inflation:|3.0% p.a.|2.3% p.a.| |GMP increases in
deferment:|Fixed rates|Fixed rates| |**Increase in payment**||| |GMP earned before 6/4/88|0.0% p.a.|0.0% p.a.| |GMP earned on or after
6/4/88 (CPI max 3% p.a.)|3.0% p.a.|2.3% p.a.| 60 Notes to the Financial Statements ## **22. Related party transactions** The table below shows any financial transactions not related to their employment between key staff and the University itself or anyone that the University has a relationship with:- |**Individual Trustee or**
**senior management**
**Related party and**
**relationship**
**Transaction**|**2025**| |---|---| ||**Receipts**
**£**
**Payments**
**£**
**Debtors**
**£**
**Creditors**
**£**| |Nicholas Hillman
Director of HEPI
The University pays an annual membership to HEPI
Nicholas Hillman
Trustee at Repton School
Customer
Harriet Dunbar-Morris
Director of University of
Buckingham Press
Supplier of printing
Camilla Soames
Member of Grants
Committee at the
Rothschilds Foundation
Grant payments received
Chris Payne
Co-opted Committee
member of Independent
Higher Education
Supplier of membership subscription
Adenkunle Osibogun
Council member of
Buckinghamshire Council
Supplier of business rates and customer|-
2,700
-
2760
2,000
-
-
-
-
70,773
-
6,750
19,200
-
-
-
-
12,980
-
-
-
85,672
172
7,471| ||| |**Individual Trustee or**
**senior management**
**Related party and**
**relationship**
**Transaction**|**2024**| ||**Receipts**
**£**
**Payments**
**£**
**Debtors**
**£**
**Creditors**
**£**| |Nicholas Hillman
Director of HEPI
The University pays an annual membership to HEPI
Christopher Payne
(Registrar)
Student & Registrar
Course fees|-
2,700
-
-
987
-
-
-| Debapita Bardhan-Correia, a member of Council and of senior management respectively, had family members employed by the University during 2024 and 2023. Their employment was on an arm’s length basis from Debapita’s employment. 61 Notes to the Financial Statements ## **22. Related party transactions (continued)** Related party transactions between Medical Property Management Ltd (MPML) and The University of Buckingham. ||**2025**
**2024**|**2025**
**2024**| |---|---|---| |**Transaction**|**Receipts**
**£**
**Payments**
**£**
**Debtors**
**£**
**Creditors**
**£**|**Receipts**
**£**
**Payments**
**£**
**Debtors**
**£**
**Creditors**
**£**| |Amounts held under Custodian Agreement by
the University on behalf of MPML
Amounts owed to University for Management
Charges|-
-
-
4,788,299
-
-
2,250
-|-
-
-
4,645,798
-
-
532,270
-| Related party transactions between University of Buckingham Foundation and The University of Buckingham. |**Transaction**|**2025**|**2024**| |---|---|---| ||**Receipts**
**£**
**Payments**
**£**
**Debtors**
**£**
**Creditors**
**£**|**Receipts**
**£**
**Payments**
**£**
**Debtors**
**£**
**Creditors**
**£**| |Grants awarded by the Foundation to the
University during 2024
Grants awarded by the Foundation to the
University for prior years
Rent payment by the University regarding
student accommodation properties owned by
the Foundation|-
84,081
-
174,945
-
-
-
-
-
61,200
-
-|312,453
-
84,081
-
1,016,286
-
-
-
-
61,200
-
-| 62 Notes to the Financial Statements ## **23. Contingent Liabilities** As is the case for all members of the USS pension scheme, an exit cost will be incurred when the University exits the scheme. There are a number of scenarios in which a member may exit the scheme, all of which would result in different exit costs. Whilst it is not the University’s current plans to exit the scheme, the University is, at the date of the signing of these accounts, in the process of reviewing its obligations with the USS pension scheme. As such, the University consider it impracticable to disclose the estimate financial effect or timing of exiting the scheme. ## **24. Subsidiary and associated undertakings** |**Company**|**Principal Activity**|**Status**|**Holding of**
**ordinary**
**shares**|**Registered**
**office**| |---|---|---|---|---| |Medical
Property
Management
Ltd|Property holding
and management,
acquisition of
academic
curriculum|Subsidiary|100%|Yeomanry
House, Hunter
Street
Buckingham
MK18 1EG| |Buckingham
Business
Enterprise Ltd|Used as academic
support for
business,
enterprise, and|Subsidiary|100%|Yeomanry
House, Hunter
Street
Buckingham| ||innovation students|||MK18 1EG| |||A separately||| ||Receives, holds,|constituted||Yeomanry| |The University
of Buckingham
Foundation|and distributes
donations, primarily
in support of the|unincorporated
charity, under
the effective|Not
Applicable|House, Hunter
Street
Buckingham| ||University|control of the||MK18 1EG| |||University||| |University of
Buckingham
Press Ltd|Publishers|Associate|25%|9 The Fairway
Northwood
HA6 3DZ| |University of
Buckingham
Medical
Sciences North
Ltd|Dissolved|Subsidiary|N/A
Company
limited by
guarantee|Yeomanry
House, Hunter
Street,
Buckingham,
MK18 1EG| ## **Medical Property Management Ltd** This wholly owned subsidiary has been consolidated in the University financial statements. During the year, the University recognised gift aid income of £36k (2024:nil). ## **Buckingham Business Enterprise Ltd** The results of this wholly owned subsidiary are deemed to be immaterial to the results of the University so have not been consolidated. The entity has been dissolved post balance sheet date. ## **The University of Buckingham Foundation (the Foundation)** The University is in a position of effective control arising from several factors, notwithstanding that the Foundation is a distinct charitable trust and therefore the results of the Foundation have been consolidated in the consolidated financial statements. The trust deed for the Foundation declares that its purpose is to advance education, in particular supporting and promoting the education of students at the University, and to promote research into academic and scientific fields of learning. The close relationship between the University and the Foundation is a determining factor in the University exercising effective control. The Foundation’s Board of Trustees agrees that the primary intent of the Foundation is to support the University, and the Trustees are guided by the University in decisions relating to the distribution of funds. ## **University of Buckingham Press Ltd** The results of the University’s minority investment in this company are immaterial to the results of the University and have not been consolidated. ## **University of Buckingham Medical Sciences North Ltd** Due to the dormant nature of this company, it was dissolved via a voluntary strike off in June 2025. 63 Notes to the Financial Statements ## **25. Lease Commitments** |||**Land and other**|**Other Leases**|**Total 2025**|**Land and other**|**Other Leases 2024**|**Total 2024**| |---|---|---|---|---|---|---|---| |||**buildings**|**2025**||**buildings 2024**||| |||**2025**|||||| |||**£000**|**£000**|**£000**|**£000**|**£000**|**£000**| ||Not later than one year|2,362|86|2,448|2,362|62|2,424| ||Later than one year and not later than five years|3,712|84|3,796|6,073|63|6,136| ||Later than five years|11,700|-|11,700|12,600|-|12,600| |||**17,774**|**170**|**17,944**|**21,035**|**125**|**21,160**| Lease payments in the year amounted to £2.4m (2024: £2.3m) for land and buildings leases and £126k (2024: £69k) for other leases. ## **26. Post balance sheet events** ## **Medical Property Management Ltd (MPML)** Subsequent to the reporting date, the University has progressed plans to dissolve its wholly owned subsidiary, Medical Property Management Ltd (MPML). The dissolution had not completed as at the date of approval of these financial statements but is planned to be complete before MPML's reporting deadline of Sept 2026. MPML is included within the Group financial statements at 31 December 2025 on a consolidated basis. As the dissolution was not completed at the reporting date, no adjustment has been made in these financial statements. The impact of the dissolution will be reflected in the financial statements for the period in which it completes. The dissolution is not expected to have a material financial impact on the Group. ## **Organisation changes** A restructuring process may result in a small number of redundancies in Q1 2026. ## **Reclassification of Endowment Funds** On 19 March 2026, the Charity Commission approved the reclassification of the Jewkes Fund from a permanent endowment to an expendable endowment. At 31 December 2025, the fund had a carrying value of approximately £73k. As this approval was obtained after the balance sheet date, the change has been treated as a non-adjusting post balance sheet event and will be reflected in the financial statements for the year ending 31 December 2026. 64 THE UNIVERSITY OF BUCKINGHAM For Independent Minds 65