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2022-07-31-accounts

Harper Adams University Annual Report and Financial Statements 2021/22 Harper Adams University

Chief Executive's Report. Chief Executive's Report.
Strategic Review.
Report ofthe Governors
and Corporate Governance		 Statement
„
Independent Auditor's
Report tothe Board		 ofGovernors ofHarper Adams University. 24
Statement of Accounting
Policies.		 ..„27
Consolidated Statement ofComprehensive Income and Expenditure .31
Consolidated and University
Balance Sheet.		 ..
Consolidated Cash Flow Statement.
Notes to the Financial Statements.
Glossary ofTerms ...„,
. „„„„,
....„„„„		 „,
54

Tuition fees 20,765 20,166 3%
Funding
Council Grants.		 11,855 9,932 19%
Research Grants and Contracts 2,946 2,579 14%
Other Operating
and investment		 income 9,468 8,185 16%
Donations
and Endowments		 456 1„040 (56%)
Total income 45,490 41,902
Surplus / (Deficit) forthe year excluding Loan repayment break costs 286 (159) (280%)
Loan Break Costs (1,085)
Deficit-for the Financial Year (799)
e ~ ~
Fixed Assets (incl Biological Assets) 89,524 91,480
investments 1,109 1,087
Net Current Assets 29,922 10765
120,555 103,332
Long Term Creditors and Provisions (52,211) (5S260)
Total Net Assets
Capital Expenditure
in Year		 2,375 3,140 (24%)
Net Cash inflow from Operating Activities 6,649 6358

Operating Surplus / (Daf)CIO {1.8%) OA%
Surpltm
/ (oefidO		 (1,7%) (0,4%)-
St%Costs 57,6% 60,5%
Operating Cash 14.6% 15,2%
EBffDA 5,500 5,230
Operating Cash Generated '6,649 6,958

Energy (kWh) Ernissions Ernissions (tCOye)
Energy Souroe 2021/22 2020/21 202'1/22 2020/21
Mandatory energy use 8remissionsr'
Scope 1
Natural
Gas		 7,837,767 9,009,677 1,430,71 1,6S0,2
Transport- company
owned		 344,339 290,687 93.5 78
vehicles
Location- Market- Location- Market-
Scope 2 based based' based based'
Purchased Electri'city 3,434,479 2,610,113 664.16 0 554.2
Scope 3
Transport —Business travel - 106,599 36,564 25.4
ernpfoyee owned vehides Br
contracted hire cars
Total gross energy 8r
emisslonsi 11,722,184 11,947,041 2,2'I 3.86 2,2914
(lVlandatory)
intensity Ratios
Tonnes of COre per student 0.42 0.46
Tonnes of COye per student and FTEstaff 0.38 0.41
Voluntary energy use 8r
emlsslons
Scope 1
Biomass 757,634 990,167 7,9(P 15,3'
LPG 8r Kerosene 61,396 93,004 13.2 24.2
Generated electricity consumed 481,159 486,222 0 0
on sites
Total gross energy
Btemissions		 1,3D0,389 I,569.393 2'f.18 39.5
(Voluntary)
Total grass energy
Btemissions		 13,022,573 13.516,434 2,235,03 2,330.9
(Mandatory 8rvoluntary)

Year ended 31 July 2022
Year ended 31July 2022 Year ended 31July 2021
Consolidated University Consolidated University
Notes OOOO E'000 6'000 f.'000
Income
Tuition fees 20,765 20,765 20,166 20,166
Funding
council grants		 2 11,855 11,855 9,932 9,932
Research grants and contracts 3 2,946 3,001 2,579 2,579
Other operating
income		 4 9,452 9,716 8,173 8,367
investment
income		 5 16 '16 '12 13
Total income before endowments and donations 45,034 45,3S3 40,862 4'1,097
Donations
and endowments		 456 599 I,040 970
Total income 4SA90 45,952 41,902 42,027
Expenditure
Staff costs 26,209 26,209 25,336 25,336
Depreciation
and Amorti sation		 4,137 3,930 4,087 3,884
Other operating
expenses		 13,781 'l4,309 11,337 11,900
Interest and other finance costs 1,113 '1,113 957 957
Loan repayment
break costs		 1,085 1,085
Totalexpenditure 46,325 41,717 42,077
(Deficit) / Surplus before other gains and losses (835) (694) 185 (50)
Gain on disposal offixed assets 11 36 36 8
Gain on investments 12 22 22 144
(Deficit) / Surplus before taxation (777) (636) 337 102
Taxation (charge) / credit '10 (22) (13) (496) (429)
(Deficit) for the year (799) (649) (159) (327)
Actuarial
gain in respect of pension		 schemes 21,071 21,071 1 322 1,322
Total comprehensive
income and		 expenditure for the 20,272 20,422 1,163
year
Represented
by.
Restricted endowment
incoine for the year		 (89) (89) 141 141
Restricted comprehensive income for the year (41) 24 55 (165)
Unrestricted
comprehensive		 income forthe year 20,402 20,487 967 1,019
20,272 20,422 1,163
Consolidated income and expenditure account Total
Endowment Restricted Unrestricted
f.'000 K'000 FOQO f'000
Balance at 1August 2020 1,031 469 -45,409 46,909
Surplus / (Deficit) from the income and
expenditure
statement
Other comprehensive
income
Release ofrestricted
funds spent in year
Total comprehensive
income and		 202
~6I)
141		 55
55		 (355)
1,322
967		 (98)
1,322
~61
1,163
expenditure
for the		 year
Balance at 1August 2021 1 172 524 46,376 48,072
Surplus / (Deficit) from the income and
expenditure
statement		 (89) (41) (669) (799)
Other comprehensive income / (expenditure) 21,071 21,071
Release ofrestricted funds spent in year
Total comprehensive income and (89) (41) 20,402 20,272
expenditure
for the		 year
Balance at 31July 2022 1,083 483 66,778 68,344
University Income and expenditure account Total
Endowment Restricted Unrestricted
f.'000 E'000 E'000 OOOO
Balance at 1 August 2020 1,031 384 43,915 45,330
Surplus from the income and expenditure
statement 202 (165) (303) (266)
Other comprehensive
Release of restricted		 income
funds spent in year		 (61) 1,322 1.322
~61
Total comprehensive income and 141 (165) 1,019 995
expenditure
for the		 year
Balance at 1 August 2021 1.172 219 44,934 46,325
Surplus from the income and expenditure
statement (89) 24 (584) (649)
Other comprehensive income /(expenditure) 21,071 21,071
Release ofrestricted funds spent in year
Total comprehensive income and (89) 24 20,487 20,422
expenditure
for the		 year
Balance at 31July 2022 1,083 243 65,421 66,747
Year ended 31 July 202 2
Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
Notes 6'000 K'000 E'000 E'000
Non-current
assets
Tangible assets 11 88,985 85,216 90,885 87,162
Investments 12 1,109 1,953 1,087 1,932
Biological Assets 13 539 539 595 595
Debtors 15 1,28S 1,240
90,633 88,993 92,567 90,929
Current assets
Stock 14 1,044 1,044 863 862
Trade and other receivables 15 4,117 4,387 3,591 3,736
Investments 12 5,9&7 5,987 2,849 2,849
Cash and cash equivalents 26,535 26,106 13,501 12,997
37,683 37,524 20,804 20,444
Creditors - amounts falling due within one year 16 (7,761) (7,700) (10,039) (9,911)
Net current assets 29,922 29,824 10,765 'l0,533
Total assets less current liabilities 120,555 118,817 103,332 101,463
Creditors —amounts
one year		 falling due after more than 17 (37,378) (37,378) (21,917) (21,867)
Provisions
Pensions provisions 25 (13,934) (13,934) (32,505) (32,505)
Other provisions 18 (899) (758) (838) (765)
Total net assets 68,344 66,747 48,072 46,325
Restricted reserves
Income and expenditure reserve —restricted 524 219
reserve
Endowment —restricted reserve 19 1,083 1,083 'l,172 1172
Unrestricted
reserves
Income and expenditure reserve - unrestricted 66,778 65,421 46,376 44,934
Total reserves 68,344 66,747 48,072 46,325
Year ended Year ended 31
Notes 3'I July 2022 July 2021
OOOO E'000
Cash flow from operating activities
(Deficit) /Surplus forthe year (799) (159)
Adjustment
for non-cash		 items
Depreciation 4,137 4,087
Loss/ (Gain) on investments (22) (144)
Decrease / increase)
in stock and		 biological assets (125) 114
(Increase) / Decrease in debtors (526) (222)
Increase / (Decrease) in creditors 629 60
Increase in pension
provision		 25 2,500 2,433
Increase in other provisions 18 61 176
Capital grant income (815) (399)
5,839 6,105
Adjustment
for investing		 or financing activities
Endowment
Income
Interest payable 560 420
Loan repayment
break costs		 'i,085
Profit on the sale offixed assets (36)
Investment
income
1,609 412
Net cash inflow from operating activities 6,649 6,358
Cash flows from investing activities
Proceeds from sales offixed assets 36 8
Capital grant receipts 607 978
Investment
income		 5/12 22 12
Payments
made to acquire		 fixed assets (2,364) (3,275)
New non-current
asset investments		 (treasury term deposits) (3,227)
(4,926) (2,277)
Cash flows from financing activities
Interest paid (560) (420)
Loan repayment
break costs		 (1,085)
New unsecured
loans		 25,000 2,000
Repayments
ofamounts
borrowed		 (12,044) (908)
Capital element offinance lease
Capital element
oFdonations
released		 (1,050)
Endowment
cash received
11,311 (378)
increase
/ (Decrease) in cash and cash		 equivalents in the year 13,034 3,703
Cash and cash equivaients at beginning of the year 13,501 9,798
Cash and cash equivalents at end ofthe year 26,535 13,501

to the Financial S tatements
Tuition fees Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
f'000 f'000 f'000 f'000
Full time students —horne/EU 17,832 17,832 17,301 17,301
Full time students charged overseas fees 1,352 1,352 1,543 1,543
Part time fees 658 658 439 439
Short course fees 579 579 552 552
Other fees 344 344 33'l 331
20,765 20,765 20,166 20,166
Funding
body grants		 Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
f'000 f'000 f.'000 f'000
Recurrent
grant (OFS)		 9,241 9,24'i 8,193 8,193
Release ofdeferred capital grant (OFS) 515 515 272 272
Research grant (Research England) 1,217 1,217 595 595
Higher Education Innovation Fund 505 505 468 468
Education and Skills Funding Agency 377 377 232 232
Hardship
Funding		 (OFS) 171 171
11,855 11,855 9,932 9,932
Details of Grant and FeeIncome Year ended 31July 2022 Year ended 31 Juiy 2021
Consolidated University Consolidated University
f'000 f'000 f'000 f.'000
Grant income from the OIS 10,270 10,270 8,473 8,473
Grant Income from other bodies 1,S85 1,58S 1,466 1,466
Fee income for taught
awards		 (exd. VAT) 20,699 20,699 20,093 20,093
Fee income for research awards (exd. VAT) 66 66 66 66
32,620 32,620 30,098 30,098
Research grants and contracts Year ended 31July 2022 Year ended 31 July 2021
Consogdated University Consolidated
University
E'000 f'000 f'000 f'000
Research grants and contracts 2&946 3,001 2,579 2,579
Other operating income Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
f'000 , f'000 f'000 f'000
Catering and residence 4,240 4,240 2,814 2,814
Conferences and short course accommodation 523 S23 164 164
Consultancy 30 30 24 24
Farm 2,813 2,823 2,532 2,542
Other income 1,268 1,522 2,065 2,249
Crop Trials income 213 213 212 212
Vaiidation fees 365 365 362 362
9,4S2 9,716 8,173 8,367

Investment income income Year ended 31July 2022 Year ended 31July 2022 Year ended 31July 2021 Year ended 31July 2021
Consolidated University Consolidated University
K'000 EGGG f'000 f'000
Bank interest 16 12
Other investment income 1
Development Trust Interest
16 13
Donations and endowments Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
E'000 S'000 f'000 f.'000
Permanent Restdicted Endowments (89) (89) 141 141
Other donations with restrictions 545 575 898 828
Other donations without restrictions 113 1
599 1,040 970
Staff costs Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
E'000 f'000 f'000 f'000
Staff Costs;
Salades 18,822 18,822 18,356 18,356
Social security costs 1,906 1,906 1,793 1,793
Other pension costs 5,481 5,48'l 5,187 5,187
Total 26,209 26,209 25,336 25,336
Period Period Period
1 Nov 2021to 1 Aug 2021 to Year ended
Emoluments ofthe Vice-Chancellor (VC)and Interim Vice- 31July 2022 31Oct 2G21 31July 2021
Chancel)or Consolidated
Bt		 Consolidated Bt Consolidated 8.
University University University
(VC) (Interim VC) (Retired VC)
E'000 K'000 f'GGO
Salary 173 45 182
Payinents in lieu of accrued holiday at retirement 14
Benefits 6
Accommodation 3
Employer's pension contributions 21 10
Payments in lieu of pension contributions 21
195 226

Year endecl 31 July 2022 Year ended 31 July 2021 Year ended 31 July 2021
Consolidated University Consolidated University
f'OOO f'OOO f'000 f'000
No. No. No, No,
WKSA (Average FTE) WKSA (Average FTE) Year ended 31 July 2022 Year ended 31 July 2021 Year ended 31 July 2021
Consolidated University Consolidated University
Average staff numbers by major category per HESA: No. No. No. No.
Academic 174 'l74 167 167
Administration and Support 'l34 134 129 129
ivianagernent 8i Specialist 33 33 35 35
Other 100 'l00 98 98
Research 13 13 16 16
Technical 34 34 38 38
488 488 483 483

Other operating
expenses		 Year ended 31July 2022 Year ended 31July 2022 Year ended 31 July 2021
ConsoBelated University Consolidated University
Z'000 f'000 E'000 E'000
Academic
and related expenditure		 2,784 2,784 1,352 1,352
Administration
and central services		 479 479 846 846
Library, computer
and other academic		 support services 2,974 3/55 2,739 3/53
Premises - Other premises costs 1,587 1,587 1,176 1,173
Premises - Refurbishment
and maintenance		 222 222 199 199
Premises - Utility Costs 1,D11 1,636 797 1,483
Research grants and contracts 1,195 1,195 916 916
Residenres
and catering operations		 458 458 345 345
Other including
income generating		 operations 2,586 2,493 2,249 2,133
Development
Trust scholarship
expenditure		 and audit fee 485 718
13,781 14,309 11,337 1'1,900
Other operating
expenses Include:
Audit ofthese financial statements 35
Amounts
receivable
by the company's		 auditor in respect of;
Audit offinancial statements
of		 subsidiaries
ofthe company		 8 8
Audit related assurance
services		 'l3 13 9 9
Taxation compliance
services		 6 6 22 1'I
Internal
auditors'
remuneration		 32 32 32 32
Operating
lease rentals:
Plant and machinery 37
Interest and other finance costs Year ended 3'I July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
K'000 f'000 f'000 E'000
On bank loans:
Exceptional
break costs paid during		 the year 1,085 1,085
Repaid during the year 169 169
Repayable
wholly or partly
in 2 - Syears		 63 63
Repayable
wholly or partly
in more than 5		 years 356 356
On other items and financing:
625m Nate Purchase agreement
repayable		 wholly in 20S1 389 389
Other interest casts 3 3
Pension finance charge 552 552 538 538
Total payable 2,198 2,198 957 957

Yearended 3'l July2022 3'l July2022 Yearended31 July 2G21
ConsoMated University Consolidated University
f'000 E'000 E'000 E'GGG
UKcorporation
tax (credit) / charge of19,0%(2020:190%on
surplus for the year
Tax Provision
Adjustments
to UK Corporation
tax in respect ofprior		 periods
Deferred tax provision 59
Tax on Profit/(Loss)
on ordinary activities
The tax assessed forthe year differs from the standard rate of corporation tax in the UK as follows:
Year ended 3'i July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
E'000 E'000 f'000 E'000
(Loss) / Profit on ordinary
activities before taxation		 (777) (636) 405 170
Profit on ordinary
activities multiplied
by the standard		 rate of tax in ('iO) 31
the UKof19%(2020;19%)
Rxed asset differences (1) 30
Experises not deductible
for tax purposes		 22
income not chargeable
for tax purposes
Losses carried back
Chargeable
gains / (losses)
Deferred tax not recognised 32
Adjustments
totax charge in respect ofprevious		 periods (4) (8)
Capital allowances
in excess ofdepreciation
Other short-term
timing differences
Unrelieved tax losses Etother deductions
arising		 in the period
Impact ofrate change
Adjustments
for charitable activities not subject to corporation		 tax (22)
UKcorporation
tax (credit) / charge

Assets In the
Freehold Plant and Course of
Property Equlprnent Construction Total
f'000 K'000 f'000 K'000
Cost or valuation
At 1 August 2021 100,559 34,184 134,743
Transfer
Additions 91 2.132 152 2,375
Impairment (13,084) ('l3,084)
Dispose ls (188) (188)
At 31July 2022 100,650 23,044 152 123,846
Accumulated depredation
At 1 August 2021 19,581 24,276 43,857
Transfer
Charge for the year 2,808 1,329 4, 'I37
Impairment (1) (13,084) (13,085)
Disposals (48) (48)
At 3'I July 2022 22,388 12r473 34&861
Net book value
At 31 July 2021 80,977 9,908 90,885
At 31 July 2022 78,262 10,571 152 88,985
Financed by capital grant 17,029 3,429 20,458
Other 61,233 7,142 152 68,527
Net book value at 31July 2022 78,262 10,571 152 88,985

Universfty fixed assets Universfty fixed assets
Freehold Plant and Assets In the Total
Property Equipment Course of
Con stl'uct ion
E'000 E'000 E'000 E'000
Cost or valuation
At 1 August 2021 100,564 29,781 130,345
Transfer
Additions 91 2,032 2, 'f 23.
Impairment (13,084) (13,084)
Disposals (188) ('l88)
At 31July 2022 100,655 18,541 119,196
Accumulated
depreciation
At 'I August 2021 19,581 23,602 43,183
Transfer
Charge for the year 2,808 1,122 3,930
Impairment (I) (13,084) (13,085)
Disposais (48) (48)
At 3'f July 2022 22,388 11,592 33,980
Net book value
At 31 Iufy 2021 80,983 6,179 87,162
At 31 july 2022 78,267 6,949 85,216
Financed
by capital grant		 17,029 3,429 20,458
Other 61,238 3,520 64,758
Net book value at 31 July 2022 78,267 6,949 85,216
Investments Year ended 31July 2022 Year ended 31 /ufy 2G21
Consoffdated University Consogdated University
E'000 . E'000 I'000 I.'000
long term asset investments
Investment
in subsidiary		 company 1,000 'f,000
Quoted securities at market value 1,109 954 1,087 932
Unquoted
securities at		 cost
1,109 1,954 1,087 1,932
Current asset investments
Short term cash deposits 5,000 S,GOO 1,773 1,773
Restricted endowment funds 987 987 1,137 1,137
Total investments 7,096 '7,941 3,997 4,842
Itestrfcted endowment funds
UK and Overseas Bonds 136 136 166 166
UK and Overseas Equities 707 707 799 799
Property
and Other Funds		 151 151 137 137
Cash and cash equivalents 54 54 35 35
'l,048 1,048 1,137 1,'l37

14. Stock Year ended 31July 2022 Year ended 31 July 2021
Consofidated University Consolidated University
f'000 6'000 f'000 f'000
Farm stocks 9S9 959 793 793
Consumabies 55 55 51 SG
Goods for resale 30 30 19 19
1,044 1,044 863 862
'f5. Trade and other receivables Year ended 31Jufy 2022 Year ended 3'i July 2021
Consolidated University Consolidated University
f'000 K'000 f.'GOG f'000
Amounts
fafling due within one year:
Research grants receivables 868 868 925 925
Subsidiary company 322 255
Other trade receivables 1,898 1,889 1,301 1,300
Prepayments
and accrued income		 1,28'f 1,248 1,298 1,201
Other receivables 70 60 67 55
4,'117 4,387 3,591 3,736
Amounts
falling clue after one year.'
Subsidiary company 1,285 1,240
4,117 5,672 3,591 4,976

Creditors: amounts falling due within one year Year ended 31July 2022 Year ended 31 July 2021 Year ended 31 July 2021
Consolidated University Consolidated University
f'000 f'000 f'000 f'OOG
Bank loans 3,153 3,153
OFS loans 240 240 240 240
Other loans 50 50
Subsidiary
company		 21 10
Deferred income 3,152 3,152 3,11S 3,11S
Taxation and social security 487 487 81 18
Sundry creditors and accrued expenses 3,832 3,800 3,400 3,375
7,761 7,700 10,039 9,911
Deferred inmrne
Research grants received on account 1,390 1,390 1,390 1,390
Grant income 662 662 378 378
Other income 1 'l00 1,100 1,347 1,347
3,152 3,152 3,11S 3,115
Creditors: amounts fatting due after one year Year ended 31July 2022 Year ended 31July 2022 Year ended 31 july 2021 Year ended 31 july 2021
Consolidated University Consolidated University
6'000 K'000 f'GGG f.'000
Deferred income 12,318 12318 'i2 810 12,810
loans:
Bank ioans 8,757 8,757
OFS loans 60 60 300 300
Other loans 25,000 25,000 50
Total creditors due after one year 37,378 37,378 21,9'l7 21,867
Borrowings:
Bank loans repayable as follows:
In one year or less 3,194 3,'t94
Between one and five years 5,273 5,273
In five years or more 3443 3,443
11,910 11,910
OPS loans repayable asfollows:
In one year or less 240 240 240 240
Between one and five years 60 60 300 300
In five years or more
300
Other loans repayable asfollows:
Irl one year or tess 50 50
Between one and five years 50
In five years or more 25,000 25,000
2S,OSO 25,000 100

Provision for gabi gties Year ended 31July 2022 Year ended 31 luly 2021 Year ended 31 luly 2021
Deferred Other Total Deferred Other Total
Tax Provision Tax Provision
SR0 6000 MOO EGGG f000 8000
Consolidated
As at 1 Abgust 2021 72 766 838 72 589 661
Charge in the year 68 68 't77 177
Released tothe SOCI P) &7)
Asat 31July 2022 140 759 899 72 766 838
University
As at 1 August 2021 765 765 589 589
Charge in the year 176 176
Released tothe SOCI P) P)
As at 31July 2022 758 7SB 765 76S

The def erred tax provision
is in relation		 tothe following:
Year ended Year ended 31July
31July 2022 2021
K'000 E'000
Capital gain on disposal 140 72

Endowment and Restricted reserves
Reserves with restrictions are as follows:
Year Ended Year Ended
Consolidated Donations Endowments 2022 2021
Total Total
E'000 E'000 E'000 E'000
Balances at 1 August 2021
Scholarships and bursaries 524 524 469
Capital 1,025 1,025 1,025
Accumulated Income 147 147 6
524 1,172 'l,696 1,500
New endowments
Investment income 61
New donations 431 431 793
(Decrease) / Increase in market value ofinvestments (89) (89) 141
Expenditure (472) (472) (799)
Asat31July 2022 483 1,083 1,566 1,696
Analysis of other restricted funds/donations by type or
purpose: 2022 202'I
Total Total
E'000 E'000
Scholarships and bursaries 483 483 524
Capital 1,025 1,025 1,025
Accumulated Income 58 58 'l47
483 1,083 1,566 1,696

Year Ended Year Ended
University Donations Endowments 2022 2020
Total Total
f.'000 E'000 E'000 f:000
Balances at 1 August 2021
Scholarships and bursaries 219 219 384
Capital 1,025 1,025 1,025
Accumulated Income 147 'l47 6
219 1,172 'I,391 1,415
New endowments
Investment income
New donations 63 63
(Decrease) / Increase in market value ofinvestments (89) (89) 14'i
Expenditure (39) (39) (226)
As at 31July 2022 243 1,083 1,326 1,391
Analysis of other restricted funds/donations
by type or		 Year Ended Year Ended
purpose: 2022 2021
Donations Endowments Total Total
E'000 f.'000 K'000 E'000
Scholarships and bursaries 243 243 219
Endowment Funding Capital 1,025 'i,025 1,172
Accumulated Income 58 58
243 1,083 1,326 1,391
Capital and other commitments Year ended 31July 2022 Year ended 31 July 2021
Consolidated University Consolidated University
E'000 E'000 E'000 E'000
Capital comm/tments
At 31 July 2022, the foilowing amounts had been authorised:
Authorised
and contracted for
Operating
leases
As at 31 July 2022, Harper Adams University had minimum
future lease payments under operating teases expiring
between one and five years:
Plant and machinery 33 33

Company Principal Activity Status
Cedar Energy Limited Production ofelectricity and heat 100%owned
Harper Adams (Rural Enterprises) Dormant 100%owned
Harper Adams University Development Trust Provide support for students in the agdcultural sector Controlled
undertaking

LGPSare both de fined benefit schemes. The Scottish Widows scheme
is		 a defined contribution
scheme.
Year ended Year ended
31July 2022 3'I July 2021
X'000 F000
Total employer pension contributions
for the year
Local Government Pension Scheme 1,346 1,465
Teachers' Pension Scheme 1,693 1,742
Scottish Widows 2'I0 41
3,249 3,248
(i) Local Government Pension Scheme

Principal Actuarial Assumptions Assumptions
Asat As at
31July 2022 31 July 2021
Price inflation
(CPi)		 2.7% 2.6%
Rate ofincrease in Salaries 3.95% 3.85%
Rate ofincrease of Pensions in Payment 2.8% 2.7%
Discount Rate for Liabilities 3.5% 1.6%
The current mortality assumptions include sufficient aifowance for future improvements in mortality rates. The assumed life
expectations on retirement age 65 are:
Asat As at
31July 2022 31 July 2021
X'000 f.'000
Retiring today
Males 22,9 23
Females 25.1 25,1
Retiring in 20years
Males 24,1 24.3
Females 26,7 26.7

The assets in the scheme wer e:
As at 31 July As at 31 July 2021 As at 31 July 2020
2022
K'000 E'000' E'000
Equities 23,420 24,604 19,774
Government
bonds
Corporate
bonds		 9,576 9,523 9,044
Property 2,134 1,692 1,727
Cash 992 822 699
Other 13,496 11,698 9,867
Total 49,618 48,339 41,1'I'I
As at As at
31July 2022 31 July 2021
f'000 f.'000
Scheme assets 49,618 48,339
Scheme liabilities (63,552) (80,844
Surplus / (Deficit) in the scheme —net pension liability recorded within pension
provisions 'l3,934 32,SOS)
Current service cost 3,2S1 3,316
Past service costs —IvicCIoud Judgement
Past service costs —GMP indexation
Total operating
charge		 3,251 3,316
Asat As at
31July 2022 31 July 2021
OOOO E'000
Analysis ofthe amount charged to interest payable/credited to other finance income
Net interest cost 507 489
Administration
expenses		 45 49
Curtailrnents 194 104
Net charge to otherflnance income 746
Total profit and loss charge before deduction for tax (790) (159)
Analysis ofother comprehensive
Income:
Gain on assets (31) 5,458
Experiience gain / (loss) on liabilities 21,102 (4,136}
Gain / (loss) on liabilities
Total other comprehensive income before deduction fortax 20,281 1~163
Analysis of movement in surplus/(deficit)
Deficit at beginning
ofyear		 (32,505) (31,394)
Contributions
or benefits paid by the University		 1,497 1,525
Current sewice cost (3,251) (3,316)
Past service cost
Other finance charge (746) (642)
(Loss) / Gain recognised in other comprehensive income 21,07'l 'i,322
Deficit at end pf year 13,934 32,505
Analysis ofmovement in the present value
Present value of liabilities atthe start ofthe year 80,844 72,505
Current service cost (net of member contributions) 3,25'I 3,316
Curtailments 194 104
Past sewice cost
Interest on pension
liabilities		 1,285 'l,156
Actual inember
contributions		 (including notional contributions) 500 543
Actuarial
loss/(gain)		 (21,102) 4,136
Actual benefit payments (1,420) (916)
Present value ofliabilities at the end of the year 63,552 80,844
Fair value ofassets at the startof the year 48,339 41,111
Expected return on assets 778 667
Actuarial gain/pass)
on assets		 (76) 5,409
Actual contributions
paid by University
Actual member
contributions
(including		 notional contributions) 1,497
' 500		 1,525
543
Actual benefit payments 1,420 (916
Fair value ofscheme assets at the end ofthe year 49,618 48,339
The l.GPS assets do not include any ofthe university's awn finandal instruments, or any property occupied by the university,
Actual return on scheme assets
Expected return
on scheme assets		 778 667
Asset gain /(loss) (31) 5358)
747 (4,79'I)

APB Auditing
Practice Board
BBSRC Biotechnoiogy and Biological Sciences Research Council
CUC Committee of University
Chairs
European
Union
FRS' Financial Reporting
Standard
HEFCE Higher Education
Funding
Council for England
LGPS Local Government
Pension Scheme
RDEC Research and Development Expenditure Credit
REESEP Rural Employer Engagement Student Expedience Project
SORP Statement of Recommended Practice
TPS Teachers Pension Scheme
OFS Office For Students