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<br>and Corporate Governance||Statement<br>„|||
|Independent|Auditor's<br>Report tothe Board|ofGovernors ofHarper Adams||University.|24|
|Statement of|Accounting<br>Policies.||||..„27|
|Consolidated|Statement ofComprehensive|Income|and Expenditure||.31|
|Consolidated|and University<br>Balance Sheet.|..||||
|Consolidated|Cash Flow Statement.|||||
|Notes to the|Financial Statements.|||||
|Glossary ofTerms ...**„**,<br>. „„„„,<br>....„„„„|||||„,<br>54|





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|Tuition fees||||20,765|20,166|3%|
|---|---|---|---|---|---|---|
|Funding<br>Council Grants.||||11,855|9,932|19%|
|Research Grants and Contracts||||2,946|2,579|14%|
|Other Operating<br>and investment|income|||9,468|8,185|16%|
|Donations<br>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<br>in Year||||2,375|3,140|(24%)|
|Net Cash inflow from Operating|Activities|||6,649|6358||





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|Operating|Surplus / (Daf)CIO|{1.8%)|OA%|
|---|---|---|---|
|Surpltm<br>/ (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|




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|||||||Energy|(kWh)||Ernissions|Ernissions|(tCOye)||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Energy Souroe||||||2021/22|2020/21|202'1/22||2020/21|||
|Mandatory||energy|use 8remissionsr'||||||||||
|Scope 1|||||||||||||
|Natural<br>Gas||||||7,837,767|9,009,677|1,430,71||1,6S0,2|||
|Transport-||company<br>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<br>Btemissions||||1,3D0,389|I,569.393|2'f.18||39.5|||
|(Voluntary)|||||||||||||
|Total grass||energy<br>Btemissions||||13,022,573|13.516,434|2,235,03||2,330.9|||
|(Mandatory||8rvoluntary)|||||||||||





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|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<br>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<br>income|||4|9,452|9,716|8,173|8,367|
|investment<br>income|||5|16|'16|'12|13|
|Total income before endowments||and donations||45,034|45,3S3|40,862|4'1,097|
|Donations<br>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<br>and Amorti sation||||4,137|3,930|4,087|3,884|
|Other operating<br>expenses||||13,781|'l4,309|11,337|11,900|
|Interest and other finance|costs|||1,113|'1,113|957|957|
|Loan repayment<br>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<br>gain in respect of pension||schemes||21,071|21,071|1 322|1,322|
|Total comprehensive<br>income and||expenditure for the||20,272|20,422|1,163||
|year||||||||
|Represented<br>by.||||||||
|Restricted endowment<br>incoine for the year||||(89)|(89)|141|141|
|Restricted comprehensive|income for the year|||(41)|24|55|(165)|
|Unrestricted<br>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<br>statement<br>Other comprehensive<br>income<br>Release ofrestricted<br>funds spent in year<br>Total comprehensive<br>income and||202<br>~6I)<br>141|55<br>55|(355)<br>1,322<br>967|(98)<br>1,322<br>~61<br>1,163|
|expenditure<br>for the|year|||||
|Balance at 1August|2021|1 172|524|46,376|48,072|
|Surplus / (Deficit) from the income and||||||
|expenditure<br>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<br>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<br>Release of restricted|income<br> funds spent in year|(61)||1,322|1.322<br>~61|
|Total comprehensive|income and|141|(165)|1,019|995|
|expenditure<br>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<br>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<br>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<br>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<br>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<br>for non-cash|items|||||||
|Depreciation||||||4,137|4,087|
|Loss/ (Gain) on investments||||||(22)|(144)|
|Decrease / increase)<br>in stock and||biological assets||||(125)|114|
|(Increase) / Decrease in debtors||||||(526)|(222)|
|Increase / (Decrease) in creditors||||||629|60|
|Increase in pension<br>provision|||||25|2,500|2,433|
|Increase in other provisions|||||18|61|176|
|Capital grant income||||||(815)|(399)|
|||||||5,839|6,105|
|Adjustment<br>for investing|or financing||activities|||||
|Endowment<br>Income||||||||
|Interest payable||||||560|420|
|Loan repayment<br>break costs||||||'i,085||
|Profit on the sale offixed assets||||||(36)||
|Investment<br>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<br>income|||||5/12|22|12|
|Payments<br>made to acquire|fixed assets|||||(2,364)|(3,275)|
|New non-current<br>asset investments||(treasury term deposits)||||(3,227)||
|||||||(4,926)|(2,277)|
|Cash flows from financing|activities|||||||
|Interest paid||||||(560)|(420)|
|Loan repayment<br>break costs||||||(1,085)||
|New unsecured<br>loans||||||25,000|2,000|
|Repayments<br>ofamounts<br>borrowed||||||(12,044)|(908)|
|Capital element offinance|lease|||||||
|Capital element<br>oFdonations<br>released|||||||(1,050)|
|Endowment<br>cash received||||||||
|||||||11,311|(378)|
|increase<br>/ (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|





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|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<br>body grants||||Year ended|31July 2022|Year ended 31|July 2021|
||||Consolidated||University|Consolidated|University|
|||||f'000|f'000|f.'000|f'000|
|Recurrent<br>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<br>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<br>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<br>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|



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|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<br>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|





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|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|






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|Other operating<br>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<br>and related expenditure||||||2,784|2,784|1,352|1,352|
|Administration<br>and central services||||||479|479|846|846|
|Library, computer<br>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<br>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<br>and catering operations||||||458|458|345|345|
|Other including<br>income generating|operations|||||2,586|2,493|2,249|2,133|
|Development<br>Trust scholarship<br>expenditure|||and audit fee|||485||718||
|||||||13,781|14,309|11,337|1'1,900|
|Other operating<br>expenses Include:||||||||||
|Audit ofthese financial statements|||||||||35|
|Amounts<br>receivable<br>by the company's||auditor||in|respect of;|||||
|Audit offinancial statements<br>of|subsidiaries<br>ofthe company|||||8||8||
|Audit related assurance<br>services||||||'l3|13|9|9|
|Taxation compliance<br>services||||||6|6|22|1'I|
|Internal<br>auditors'<br>remuneration||||||32|32|32|32|
|Operating<br>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<br>break costs paid during|the year|||||1,085|1,085|||
|Repaid during the year||||||169|169|||
|Repayable<br>wholly or partly<br>in 2 - Syears||||||||63|63|
|Repayable<br>wholly or partly<br>in more than 5|||years|||||356|356|
|On other items and financing:||||||||||
|625m Nate Purchase agreement<br>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|





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|||||Yearended|3'l July2022|3'l July2022|Yearended31|July 2G21|
|---|---|---|---|---|---|---|---|---|
|||||ConsoMated|University||Consolidated|University|
|||||f'000||E'000|E'000|E'GGG|
|UKcorporation<br>tax (credit) / charge of19,0%(2020:190%on|||||||||
|surplus for the year|||||||||
|Tax Provision|||||||||
|Adjustments<br>to UK Corporation<br>tax in respect ofprior||periods|||||||
|Deferred tax provision|||||||59||
|Tax on Profit/(Loss)<br>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<br>activities before taxation||||(777)||(636)|405|170|
|Profit on ordinary<br>activities multiplied<br>by the standard||rate of|tax in|('iO)|||31||
|the UKof19%(2020;19%)|||||||||
|Rxed asset differences||||(1)|||30||
|Experises not deductible<br>for tax purposes||||22|||||
|income not chargeable<br>for tax purposes|||||||||
|Losses carried back|||||||||
|Chargeable<br>gains / (losses)|||||||||
|Deferred tax not recognised|||||||32||
|Adjustments<br>totax charge in respect ofprevious|periods|||(4)|||(8)||
|Capital allowances<br>in excess ofdepreciation|||||||||
|Other short-term<br>timing differences|||||||||
|Unrelieved tax losses Etother deductions<br>arising|in the|period|||||||
|Impact ofrate change|||||||||
|Adjustments<br>for charitable activities not subject to corporation|||tax||||(22)||
|UKcorporation<br>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<br>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<br>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<br>in subsidiary|company||1,000||||'f,000|
|Quoted securities at market value||1,109||954||1,087|932|
|Unquoted<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>and contracted for||||||||||
|Operating<br>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<br>undertaking|





## 

|LGPSare both de|fined|benefit schemes. The Scottish Widows scheme<br>is|a defined contribution<br>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<br>(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<br>bonds|||||||||
|Corporate<br>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<br>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<br>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<br>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<br>ofyear|||||||(32,505)|(31,394)|
|Contributions<br>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<br>liabilities|||||||1,285|'l,156|
|Actual inember<br>contributions||(including|notional|contributions)|||500|543|
|Actuarial<br>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)<br>on assets||||(76)|5,409|
|Actual contributions<br>paid by University<br>Actual member<br>contributions<br>(including|notional contributions)|||1,497<br>' 500|1,525<br>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<br>on scheme assets||||778|667|
|Asset gain /(loss)||||(31)|5358)|
|||||747|(4,79'I)|



## 

## 

## 

## 



## 

## 

## 

## 




|APB|Auditing<br>Practice Board|||
|---|---|---|---|
|BBSRC|Biotechnoiogy and Biological Sciences||Research Council|
|CUC|Committee of University<br>Chairs|||
||European<br>Union|||
|FRS'|Financial Reporting<br>Standard|||
|HEFCE|Higher Education<br>Funding<br>Council for England|||
|LGPS|Local Government<br>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|||