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2024-07-31-accounts

Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Harper Adams University Annual Report and Financial Statements

Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

CONTENTS

............................................................................................................................................................................................................... 3 Strategic Review ........................................................................................................................................................................................................................... 12 Report of the Governors and Corporate Governance Statement ................................................................................................................................. 20 ...................................................................................... 27 Statement of Accounting Policies ........................................................................................................................................................................................... 30 Consolidated Statement of Comprehensive Income and Expenditure ....................................................................................................................... 35 Consolidated and University Balance Sheet ........................................................................................................................................................................ 37 Consolidated Cash Flow Statement ....................................................................................................................................................................................... 38 Notes to the Financial Statements .......................................................................................................................................................................................... 39 Glossary of Terms ......................................................................................................................................................................................................................... 59

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Commercial in Confidence
Charity Number: 1147717
Company Number: 08049710
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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Introduction

The Annual Report covers the year we started the rollout of -created with students, employees, governors, alumni, and partners, and is a statement of the ambitions we have for our future. More importantly, it captures the impact and the difference we intend to have on our region, the nation, international communities, and our planet. We started this budget year being named as the Times/Sunday Times Inaugural Specialist University of the Year. This is the first-time specialist universities have been recognised in a category in their right and we were honoured to be named first. League table positions go up and down, and prizes are often won once. As the inaugural awardee, we hold that recognition forever. Once again, we were recognised by students through the WhatUni Student Choice Awards where we received the Outstanding Career Prospects Award for the eighth successive year. Our graduate employability rate remained one of the highest in the country at 97.5% and our students went on to secure excellent jobs in the sectors we support. I am overwhelmed once again by the generosity of our partners and donors, enabling us to increase still further the total value of scholarships awarded. Our students have also continued to excel in national, regional and industry awards and prizes.

This has all taken place in the context of a challenging year financial across the higher education sector. Changes to immigration policy, and the effects on demand for postgraduate study, have contributed to material reductions in the income of over half of the universities in the UK sector. This is in addition to tuition fees being held at almost the same rate they were originally set at in 2012. Universities, including Harper Adams, are having to find ways to deliver more with less, whilst also diversifying the income sources they drawn upon. Income diversity is a genuine opportunity for Harper Adams, but it takes time, and we have needed to invest in the academic, professional, and technical capabilities to realise it. In having a smaller international student population, the in-year effect of immigration changes has not had a material effect on us. It has, however, affected confidence in target markets but we are working hard to ensure we can access the channels to growth that we are targeting. As an institution which is purpose-led and which brings a distinctive offer, we are confident of realising positive results in the medium term. Like other institutions, we will need to navigate the next few years with care but with confidence.

and goals captured in our Strategic Plan and follows the headings that are contained within it.

Demonstrating Public Benefit

As a registered charity, Harper Adams University has an established track record of conducting activities that make a difference and that benefit the public. This work has continued and accelerated over the past year. We have followed the higher education sector framework to capture and account for our contribution to public benefit. The following themes provide some examples of these activities as relevant to the established public benefit framework.

Excellence with Impact and Enterprise: Education

The purpose of a Harper Adams education is to prepare our students to be the graduates that industries and other sectors need. We are phasing in our Harper Forward curriculum across all courses which is underpinned by the graduate attributes that our students need to develop to take into the workplace and further study. We are focused on addressing the skills and capabilities needs of our industry partners so that our graduate can contribute to their future prosperity.

In August, we announced or partnership with Telford and Wrekin Council and Telford College, to deliver a state-ofthe-art digital skills hub known as The Quad as part of as it will be the first time in our 123-year history that we have had a substantive base for teaching, learning and knowledge transfer away from our main campus in Edgmond. We have developed a new suite of courses in Data Science, Digital Business Management, and Robotics, Automation and Mechatronics which will have their first intakes in September 2025. In our first year of operations, we will deliver short courses for industry and extensive outreach activity with schools and colleges, to demonstrate our commitment to having an enterprising impact on our local economy.

The University was awarded Gold in the Teaching Excellence Framework (TEF) for the third time. This recognised the achievements of our students and graduates over the review period and was an acknowledgment of the dedication and commitment of our academics, professional services, and technical services teams. The University was also named as the highest ranked modern (post-92) university in the inaugural Daily Mail league table and was ranked 40th in the Times and Sunday Times Good University Guide.

Harper Adams student, Harry Davies, was named as the 2023 Farmers Weekly Agricultural Student of the Year. Harry Evans was also named as the Farming Life Agricultural recognised, and the award came as he started the next stage of his career.

Excellent Research with Impact and Enterprise

Research and knowledge exchange are essential to enabling the University to deliver impact for industry and society. We appointed a new Director of Business Development, Al Dawes, to lead our knowledge transfer activities. Once again, we have increased the number of research grants being submitted, including the value per grant. Our success rates have increased thus the total value of research income is progressing well against our 2030 targets. We have also achieved an increase in the number of papers being accepted and published in reputable journals, and colleagues being invited to speak at leading conferences.

In November, a delegation from Harper Adams headed to the COP 28 UN Climate Change conference in Dubai after the University was granted observer status. The Deputy Vice-Chancellor, Professor Michael Lee, the Chief Global

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Impact Officer, Ian Rowley, and colleagues, participated in wide-ranging discussions and parallel sessions to share the agri-food sector net zero transition. Later in the year, University was recognised as a member of the United Nations Academic Impact network.

Later in the year, Ieuan Evans was recognised as Young Engineer of the Year at LAMMA 2024. The award recognised the innovative design reflected in his Smart Slurry Pump.

The University research also supported a specialist railway services provider, Railscape, to be winners at the 2023 Robotics and Innovation Awards for their work in an Unmanned Precision Aerial Sprayer. Simon Cooper from Engineering played a lead role in testing the new drone on site and researching its reliability and variability of performance. Managing the growth and impact of plants and weeds along railway tracks is an endemic challenge requiring innovative solutions like this drone.

establishing Farms for City Children and the extensive impact it has had on many children and their families.

The University was honoured to receive a £750,000 philanthropic gift from the Kildare trust to support students each year from two West Midlands counties to secure scholarships. The gift also enables scholarships to be secured for all types of education offered at Harper Adams: undergraduate, postgraduate and apprenticeships. The Kildare Trust has already supported more than 50 Harper students from Herefordshire and Worcestershire since 2012 and this generous gift extends the reach of that support into the years ahead.

The year ended with the submission of our Access and Participation Plan to the Office for Students (OfS). The OfS will consider and approve our in the new budget year and we will then focus on implementation alongside evaluation of impact.

Community

We launched a new Collaborative Simulation Lab to integrate Participatory Design and Multiphysics Simulation. Led by a new appointee, Dr Marcelo Precoppe, its mission is to revolutionise technology development by involving end users across the agri-food and sustainability systems in the design process. This will ensure that physical prototypes are better able to address the needs and requirements of end users, thus supporting their adoption in industry and in practice.

Inclusion

For a university to have an impact across society, it must have an interest in who benefits. This is undoubtedly so for Harper Adams where we are working to increase the diversity of those who can benefit from our education and identifying solutions to ensure that the broadest population has access to safe, quality, sustainably produced food. This is something that drives all colleagues who work here or volunteer as governors.

We have continued to embed our Respect Policy through an action plan and will continue to do this every year as the population grows and diversifies. Ensuring that everyone feels a sense of belonging is a vital underpin of enabling everyone to excel and fulfil their potential. As a gay man I have experienced environments where belonging and being everyone not only is said to belong, but also feels like the do belong, is an enduring priority for the University,

A Harper researcher, Liz Tree, completed a study on the impact of the charity Farms for City Children on the young people who benefited from its work. The charity was founded by Sir Michael and Lady Morpurgo to provide opportunities for disadvantaged city-based children to experience real life on the farm. The study confirmed the people and the long-term residual effects of their rural experiences. The University has a close partnership with the charity which continues beyond this work.

Our Chancellor, Her Royal Highness The Princess Royal, was delighted to confer Honorary Doctorates to both Sir Michael and Lady Claire Morpurgo in recognition of their work in

The University continues to build the sense of community among its members, but also opens the door increasingly widely to members of our local, national, international and alumni communities so they can experience and understand what we do and how it benefits them.

employees from across the institution to explore themes arising from the University Strategy, to present our awards, and to celebrate the talents that we have across our university. We also presented an Honorary DSc to Margaret Boanas, Past Master of the Worshipful Company of Butchers.

We were delighted with the news that Dr Catherine Baxter was appointed Member of the Order of the British Empire in the New Year Honours 2024 list. Dr Baxter had an extensive career in higher education and played a pivotal role in the University securing university status in 2012. This recognition was welcomed widely across the University and its alumni community.

In January, the University launched a Community Fridge to provide a place where food from supermarkets, suppliers, or homes, which would otherwise have gone to waste, to be redistributed to people in our community who need it and can benefit from it. The refrigerator, freezer and supporting technology were paid for from the fund that the ViceChancellor established in the Development Trust to support community need and those facing hardship. The project is led by Dr Ioana Huang and is supported by an extensive network of employee and student volunteers. By the end of the budget year, almost ten tonnes of food had been saved from landfill and redistributed to homes.

The University held its inaugural Future Fest- a community focused event to share the knowledge, insights, activities, and excitement that are an integral part of the University a central and provocative feature, with over 350 young people experiencing a tour of the Pods. Future Fest saw Harper academics sharing and demonstrating their work through interactive conversations, demonstrations, and

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events. Visitors were also able to tour the future Farm and -campus food offer. We were delighted to have the support of Oscar Meyer as a sponsor and partner.

Globally Connected

I was delighted to travel to China to visit Beijing Agricultural University (BAU) to celebrate the 20th anniversary of our joint programme with them. Each year, students from BAU travel to Harper Adams for their final year, with Harper colleagues teaching them in earlier years when they are studying in China. This has been a groundbreaking, long term partnership which has secured a deep relationship between both institutions.

Later in the year, six final year Masters Engineering students travelled to Mississippi State University (MSU) to launch a series of two-way visits focused on autonomous agriculture. The MSU students then completed a return visit to Harper Adams in July. The visit led to an acceleration of understanding on the synergies and differences between the USA and the UK in developing autonomous systems, but secured friendships across these influential academic and student communities.

The University was delighted to be the next global stop for installation, Pollution Pods. One of its most recent installations was at COP28 so we were delighted to see it erected in front of the main building. It served as a stark reminder of the consequences of not tackling the global sustainability crisis, a key priority for the University.

We were delighted to welcome students from across Africa as part of the Marshal Papworth Sustainable Agriculture Programme. The Marshal Papworth Fund provides scholarships for students to come to the UK for ten weeks, undertaking practical learning and knowledge exchange in farms and companies across the country. They also develop deep connections to the University and its local communities, as well as the employees and trustees of the charity. The benefit to their countries and communities is that they take their knowledge and insight and share with hundreds of people who need to learn new skills.

Influence

The University was delighted to welcome the Environment, Farming and Rural Affairs Select Committee to the campus. Its members spent half a day getting to know the It then held a live, broadcast evidence session where I was one of the people providing evidence. This is one of the first times a select committee has held a broadcast session outside of the Parliamentary Estate.

The University launched a joint report with its partners in the School of Sustainable Food and Farming focused on the for the government to invest in ways to ensure that the skills needed are available. The report highlighted the significant challenge of ensuring there is a balance between using natural resources to feed the population, and the need to ensure that we deliver liveable, environmentally sustainable

habitats. The report was launched at both the Conservative Party and Labour Party main conferences.

We were delighted to welcome Baroness Lane-Fox to campus in her role as President of the British Chambers of Commerce. The visit was one part of a factfinding mission to Shropshire by Baroness Lane-Fox to understand how businesses were launching, growing, and thriving in the

The University launched the work of its inaugural Harper Commission, established to examine a challenging socioscientific issue, and to mobilise a panel of experts to consider it. The inaugural Harper Commission is on the role of that food could play in securing societal prosperity and economic growth, with initial attention given to the impact of the exponential rise in the number of foodbank users across the UK. This trend has also been witnessed in other western countries. This Commission, the membership of which is deliberately multi-generational, will convene and work together over the coming years, tracking the progress of how the government and industry responds to the -related challenges, making data-informed recommendations to government, when necessary, as well as working with and through partners to establish pilots to test out emerging assumptions and identify potential new interventions. Its enduring focus will be on ensuring that the emerging generation of young people are fuelled by nutritious, sustainable food, to enable them to reach their full potential and to for society and its communities to thrive. It is being co-chaired by Judith Batchelar MBE and Viki Cooke. Given the topic, it is even more positive that the University awarded an Honorary Degree to Henry Dimbleby, author of the National Food Strategy. This was presented at where we also confirmed that a record-breaking value of scholarships was being awarded.

Sustainability

The School of Sustainable Food and Farming (SSFF) continues to have a significant impact on the agri-food sector and its transition to net zero throughs its founding partnerships with Morrissons, McDonalds, and the National Farmers Union. The partnership expanded last year through the Tesco-funded Future Farmers Programme. This year, M&S launched its new Farm of the Future Programme to support livestock farmers to rapidly decarbonise. The Programme will span seven years and will work across seven of the M&S Select Farms to identify and implement practical, on-farm solutions, test their effectiveness and then share the results across other farms.

SSFF also launched the Sustainable Farm Network bringing together a diverse range of UK farm networks to share practice, innovations, and learnings on their journey to deliver net zero farming. The Landex Network of teaching farms is a founding member of the network with the number of organisations coming on board increasing every month. We are delighted that the network is chaired by Professor John Gilliland OBE.

We were delighted to welcome Professor David Rose as the new Elizabeth Creak Chair in Sustainable Agriculture Systems. The University has benefited from the generosity of the Elizabeth Creak Charitable Trust over many years.

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This latest co-funded professorship accelerates the work we can do on sustainability in agriculture, including embedding the contribution that the social sciences have for our understanding of human behaviour and adoption of innovative technologies.

We planted two pairs of black poplars on campus as part of a collaborative project with Chester Zoo to reintroduce rare trees back into the UK. The trees are one of only thirty native UK species, the number of which has been affected significantly by climate change and the impact of pests and other species.

Our ability to thrive necessitates securing an income and contribution base that covers our costs and provides scope for investment. The University is actively pursuing new income sources through increasing its postgraduate and professional development opportunities, securing new sources of research and philanthropic income, increasing the size of its international student population, and identifying opportunities for industry collaborations and the development of digital education. Inflation has borne down hard on our financial position, but we navigated it carefully. In the period ahead we prioritise realising our income diversification and growth ambitions.

At the time of writing, we are one month into the new Labour Government. There is an acknowledgment of the scale of challenge in higher education funding alongside an ambition for universities and institutions to have a greater impact on economic growth and social prosperity. How these are addressed is a challenge of our age but Harper Adams University is ready to make a significant contribution in our areas of focus.

A university is nothing without its people and its communities. They are distinctive strength of Harper Adams. I have benefited from the support and counsel of a committed governing body. I am grateful to those who continue to serve and those whose terms of office have ended this year. I acknowledge and thank Mr Peter Nixon, the outgoing Chair. His compassionate, incisive, and sensitive chairing has been pivotal to my settling into this role, and to the effectiveness of our board of governors. The University is grateful for his service.

Professor Ken Sloan

Vice-Chancellor and Chief Executive 26 November 2024

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Financial Highlights

For the Year Ended 31 July 2024

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Strategic Review

The University has managed its resources carefully balancing the increasing costs as a result of inflation against fixed fees for undergraduate home students which is 85% of the 33% of total income. Overall, a surplus is reported of £850k (Surplus 2022/23: £1,245k). Following the REF2020 results issued in May 2022 and recognition as a specialist provider of World Leading Teaching following a submission to the Office for Students the University continued to benefit from £5.9m of specialist funding These grants enable the University to continue to invest to prioritise student experience and academic excellence.

The University welcomed 680 new undergraduates including 74 to the vet school at the Harper Adams campus for the 2023 /24 academic year. Apprentice routes to both degree and taught postgraduate was strong with a further 60 commencing their studies in 2023/24. New Research and knowledge exchange contract activity have continued to increase with significant growth of 45% year on year. The University continues to work closely with the sectors of specialism working with many industry partners to jointly develop solutions to meet sector priorities.

Conferencing team have continued to host events with 25% growth seen year on year. Whilst farm revenues fell due to market pricing. The overall 2023/24 results show income at a similar to 2022-23 whilst there has been an increase in costs as activity increased.

The financial strategy is an integra overall Corporate Plan and is essential to achieving its key strategic objectives, which provides for the development of infrastructure and delivery of high-quality programmes of study, whilst ensuring financial sustainability. University cash reserves are intended to fund investment in key strategic projects. Performance indicators are monitored to assess the progress of the institution against key objectives, which include teaching excellence, student engagement, internationalisation and research.

The medium-term financial strategy for the university is to generate operating cash in excess of 14% of income in 2023/24 this was 9.3% a decrease on 2022/23 at 14.9%.

Scope of Financial Statements

The financial statements for the year ended 31 July 2024 comprise the results of the University, its wholly owned subsidiary, Cedar Energy Limited, and the separately registered charity, Harper Adams University Development Trust, which operates independently of the University but is consolidated within the Group financial statements to recognise the beneficial arrangements derived by the University.

Financial Statements

The financial statements are prepared in accordance with FRS102 under the HE and FE SORP 2019. The financial statements summarise the financial position and performance of the institution, together with the referenced notes to the accounts. These comprise:

The University revalued its teaching and research facilities and 237 hectares of University land on transition to FRS102 as at 1 August 2014. As a result, the asset values were uplifted by £32m on transition, increasing total net assets reported.

The University has chosen to continue to account for government funded capital grants over the life of the assets that these grants have funded, matching the annual depreciation charge with a recognition of grant income. The balance of government capital grants deferred of £11.9m is reported as a long-term creditor whilst the likelihood of the liability crystallising is extremely unlikely, only in the event of institutional failure.

Financial Performance

The University group report a surplus of £0.85m after taxation and actuarial charges (2022/23 £1.2m).

Income has increased in comparison to 2022/23 The fourth cohort of vet school students were welcomed at the beginning of the academic year with an intake of 148 students (2022/23 -136 students), 50% attributed to the University equivalent to £5m

Key Financial Ratios as a % of
income 2023/24 2022/23
Operating Surplus / (Deficit) 1.2% 3.0%
Surplus / (Deficit) 1.5% 2.4%
Staff Costs 54.3% 54.6%
Operating Cash 9.4% 14.9%
£'000 £'000
EBITDA 6,466 6,893
Operating Cash Generated 5,271 7,728

The University group has a number of key performance indicators that it monitors as part of its financial strategy. Performance over the last two years shows:

Under FRS102 presentation, operating cash generation is one of the key indicators of financial sustainability and to continue to invest to deliver a high-quality experience for our students and staff.

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Income

Total income increased by £4.7m, in comparison with the 2022/23, with growth across all operational areas.

Increase in tuition grants, investment income and donations together with strong growth in research & contract income of 45% year on year.

The University was awarded £500k HEIF grant (2022-23; £550k) from Research England to support knowledge exchange activities with industry clients. During the year the School of Sustainable Food and Farming (SSFF) gained wider support from industry partners, providing the platform for Agriculture and food supply chain sustainability to be addressed in both teaching, skills development and research.

Applications offers and enrolments

The University maintained overall student enrolments at similar levels to previous year, whilst Harper Keele vet school accepted its fourth cohort of 148 students, with 50% attributed to Harper Adams University.

Contrasting the FTE chart above, student the headcount chart demonstrates the significant number of part time students who receive CPD/professional skills taking one or two specific modules.

Research Grants and Knowledge Transfer

Further successes in winning research and consultancy contracts were achieved, with 74 contracts awarded at a value of £4.8m in the year (2022/23: £4.8m), and projects in the year generating income of £4.8m (2022/23: £3.28m). Research is often undertaken in partnership with industry which enables this work to be translated directly to industry practice. The University has recognised research and contract income under the performance method where income is recognised when specific delivery milestones are met as defined under the contracts.

The University works closely with industry to support industrial research and innovation and build the capacity of the University to increase the involvement of science and technology in farming practice, whilst also developing, through innovation, new products and markets to support economic development.

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Other Income

The University has over 800 student rooms on campus providing a full range of accommodation which is managed and operated by the University. Residential accommodation is offered primarily to first year and international students.

Other sources of income include catering, the farm and Conferencing.

Capital developments and investment during the financial year

University capital investments amounted to £3.3m, of which £0.5m which was made in the Farm and £0.7 m on renewal and upgrading of digital infrastructure to enhance services across the University.

Investment of £282k was made in community, staff and student events. Futurefest was held as as a Community event that linked with a University Open Day where environmental awareness was raised through the installation of Pollution Pods for 2-3 weeks. Two staff conference days were held in the year with guest speakers and the facilities available on Graduation day in September were extended.

Expenditure

Inflationary pressures have continued to increase all areas of non-pay expenditure with the greatest increase in food, farm feeds and fertilisers and utilities.

Pay costs represent the largest single element of the income. This includes 50% of joint vet school related costs which have increased in the year from £1.21m to £1.94m.

In April Teachers pension scheme contributory rates were increased again for employers by 5% of pay costs increasing employer contributions to 28.7% of academic pay equivalent to £550k It was only in September 2019 contributions were increased from 16.3% to 23.68% increasing pay costs for a year by year by £500k. The University is statutorily required to participate in the TPS for academic staff.

Following the Local Government Pension Scheme (LGPS) triennial valuation in 2022 an uplift of pension contributions on a phased basis over the next three years, in April 2023 the rate was agreed at 18.2% from 16.48% for employer contribution this will increase to 21.2% in the last 8 months of the three-year period. In April 2024 an estimate of the

annual cash contributions was made and LGPS employer contributions were paid 12 months in advance in order to secure a 2.3% discount on contributions.

The University is required to recognise an actuarial valuation in accordance with UK accounting standards for the LGPS scheme. The result of the valuation impacts staff costs, interest costs and pension liabilities represented on the Balance Sheet. The LGPS updated actuarial valuation created a pension credit of £104k, reducing staff costs by £106k (2022/23 charge of £1.2m) including interest.

LGPS pension costs for support staff recognise the annual costs of pension deficits as estimated by actuarial valuations, for the first time reducing staff costs by £106k (2022/23: Charge of £698k) and £2k (2022/23: £509k) of interest charges. The charges include charges recognising the McCloud case, based upon equal pay post 1990 where guaranteed minimum pension benefits are required to be equalised (GMP). GMP affects schemes contracted-out on a salary-related basis between 1978 and 1997. The minimum pension benefit between April 1978 and April 1997 was intended to replicate the SERPS benefit given up by contracting-out. Government legislation dictated how GMP was to be calculated and when it would become payable. Since 1990, the law required pension benefits to be equalised between men and women except state pensions which would not be adjusted.

However, issues arose as the SERPS benefit being replicated by GMPs lead to inequality for men and women. For example, SERPS benefits become payable to men and women at different ages (65 and 60 respectively) thus the rate at which the benefit is accrued differs.

The University has a DC Group Personal Pension plan with Scottish Widows which is available for professional services staff joining the University.

The University participates in national pay awards as agreed by UCEA on behalf of the Higher Education sector.

The University is an apprenticeship levy-paying employer incurring a levy of 0.5% of its salaries less a £15,000 annual allowance, into an apprentice account. The funds in the account, topped up by 10% from the government, can be invested only in the training and assessment costs associated with university staff apprenticeships. In 2023/24 the University invested 51% of the available funds to provide apprenticeships to 13 employees, with some unspent funds transferred via a pledge to assist SMEs with apprenticeships in agriculture, horticulture and animal sciences. In 2024/25 the University is projected to invest 64% of available funds to provide apprenticeships to 14 employees. Apprenticeship posts continue to be promoted across the University.

In 2023/24 interest comprised only of fixed interest cost of £597k for the £25m loan notes issued at a fixed rate of 2.39% in December 2021 and actuarial pension charges of £2k.

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Other operating expenses increased by £2.7m, in the period, to £19.3m from £16.6m in 2022/23. Inflationary pressures on key supplies including animal feed and utilities impacted on overall costs. In establishing the joint vet school with Keele University, Harper Adams University incurred costs of£1.67m in the year (2022/23 £885k) following the vet school accepting its fourth cohort of students.

Taxation

The University has partnered with a Chinese university for a number of years where their students undertake two years study in China and then either one year on campus in the UK. As agreed under the collaboration arrangements Harper Adams University staff deliver lectures in China. The Chinese authorities reinterpreted their taxation legislation in 2018 and are classifying in-country delivery as creating a permanent establishment in China which result in a Chinese tax liability. The University has worked with advisors and the partner Universities in order for tax liabilities to be agreed and for ongoing taxes to be paid. Significant liabilities extending back to 2013 were agreed in 2023-24. The charges agreed have resulted in a liability of £1.1m for the 10-year period that have been paid in the year. Returns are now required on a monthly basis for VAT and corporation tax.

Cedar Energy

The University has assessed the company's business plans which demonstrates that the company is in a position to meet its immediate liabilities. Consequently, the investment in the subsidiary at 31 July 2023 is considered to be appropriately carried at cost.

Cashflow, Financing and Treasury

The University Group held a combined total of £37m of cash and liquid investments at the year end. The University refinanced its debt in December 2021 repaying all bank loans and issuing 30 year, £25m fixed rate loan notes to a US institutional investor, Pacific Life in December 2021. This increased loan indebtedness from £12.5m to £25m. In repaying the existing loans those issued for long term fixed rate debt there was early repayment break costs of £1.085m and further transaction costs of £195k including agent and legal costs for both the University and Investor. In issuing the notes, loan covenants have been simplified on improved terms. The University has managed its liquid resources

through a combination of treasury and cash deposits against a debt of £25.35m.

Interest rates during the course of the year have risen each month and the University has held £12m in 12-month fixed rate deposits throughout the year together with funds in shorter period deposit accounts, total interest receivable totals £1.217m (2022/23 £406k).

Pensions

LGPS pension liabilities reduced significantly in the year with past service share of scheme to have moved to an asset position of £2m. An asset in a multi-employer DB scheme will not be receivable by the University consequently an asset cap to nil is applied to the valuation. A current service liability of £4k is recognised separately within the valuation and this balance is recognised as a liability in the year (22-23 £495k). The key factor within the valuation is the year-end discount rates applied by the actuary to the future liabilities and discount rate applied the lower the value of liabilities at current value. The accounting standard requires that the actuary uses a 31 July discount rate determined by the investment return on AAA rated corporate bonds. By the Bank of England raising interest rates and Gilt returns increasing this also increases the returns on corporate bonds.

Pensions costs and associated liabilities continue to be a key in England and Wales increased by 44% with effect of September 2019 and increased again by 21% April from 2024 to an overall employer contribution rate of 28.7%.

Principal Risks and Uncertainties

The principal risks and uncertainties in the higher education sector are wide-ranging and continuously evolving. The University continues to remain vigilant and responsive to both immediate risks and long-term challenges.

annually by the Audit and Risk Management Committee and recommended to the Board for approval. The Risk Analysis statement of its Risk Appetite and provides an evaluation of each risk based on likelihood and the impact of risks becoming a reality. It covers risks related to business, operational, compliance and financial matters, which are discussed throughout the reports within these financial statements. The Plan includes mapping that illustrates how the Risk Analysis and Action Plan (RAAP) supports the strategic objectives of the University.

A proactive and well-structured approach to risk management not only helps safeguard the institution's financial health and reputation but also supports its longterm strategic goals.

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The Financial Future

experience and to maximise resources that are invested in academic activities.

The University has launched its new strategic plan strategic

Harper Adams University is committed to the delivery of excellence in academic activities, and resources are strategically invested to this end and the University intends to attract more diverse learners both from the UK and international. This will support growth and future investment for the University.

The University is increasing presence in the locality and intends to lease space in a digital skills hub in Telford learning district from September 2024 to deliver a range of courses to support development and retention of skills in the region.

The vet school has accepted a larger than anticipated intake of undergraduates in each of the first five years of operation from September 2020. There has been ongoing engagement with RCVS as the school progresses through the accreditation process. More staff appointments are planned over the period of establishment as student numbers increase. The University invested £10m in the veterinary sciences building and related animal facilities to ensure that all relevant students have access to appropriate resources. There are new plans in the course of development to further build on the pertise in animal sciences and animal health. Student recruitment continues to be very competitive and whilst the number of 18-year-olds leaving school are increasing in the UK the student fees remain fixed at 2015 levels at £9,250 whilst annual UK inflation figures have exceeded 10% over the past 2 years, consequently the University continues to identify new opportunities for growth.

The University continues to explore ways of widening the accessibility of our specialist staff and resources building on the experience gained during the course of the pandemic.

With home undergraduate fees frozen to at least 2024/25 the University is identifying alternate markets where fees are not in delivery of CPD and professional courses. This is essential as we continue to experience high levels of inflation across the University and also anticipate further increases in employments costs with defined benefit pension costs expected to increase in the next 12 months.

The University is committed to widening participation and recognise that cost of living pressures will impact and the University will make available hardship funds to support students

Mr Dominic Wong Chair of Governors 26 November 2024

Mrs Liz Furey Chief Financial Office r 26 November 2024

The continued focus on student experience, student and graduate outcomes, our work with industry and building the sustainability.

Research funding opportunities continue to be highly competitive; However, by working collaboratively with industry and key partners we plan to continue to increase research income across the university. The number of bids being made across the University has increased with a 36% bid success rate over the past 12 months.

The University is planning to build on the excellent links that we already have with Industry to establish a more coordinated approach to extending links with industry and other partners. The School of Sustainable Food and Farming initiative working with Morrisons and Raft Solutions Ltd to support the transition to more sustainable food systems. The industry partners will support production system research and for this to be translated into practical skills training. This opportunity to lead on sustainable farming and to be able to demonstrate on our own farm will be enable the linking of research, knowledge exchange unique academic group of Agr ~~i e~~ conomists

Whilst the University targets growth, the efficiency of processes and systems continues to be developed across the University. This will enable increased numbers of students to be supported, more research grants can be managed, and employer engagement coordinated. Processes are reviewed, refined and automated to improve student and staff

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Streamlined Energy and Carbon Reporting

Intensity Measurement

The University has energy efficiency and reducing carbon emissions as one its five key strategic aims, not only for its academic facilities, but also for the University Farm. The University Group invested in energy infrastructure, including a CHP engine, Biomass boiler, connected to a campus wide heat main in addition to photovoltaic panels in a project completed in 2017.

The University is progressing with a carbon management plan that has been assessed for 2020-25, which commenced 1 August 2020. A carbon reduction opportunity review identified a total of 67 projects. Successful implementation should deliver a scope 1 and 2 emission reduction of 637 tonnes CO2. The estimated capital expenditure is £1.5m over the duration of the plan (inclusive VAT) forecast to deliver savings in utilities costs (benchmarked at May 2020) of £350k per annum.

During the year we purchased 3,611MWh 100% clean energy renewables, backed by Renewable Energy Guarantee of Origin (REGO) certified energy supplies

The University is required to report current UK based annual energy usage and associated greenhouse gas emissions in Liability Partnerships (Energy and Carbon Report) Regulations nto force 1 April 2019. The SECR return includes relevant mandatory reporting emissions along with voluntary submissions for power consumption from renewable and low carbon technologies.

Intensity ratios reported are the total gross emissions in metric tonnes CO2e per full time equivalent staff and full-time equivalent students, an established reporting ration for the Higher Education sector.

Methodology

Harper Adams University has followed the 2019 HM Government Environmental Reporting Guidelines, utilising the Greenhouse Gas Reporting Protocol Corporate Standard and have applied the 2024 UK Government's Conversion Factors for Company Reporting.

Energy efficiency action taken in the financial reporting year

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UK Greenhouse Gas emissions and energy use data (Financial Years 2023/24 & 2022/23)

**Energy ** (kWh) Emissions (tCO2e) Emissions (tCO2e)
Energy Source 2023/24 2022/23 2023/24 2022/23
Mandatory energy use & emissions:
Scope 1
Natural Gas 7,435,855 8,318,877 1,323.89 1,518.69
Transport
company owned		 152,299 186,198 40.5 48.7
vehicles
Location- Market- Location- Market-
Scope 2 based based1 based based2
Purchased Electricity 3,611,438 3,362,672 737.3 0 650.27 0
Scope 3
Transport
Business travel -		 181,593 181,593 43.08 43.08
employee owned vehicles &
contracted hire cars
Total gross energy &
emissions: 11,381,185 12,049,340 2,144.77 2,260.74
(Mandatory)
Intensity Ratios
Tonnes of CO2e per student 0.38 0.42
Tonnes of CO2e per student and FTE staff 0.34 0.37
Voluntary energy use &
emissions
Scope 1
Biomass 808,354 1,083,062 9.153 16.733
LPG & Kerosene 26,066 60,657 5.1 13.0
Generated electricity consumed 538,142 561,196 0 0
on site4
Total gross energy & emissions 1,372,562 1,704,915 14.25 29.73
(Voluntary)
Total gross energy & emissions 12,753,747 13,754,255 2,159.02 2,290.48
(Mandatory & voluntary)

1 Zero emissions resulting from purchase of clean energy renewables, backed by Renewable Energy Guarantee of Origin certified supplies (consecutive certificate periods 04/2022 03/23 & 04/2023 03/24). Supplier: EDF Energy

2 Zero emissions resulting from purchase of clean energy renewables, backed by Renewable Energy Guarantee of Origin certified supplies (consecutive certificate periods 04/2022 03/23 & 04/2023 03/24). Supplier: EDF Energy

3 [N2O & CH4 only emissions]

4 Solar photovoltaic Diary & Jebb, excluding exported energy (kWh) to the National Grid

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Energy & emission reductions:
Scope 1
Generated electricity exported to 1,867 7,214 1.49 1.49
grid
Scope 2
Net electricity consumption 3,609,571 3,355,458 735.81 648.78
Total net energy & emissions 12,751,880 13,747,041 2,157.53 2,288.99
(Mandatory & voluntary)
Out of scopes
Biomass 808,354 1,083,062

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Report of the Governors and Corporate Governance Statement

The Governors have pleasure in presenting their report and financial statements for the year ended 31 July 2024 and confirm they comply with the requirements of the Charities Act, the Memorandum and Articles of Association of the University and the Statement of Recommended Practice: Accounting for Further and Higher Education (FEHE SORP).

The principal activity of the University is the provision of higher education, research and knowledge exchange in the specialist areas of food production and technology, animal health and wellbeing and sustainable, living environments for the planet. The University conducts this delivery using an estate of 494 hectares (including the University Farm). The s: To advance knowledge, to inspire and equip learners in our specialisms to deliver real change and contribute to a sustainable future for the inhabitants of and habitats across our living planet. The essential strategic aims necessary to fulfil this miss

the context of a continuous endeavour to secure these aims.

The objectives of the University are set to reflect our educational aims and ethos. In setting our objectives and planning our activities the Governors have considered the its supplementary public benefit guidance.

Our key objectives during 2023/24, were to continue to embed the University strategic plan for the period to 2030 reflecting national and global changes that are affecting HE as well as changes in the graduate skills and knowledge needed for careers in the specialist industries and professions that our education, research and knowledge transfer supports.

Using a growing range of digital and other platforms for flexible engagement with stakeholders, the University continues to play a distinctive and key role within the UK Higher Education sector, as a leading specialist provider of land based higher education, providing world leading teaching and research that meets the needs of the agri-food document for further information.

Statement of Financial Responsibilities

In accordance with the Companies Act 2006 and the

Board of Governors is responsible for the administration and management of the affairs of the University and is required to present audited financial statements for each financial year.

The Board of Governors (the Governors of which are also the directors of the University for the purposes of company law) is responsible for preparing the Strategic Report and with applicable law and regulations.

Company law requires the Board of Governors to prepare financial statements for each financial year. Under that law, the Board of Governors is required to prepare the financial

statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Financial Reporting Standard applicable in the UK and Republic of Ireland'. In addition, the Board of Governors is required to prepare the financial statements in accordance October 2019), the OfS Terms and conditions of funding for higher education institutions (issued July 2023) and the terms and conditions of its the funding agreement with UK Research and Innovation (including Research England), the Education & Skills Funding Agency and the Department for Education through its accountable officer. Under company law, the Board of Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the University and the Group and of the surplus or deficit, gains and losses, changes in reserves and cash flows of the University and the Group for that year.

In preparing the financial statements, the Board of Governors is required to:

The Board of Governors is responsible for keeping adequate accounting records that are sufficient to show and explain the University's transactions and disclose with reasonable accuracy at any time the financial position of the University and enable it to ensure that the financial statements comply with the OfS Terms and conditions of funding for higher education institutions (issued July 2023), the Statement of Recommended Practice - Accounting for Further and Higher Education, 2019 Edition, the OfS Regulatory Advice 9: Accounts Direction (issued October 2019) and the Companies Act 2006. They are also responsible for safeguarding the assets of the University and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The members of Board of Governors has taken reasonable steps to:

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Terms and conditions of funding for higher education institutions (issued July 2023), any requirements of the funding agreement with UK Research and Innovation (including Research England), the Education and Skills Funding Agency and the Department of Education, and any other terms and conditions attached to them,

These indemnities are uncapped in amount in relation to certain losses and liabilities which they may incur to third parties in the course of acting as a Officer of the University or any of its associated companies. Neither the indemnity, nor insurance cover provides cover in the event a Officer is proved to have acted fraudulently or dishonestly. The -party will continue in force for the benefit of Officers on an ongoing basis.

Section 172 Statement

In accordance with Section 172 of the Companies Act 2006, the Board of Governors confirm that in performing their duties during the year ended 31 July 2024, they have acted in good faith to promote the success of the University, considering the long-term impact of decisions on the institution, its stakeholders, and wider community.

In particular, the Board has taken into account:

The Board of Governors is responsible for the maintenance and integrity of the corporate and financial information 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.

The Board of Governors confirm that:

Qualifying Third Party Indemnity Provisions

Harper Adams University maintains liability insurance for its Officers. The University has also granted indemnities to the extent permitted by law to each of the key Officers, the Board of Governors and Company Secretary and a number of other executives and senior managers.

The Board believes that these actions have positively contributed to the long-term success and sustainability of the University, while fostering a collaborative and inclusive environment for all stakeholders. Additional supporting information can be found within the Chief Executives Report and the Strategic Review.

Disclosure of information to auditors

The Board of Governors confirm that:

At the date of making this report each of the University's Board members confirm the following:

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So far as each Board member is aware, there is no relevant information needed by the University's auditors in connection with preparing their report of which the University's auditors are unaware; and

Each Board member has taken all the steps that they ought to have taken as a member in order to make themselves aware of any relevant information needed by the University's auditors in connection with preparing their report and to establish that the University's auditors are aware of that information.

Higher Education Grant Funding

provided by the OfS in the form of teaching related grant. Quality related research and knowledge exchange grants were provided by Research England.

Auditors

Grant Thornton UK LLP were appointed as auditors further to a procurement process in 2020/21 in accordance with Section 489 of the Companies Act 2006.

The articles require the University to have a Governing Body and an Academic Board, each with clearly defined functions and responsibilities, to oversee and manage its activities.

The Board of Governors is the executive governing body, responsible for matters including the finance, property and staffing of the institution. It is specifically required to determine the educational character and mission of the institution and to set its general strategic direction. The governing body has a majority of independent members, chosen in accordance with strict criteria. The chair is elected from among the independent members. There is also provision for the appointment of co-opted members, and representatives of the academic staff and students. No members of the governing body receive any reimbursement for the work they do for that body. The Governors are the Trustees of the University.

Subject to the overall responsibility of the governing body, the Academic Board has oversight of the academic affairs of the institution and draws its membership largely from the staff and the students of the institution. It is particularly concerned with general issues relating to the learning and teaching, research and knowledge-exchange work of the institution. The Academic Board reports to the Board of Governors.

Corporate Governance Statement

The University is committed to exhibiting best practice in all aspects of corporate governance. This section describes the manner in which the University has applied the principles set out in the Committee of University Chairs (CUC) Higher Education Code of Governance. The Code takes account of the relevant sections of the Combined Code on Corporate Governance as they relate to the work of Higher Education Institutions.

The University changed its legal status from that of an unincorporated organisation established by Trust deed to that of a Company Limited by Guarantee with effect from 1 August 2012. The University retained its status as a Registered Charity in its new legal form. It is established as a higher education institution under the terms of the Education Reform Act 1988 and the Further and Higher Education Act 1992. Its latest objects, powers and framework of governance are set out in the Articles of Association approved by the Privy Council in 2012 and as amended from time to time. The Privy Council conferred its approval for the award of University Title to Harper Adams University on 7 December 2012. The University secured Privy Council permission in 2020/21 for the Board of Governors to make changes as permitted under HERA 2017.

The University endeavours to conduct its business in accordance with the values of the CUC HE Governance Code which are integrity, sustainability, inclusivity, excellence, innovation and growth and community together with the accepted standards of behaviour in public li accountability, openness, honesty and leadership.

The Board of Governors has adopted a statement of primary responsibilities in which the major activities it covers are described in further detail. The Board of Governors has also overseen the development of key performance indicators throughout 2023/24, against which it will monitor the performance of the University against its strategic priorities.

In respect of its strategic responsibilities, the Board of Governors receives recommendations and advice from the Academic Board and its committees, the University Executive and joint meetings, where required, of the University Executive and members of the Board. The Board of Governors considers the development of strategic and annual plans and monitors, amongst other items, compliance with the University's Instrument and Articles of Government, the conduct of financial management, human resources management, academic and student related developments, the management of academic quality and standards, the management of major estate developments, progress with major projects and risk management. Regular reports on developments of note, including liaison with external - Chancellor and other senior managers.

The Board has direct responsibility for oversight of several key Plan which is reviewed annually by the Audit and Risk Management Committee and recommended to the Board for approval. The Risk Analysis and Action Plan includes the Risk Policy and a statement of its Risk Appetite and provides an evaluation of each risk based on likelihood and the impact of risks becoming a reality. It covers risks related to business, operational, compliance and financial matters. The latter sets out how a balanced portfolio of risk exposure will be maintained and managed and the Risk Analysis and Action Plan identifies the responsible individuals who take a lead role in managing risks, and how action

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planning is incorporated into normal business processes. The Plan includes mapping that illustrates how the Risk Analysis and Action Plan (RAAP) supports the strategic objectives of the University. The internal auditors provide annually a mapping of how their planned programme of work provides assurance to the Committee and to the Board on key risks identified in the RAAP and in the sector. Where appropriate, the University engages specific expertise to advise and enhance its arrangements for managing key risks and incorporates outcomes into the RAAP. It also ensures that it engages with sector wide briefings and workshops on key areas of risk for UK HEIs such as the Prevent Duty, UKVI compliance and Competition and Markets Authority requirements. All risks areas are assigned to the Board or one of its committees for monitoring and actions are reported upon at each meeting of the relevant committee.

The Board acknowledges that it is responsible for a comprehensive system of control and requires that the Audit and Risk Management Committee commission the internal auditors to review an aspect of risk management annually. A report on the outcome of the annual audit of risk management is presented to the Board in the Annual Report of the Audit and Risk Management Committee.

The Board of Governors has established a Governance Review Group that has conducted several assessments of the Board's performance. During 2021/22 the Governance Review Group, considering independent external advice, focused on the triennial major review of the effectiveness of the governing body. The recommendations identified for action were completed through 2022/23, including confirming revised arrangements for the appraisal of the Vice-Chancellor and other senior staff to consider the updated CUC HE Senior Staff Remuneration Code; developing KPIs to measure progress against the Strategic Plan for the period to 2030; ; a Governor and the wider work of the Board; encouraging staff observers of Board Meetings to provide feedback on the experience and offer suggestions for improvements; to facilitate opportunities for members of the Board to meet with staff and students. Considerations for the next review of Board effectiveness include the recommendation to include feedback from staff and external observers of meetings, and/or 1:1 discussions with members. Staff observers will continue to be asked to share experiences of observing Board meetings and plans for the review process for the next Effectiveness Review will be developed nearer the time of the next review.

HEFCE conducted an Assurance Review of the University in June 2017. The report was positive about the governance arrangements and made no formal recommendations for action. The OfS included the University in a sample of providers for Prevent Review Meetings in 2019. The outcome of the PRM was positive with no areas for further action. In 2020/21 internal auditors have audited University compliance with the revised CUC Code of Governance published in arrangements in relation to risk management and transformation and digital governance will be the subject of further internal audit in 2024/25.

In accordance with the Articles of Government, the University Secretary has been appointed as Clerk to the governing body. In that capacity, she provides independent advice on matters of governance to all members of the governing body. The Academic Registrar acts as Secretary to the Academic Board.

The University maintains a register of interests of members of the governing body and senior officers which is published on

The Vice-Chancellor/Chief Executive is the head of the University and has a general responsibility to the governing body for the organisation, direction and management of the institution. Under the terms of the formal financial memorandum between the University and OfS, the head of the institution is the accountable officer and, in that capacity, can be summoned to appear before the Public Accounts Committee of the House of Commons.

As Chief Executive, the Vice-Chancellor exercises considerable influence upon the development of institutional strategy and the identification and planning of new developments. Other senior academic and administrative officers contribute in various ways to these activities, but the ultimate responsibility for what is done rests with the governing body. Professor Ken Sloan took up his appointment as Vice-Chancellor with effect from 1 November since that date.

Governing Body Committees

The Board of Governors and its committees are formally constituted with terms of reference and delegated powers. Although the governing body meets at least four times each academic year, much of its detailed work is initially handled by committees. Following a comprehensive internal governance review in November 2023, the Board agreed the constitution of the following sub-committees: the Audit and Risk Management Committee, Finance, People and Resources Committee, the Governance and, Nominations Committee and Remuneration Committee. The decisions of these committees are formally reported to the governing body.

Membership of these committees consists of independent and co-opted members of the governing body. Co-opted student and staff members may also serve on some committees, subject to the provisions of the Articles. The chairs are normally selected from the co-opted and independent members. No Governor is a member of both the Audit & Risk Management and Finance, People & Resources Committees.

The Audit & Risk Management Committee meets four times a year, with the University's external and internal auditors in attendance. The Committee considers detailed reports together with recommendations for the improvement of the ernal control, including the safeguarding of assets and prevention and detection of fraud, and management responses and implementation plans. It also receives and considers reports from the OfS and Charities Commission or other bodies in the HE sector as they

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affect the University's audited risk management activities, and monitors adherence to regulatory requirements. The Committee also includes lay members. Whilst senior University officers attend meetings of the Audit & Risk Management Committee, as required, they are not members of the Committee. At least once a year, the lay members of the Committee meet with the Internal Auditors and the External Auditors for independent discussions. The Committee also mapped its arrangements against the updated CUC HE Audit Committee Code of Practice published in June 2020 and agreed to include a standing item on each agenda to remind members that they may meet with enhance the current arrangements or seeking approval and recording other work undertaken by external auditors; to receive the fraud policy annually as an aide memoire following its annual review by Finance, People & Resources Committee, and to utilise the updated CUC checklist for evaluating the performance of auditors. Following the internal governance review approved by the Board in November 2023, the Audit & Risk Management Committee has taken overall oversight of the Health & Safety Strategy Group.

The Audit and Risk Management Committee has conducted its effectiveness, as it does annually and has reported to the Board on its findings. The 2023/24 review was positive overall.

The Finance, People & Resources Committee meets four times a year. Amongst other items it recommends to the Board of Govern capital budgets and monitors performance in relation to approved budgets. It also reviews progress with major strategic projects including capital developments. The Committee is responsible, on behalf of the Board of Governors, for ensuring that proper accounting records are maintained and that the University complies with the FEHE SORP and the OfS Accounts Direction for Higher Education Institutions. The Committee oversees the preparation of financial statements. Following the comprehensive internal governance review in 2023, the Finance, People & Resources Committee has also absorbed the functions previously overseen by the Farm Strategy Committee and the Staffing Committee, including the development and implementation

.

The Governance & Nominations Committee considers Association and oversees the management of governance reviews and associated business. The Committee has a majority of lay members, consisting of the Chair, Vice Chairs, a further lay governor and the Vice-Chancellor. The Nominations Committee considers skills, professional background and experience, geographical distribution and the promotion of diversity in its succession planning and governor recruitment and appointment processes. Information about the role of Governors and background information on the University is provided to those interested in serving on the Board to ensure that new Governors are aware of the range of responsibilities attached to University Governorship. Newly appointed Governors attend induction sessions normally held as soon as possible after confirmation of appointment. Governors also attend development sessions on a range of topics during their appointment, including those offered by Advance HE. Before re-appointment,

Governors who are at the end of their first term of office are evaluated by the Nominations Committee on the contribution circumstances Governors retire at the end of a second term of office, although the Nominations Committee will consider individual exceptional cases for an extension of appointment in accordance with the CUC Code of Governance. The Committee has benchmarked its work against the CUC illustrative Practice Note on Nominations Committees published in November 2017 and made some minor changes recommendations for best practice. In 2020/21, alongside placing public adverts, seeking expressions of interest from potential new Board members, the Nominations Committee also engaged the services of Inclusive Boards, a leading specialist agency in diversity and inclusion at Board level. This led to the nomination and appointment of several new members of the Board of Governors in 2021 and has been successful in increasing the diversity of the University Board membership from 2021/22 onwards.

The Remuneration Committee determines the remuneration - responsibilities and delegated decision-making powers were reviewed by the Board in 2021/22 in light of the revised Code published in November 2021. The decisions made by the Committee, in accordance with its delegated authority, are reported to all members of the Board of Governors using the recommended form of report set out in the Remuneration Code. Where the Committee wishes to recommend that falls outside its delegated authority, it is referred to the Board for its consideration, and if appropriate, approval. Decisions made by the Committee during 2023/24 were made in accordance with its terms of reference, and with the procedures approved by the Board for that year. The Board report and revised procedures and terms of reference as part web site. The Board has also approved publication of an updated Remuneration Policy Statement which meets the guidance set out in the November 2021 Remuneration Code.

CUC Higher Education Code of Governance and CUC Higher Education Senior Staff Remuneration Code

The University has complied with the CUC Higher Education Code of Governance and the CUC Higher Education Senior Staff Remuneration Code in the year ended 31 July 2024. This

Annual Report and Financial Statements which includes information on institutional performance, and publication of

Statement on Internal Controls

ensuring that the University's system of internal control is approach is a risk-based system designed to manage rather than eliminate the risk of failure to achieve business objectives, and to prevent, detect and mitigate the risk of fraud, bribery, corruption and other irregularities and can only provide reasonable and not absolute assurance against material misstatement or loss. The system of internal control has been in place for the year ended 31 July 2024 and up to

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the date of approval of the Annual Report and Financial Statements.

The Governing Body monitors the effectiveness of the process and its relationship to achieving the University objectives on an on-going basis. It does this in a number of ways. The senior management team considers possible control issues brought to its attention by early warning mechanisms that are embedded within operational units. The senior management team and the Audit & Risk Management Committee also receive regular reports from internal audit exercises and any other internal process reviews of key systems for managing risk, which include recommendations for improvement, and which are risk-based. All reports set out the action plans that will be completed by management to enhance controls where further action is needed. The Board is satisfied that risk assessment and internal control is embedded in on-going operations. Further work on risk management and a refresh of the Risk Analysis and Action Plan has been completed in 2023/24 and ongoing updates will be presented to the Board throughout 2024/25.

The internal audit reports completed during 2023/24 confirmed substantial assurance in two areas, and reasonable assurance in three areas. The annual follow-up on completion of previous audit related actions confirmed reasonable progress for University.

The Committee receives progress reports at each meeting to provide assurance that actions have been completed and internal auditors provide independent assurance on completion of actions arising from their reports. The Audit & Risk Management Committee's role in this area is confined to a high-level review of the arrangements for internal financial and operational systems control, value for money and overall effectiveness. Each of these areas is also covered in terms of identifies risk areas and rates each of them in terms of likelihood and impact should they become a reality and covers business, operational, compliance and financial risks. The Committee presents the Risk Analysis and Action Plan annually to the Board for its approval and adoption. The Board of Governors' agenda includes regular items for consideration of risk and control, and it receives reports thereon from senior managers and sub-committees of the Board of Governors and the Academic Board. The Board has oversight of each of the highest rated risks as well as risks that are monitored at Board level and receives a report on the status of each risk as a standing item. The emphasis is on obtaining the relevant degree of assurance and not merely reporting by exception. Members of the Audit and Risk Management Committee are also encouraged to attend HE sector wide briefings for members of University Audit and Risk Management Committees. At its November 2023 meeting, the Board of Governors carried out the annual activities for the year ended 31 July 2023 by considering documentation from the Committee, internal and external audit annual reports, and by taking account of events related to the Risk Analysis and Action Plan. The Board agreed that there were adequate control measures in place.

The Board of Governors is of the view that there is an ongoing process for identifying, evaluating and managing the period from the beginning of January 2023 up to the date of

approval of the annual report and accounts. This process accords with the internal control guidance for directors in the Combined Code as deemed appropriate for higher education. internal control guidance have been assessed by its internal auditors since December 2002 so as to ensure that the satisfactory. The reviews of Governance and Risk Management arrangements during 2023/24 included the risk mitigation procedures undertaken in the areas covered by the reviews conducted as part of the 2023/24 internal audit plan. Internal audit work focused on the Statutory UUK Student Housing audit, Data Quality (B3 Conditions), Key Financial Controls (including Payroll and HR functions), Agriculture & Environment Academic Department Review (including procurement) and L Student Recruitment and CMA positive. Where recommendations for further strengthening existing controls were made, these have been agreed by management, with progress monitoring at each meeting of the Audit and Risk Management Committee. Formal followup by internal auditors of all actions will take place during 2024/25, alongside the embedding of new internal audit provision, following an extensive tender exercise. .

Employees

The University is committed to providing equality of opportunity in all areas of its operation. The University has continued to review its activities against the requirements of the relevant Working Group, which is made up of staff and students, the Equality and Diversity Agenda. The Group agreed an updated Equality Diversity and Inclusion Plan in 2023/24 . With support from the newly created Respect Committee, it will continue its work to monitor progress with associated Respect Policy. Drawing on best practice at other HEIs, work is also continuing to address actions arising from the policy to achieve and maintain high standards of health and safety by all practicable means. The Health & Safety Strategy Group, comprising staff representatives, oversees a full programme of work in this area, including legislative developments and an audit programme, ultimately reporting up to the Audit & Risk Management Committee in line with governance arrangement changes embedded through 2023/24.

Community

The University is one of the largest employers in the Borough of Telford and Wrekin, and the County of Shropshire. It works closely with the Borough, local town and parish councils to ensure that a collaborative approach is taken with regard to the integra members of the local community. During 2023/24 it has engaged local and regional stakeholders in the review of the for money and University procurement regulations, local sourcing of good and supplies helps support local businesses,

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while students and staff living and working on the community also play an important economic role by supporting local retail and other services. Staff are encouraged by the University to hold voluntary positions in local groups and organisations thereby contributing to local development plans and supporting the delivery of events and projects that benefit the whole communities in which the University is located. The colleges in its region helps support progression to higher education through its work on widening access and participation.

Membership of the Board of Governors during 2023/24 (and up to the date of this report)

Details of membership including changes to membership that took place during 2023/24 and up to the date of this report are set out below as follows:

E Mace (July 2024) K Greetham (July 2024) E Folkes (July 2024)

P Nixon (Chair) D Wong (Vice-Chair) M Griffiths D Hewett nee Winstanley Y Hawkins R Payne J Reade T Sheikh B Shipston E Salter K Sloan (Vice-Chancellor) U Uhunmwangho T Watson T Klages B Bray C Beer

C Ennew (September 2023) A Allden (September 2023) T Jitesh (November 2023) D Douglas (SU President from July 2024)

The Strategic Review and the Report of the Governors and Corporate Governance Statement (which together constitute by the Board of Governors on 26 November 2024.

Mrs Kate S Baker

Clerk to the Governors For and behalf of the Board of Governors

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Opinion

We have audited the financial statements of Harper Adams University (the 'parent University') and its subsidiaries (the 'group') for the year ended 31 July 2024, which comprise the Consolidated Statement of Comprehensive Income and Expenditure, Consolidated and University Statement of Changes in Reserves, Consolidated and University Balance Sheet, Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:

arising from macro-economic uncertainties such as the cost of living crisis, we assessed and challenged the reasonableness of estimates made by the Governing body and the related disclosures and analysed how those risks resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on 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 Governing body with respect to going concern are described in the relevant sections of this report.

Other information

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 financial independent of the group and the parent University in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the e 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

We are responsible for concluding on the appropriateness of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doub

If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the group or the parent University to cease to continue as a going concern.

The other information comprises the information included in the annual report, other than the financial statements and our is 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Matter on which we are required to report under the Companies Act 2006

In the light of the knowledge and understanding of the group and the parent University and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the report of the Governors included in the annual report.

Opinion on other matters prescribed by the Office for

Responsibilities of Governing body

As explained more fully in the Statement of financial responsibilities, the Governing body (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governing body 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 Governing body are as applicable, matters related to going concern and using the going concern basis of accounting unless the Governing body either intends to liquidate the group or the parent University or to cease operations, or has no realistic alternative but to do so.

In our opinion, in all material respects:

e audit of the financial

statements

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 pinion. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

We have nothing to report in respect of the following matters where the OfS Accounts direction requires us to report to you where:

Irregularities, including fraud, are instances of noncompliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

suspected fraud. We corroborated the results of our enquiries through our review of relevant committee minutes and through our legal and professional expenses review;

Identifying and testing journal entries, with a focus on unusual journals with specific risk characteristics and large value journals.

the potential for fraud in revenue through manipulation of income and management override of controls; and

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting www.frc.org.uk/auditorsresponsibilities.

Use of our report

This report is made solely to the University's Governing body, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the University's members 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 University and the University's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jim McLarnon ACA Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Birmingham

Date:

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Statement of Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements:

statements and therefore have prepared the financial statements on a going concern basis.

Consolidation

Basis of Preparation

The Group and parent University financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education (2019 edition). They have also been prepared in accordance legislation (Further and Higher Education Act 1992 and the Higher Education Act 2004) and the new powers of the Higher Education and Research Act 2017, the Accounts Direction issued by the Office for Students (OfS), the Terms and conditions of funding for higher education institutions issued by the Office for Students and the Terms and conditions of Research England Grant.

The University is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards.

The consolidated financial statements include the financial statements of the University, its wholly owned subsidiary undertaking Cedar Energy Limited and the Harper Adams University Development Trust. The Harper Adams University Development Trust is treated as a subsidiary of the University on the grounds that the University has the power to exercise, or actually exercise, dominant influence or control over the undertaking.

Intra-group transactions are eliminated on consolidation. The financial statements of Harper Adams Students Union are not consolidated into the financial statements of the University, as the University has no control or significant influence over policy decisions of the Students Union.

The University owns the entire shares of two subsidiary since incorporation.

Going Concern

Material items

factors likely to affect its future development, performance Report. The Strategic Review also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities.

Material items are non-recurring material items which are outside the normal scope of the company's ordinary activities. Such items are disclosed separately within the financial statements.

Recognition of Income

The financial statements have been prepared on a going concern basis which the Board of Governors consider to be appropriate for the following reasons.

The Board of Governors have considered cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. After reviewing these forecasts, the Board of Governors is of the opinion that, taking account of several plausible downsides, the Group and parent University will have sufficient funds to meet their liabilities as they fall due over the period of 12 months from the date of approval of the financial statements (the going concern assessment period).

The University have assessed the impact of inflation of pay, utilities and other key areas of expenditure together with the risks to income assumptions including, student number reduction and growth targets in other areas not being achieved.

Income from the sale of goods or services is credited to the Consolidated Statement of Comprehensive Income and Expenditure when the goods or services are supplied to the external customers or the terms of the contract have been satisfied.

Fee income is stated gross of any expenditure which is not a discount and credited to the Consolidated Statement of Income and Comprehensive Expenditure over the period in which students are studying. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income.

Investment income is credited to the statement of income and expenditure on a receivable basis.

Agency Arrangements

During the year other borrowings consisted of £25m, 30-year loan notes, to a US based investor. The increased cash balances are held on treasury deposit whilst campus-based capital projects are under consideration.

Consequently, the Board of Governors is confident that the Group and parent University will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial

Funds that the University receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the institution where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Capital Grants

Government capital grants are recognised as income over the expected useful life of the asset. Other capital grants are recognised as income when the University is entitled to the funds subject to any performance related conditions being met.

Grant Funding

Government revenue grants including funding council block grant and research grants are recognised in income over the periods in which the University recognises the related costs for which the grant is intended to compensate. Where part of a government grant is deferred it is recognised as deferred income within creditors and allocated between creditors due within one year and due after more than one year as appropriate.

Grants (including research grants) from non-government sources are recognised as income when the University is entitled to the income and performance related conditions have been met. Income received in advance of performance related conditions being met is recognised as deferred income within creditors on the balance sheet and released to income as the conditions are met.

Accounting for Charitable Donations

Donations and endowments transactions that do not have performance related conditions are classed as non-exchange transactions. Donations and endowments with donorimposed restrictions are recognised as income when the University is entitled to the funds. Income is retained within the restricted reserve until such time that the funds are utilised in accordance with the restrictive conditions, at which point the income is released to general reserves through a reserve transfer.

Donations with no restrictions are recognised as income when the University is entitled to the funds.

Investment income and increase in the valuation of endowments is recorded as income in the year in which it arises as either restricted or unrestricted income according to the terms applied to the individual endowment fund.

treated as a defined contribution scheme and the contributions recognised as they are paid each year.

For LGPS, as a defined benefit scheme, the Univ obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the University. The University should recognise a liability for its obligations under defined benefit scheme net of scheme assets. This net defined benefit liability is measured as the estimated amount of benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value (at bid price) of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the University is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

Employment Benefits

Short term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the University. Any unused benefits including leave are identified and accrued as the additional amount the University expects to pay as a result of the unused entitlement at the end of the financial period.

Finance Leases

Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease and the corresponding lease liabilities are initially recognised at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease.

Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Accounting for Retirement Benefits

Operating Leases

Retirement benefits to employees of the University are provided through three alternate schemes: a defined contribution group personal pension scheme provided by Scottish Widows, the Teachers' Pension Scheme (TPS) and the Local Government Pension Scheme (LGPS). The TPS and LGPS are defined benefit schemes, which are externally funded.

Costs in respect of operating leases are charged on a straightline basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

Foreign Currency Translation

Contributions to the TPS are calculated so as to spread the University, in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by qualified actuaries on the basis of quinquennial valuations using a prospective benefit method. The TPS is a multiemployer scheme and the University is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore

Transactions denominated in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the end of the financial period with all resulting exchange differences being taken to the income and expenditure account in the period in which they arise.

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

Tangible Fixed Assets

Tangible fixed assets are recorded at cost/deemed cost less depreciation. Certain items of fixed assets that had been revalued to fair value on the date of transition to FRS 102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Maintenance of Premises

The cost of routine corrective maintenance is charged to the income and expenditure account in the period that it is incurred.

Investments

Where components of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets. Where appropriate associated finance and staffing expenditure in relation to specific capital purchases would be included in the total capitalised cost value accordingly.

Land and Buildings

All land and University buildings (with the exception of University residences and Farm buildings) that had been revalued to fair value on the date of transition to FRS102, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuation, are capitalised to the extent that they increase the expected future benefits to the University.

Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight-line basis over their expected useful lives. The following rates are normally applied:

Fixed and current asset investments are included in the balance sheet at their market value, with the exception of the investment in subsidiary attributable to Cedar Energy Limited which is included at cost.

Agriculture

Biological assets are living animals or plants held as noncurrent assets from which economic benefits flow to the University. Agricultural produce is the harvested product of a dairy cattle which are classified as biological assets. Dairy cattle are stated at fair value less costs to sell. Changes in fair value less costs to sell are recognised in the statement of comprehensive income. The associated agricultural produce, milk, is stored only for a short time before onward sale and hence the value held is not considered material and is not included on the balance sheet.

which economic benefits are derived. The plants and their harvested crops are treated as current assets within stock.

Freehold buildings 10 - 60 years

Stocks

No depreciation is charged on assets in the course of construction.

Equipment

Equipment, including computers and software, costing less than £5,000 per individual item is recognised as expenditure. All other equipment is capitalised.

Capitalised equipment is stated at Capitalised equipment is stated at cost and depreciated over
its expected useful life as follows:
Plant and equipment 3 - 35 years
Fixtures and fittings 5 - 10 years
Software 5
 15 years
Motor vehicles 5 years

Individual assets are reviewed for impairment in the event that there is some indication that impairment has occurred. Impairment values are calculated as the difference between the carrying value of the asset and its recoverable amount if lower. Recoverable amount is defined as the higher of fair value less costs to sell and the estimated value in use at the date the impairment review is undertaken. Material impairments are recognised in the profit and loss account as material items.

Borrowing costs which are directly attributable to the construction of a qualifying asset are capitalised.

Commercial farming stocks are independently valued by Halls Auctioneers Limited of Shrewsbury, Shropshire at cost for growing crops, feedstuffs, sprays and fertilizers, and at a discounted market value at the year-end for the livestock held for resale.

Other stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Where necessary, provision is made for obsolete, slow-moving and defective stocks.

Cash and Cash Equivalents

Cash includes cash in hand and deposits repayable on demand. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial Instruments

Financial liabilities and equity are classified according to the All loans, investments and short-term deposits held by the Group are classified as basic financial instruments in

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

accordance with FRS 102. These instruments are initially recorded at the transaction price less any transaction costs (historical cost). FRS 102 requires that basic financial instruments are subsequently measured at amortised cost, however the University has calculated that the difference between the historical cost and amortised cost basis is not material and so these financial instruments are stated on the balance sheet at historical cost. Loans and investments that are payable or receivable within one year are not discounted.

Public Benefit Concessionary Loans

Where loans are made at below the prevailing market rate of interest, not repayable on demand and made for the purpose of furthering the objectives of the University they are classified as concessionary loans.

Concessionary loans are initially measured at the amount paid and adjusted at the period end to reflect any accrued income receivable. Should a loan be judged as irrecoverable it is written-off to the Statement of Comprehensive Income in the period in which it becomes irrecoverable.

Deferred Taxation

Deferred taxation is recognised on all timing differences at the balance sheet date where transactions or events that give the company an obligation to pay more tax in the future, or right to pay less tax in the future, have occurred. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have enacted or substantively enacted by the balance sheet date.

Reserves

Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity. Other restricted reserves include balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.

Accounting estimates and judgements

Provisions and Contingent Liabilities

Provisions are recognised when the University has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

The preparation of financial statements requires the use of accounting estimates and assumptions. It also requires management to exercise its judgement in the process of applying accounting policies. Estimates, assumptions and judgements are continually evaluated based on available information and experience. Estimates based on assumptions and judgements could differ significantly from actual results. The areas most affected by the use of estimates and judgements are described below:

Tangible fixed assets

A contingent liability arises from a past event that gives the University a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.

Contingent assets and liabilities are not recognised in the Balance Sheet but are disclosed in the notes.

Taxation Status

The University is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and as such is a charity within the meaning of Para 1 of Schedule 6 to the Finance Act 2010. Accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by Sections 478 to 488 of the Corporation Tax Act 2010 (formerly enacted in Section 505 of the Income and Corporation Taxes Act 1988) or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. The University receives no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs and added to the cost of tangible fixed assets as appropriate, where the inputs themselves are tangible fixed assets by nature. The University's subsidiary company is subject to corporation tax.

Tangible fixed assets, other than investment properties and land, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Further information is provided in note 11.

Local Government Pension Scheme

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 25, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 July 2024. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

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Commercial in Confidence Charity Number: 1147717 Company Number: 08049710

For the year ending 31[st] the Local Government Pension Scheme is reported to be a surplus position. Management have reviewed the appropriate accounting standard, being FRS102 section 28 and HE SORP, and do not consider the asset to be recoverable, therefore no asset has been disclosed. This conclusion has been reached after assessing the present value of the future accounting service costs, taking into account the asset ceiling, in comparison to the reported surplus. Further information is provided in note 25.

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Commercial in Confidence

Consolidated Statement of Comprehensive Income and Expenditure

Year ended 31 July 2024

Notes
Income
Tuition fees
1
Funding council grants
2
Research grants and contracts
3
Other operating income
4
Investment income
5
Total income before endowments and donations
Donations and endowments
6
Total income
Expenditure
Staff costs before LGPS pension service cost
7
(Decrease) / increase in Staff LGPS pension service cost
7
Depreciation and Amortisation
11
Other operating expenses
8
Interest and other finance costs (excl. LGPS interest)
9
Interest and other finance costs (LGPS only)
Total expenditure
Surplus before other gains and losses
Gain on disposal of fixed assets
11
Gain on investments and endowments
12
Surplus before taxation
Taxation (charge)
10
Surplus for the year
Actuarial gain in respect of pension schemes
25
Total comprehensive income and expenditure for the
year
Represented by:
Restricted endowment income for the year
Restricted comprehensive income for the year
Unrestricted comprehensive income for the year		 Year ended 31 July 2024
Consolidated
University
21,979
21,979
15,913
15,913
4,774
4,774
11,203
11,771
1,217
1,209
55,086
55,646
1,260
1,395
56,346
57,041
30,691
30,691
(106)
(106)
5,197
4,924
19,295
20,344
598
598
2
2
55,677
56,453
669
588
14
14
270
270
953
872
(103)
(128)		 Year ended 31 July 2024
Consolidated
University
21,979
21,979
15,913
15,913
4,774
4,774
11,203
11,771
1,217
1,209
55,086
55,646
1,260
1,395
56,346
57,041
30,691
30,691
(106)
(106)
5,197
4,924
19,295
20,344
598
598
2
2
55,677
56,453
669
588
14
14
270
270
953
872
(103)
(128)		 Year ended 31 July 2023
Consolidated
University
21,992
21,992
14,340
14,340
3,279
3,279
11,192
11,698
406
401
51,209
51,710
566
549
51,775
52,259
27,578
27,578
698
698
4,247
4,027
16,606
17,566
598
598
509
509
50,236
50,976
1,539
1,283
51
51
85
85
1,675
1,419
(430)
(437)		 Year ended 31 July 2023
Consolidated
University
21,992
21,992
14,340
14,340
3,279
3,279
11,192
11,698
406
401
51,209
51,710
566
549
51,775
52,259
27,578
27,578
698
698
4,247
4,027
16,606
17,566
598
598
509
509
50,236
50,976
1,539
1,283
51
51
85
85
1,675
1,419
(430)
(437)
51,710
549
52,259
27,578
698
4,027
17,566
598
509
50,976
1,283
51
85
1,419
(437)
850
387
1,237
98
750
389
1,237		 744
387
1,131
98
750
283
1,131		 1,245
14,552
15,797
(28)
57
15,768
15,797		 982
14,552
15,534
(28)
(21)
15,583
15,534

All items of income and expenditure relate to continuing activities

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

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Commercial in Confidence

Consolidated and University Statement of Changes in Reserves

Year ended 31 July 2024

Consolidated
Balance at 1 August 2022
Surplus / (Deficit) from the income and
expenditure statement
Other comprehensive income
Total comprehensive income and
expenditure for the year
Balance at 1 August 2023
Surplus from the income and expenditure
statement
Other comprehensive income
Release of restricted funds spent in year
Total comprehensive income and
expenditure for the year
Balance at 31 July 2024
University
Balance at 1 August 2022
Surplus / (Deficit) from the income and
expenditure statement
Other comprehensive income
Total comprehensive income and
expenditure for the year
Balance at 1 August 2023
Surplus / (Deficit) from the income and
expenditure statement
Other comprehensive income
Total comprehensive income and
expenditure for the year
Balance at 31 July 2024		 Income
1,083
(28)
-
(28)
1,055
98
-
-
98
1,153
Income
1,083
(28)
-
(28)
1,055
98
-
98
1,153		 and expenditure account
£'000
£'000
483
66,778
57
1,216
-
14,552
57
15,768
540
82,546
750
2
-
387
-
(60)
750
329
1,290
82,875
and expenditure account
£'000
£'000
243
65,421
(21)
1,031
-
14,563
(21)
15,594
222
81,015
750
(141)
-
387
750
246
972
81,261		 Total
£'000
68,344
1,245
14,552
15,797
84,141
850
387
(60)
1,177
85,318
Total
£'000
66,747
982
14,563
15,545
82,292
707
387
1,094
83,386

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Commercial in Confidence

Consolidated and University Balance Sheet

Year ended 31 July 2023

Notes
Non-current assets
Tangible assets
11
Investments
12
Biological Assets
13
Trade and other receivables
15
Current assets
Stock
14
Trade and other receivables
15
Investments
12
Cash and cash equivalents
Creditors - amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Creditors
amounts falling due after more than
one year
17
Provisions
Pensions provisions
25
Other provisions
18
Total net assets
Restricted reserves
Income and expenditure reserve
restricted
reserve
19
Endowment
restricted reserve
19
Unrestricted reserves
Income and expenditure reserve - unrestricted
Total reserves		 Year ended 31 July 2024
Consolidated
University
86,477
83,209
1,230
2,075
634
634
-
835
88,341
86,753		 Year ended 31 July 2024
Consolidated
University
86,477
83,209
1,230
2,075
634
634
-
835
88,341
86,753		 Year ended 31 July 2023
Consolidated
University
87,479
83,930
1,086
1,931
628
628
-
1,015
89,193
87,504		 Year ended 31 July 2023
Consolidated
University
87,479
83,930
1,086
1,931
628
628
-
1,015
89,193
87,504
87,504
1,297
4,854
14,058
24,249
44,458
(10,542)
33,916
122,257
(36,751)
(4)
(184)
85,318
1,290
1,153
82,875
85,318		 1,297
5,183
14,058
23,499
44,037
(10,574)
33,463
120,216
(36,751)
(4)
(75)
83,386
972
1,153
81,261
83,386		 1,180
3,813
13,019
24,010
42,022
(9,448)
32,574
121,767
(36,923)
(494)
(209)
84,141
540
1,055
82,546
84,141		 1,180
4,162
13,019
23,345
41,706
(9,426)
32,280
119,784
(36,923)
(494)
(75)
82,292
222
1,055
81,015
82,292

The financial statements on pages 35 to 38 were approved by the Board of Governors on 26 November 2024 and signed on its behalf by:

Mr Dominic Wong Professor Ken Sloan Mrs Liz Furey Chair of Governors Vice Chancellor Chief Financial Officer

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

37 | P a g e

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Consolidated Cash Flow Statement

Year ended 31 July 2024

Notes
Cash flow from operating activities
Surplus / (Deficit) for the year
Adjustment for non-cash items
Depreciation
Gain on investments
Increase in stock and biological assets
(Increase) / Decrease in debtors
Increase in creditors
Increase in pension provision
25
Increase/(Decrease in other provisions
18
Capital grant income
Adjustment for investing or financing activities
Endowment Income
Interest payable
9
Profit on the sale of fixed assets
Investment income
5
Net cash inflow from operating activities
Cash flows from investing activities
Proceeds from sales of fixed assets
Capital grant receipts
Investment income
5 / 12
Payments made to acquire fixed assets
New non-current asset investments (treasury term deposits)
Cash flows from financing activities
Interest paid
Repayments of amounts borrowed
Increase / (Decrease) in cash and cash equivalents in the year
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year		 Year ended 31
July 2024
£'000
850
5,197
(270)
(123)
(1,041)
1,139
(387)
-
(678)
4,687
-
598
(14)
-
584
5,271
14
239
270
(3,897)
(1,000)
(4,374)
(598)
(60)
(658)
239
24,010
24,249		 Year ended
31 July 2023
£'000
1,245
4,247
(85)
(225)
304
1,933
1,113
(690)
(661)
5,936
-
598
(51)
-
547
7,728
109
249
85
(2,808)
(7,000)
(9,365)
(598)
(290)
(888)
(2,525)
26,535
24,010

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

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Notes to the Financial Statements

1. Tuition fees

Tuition fees
Full time students
home/EU
Full time students charged overseas fees
Part time fees
Short course fees
Other fees		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
18,552
18,552
18,722
18,722
1,550
1,550
1,535
1,535
683
683
735
735
704
704
651
651
490
490
348
348
21,979
21,979
21,992
21,992

2. Funding body grants

Funding body grants
Recurrent grant (OFS)
Release of deferred capital grant (OFS)
Research grant (Research England)
Higher Education Innovation Fund
Education and Skills Funding Agency
Hardship Funding (OFS)
Details of Grant and Fee Income
Grant Income from the OfS
Grant Income from other bodies
Fee income for taught awards (excl. VAT)
Fee income for research awards (excl. VAT)		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
11,728
11,728
10,636
10,636
459
459
448
448
2,166
2,166
1,922
1,922
551
551
612
612
1,009
1,009
692
692
0
0
30
30
15,913
15,913
14,340
14,340
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
12,675
12,675
11,726
11,726
3,175
3,175
2,614
2,614
21,928
21,928
21,943
21,943
56
56
49
49
37,834
37,834
36,332
36,332

----- Start of picture text -----
3. Research grants and contracts Year ended 31 July 2024 Year ended 31 July 2023
Consolidated University Consolidated University
Research grants and contracts 4,774 4,774 3,279 3,279
4. Other operating income Year ended 31 July 2024 Year ended 31 July 2023
Consolidated University Consolidated University
Catering and residence 4,664 4,664 4,626 4,626
Conferences and short course accommodation 1,013 1,013 808 808
Consultancy 120 120 18 18
Farm 3,799 3,812 3,965 3,976
Other income 1,546 2,101 1,413 1,908
Crop Trials income - - 41 41
Validation fees 61 61 321 321
11,203 11,771 11,192 11,698
----- End of picture text -----

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5.
Investment income
Bank interest
Development Trust Interest
6.
Donations and endowments
Permanent Restricted Endowments
Other donations with restrictions
Other donations without restrictions
7.
Staff costs
Staff Costs:
Salaries
Social security costs
Pension costs (excl. LGPS service cost)
LGPS Service cost
Total		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
1,209
1,209
401
401
8
-
5
-
1,217
1,209
406
401
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
-
-
-
-
1,249
1,394
552
463
11
1
14
86
1,260
1,395
566
549
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
£'000
£'000
£'000
£'000
24,001
24,001
21,662
21,662
2,398
2,398
2,198
2,198
4,292
4,292
3,718
3,718
30,691
30,691
27,578
27,578
(106)
(106)
698
698
30,585
30,585
28,276
28,276

During the year severance costs of £nil were paid (2023: £nil) to individuals (2023: nil). Therefore, no costs are included within the salaries figures above for the current year to 31 July 2024.

Emoluments of the Vice-Chancellor (VC)
Salary
Benefits
Payments in lieu of pension contributions		 Year Ended
31 July 2024
Consolidated &
University
(VC)
256
1
20
-
277		 Year Ended
31 July 2023
Consolidated &
University
(VC)
239
1
24
-
264

The Vicebasic salary is 6.91 (2023: 6.19) times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by Harper Adams University to its staff. The total remuneration is 6.86 (2023: 6.11) times the median total remuneration of staff, where the median total remuneration including employer pension contributions is calculated on a full-time equivalent basis for the total remuneration by Harper Adams University to its staff.

Benefits

Benefits relate to private health insurance paid for by the University on behalf of the Vice-Chancellor.

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Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the University. Total staff costs including pension paid to the senior management team (including the Vice-Chancellor, comprising of 7 members (2023: 7 members). viously omitted data in the prior

year accounts which has been included in this years disclosure.

Year ended 31 July Year ended 31 July
2024 2023 (Restated)
£ £
Key management personnel emoluments 1,233 1,127

Remuneration of higher paid staff (including the Vice-Chancellor) based on the individuals full time equivalent (FTE) position, excluding employer's pension:

£100,000 to £104,999
£105,000 to £109,999
£110,000 to £114,999
£115,000 to £119,999
£125,000 to £129,999
£135,000 to £139,999
£235,000 to £239,999
£255,000 to £259,999		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
No.
No.
No.
No.
-
-
2
2
1
1
1
1
2
2
-
-
-
-
1
1
1
1
1
1
1
1
-
-
-
-
1
1
1
1
-
-

The following tables summarise the staff headcount firstly by the full time equivalent (FTE) contract values, which is required under statutory reporting obligations for HESA and secondly by the actual count of individuals included on the payroll, in line with the Companies Act reporting requirements.

prior year accounts, which has been included in this years disclosure.

HESA (Average FTE)
Average staff numbers by major category per HESA:
Academic
Administration and Support
Management & Specialist
Other
Research
Technical		 Year ended 31 July 2024
Year ended 31 July 2023 (Restated)
Consolidated
University
Consolidated
University
No.
No.
No.
No.
190
190
184
184
158
158
144
144
43
43
40
40
112
112
109
109
16
16
11
11
34
34
36
36
553
553
524
524

Companies Act (Average Count)

Average staff numbers by major category per Co Act:
Academic
Administration and Support
Management & Specialist
Other
Research
Technical		 Consolidated
University
Consolidated
University
No.
No.
No.
No.
231
231
242
242
161
161
150
150
66
66
73
73
135
135
126
126
19
19
12
12
38
38
46
46
650
650
649
649

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Justification for Head of Institution Salary

The University is a specialist HEI which has a well-established national and international reputation for the high quality of its teaching, knowledge transfer and applied research. The University is recognised by the industries with which it works as playing an important leadership role in providing high quality graduates and applied research that is of value to food production, animal health and welfare, engineering and the management of rural land as well as the wider natural environment. Our work contributes to and promotes planetary health, animal health and wellbeing, and ultimately how these flow to human health. We are passionate about what we do and are committed to making a difference.

and development of the University to provide higher education for the industries, professions and communities associated with rural land. Details of the public benefits delivered by the University can be found elsewhere in the Annual Report and Financial Statements.

The Board of Governors has established a Remuneration Committee which operates in accordance with the CUC HE Senior Staff Remuneration Code published in June 2018 and revised in November 2021. The Board has approved a Remuneration Policy Statement (published at https://www.harper-adams.ac.uk/general/governance/publication-scheme.cfm (Section 4 - How we make decisions) which describes the principles by which the remuneration of all senior staff, including the Vice-Chancellor as the head of the provider, will be set. The Policy also describes the Senior Staff Review process by which the annual review of performance of the Vice-Chancellor is evaluated by the Chair and Vice-Chair of the Board and reported to the Remuneration Committee and thereafter to the Board. Feedback from independent members on the performance of all senior staff is also sought by the Chair and fed into the Remuneration - discussion of the Viceide an Annual of the Remuneration Committee are also published in Section 4 of the scheme.

The Board has recognised that principles of equality, diversity and inclusion and the importance of recruiting and retaining senior staff with the necessary skills and expertise to ensure the University meets its charitable objects. The Chairman of Governors and two other Independent Governors conduct an annual review of the Vice-Chance annually.

When reviewing remuneration annually, an assessment is made of individual performance against agreed objectives alongside Institutional performance and benchmarking data (including market factors and independently collated data for comparative institutions provided in the UCEA Survey of Senior Staff Pay). The principles that underpin the Policy take into account the value of the role, assessed by level of responsibility, size and complexity, specific expertise and experience required and any other key components relevant to a specific senior role. The Committee may determine and report to the Board its decisions on pay awards across the senior team within an envelope of 5% of the current senior team basic pay bill in addition to any national pay award negotiated by UCEA. The Board has determined that any recommendation for pay awards for the senior team which together exceed the agreed envelope will be subject to approval by the full Board including staff and student members. Further details can be found in the Policy Statement.

-Chancellor, having -Chancellor's key achievements include the ongoing development and successful implementation of the Harper2030 strategic plan, which he has led with expertise. The Remuneration Committee and the Board agreed that the Vice-Chancellor's top priority for 2023/24 had remained to ensure the delivery of Harper2030, a process in which his performance continues to exceed expectations. Additionally, the ViceChancellor continues to demonstrate continued strategic focus on his wider objectives which require longer-term attention beyond a single year.

During 2023/24, the Vice-Chancellor demonstrated exemplary leadership, not only in meeting interim objectives and advancing strategic development, but also in raising the profile of the University and continuing to drive cultural change. His leadership approach has promoted strong, credible, and supportive relationships within the senior team, contributing to the successful delivery of key institutional goals.

The Vice-Chancellor continued to embed key strategic partnerships through 2023/24 including collaborations with Telford & Wrekin Council and other regional stakeholders. The Remuneration Committee and the Board recognise that the Vice-Chancellor continues to provide forward-

42 | P a g e

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including the Board. The agreed objectives for the Vice-Chancellor during the period from August 2023 to July 2024 reflect the

The Board acknowledged the Vice-Chancellor's outstanding performance during 2023/24, particularly in relation to these objectives and his continued success in driving key institutional achievements. His expertise, experience in higher education, and proven leadership both within and outside the UK remai for 2024/25, reflecting the Vice-Chancellor's excellent performance and the continued delivery of strategic priorities. The award was subsequently declined by the Vice-Chancellor with the funds to instead be allocated to the Development Trust in 2024/25 with a focus towards supporting staff and students in times of hardship.

For 2023/24 the Board noted that the Vice-Chancellor had been a member of the University defined contribution pension scheme.

The details of the Vice-

The Board was satisfied that the remuneration package for the Vice-Chancellor during 2023/24 had been appropriate considering the benchmarking salary data for the sector and the above context, value and performance demonstrated during the year ended 31 July 2024.

Trade Union Facility Time

The Trade Union (Facility Time Publication Requirements) Regulations 2017 require the University to disclose certain metrics detailing he University had seven full time equivalent employees who spent 0% to 50% of their working hours on trade union activities, of which 101 hours were spent on Trade Union Activities. This represents 0.01% of the total pay bill (£3.5k of £30m).

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Members of the Board of Governors

The University Board of Governors members are the trustees for charitable law purposes. Due to the nature of the University's operations and the compositions of the Board, being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the Board may have an interest. All transactions involving organisations in which a member of Board may have an interest, including those ident University's Financial Regulations and usual procurement procedures:

Harper Adams in Ireland is an alumni association for former Harper Adams students in Ireland. Harper Adams Club is the alumni association for former Harper Adams students. Via the Harper Adams University Development Trust there are transactions made via associated relationships through supporting trustees at each entity. During the year payments totalling £3,396 (2023: £3,400) were made to Harper Adams in Ireland and payments totalling £nil (2023: £5,810) to Harper Adams Club.

No Board member has received any remuneration/waived payments from the group during the year (2023: none)

The total expenses paid to or on behalf of 12 Board members was £1,194 (2023: £3,024). This represents travel and subsistence expenses incurred in attending Board, Committee meetings and Charity events in their official capacity.

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8.

9.

Other operating expenses
Academic and related expenditure
Administration and central services
Library, computer and other academic support services
Premises - Other premises costs
Premises - Refurbishment and maintenance
Premises - Utility Costs
Research grants and contracts
Residences and catering operations
Other including income generating operations
Development Trust scholarship expenditure and audit fee
Other operating expenses include:
Audit of these financial statements
-
Audit of financial statements of subsidiaries of the company
-
Audit related assurance services
-
Taxation compliance services
Operating lease rentals:
Plant and machinery
nterest and other finance costs
On bank loans:
Repaid during the year
Repayable wholly or partly in 1 year
Repayable wholly or partly in 2 - 5 years
Repayable wholly or partly in more than 5 years
On other items and financing:
£25m Note Purchase agreement repayable wholly in 2051
Other interest costs
Pension finance charge
Total payable		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
4,044
4,044
2,765
2,765
989
989
1,325
1,325
3,522
4,025
3,203
3,716
935
935
1,801
1,526
1,352
1,352
75
349
1,758
2,906
1,456
2,465
2,482
2,482
1,608
1,608
373
373
516
516
3,338
3,238
3,402
3,296
502
-
455
-
19,295
20,344
16,606
17,566
58
47
52
43
11
-
9
-
1
1
1
1
8
8
7
7
42
42
35
35
-
-
-
-
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
598
598
598
598
-
-
-
-
2
2
509
509
600
600
1,107
1,107

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10. Taxation

charge in other

jurisdictions recognises the tax charges arising from overseas activities.

UK corporation tax (credit) / charge of 25% (2023: 19.0%) on surplus
for the year
Tax in other jurisdictions
Adjustments to UK Corporation tax in respect of prior periods
Deferred tax provision
Tax on Profit on ordinary activities		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
-
-
-
-
128
128
437
437
-
-
-
-
(25)
-
(7)
-
103
128
430
437

The tax assessed for the year differs from the standard rate of corporation tax in the UK as follows:

Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
953
872
1,675
1,419
Profit on ordinaryactivities before taxation
Profit on non-charitable ordinary activities before taxation 207
-
180
-
-
-
34
-
(2)
-
-
-
52
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1)
-
(75)
-
(44)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Profit on ordinary activities multiplied by the standard rate of tax in
the UK of 25% (2023: 21.01%)
Fixed asset differences
Expenses not deductible for tax purposes
Income not chargeable for tax purposes
Losses carried back
Chargeable gains
Deferred tax not recognised
Adjustments to tax charge in respect of previous periods
Capital allowances in excess of depreciation
Other short-term timing differences
Unrelieved tax losses & other deductions arising in the period
Impact of rate change
UK corporation tax (credit) (25)
-
(7)
-

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11. Consolidated Fixed assets

Cost or valuation
At 1 August 2023
Transfer
Additions
Disposals
Impairment of assets
At 31 July 2024
Accumulated depreciation
At 1 August 2023
Transfer
Charge for the year
Disposals
At 31 July 2024
Net book value
At 31 July 2023
At 31 July 2024
Financed by capital grant
Other
Net book value at 31 July 2024		 Freehold
Property
Plant and
Equipment
Software
Assets in the
Course of
Construction
Total
100,254
23,856
2,310
-
126,420
-
-
-
-
-
1,361
2,795
42
4,198
-
(18)
-
-
(18)
(794)
-
-
-
(794)
100,821
26,633
2,352
-
129,806
24,570
13,727
644
-
38,941
-
-
-
-
-
2,798
1,455
150
-
4,403
-
(15)
-
-
(15)
27,368
15,167
794
-
43,329
75,684
10,129
1,666
-
87,479
73,453
11,466
1,558
-
86,477
17,029
3,918
-
-
20,947
56,424
7,548
1,558
-
65,530
73,453
11,466
1,558
-
86,477

Asset impairment has been calculated consistently with the principles of section 17 of FRS102. During the year a building asset that had been identified as not suitable for use was written down to just the value of the land associated with it. Furthermore, an assessment of costs incurred to date in relation to pathology building facilities were no longer considered to be an asset and were impaired accordingly to ensure the records reflect a true and fair view.

Land and certain buildings in the University were re-valued on a fair value basis by an independent Chartered Surveyor as at 31 July 2014. As a first-time adopter of FRS102 the University has used that fair value as its deemed cost at 1 August 2014 in accordance with FRS102 paragraph 35.10(c).

Following a review of historic fixed asset valuation information, there has been a prior period adjustment of opening asset disclosures and depreciation charges between the relevant category headings, where previous allocations were inconsistent with the application l statements but more accurately reflects the actual position.

Included within freehold property is land costing £22,652,480 (2023: £22,652,480) which is not depreciated.

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11. University fixed assets

Cost or valuation
At 1 August 2023
Transfer
Additions
Disposals
Impairment
At 31 July 2024
Accumulated depreciation
At 1 August 2023
Transfer
Charge for the year
Disposals
At 31 July 2024
Net book value
At 31 July 2023
At 31 July 2024
Financed by capital grant
Other
Net book value at 31 July 2024		 Freehold
Property
Plant and
Equipment
Software
Assets in the
Course of
Construction
Total
100,254
19,206
2,310
-
121,770
-
-
-
-
-
1,361
2,795
42
-
4,198
-
(10)
-
-
(10)
(794)
-
-
-
(794)
100,821
21,991
2,352
-
125,164
24,570
12,626
644
-
37,840
-
-
-
-
-
2,804
1,176
150
-
4,130
-
(15)
-
-
(15)
27,374
13,787
794
-
41,955
75,684
6,580
1,666
-
83,930
73,447
8,204
1,558
-
83,209
17,029
3,918
-
-
20,947
56,418
4,286
1,558
-
62,262
73,447
8,204
1,558
-
83,209
12.
Investments
Long term asset investments
Investment in subsidiary company
Quoted securities at market value
Unquoted securities at cost
Current asset investments
Short term cash deposits
Restricted endowment funds
Total investments
Restricted endowment funds
UK and Overseas Bonds
UK and Overseas Equities
Property and Other Funds
Cash and cash equivalents		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
-
1,000
-
1,000
1,198
1,043
1,086
931
32
32
-
-
1,230
2,075
1,086
1,931
13,000
13,000
12,000
12,000
1,058
1,058
1,019
1,019
14,058
14,058
13,019
13,019
15,288
16,133
14,105
14,950
169
169
153
153
696
696
655
655
171
171
168
168
22
22
43
43
1,058
1,058
1,019
1,019

The University investment in the subsidiary company, Cedar Energy Limited (incorporated in England and Wales) of £1,000,000 comprises 500,000 ordinary £1 shares at par and 500,000 £1 preference shares at par.

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13. Biological Assets

the

statement of financial position and are stated at fair value less costs to sell. Changes in fair value less costs to sell are recognised in the statement of comprehensive income. The value of the Dairy cattle classified as biological assets at the reporting date was £634k (2023: £628k).

14.
Stock
Farm stocks
Consumables
Goods for resale
15.
Trade and other receivables
Amounts falling due within one year:
Research grants receivables
Subsidiary company
Other trade receivables
Prepayments and accrued income
Other receivables
Amounts falling due after one year:
Subsidiary company		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
1,225
1,225
1,117
1,117
36
36
30
30
36
36
33
33
1,297
1,297
1,180
1,180
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
1,146
1,146
655
655
-
382
-
360
777
770
1,026
1,025
2,752
2,706
2,064
2,054
179
179
68
68
4,854
5,183
3,813
4,162
-
835
-
1,015
4,854
6,018
3,813
5,177

Harper Adams University had extended a public benefit entity concessionary loan to Cedar Energy Limited which was repaid in full during the year (2023: £60K).

16.
Creditors: amounts falling due within one year
OFS loans
Subsidiary company
Deferred income
Taxation and social security
Sundry creditors and accrued expenses		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
-
-
60
60
-
67
-
29
2,359
2,359
2,463
2,463
698
698
1,222
1,206
7,485
7,450
5,703
5,668
10,542
10,574
9,448
9,426

Within Taxation and social security is an accrued tax charge of £nil (2023: £1.1m) for teaching undertaken by the University outside of the UK. The tax position was finalised during the year by the relevant professional agencies based on varying cross-border factors associated with the calculation.

Deferred income
Research grants received on account
Grant income
Other income		 1,668
1,668
1,564
1,564
651
651
645
645
40
40
254
254
2,359
2,359
2,463
2,463

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17.
Creditors: amounts falling due after one year
Deferred income
Loans:
OFS loans
Other loans
Total creditors due after one year		 Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
11,751
11,751
11,923
11,923
-
-
-
-
25,000
25,000
25,000
25,000
36,751
36,751
36,923
36,923

Other Loans:

Other loans refer to a £25m note purchase agreement for 30 years at a rate of 2.39% with Pacific Life Insurance Company which was agreed in December 2021.

OFS loans repayable as follows:
In one year or less
Between one and five years
In five years or more
Other loans repayable as follows:
In one year or less
Between one and five years
In five years or more		 -
-
60
60
-
-
-
-
-
-
-
-
-
-
60
60
-
-
-
-
-
-
-
-
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000

Quarterly repayments of £60k with respect to a loan of £2,400k for green energy schemes commenced in 2011/12 over a 10-year repayment period. A 2-year repayment break was agreed with the funding council in 2014 and quarterly re-payments recommenced in the 2016/17 financial year extending the loan repayment to 2022/23 financial year.

18.
Provision for liabilities
Consolidated
As at 1 August 2023
Charge in the year
Released to the SOCI
As at 31 July 2024
University
As at 1 August 2023
Charge in the year
Released to the SOCI
As at 31 July 2024		 Year ended 31 July 2024
Year ended 31 July 2023
Deferred
Tax
Other
Provision
Total
Deferred
Tax
Other
Provision
Total
£000
£000
£000
£000
£000
£000
133
76
209
140
759
899
-
-
-
-
-
-
(24)
(1)
(25)
(7)
(683)
(690)
109
75
184
133
76
209
-
75
75
-
758
758
-
-
-
-
-
-
-
-
-
-
(683)
(683)
-
75
75
-
75
75

Other Provision

Released from within provisions during the year are provisions for overseas tax where the University undertakes teaching overseas. The taxation charges have been agreed consequently a taxation creditor rather than a provision is recognised at 31 July 2024.

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Deferred Tax

The deferred tax provision, in relation to the subsidiary Cedar Energy Limited, includes the following:

Capital gain on disposal Year ended
31 July 2024
Year ended 31 July
2023
109
133

No deferred tax asset has been recognised by the subsidiary on the remaining losses due to uncertainty regarding their crystallisation in the foreseeable future.

19. Endowment and Restricted reserves

Reserves with restrictions are as follows:

Consolidated
Balances at 1 August 2023
Scholarships and bursaries
Capital
Accumulated Income
New endowments
nvestment income
New donations
ncrease / (Decrease) in market value of investments
Expenditure
As at 31 July 2024
Analysis of other restricted funds/donations by type or
purpose:
Scholarships and bursaries
Capital
Accumulated Income		 Donations
Endowments
Year Ended
2024
Total
540
-
540
-
1,025
1,025
-
30
30
540
1,055
1,595
-
-
-
-
60
60
1,249
-
1,249
-
38
38
(499)
-
(499)
1,290
1,153
2,443
2024
Total
540
-
540
750
1,063
1,813
-
90
90
1,290
1,153
2,443		 Year Ended
2023
Total
483
1,025
58
1,566
-
-
564
(28)
(507)
1,595
2023
Total
540
1,025
30
1,595

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University
Balances at 1 August 2023
Scholarships and bursaries
Capital
Accumulated Income
New endowments
Investment income
New donations
(Decrease) / Increase in market value of investments
Expenditure
As at 31 July 2024
Analysis of other restricted funds/donations by type or
purpose:
Scholarships and bursaries
Capital
Accumulated Income
20.
Capital and other commitments
Capital commitments
At 31 July 2024, the following amounts had been authorised:
Authorised and contracted for
Operating leases
As at 31 July 2024, Harper Adams University had minimum
future lease payments under operating leases expiring
between one and five years:
Plant and machinery		 Donations
Endowments
Year Ended
2024
Total
Year Ended
2023
Total
222
-
222
243
-
1,025
1,025
1,025
-
30
30
58
222
1,055
1,277
1,326
-
-
-
-
-
60
60
-
750
-
750
-
-
38
38
(28)
-
-
-
(21)
972
1,153
2,125
1,277
Donations
Endowments
Year Ended
2024
Total
Year Ended
2023
Total
222
-
222
222
750
1,063
1,813
1,025
-
90
90
30
972
1,153
2,125
1,277
Year ended 31 July 2024
Year ended 31 July 2023
Consolidated
University
Consolidated
University
1,800
1,800
-
-
-
-
-
-		 Year Ended
2023
Total
243
1,025
58
1,326
-
-
-
(28)
(21)
1,277
Year Ended
2023
Total
222
1,025
30
1,277

The above capital commitment of £1.8m relates to the surrender of a lease agreement for a commercial research facility located on the University campus.

21. Post balance sheet event

The University agreed to accept an early surrender of a lease from a tenant who operates a commercial research facility on 10 July 2024. The agreement commits the University to pay £1.8m to obtain control and ownership of the building in January 2025, after which the University will control use and occupancy of the facility.

22. Contingent liabilities

There are no contingent liabilities to report. During 2014 the University entered into a Development Agreement with Dairy Crest Limited campus. On 15 April 2019 Saputo acquired Dairy Crest, the partnership is contracted for 25 years; however, Saputo had the right to break at 15 years and this was instructed on 10 July 2024.

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23. Related party transactions

The University has a number of related parties where governors and senior staff members sit on boards and panels to assist as necessary based on the respective objectives of the organisation, all transactions with these related organisations are conducted on an basis.

Harper Adams University is a member of the Agri-EPI Centre Limited, a company limited by guarantee. During the year the University incurred costs of £52k (2023 nil) on behalf of Agri-EPI Centre Limited for whom the university is acting as agent. The University received income of £88k (2023 £123k) from Agri-EPI Centre Limited by way of reimbursement of costs incurred on its behalf and providing services through service level agreements. At the balance sheet date, Harper Adams University was owed £7k (2023 £8k) and owed Agri-EPI Centre £nil (2023 nil).

dated Financial Statements of the University. During the financial year the Universit 239k (2023 £181k) and received £67k (2023 £12k). At the balance sheet date, Harper Adams University was owed £5k (2023 £37k) and owed the 28k (2023 nil).

Harper Adams University is a member of CIEL Livestock Limited, a company limited by guarantee. During the year the University made payments to CIEL Livestock of £1k (2023 nil) and received nil (2023 £2k). At the balance sheet date, Harper Adams University was owed nil (2023 £nil).

Harper Adams University works closely with Keele University. During the year the University made payments to Keele University of £1,994k (2023 £1,155k) and received £214k (2023 £532k). At the balance sheet date, Harper Adams University was owed £nil (2023 £47k) and owed Keele University £nil (2023 £nil).

The Vice-Chancellor continues to hold a professional engagement with Monash University based in Australia. During the year the University received £6,614 (2023 £nil) as a reimbursement for travel expenses incurred. No payments were made to Monash University. At the balance sheet date, no funds were owed to or from Monash University (2023 £nil).

Ken Greetham, served as a Harper Adams University Governor until July 2024, was also a Board Member of The James Hutton Institute. During the year the University made payments to The James Hutton Institute of £1k (2023 £nil) and received £13k (2023 £13k). At the balance sheet date, Harper Adams University was owed £nil (2023 £nil) and owed The James Hutton Institute £nil (2023 £nil).

The University has taken advantage of the exemption in FRS102, Section 33 of FRS 102 that transactions with wholly-owned subsidiary companies are not disclosed.

24. Subsidiary undertakings

The subsidiary companies (all of which are registered in England and Wales at the same address as Harper Adams University), wholly owned or effectively controlled by the University, are as follows:

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

are consolidated with the Harper Adams University accounts on the income and expenditure and balance sheet respectively. The principal activity of Cedar Energy Limited is to produce electricity and heat.

Harper Adams University Development Trust is a separately registered charity in the UK. The primary purpose of the charity is to raise funds to benefit the University and its students. This Trust is treated as a quasi-subsidiary of the University on the grounds that the University has the potential to exercise power or dominant influence over the funds.

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25. Pension schemes

Pension Scheme (TPS), available to all academic staff. Non-

academic staff are eligible to join either the Local Government Pension Scheme (LGPS), operated by Shropshire County Council Pension Fund (SCCPF) or the Harper Adams University Group Personal Pension, provided by Scottish Widows. The TPS and LGPS are both defined benefit schemes. The Scottish Widows scheme is a defined contribution scheme.

Total employer pension contributions for
the year
Local Government Pension Scheme
Scottish Widows
HKVS Staff Pension (administered by Keele University)		 Year ended
31 July 2024
Year ended
31 July 2023
1,142
1,923
2,193
1,869
611
450
214
174
4,160
4,416

(i) Local Government Pension Scheme

Membership of the Local Government Pension Scheme (LGPS) operated as the Shropshire County Council Pension Fund is available to eligible non-teaching staff. The LGPS is a funded defined-benefit scheme, with the assets held in separate trustee-administered funds. The total contribution made for the year ended 31 July 2024 was £1,610,647 142,770 contributions totalled £467,877.

As from April 2024, the agreed contribution rate is 18.2% for employers with no monthly deficit sum as the University made an advance payment of Employer contributions totalling £1,386,734 in April 2023 (April 2023: £1,267,348). Employees pay a percentage between 5.5% and 12.5% depending on the individuals pensionable pay.

ion schemes. The judgment concluded the schemes should be amended to equalise pension benefits for men and women in relation to guaranteed t consultation on GMP indexation in public sector schemes before concluding on any changes required to LGPS schemes. No provision has been calculated by the actuary for this financial year (2023: £nil) relating to the estimate of historic liabilities.

Ruling on amendment of Contracted out Salary Related pension schemes

On 16 June 2023, the High Court handed down The Virgin Media Ltd v NTL Pension Trustees II decision, considering the implications for section 37 of the Pension Schemes Act 1993. In a judgement delivered in July 2024, the Court of Appeal unanimously upheld the decision of the High Court and the impact of the decision is likely to be that schemes who made amendments without getting the required certification from the actuary will have additional liabilities. This consequently impacts the financial statements (defined benefit pension obligation) of the sponsoring employer. There are plans in place by the Government Actuarial Department to review the potential implications, but at the current time it is not possible to estimate the potential impact, if any, on the Scheme.

Assumptions

In accordance with the requirements of FRS102 and the HEFE SORP, the Fund Actuary was instructed to complete a full valuation of the University's element of the fund as at 31 July 2024, with comparative figures at 31 July 2023.

The financial assumptions used to calculate scheme liabilities under FRS102 are:

Principal Actuarial Assumptions
As at As at
31 July 2024 31 July 2023
Price inflation (CPI) 2.6% 2.7%
Rate of increase in Salaries 3.85% 3.95%
Rate of increase of Pensions in Payment 2.7% 2.8%
Discount Rate for Liabilities 4.9% 5.1%

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The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

Retiring today
Males
Females
Retiring in 20 years
Males
Females
The assets in the scheme were:
As at 31 July
2024
Equities
32,765
Corporate bonds
7,950
Property
1,817
Cash
568
Other
13,685
Total
56,785
Scheme assets
Scheme liabilities
Impact of asset ceiling
(Deficit) in the scheme
net pension liability recorded within pension provisions
Current service cost
Past service costs
McCloud Judgement
Past service costs
GMP indexation
Total operating charge
Analysis of the amount charged to interest payable/credited to other finance income
Net interest cost
Administration expenses
Curtailments
Net charge to other finance income
Total profit and loss charge before deduction for tax
Analysis of other comprehensive income:
Gain on assets
Experience gain / (loss) on liabilities
Gain / (loss) on liabilities
Total other comprehensive income before deduction for tax
Analysis of movement in surplus/(deficit)
Deficit at beginning of year
Contributions or benefits paid by the University
Current service cost
Past service cost
Other finance charge
Gain recognised in other comprehensive income
Deficit at end of year		 As at 31 July
2024
32,765
7,950
1,817
568
13,685		 As at 31 July
2024
32,765
7,950
1,817
568
13,685		 As at
31 July 2024
As at
31 July 2023
21.7
21.7
24.2
24.1
23
23
25.9
25.9
As at 31 July 2023
As at 31 July 2022
26,675
23,420
8,942
9,576
1,686
2,134
715
992
13,081
13,496
56,785 51,099
49,618
As at
31 July 2024
As at
31 July 2023
56,785
51,099
(54,731)
(51,593)
(2,058)
-
(4)
(494)
1,143
1,910
-
-
-
-
1,143
1,910
As at
31 July 2024
As at
31 July 2023
(53)
450
55
58
-
7
2
515
825
1,245
2,993
(504)
(549)
15,056
-
-
3,269
15,797
(494)
(13,934)
1,249
1,313
(1,143)
(1,910)
-
-
(2,060)
(515)
2,444
14,552
(4)
(494)

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Analysis of movement in the present value
Present value of liabilities at the start of the year
Current service cost (net of member contributions)
Curtailments
Past service cost
Interest on pension liabilities
Actual member contributions (including notional contributions)
Actuarial loss/(gain)
Actual benefit payments
Present value of liabilities at the end of the year
Fair value of assets at the start of the year
Expected return on assets
Actuarial gain / (loss) on assets
Actual contributions paid by University
Actual member contributions (including notional contributions)
Actual benefit payments
Fair value of scheme assets at the end of the year		 51,593
63,552
1,143
1,910
-
7
-
-
2,602
2,206
467
490
549
(15,056)
(1,623)
(1,516)
54,731
51,593
51,099
49,618
2,655
1,756
2,938
(562)
1,249
1,313
467
490
(1,623)
(1,516)
56,785
51,099
Actual return on scheme assets
Expected return on scheme assets
Asset gain / (loss)		 2,655
1,756
2,993
(504)
5,648
1,252

A movement in the discount rate of 0.1% would impact on liabilities by £0.9m and a movement in pay inflation assumption of 0.1% would again impact on liabilities by £0.9m.

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations chools and other educational establishments, including Further Education Colleges and Higher Education Institutions where membership is a requirement of ESFA / OFS funding. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS.

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act 1972 and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members under arrangements governed by the above Act.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

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The latest actuarial review of the TPS was carried out as at 31 March 2020 and in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023. The valuation report was published by the Department for Education (the Department) on 13 October 2023. The key results of the valuation were:

The new employer contribution rate for the TPS was implemented in April 2024.

A full copy of the valuation report and supporting documentation can location:

https://www.teacherspensions.co.uk/members/faqs/valuation.aspx

Scheme Changes

Following the Hutton report in March 2011 and the subsequent consultations with trade unions and other representative bodies on reform of the TPS, the Department published a Proposed Final Agreement, setting out the design for a reformed TPS to be implemented from 1 April 2015.

The key provisions of the reformed scheme include: a pension based on career average earnings; an accrual rate of 1/57th; and a Normal Pension Age equal to State Pension Age, but with options to enable members to retire earlier or later than their Normal Pension Age. Importantly, pension benefits built up before 1 April 2015 will be fully protected.

In addition, the Proposed Final Agreement includes a Government commitment that those within 10 years of Normal Pension Age on 1 April 2012 will see no change to the age at which they can retire, and no decrease in the amount of pension they receive when they retire. There will also be further transitional protection, tapered over a three-and-a-half-year period, for people who would fall up to three and a half years outside of the 10-year protection.

commence on 1 April 2015.

The pension costs paid to TPS in the year amounted to £2,189,853 (2023: £1,868,655).

FRS102 (28)

Under the definitions set out in FRS102 (28.11), the TPS is a multi-employer pension plan. The University is unable to identify its share of the underlying assets and liabilities of the plan.

Accordingly, the university has taken advantage of the exemption in FRS102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The University has set out above the information available on the plan and the implications for the university in terms of the anticipated contribution rates.

(iii) Scottish Widows Scheme

The University provides a pension arrangement known as a Defined Contribution (DC) pension scheme for all employees. The pension arrangement is ca contribution to the DC scheme ranges from 5% up to a maximum 10% of pensionable salary, dependent upon the level of employee contributions chosen by the scheme member.

Employer contributions to this scheme are accounted for through the Consolidated Statement of Comprehensive Income at the time that payment to the external provider is accrued as due.

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26. Access and Participation Plan Reported Spend

Access Investment
Financial Support
Support for Disabled Students
Research & Evaluation
Total Access and Participation Expenditure		 Year ended 31 July 2024
Staff Costs
Other
Costs
Consolidated &
University
186
401
587
-
333
333
160
58
218
135
-
135
481
792
1,273		 Year ended 31 July 2023
Staff
Costs
Other
Costs
Consolidated &
University
225
259
484
-
390
390
150
47
197
143
-
143
517
696
1,213

The Access and Participation Plan for Harper Adams University is available at: Harper Adams APP Plan

Staff costs identified above of £481k (2023: £517k) are included within the total payrolls costs as detailed at note 7 of the accounts.

The OfS guidance allows for the selection of different, but acceptable categorisation techniques, which can result in different measurements of categories of eligible access and participation expenditure and can affect comparability with other institutions. As a consequence, the approach to the development and implementation of access and participation plans can vary as agreed with the OFS.

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Glossary of Terms

APB Auditing Practice Board BBSRC Biotechnology and Biological Sciences Research Council CUC Committee of University Chairs EU 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 Experience Project SORP Statement of Recommended Practice TPS Teachers Pension Scheme OFS Office For Students

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Docusign Envelope ID 7DgA7A71-OA86-428C-ACA8-AC45AACOEBB3 Harper Adams University Together we will make the difference Harper Adams University Newport, Shropshire, TF108NB Tel: +44 (0)1952 820820 Fax: (0)1952 814783 Webslte: www.harper-adams.ac.uk