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← Council Of Validating Universities

2020-07-31-accounts

Registered number: 05272761 Charity number. 1175849 THE COUNCIL OF VALIDATING UNIVERSITIES (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 AASDCBSZ 2710512021 COMPANIES HOUSE A22

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THE COUNCIL OF VAUDATING UNIVERSMES (A company Ilmlted by guarantee) CONTENTS Page Ref•rence and administrative delai15 of the charity. lis trustees and advisers Trustees. report Independent examlnarfs report Statement of linancial activltle5 10 Balance sheet Noles to th• flDan¢lal ststefflents 12-17

THE COUNCIL OF VAUDATING UNIVERSITIES {A company Ilmlted by guaranteel REFERENCE AND ADMINISTRATIVE D￿AlL$ OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JULY 2020 Trustees DrAulay M¥kenzie, Chair Dr Frank Haddleton. Wice Chair Ms Diane Glautier Ms Claire Nixon Dr Steven Quigley Dr Mark Lyne Mr Phil Berry Mr Dominic FLimsden (ap[￿nted 1 November 2019> Dr Suzanna Tomassi (appointed 20 March 20201 Ms Maureen McLaughlin Iwpointed 20 March 2020) Company registered number 05272761 Charlty reglstered nurnber 1175849 Reg￿tered office Petethridge House. 3 The Lakes. Ncrf1hamptm. N￿th￿PIOnShiTe. NN4 7H8 C(Knpany secretary Dr Janet Nancy Bohrer Independent examlner Rebecca Hughes Bs¢ IHonsl FCCA. MHA Maclntyre H￿j$On. Pelerbridge House. The Lakes, Nthampton, NN4 7HB Bankers Charities Aid FOundat￿n Bank. 25 Kirvjs Hil Ave, Kings Hill. West Malh'ro. ME19 4JQ Page 1

THE COUNCIL OF VAUDATING UNNERSMES IA company limited by guarantee) TRUSTEES. REPORT FOR THE PERIOD ENDED 30 JULY 2020 LEGAL AND ADMINISTRATIVE INFORMATION ' The Council of Validating UnNersibes ICW) was registered as a charity, number 1054170, on 29 March 1996. The Trustees approved the merger of the Incorporated Charity {number. 1175849) ￿th the Unl￿OrPorated charilable entity of the swne name (number 10541701, on 10 Febnjary 2017. Charity merger was ccmpleted Charty number 1175849 was wistered on 21 November 2017. The CouKil of v￿kIat1rwj UnNersities is a company knited by guarantee and the directors that served during the year are.. Dr Aulay Mackenzie Dr Frank Haddlelon Ms Diane Glautier Ms Claire Nixon Dr Steven Quigley Dr Mark Lyne Mr Phil Berry Mr D<wnini¢ Ramsden Dr Suzanna Tomassi Ms Maureen McLaughlin Its registefed Offi￿ 1$. Bntish AccreditatiM Cwncil. Peterb￿ge House. 3 The Lakes, Northampton, Northamptonshire, England. NN4 7HB. The Councifs goveming dOc￿lent is *$ Ccffislitut￿ adopted on 12 February 1996, and amended on 13 February 1997, 10 September 1999. 8 February 2c￿, 8 September 2000. 16 September 2CQ4. 18 September 2008, 17 September 2009. 13 Septwnber 2012 and 22 September 2016. The constitution was formalty •S)pted followirw4 the complelion of the rewew ￿ 21 November 2017. The Charty Tnjslees are the members of the ExecutNp Corrrfnitlee are responsible for the control and management of Ihe charty. The Council held its funds in a Ckth arKI &Kieties Current A¢￿Int a Reserve Account in the Nat￿n01 Westminster Bank. On 14 June 2018. the Council of Validating UrMNefSrties opened a Current bank account with the Charities Aid Foundation bank. In order lo obtain WKle spread experience and appropriate skills on the board of Iruslees the recruitment of trustees 15 usualty done through person￿ contacts and introdLKtKJns. Trustees & Director5 are elected by the members and normaty serve for a per￿1 of three years. Page 2

THE COUNCIL OF VAUDATING UNIVERSITIES IA ¢ompany limited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE PERIOD ENDED 30 JULY 2020 AIMS AND ORGANISATION The obj'ects of the COU￿11 are lo advance ethKion, includirwj traini￿ and research. in particular by keeping under feview the concems of degree-a%Yarding instrtutions within the United Kingdom in relation to collaborative validalion, and 'idenlifw'ng and Pr￿7011n9 gwj pradice in ¢oilatorative valKlalion'. The Council is the one UK organisation spe¢fficalty rep￿Sentir￿￿ the interests of h￿her education institutK)ns %thich validate prcgrammes delivered CArtside those institutions bul le&Jing to their ￿rds. When planning aCt￿e$, the trustees have gard for the Charty CommisS￿n'S guthnce on public bet)efii The Councifs Secretsrial has been proviled by the Briiish Acc￿dI1atM CcMJrKil for Independent Further and Higher Education sinee 1 January 2016. The c￿ne11 operates as a netwothing Lyganisation through the provtsion of cpportunits for representalives of member organisth'ons to about, an(J contribute lo discussion ￿. topics of interest lo collaborètive provision. 11 k)es this Pfincipally through its annual conference, national swninars and workshops, a periodic suw of the number and type of collaboratNe arrangements that lead to mrds of validating unNersfties, and publication of guKlance for PrIrt￿nerS. Through its indwidual members and sU￿roUps, the Council ntributes lo disCuss￿)n and consultion on rthi¢￿al affeth'ng ¢dlaboratt¥e prow$h￿. Annual Confèrencè Intrc4ucbon The 2019 Annual Conference was hdd crfb 12 8 13 September 2019 at the Copthome Hitton Hotel in Bimiingham. Cmference fees were sel at £350 fu members and £495 for non-membern with day delegate rates of £130 for members and £180 for non-members. CW continued the discl￿nt for gr￿p ticket btr)kir4s. the dtscount vrds 20% and applied when 2 or m￿e tickets were purchased. In keeping wilh the previous yEar. the Council Meeting was held pri￿ to the drinks reception at the end of the first day. Attendance vrds again Maints￿d at a goThJ level. The dinner vras folklwed by a lfvaht-hearted qUYL Conferw¢e Sesslons The Chair, Dr Aulay Mackgnzie Elcomed ddegates to tho ¢onferen¢e. Ho explained that the formal of the 2019 Conference WDuld be a sgries of keynote presentatiws fdkmed by quest#￿ aThJ answer sessions. Da On . Post-18 educatton and funding". FdKy. politKs and partnershty).. Gordon McKenzie. Chief ExKulive, GuildHE . Developing Strateg Pwtnershi)s.' Why. Where and HIM?. Professor Nick Petford. Chancelkjr. Universty of Northamptc . Through a glass darkly.. thoughts on wying for Brexit and bgyond.. Smita Jamdar, Head of Education, Shakespeare Martineau . Meelirvj the needs of a rapidty changing sector. a qualty perspectNe.' Owjks B￿kSt￿k, Chief Execulive Qualrty Assurance Agency for HvJher Ed￿alK)n . Validalion in 2019- a wonk's eye vw". Dawd Kemohan. Assctiale Editor. WonkHE • Issues in HE- the perspective of 8 critical friend in the Lords.. Lord Mithael Bichard. Member of the House of L¢yds

THE COUNCIL OF VAUDATING UNIVERSMES IA Company limit￿ by guarantee) TRUSTEES. REPORT (continued) FOR THE PERIOD ENDED 30 JULY 2020 Da . Dala for ¢hange- using data to remrt. promote and persuade.. Simon Emmett. Chief Executive and Junal Lalchandani, cl￿nt Dats Analyst. IDP EducatiC41 • The shape of global h￿her ed￿atIOn.. MKhael Peak, Senior Athser. Ed￿lon Rese¥ch. British Council • TNE in Iransitw.. where are we at and what is next? Cdia Partridge, Assist￿t Director. Partnerships and Mobilty. Universths LK IntematKJn81 There was an interactive session at the end c the m¢yThng ses$ion lo discuss the future of partnerships in Higher Education, both in the UK and overseas. Attendance Over the Iwo days. the conference vras attended by a totsl of 51 Peop￿ irKlusive of speers and participants. There vras a small decrease in number as there ￿re % pecyle attended the previ?us COnfere￿e in 2018. CVU Workshop and Semlnar Programme for 2019r20 There were four seminarsh￿rk$hQpS in 2019r20, as fc4kxs'. Date 6 March 2020 Attendance 24 (including 5 ke 48 (including 6 eakers Beneffts of Transrbational Education 24 Juty 2020 Managing Partnerships. adoptirwJ a ri8k-based htocom liance The number of seminars ¢klwered was s￿￿￿KanIty kmer than the p￿V￿)US year. A lolal of 72 delege5 attended the seminars delNered during the year compared to the 120 delegates for four seminars in the prewous year. The UK kxkdown imwsed by the govemment on the 16th of March lo combat the increasing number of COVIO-19 cases also played a factor for the red￿ed number of seminars deliVe￿d during the year as any face to face meeting was heawly restrtcted * Ihi$ time. The seminar in March was hel¢J at Friends House in London Whi￿ the seminar in Juty was deliVe￿d online via Z(￿1. Any feedback from the evenl$ wore used by the executNe commrttee to assist in the p￿niry of fvture $￿inar$ for 2020121. Executive Committee Council Meetings The execub've C￿nrnittee met four times in the year ￿ the folbxwig dates" . 18 October 2019 • 10 January 2020 . 20 March 2020 . 05 June 2020 Thr￿now_c.vU￿xeCUtIVe.c0Mmrtlee.mernbWS.ErO￿eCru1ted.lr￿2ol9rdO8>f￿l Name Mr Domin¢ Ramsden Dr Suzanna Tomassi Ms Maureen McLau Tenure l November 2019- 1 November 2022 20 March 2020- 20 March 2023 20 March 2020- 20 March 2023 hlin Page 4

THE COUNCIL OF VAUDATING UNNERSITIES (A company limited by guaranlee) TRUSTEES. REPORT Icontinuedl FOR THE PERIOD ENDED 30 JULY 2020 The Odober and the January meeb"r4Js Mere held al the 8rth.sh Aceredrtation Council offices. 14 Devonshire Square. LoThJon. DLbe to the COVltk19 pandemic. the March aThJ the June meetings were he￿ 01￿1fte via Zoom. There was a single meeting of the CcuKil held during the conference on Thursday, 12 Seplemkr 2019 al the Coplhorne Hotel in 8imin9ham. CVU Secretariat The Brilish Accredrtation c¢Jj￿11 has W0￿ed secretariat semces frc¥n 1 January 2016. CVU Rewesentation The CVU continued Is represenlabon on nional Comm￿ee$ and VI￿rking groups dwing 2019120. incbjding Dr Aulay Mackenzie acting as a member of the UUKIGuiklHEIQiA work￿9 group on QA of TNE and Dr Steven Quigley as a member on the British Ac¢reditation Council's Accreditation C(Mnmittee. Flnal Remarks Partnership activty remains a key sector &ts"vity. with TNE in particular a fctus as part of the UK Intemalional Education Strategy. The key challenge for the CVU remains ach￿1￿9 the engagement across the sector to maintsin its profile and delNer to its mission. Comments on Flnanclal Adlvltles The Exe￿'ve Committee retained fee of £575 for all member whstitLrtKx￿ for 2019120. CVU uses Eventbrite for all of its e4Ent twkings. Evenlbrite ¢harges a fee for all paid transactions which is passed on lo the ticket buyer. Therefofe. the p￿eS qu¢)ted be￿ relate to the amount CVU Charges but is not indusive of the fee added by Everrtbrrte vthen tickets are purchased. Attendance lees for the March workshop remained at £120 for members and £180 for nonvmembers. Hchyever, the attendance fees for the Juty workshcf• was reduced at £75 for both members and non•members as il was held online via Zoom. The Commitlee continued the discount of 20% for gro￿ tKket br￿{IngS vthen 2 or more tKkets were purchased for the annual conference. The BTit15h AccreditatpJn Council charged a discounted annual Secretariat fee of £27,¢))O during the year after discussion on ServI￿S that was provKle¢J, repercussions of the Cov1￿19 parvjemic had on CVU'S financial stability. This fee also included stsff time and all administrative supwt. The contract is renewable on an annual basis and CVU chosè to extend the use of the Biilish AccT&JrtatN)n C¢)uncil services for 2020r21 it was agreed a further discount could be provided. In relat￿n to GovernarKe. the exe￿rt1¥e cc¥nmitlee decKl&J lo corthue with the arwintment of a fimi of accounlanls lo independently remew rts &ttsJnts. and MKA Mau"ntyre Hudson in Northampton was 8pp)inted again to indeFendently re¥￿4¥ the xcounts for 2019r20. Reserves The Trustees b￿￿Ve Ihat adequate reser4 should be held to rnaintain the work of the council and that the free ￿ServeS equNalent to nine rn￿th5 I￿rMal ￿currIrvj èxp8ndiiure wll suffKe. P•3e 5

THE COUNCIL OF VAUDATING UNIVERSITIES IA company limited by guarantee) TRUSTEES, REPORT (¢ontlThu8dl FOR THE PERIOD ENDED 30 JULY 2020 GOING CONCERN After making appropriate eryuiries. the trustees haNp a reasonable exption that ccrfnpany has adequate resources to continue in cperionJ existence for the foreseeable ftrture. For this reason tw continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adopiw of Ihe going con¢em basis can be fouThJ in the Accounting Pol￿. CONSTITimON The company is registered as a charilable Company linrted by guarantee arKI was set up by a TNSI deed. The company is ￿nstItute￿ under a Trust deed arKI a registared chanty number 1175849. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the corr¥)any is the responsbilty of the Twslees who are eknd and C￿0p1ed under the terms of the Trust deed. Plans for futuro periods POST BALANCÉ SHEEf EVENTS The charit￿e company has consxlered and fir￿￿la1 impact of COVID 19 on future financial perfomiance and prospects of the business. The Trustees have consKlered the financial impact of COVID 19 and this wll influence the range of actNities the Twslees wil undertake in the future. COVID 19 has presented both risks and opportunr¢ies to the charitable Company. the meeting and events activities have been reshaped and will te delivered as online virtual events arKI e leaming activities vknKh in the lulness of lime will return benefrts to the charitable company similar lo in person events. In condus￿n the Trustees consider that the charrtable company as an entity rernains a wng concern. P&3e 6

THE COUNCIL OF VAUDATING LINIVERSMES {A company limited by guarantee) TRUSTEES. REPORT (continued) FOR THE PERIOD ENDED 30 JULY 2020 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustee$ (vrt￿ are also directors ￿ Ctyjrol of ValNJati"ng Uni¥ersits fu the purposes of company I￿> are responsible for preparing the Trustees. report and the financ￿1 stslemenls in accordance ¥Ath applicable law and United Kingdam Accounting Stsndards (United Kwigdom Generauy Accepted A¢¢ounting Practi¢el. Company law require5 the Trustees to prepare financK41 Statements for ea¢h financral year. Under company law the Tw$tee$ must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the chantable company and of the i￿OmIng resources and application of resour￿. including the irKome and expendrture. of the charitable company for that period. In weparing these financial statements. the Trustees are required to- sde¢t suitable xcountry poI￿leS and then thwn ￿nSiSten￿. ctherve the methods and princyles ¥) the charrt￿ SORP" make judgments and accounting eslimales that are reas¢xAt4e and Pr￿dent. stale whether appl¢the UK Ac¢ounliffj StarKlards have been followed. subj'ecl to any maleri departures drsclosed arKI explained in the fina￿01 st*ements." prepare the financial ststements on the going C(￿eM basi5 unless it is inappropriate to presume that the charrtable cc¥npany wll contsnue in operation. The Tru$tees are re5pon5ibte for kewng adequate accounting reLord$ that are sufficient to show and explain the charitable Mmpanvs transackn"on5 and disck)5e with Teasonable xcuracy at any time the financial posit¢on of the charitable company and enable them to ensure that the financ￿ slalemenls comply wth the CL¥npanies Act 2006. They are also responsible for safeguarding the assets of the eharitable company and hence taking reasonable steps for the prevenlKJn and delection of fraud and other irregularitie5. The Trustees a￿ respMst>le for the maintenance •¥J integrty of the corporate arKI fmancial informatic i￿luded on the charitsble ¢rmpanYs website. Legislation in the Unrted Ki￿ryn governir¥J the pfeparntion and dissemination of financial slatements may drffer fr(xn legislation in other juiisdidions. SMALL COMPANY PROVISIONS This report has been prepa￿￿ in acu)rdarfe spgcial FYQViSh?ns for $rn￿ cwpanies under part 15 of th¢ Companies Act 2(Th. This report was wroved by the Board ofTrustees. on 7 May 2ff21 s￿ned on they behalf by. Dr Aulay Mxkenzie P•Je 7

THE COUNCIL OF VAUDATING UNIVERSIMES IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 JULY 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COUNCIL OF VALIDATING UNIVERSITIES {the.¢0mpan￿) I report to the chanty Twstees ¢n my ex￿In#l0n of the accounts of the company for the period ended 30 J￿Y 2020. This ￿port is made solety lo the C￿npanIS Trustee5, a5 a I￿)dy. in accordance wrth Part 4 of the Charities {Accounls and Reports) Regulat￿ 2008. My has been undertaken so that I rn￿h1 state lo the companrfs Trustees those matters l am required to stste to them in an Independent examiner'5 report and for no other purpose. To the fullest extent permthd by lth¥. I do ncl accept or assume respon5bi ilrty to anyone other than Ihe company and the companls Trustees a5 a t￿. for my th or for this rewt. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparat￿n of the xcounts in accordance tpkn the requirements of the CLYnpani8s Act 20061'lhe 2006 Acl'l. Having satisfied myself that the accounts of the company are not requir&J to be aLkdited under Part 16 of the 2CQ6 Act and are eligible for independent eXaMinat￿n. I report in respect of my examinalKJn of the companV5 account5 Carried oul urKler section 145 of the Charrt￿S Act 2011 Ilhe 2011 ACVI. In carrying out my examination I have folb)vod the Di￿tionS given by the Ch*fty Comm¢ssion under seCtiC￿ 145(5)(bl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have ¢(ynpleted my examination. I can Confimi that no matters have come to my attention in connectfv)n with Ihe eXaMina￿n gmng rne cause to believe.. accounting records were I￿1 kept in r8spe¢t of the C￿panY as required by sedion 386 of the 2006 Act, the accounts th) not with those reccfds: or the attounts do not cOrnp￿ wrth the aeeounting reqU1￿ments ￿ s&lion 396 of the 2006 Act other than any requirement that the acCO￿ts 9fft a Irue and laif is not a matter ec￿51￿erÈd as part of an iThJepertdent examinatK)n'. or the accounts have not been prepared in accordance the metfvjds and principles of the Statwnenl of Re￿Mrnended PraclTh for accounling and rewt'ng by charities apPI￿able to chariknes preparing their accounts in accordance with the Financral Reporting Standard apPI￿able in the UK and Republic ot Ireland {FRS 102). Page 8

THE COUNCIL OF VAUDATING UNIVERSMES IA company limlted by guarantse) INDEPENDENT EXAMINER'S REPORT I￿ntInued) FOR THE PERIOD ENDED 30 JULY 2020 I have no concems and have come across no other matters in cOnneCtK￿ wrth the examination lo whKh attention should be drawn in this report in order to enable a proper understanding of the accounls lo be reached. s￿ned". Dated.. 27 Mty ￿21 Rebecca Hughes BSc(Hons) FCCA MHA Maclntyre Hudson Chartered Acccmjntants PeterbrKlge House The Lakes Northampton NN4 7HB Paye 9

THE COUNCIL OF VALIDATING UNIVERSMES {A Company limited by guaranleel STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30JULY 2020 Unrestrlcted funds 2020 Total funds 2020 funds 2019 INCOME FROM: ChariL*Jle activtties 44.802 44M12 64,624 TOTAL INCOME 44.802 44.802 64,624 EXPENDITURE ON: Charilable acliwtses 59,021 59.021 64,574 TOTAL EXPENOITURE 59.021 59.021 64.574 NET INCOME I IEXPENDITUREI BEFORE OTHER RECOGNISED GAJNS AND LOSSES NET MOVEMENT IN FUNDS 114.219) 114.219 (14.2191 (14.2191 50 50 RECONCILIATION OF FUNDS- Totaj funds brought forvrard S7￿87 57,837 TOTAL FLINDS CARRIED FORWARO 43,668 57,887 The notes on pages 12 10 17 forn part of these fin￿¢181 statements. Pa9è 10

THE COUNCIL OF VAUDATING UNIVERSITIES IA company Ilmlted by guarantee) REGISTERED NUMBER: 05272761 BALANCE SHEET AS AT 30 JULY 2020 30 July 2020 31 Juty 2019 Note CURRENT ASSETS Debtors Cash at bard( and in harKI 10.076 3S247 11,393 53,392 45J23 64.785 CREDITORS: amounts fallwy due vAhin one year 11.655) {6,898} NET CURRENT ASSETS 43.668 57.887 NET ASSETS 43,668 57.887 CHARITY FUNDS UnrestrifAed funds 43,668 57,887 TOTAL FVNDS 43.668 57,887 The companys financial statements have teen prepared in aeeordance the provIs￿nS appluble to companies subjed to the smdl cCfflpan￿ regime. The Trustees consider that the emipany is entsued to exwnplion fmm the requirement to have an audit under the provistons of section 477 of the CcAnpanies Act 2006 {Ihe Acri and mem￿r5 have not required the company to obtan an audit for the per1￿j in questi(m in cord￿ wh secth)n 476 of the Act. The Trustees acknovledge their responsibi5tr.es for cOMp￿.n9 with the requirement$ of the Companies Act 2006 with respect lo accounting ￿CrfdS artd the prePara￿n of financial statements. The financial statements vwe ¥Jpro¥ed and aLrthorised for issue by the Tntstees on 7 May 2021 signed on their be and Dr Aulay Chair Th8 notes on pa9es 12 10 17 ftym part oflhese finwKial statements. Prye 11

THE COUNCIL OF VALIDATING UNIVERSITIES IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ACCOUNTING POUCIES Basis of preparation of fin•n¢ial statements The financial slatements have been prepared ￿ accordan￿ Accounting and Reporting by charrt￿.. Statement of Rewmmended Practu aP￿Icable lo charrties preparing their accounts in aeeordan¢e ¥￿h the FinancBI Repor￿n9 Standard app]￿ble in the UK and Republi¢ of Ireland IFRS 102) leffective 1 January 2015} - (Charrties SORP {FRS 10211. the Finan¢ial Reporb'ng Standard appli￿)le in the UK a￿j ReputrA￿ of Irnd (FRS 1021 aThJ the Companies Act 2006. The Courtcil of Validating Universities rne¢ls the definition of a public benefrt entity under FRS 102. Assets and liabilibes are initlolty rewnised * histor￿1 c05t or transaclion value unless ¢)thgrv#ise stated in t￿ relevant acwinting pdry. Company status The c¢ynpany is a company limited by guarantee. The members of the company are the Trustees amed on page 1. In the event of the company being wound up, the liability in respect of the guarantee is Imited to £1 per member of the ¢>)mwy. 1.1 Golng ￿nCern The financial ststements have been prepared on a g￿n9 ¢cff￿ern basis. The Trustees have onSide￿d ￿levant infom)ation. i￿luding the annual bLtdgel, forecast future Cash flows and the impact of subsequent events in making their assessment. The COVID 19 pandemic and the ensuing economic shutdown has had a synthcant impact on the Charitab￿ companys operation5. In response to the COVID 19 pandern￿. the Trustees have performed a robust analysis of forecast future cash flcAvs taking into account the potents.al impact on the bu5ines5 of possible future scenarios arising from the impact of COVID 19. This anatysis also con5Hlers the effectiveness of available measures lo assist In mrtgatry the impacL The Trustees have not identrf¢ed any further material uncertainties that may cast signif￿aTrI doubt aboul the ability of the charity to continue as a going c(¥Kem. Based on these assessments and hawng regard lo the resources available lo the charity. the Trustees have concluded that the￿ is no material uncertainty and that they can continue to adopt the going concem basis n prepann9 annual rewl ￿ ac￿unts. Income Incoming resources are the total amount rtteNabte by the charity in relation 10 5ub5criptions. annual conference fees. seminars. han¢knok sales. and bank rterest recNJle. Ail income is recognised on a receivable basis. The only ine4)me thal is deferred is the conference fees whrh are recognised as the event takes plaee. Page 12

THE COVNCIL OF VAUDATING UNIVERSMES (A Company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ACCOUNTING POUCIES ICONTINUED) Expenditure Expenditure is rewnised there is a b or csNtstnKtNe obligation to transfer economic benefit to a third paty. tt is probable that a transfer of ecor￿MiC benefits will be required in settlement and the amount of the C￿ligation can be measured reliably. Expendrture is classrfied by actNty. The ¢ost$ of each activty are made up of the total of direcl costs and shared costs, induding support costs invow in undertaking each activrty. Direct costs attributab￿ to a single acliwty are alkxed directty to that xtivity. Shared costs whth contnbute lo more than one aclivty and support costs ￿lch are not attributable lo a siThJle actmty are apportioned bets￿en those aclivrties on a basks consistent ￿th the use of re50urees. Central staff costs are all¢Jcated on the basis of lime spent. and depreC￿t￿ffl charge5 alkxated on the POrt￿n of the asset's use. charitab￿ ¥t1Vrt￿ and Governan￿ ￿$ts aR Costs incurred on the ￿MpanY'S operatiorts. including support costs arKI costs relating to the govemance of the company apportioned to charitsble activities. Interest r¢ce•vablo Interest on fvnds held is ncbJded t•then receivab￿ and the amount can be measured relkly this 1$ nomialty upon notiftcatton of the irtterest pahd payable by the Bank. Debtors Trade and other debtots are recognised at the settlement ￿ount after any trade discount oftered. p￿PayMentS are valued at the arn￿nt prepaid net of any trwje dIs￿nIS d￿. Cash at Bank and in hand Cash al bank and in hand includes cash and short term h￿hlY INuid investments wlh a short matunty of th￿e months or less from the date of acquisiti.on or opening of the deposrt or similar account. Liabilities and provisions Liabilities ￿ recognised vthen there is an ￿lgaI￿)n at the Balance sheet date as a result of a past event, rt is probable that a transfer of economic benefft ￿11 be required in settlement, and the amount of the setttement can be estimated relthty. Liabi1rt￿S are reccgnised al the amount that the ompany anticipates it wll pay lo settle the debt or the amount it has received a5 advaneed payments for the gocJs or services rt musl prowde. Provisions are measured at the best estimate of the amount$ required to settle the Obligat￿n. Where the effect of the time value of rnoney is material, the provision is based on the present value of those amount$. discounted at the pr&tax discount rate th reflects the risks spec￿￿ to the liabikty. The Un￿ndIng of the discount is rec￿3n1sed wrfhin interest payable and Simtlard￿rges. Flnanclal Instruments The company orty has financial assets atvj ffftanci liabilibes of a kind that qualfy as bast financial instiuments. Basic financial inStrum￿ts are init4￿ty rewnised at transacts'on value and subsequentty measured at their setllement Page 13

THE COUNCIL OF VAUDATING UNIVERSMES (A company Ilmlted by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ACCOUNTING POLICIES (CONTINUED) Fund a¢¢ounting General funds are unrestrifAed fvnds %tsthich are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and %thich have not teen designate(I for other purposes. INCOME FROM I)ONATIONS AND LEGACIES Unrtstricled funds 2020 Total funds 2019 funds 2020 Membership SubscriplKffis Annual conference fees Workshop & Seminar fees 27.024 11.495 6283 27.024 11.495 6.283 35,938 14,958 13,728 T￿al donations and legacies 44.802 44.802 64,624 TLXal 2019 64.624 64,624 EXPENDITURE ON CHARITABLE ACTMTIES Unr•slricted fvnds Tolal 2020 Total 2019 Conference costs Workshop & seminar costs Meeting expenses Secretariat S￿ary Bad debts Other costs Govemance costs 11.647 3.423 109 30.000 11.647 3.423 109 30,000 11.340 420 2.082 10,516 10,124 1.190 36.000 4.600 258 1,886 420 2.082 59.021 59.021 64.574 Totd 2019 64.574 64,S74 Page 14

THE COUNCIL OF VALIDATING UPIVERSITIES (A ¢¢)mpany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 NET INCOMEI(EXPENfXTURE} During the period, ￿ Trustee5 re¢eived any remunerathJn12019 - £NILI. During the perKd, ￿ Trustee5 received any benefrts in kind12019 - £NILI. Durin9 the year, no Trustees received any r￿mbu￿ernent of eypen5es (2019- £Nil). Independent examlnation fee The Independent Examinerfs remuneration amounts to an Independent Examination fee of £2,08212019 - £1,886) DEBTORS 30 July 2020 31Ju 2019 Trade debtors Prepayments and ￿Ued income 10.076 8.393 3.000 10.076 11,393 CREDITORS: Amounts falllng due within one year 30 July 2020 31Ju 2019 Trade Creditors Accruals and deferred wKc¥ne 5,293 1,605 1.655 1,655 6.898 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 August 2019 Balance at 30 July 2020 Income Expendtture General funds Charitable activities 57.887 44.802 159,0tt) 43,668 P•3e 15

THE COUNCIL OF VAUDATING UNIVERSMES IA Company limited by guardnleel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENOED 30 JULY 2020 STATEMENT OF FUNDS l¢onllnuedl STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 Augusl 2018 Balance at Ir￿oMe Eypendrture 31 July 2019 Charitable acti%Ati8s 57.837 64.624 (64.574) 57,887 Total of fund5 57.837 64.624 (64.574) 57,887 SUMMARY OF FUNDS- CURRENT YEAR Balance at 1 August 2019 Balanc• at 30 Juty 2020 Income Expenditure General lunds 57087 44,802 {69.021} 43.668 SUMMARY OF FUNDS- PRIOR YEAR Balance at 1 August 2018 8alan¢e at Incorne Expenditure 31 ju￿ 2019 General funds 57.837 64,624 164,5741 57.887 ANALYSIS OF NET ASSETS BETWEEN FUNt>s ANALYSIS OF NET ASS￿5 BETWEEN FUNDS. CURRENT YEAR Unrestrict8d fund$ 2020 Total fvnd$ 2020 Current assets Creditors due within year 45.323 (1.655) 45.323 11.655) 43,668 43,668 Pa98 16

THE COUNCIL OF VALIDATING UNIVERSITIES IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ANALYSIS OF NET ASSETS BETWEEN FUNDS (conlinuedl ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR UnreStr￿ted funds 2019 Total funds 2019 Current assets Credrtors due ￿thin {￿e year 64.76S 16.898) 64,785 16,8981 57,887 57,887 Page 17

Registered number: 05272761 Charity number. 1175849 THE COUNCIL OF VALIDATING UNIVERSITIES (A company limited by guarantee) FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 AASDCBSZ 2710512021 COMPANIES HOUSE A22

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THE COUNCIL OF VAUDATING UNIVERSMES (A company Ilmlted by guarantee) CONTENTS Page Ref•rence and administrative delai15 of the charity. lis trustees and advisers Trustees. report Independent examlnarfs report Statement of linancial activltle5 10 Balance sheet Noles to th• flDan¢lal ststefflents 12-17

THE COUNCIL OF VAUDATING UNIVERSITIES {A company Ilmlted by guaranteel REFERENCE AND ADMINISTRATIVE D￿AlL$ OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 JULY 2020 Trustees DrAulay M¥kenzie, Chair Dr Frank Haddleton. Wice Chair Ms Diane Glautier Ms Claire Nixon Dr Steven Quigley Dr Mark Lyne Mr Phil Berry Mr Dominic FLimsden (ap[￿nted 1 November 2019> Dr Suzanna Tomassi (appointed 20 March 20201 Ms Maureen McLaughlin Iwpointed 20 March 2020) Company registered number 05272761 Charlty reglstered nurnber 1175849 Reg￿tered office Petethridge House. 3 The Lakes. Ncrf1hamptm. N￿th￿PIOnShiTe. NN4 7H8 C(Knpany secretary Dr Janet Nancy Bohrer Independent examlner Rebecca Hughes Bs¢ IHonsl FCCA. MHA Maclntyre H￿j$On. Pelerbridge House. The Lakes, Nthampton, NN4 7HB Bankers Charities Aid FOundat￿n Bank. 25 Kirvjs Hil Ave, Kings Hill. West Malh'ro. ME19 4JQ Page 1

THE COUNCIL OF VAUDATING UNNERSMES IA company limited by guarantee) TRUSTEES. REPORT FOR THE PERIOD ENDED 30 JULY 2020 LEGAL AND ADMINISTRATIVE INFORMATION ' The Council of Validating UnNersibes ICW) was registered as a charity, number 1054170, on 29 March 1996. The Trustees approved the merger of the Incorporated Charity {number. 1175849) ￿th the Unl￿OrPorated charilable entity of the swne name (number 10541701, on 10 Febnjary 2017. Charity merger was ccmpleted Charty number 1175849 was wistered on 21 November 2017. The CouKil of v￿kIat1rwj UnNersities is a company knited by guarantee and the directors that served during the year are.. Dr Aulay Mackenzie Dr Frank Haddlelon Ms Diane Glautier Ms Claire Nixon Dr Steven Quigley Dr Mark Lyne Mr Phil Berry Mr D<wnini¢ Ramsden Dr Suzanna Tomassi Ms Maureen McLaughlin Its registefed Offi￿ 1$. Bntish AccreditatiM Cwncil. Peterb￿ge House. 3 The Lakes, Northampton, Northamptonshire, England. NN4 7HB. The Councifs goveming dOc￿lent is *$ Ccffislitut￿ adopted on 12 February 1996, and amended on 13 February 1997, 10 September 1999. 8 February 2c￿, 8 September 2000. 16 September 2CQ4. 18 September 2008, 17 September 2009. 13 Septwnber 2012 and 22 September 2016. The constitution was formalty •S)pted followirw4 the complelion of the rewew ￿ 21 November 2017. The Charty Tnjslees are the members of the ExecutNp Corrrfnitlee are responsible for the control and management of Ihe charty. The Council held its funds in a Ckth arKI &Kieties Current A¢￿Int a Reserve Account in the Nat￿n01 Westminster Bank. On 14 June 2018. the Council of Validating UrMNefSrties opened a Current bank account with the Charities Aid Foundation bank. In order lo obtain WKle spread experience and appropriate skills on the board of Iruslees the recruitment of trustees 15 usualty done through person￿ contacts and introdLKtKJns. Trustees & Director5 are elected by the members and normaty serve for a per￿1 of three years. Page 2

THE COUNCIL OF VAUDATING UNIVERSITIES IA ¢ompany limited by guarantee) TRUSTEES. REPORT Icontinuedl FOR THE PERIOD ENDED 30 JULY 2020 AIMS AND ORGANISATION The obj'ects of the COU￿11 are lo advance ethKion, includirwj traini￿ and research. in particular by keeping under feview the concems of degree-a%Yarding instrtutions within the United Kingdom in relation to collaborative validalion, and 'idenlifw'ng and Pr￿7011n9 gwj pradice in ¢oilatorative valKlalion'. The Council is the one UK organisation spe¢fficalty rep￿Sentir￿￿ the interests of h￿her education institutK)ns %thich validate prcgrammes delivered CArtside those institutions bul le&Jing to their ￿rds. When planning aCt￿e$, the trustees have gard for the Charty CommisS￿n'S guthnce on public bet)efii The Councifs Secretsrial has been proviled by the Briiish Acc￿dI1atM CcMJrKil for Independent Further and Higher Education sinee 1 January 2016. The c￿ne11 operates as a netwothing Lyganisation through the provtsion of cpportunits for representalives of member organisth'ons to about, an(J contribute lo discussion ￿. topics of interest lo collaborètive provision. 11 k)es this Pfincipally through its annual conference, national swninars and workshops, a periodic suw of the number and type of collaboratNe arrangements that lead to mrds of validating unNersfties, and publication of guKlance for PrIrt￿nerS. Through its indwidual members and sU￿roUps, the Council ntributes lo disCuss￿)n and consultion on rthi¢￿al affeth'ng ¢dlaboratt¥e prow$h￿. Annual Confèrencè Intrc4ucbon The 2019 Annual Conference was hdd crfb 12 8 13 September 2019 at the Copthome Hitton Hotel in Bimiingham. Cmference fees were sel at £350 fu members and £495 for non-membern with day delegate rates of £130 for members and £180 for non-members. CW continued the discl￿nt for gr￿p ticket btr)kir4s. the dtscount vrds 20% and applied when 2 or m￿e tickets were purchased. In keeping wilh the previous yEar. the Council Meeting was held pri￿ to the drinks reception at the end of the first day. Attendance vrds again Maints￿d at a goThJ level. The dinner vras folklwed by a lfvaht-hearted qUYL Conferw¢e Sesslons The Chair, Dr Aulay Mackgnzie Elcomed ddegates to tho ¢onferen¢e. Ho explained that the formal of the 2019 Conference WDuld be a sgries of keynote presentatiws fdkmed by quest#￿ aThJ answer sessions. Da On . Post-18 educatton and funding". FdKy. politKs and partnershty).. Gordon McKenzie. Chief ExKulive, GuildHE . Developing Strateg Pwtnershi)s.' Why. Where and HIM?. Professor Nick Petford. Chancelkjr. Universty of Northamptc . Through a glass darkly.. thoughts on wying for Brexit and bgyond.. Smita Jamdar, Head of Education, Shakespeare Martineau . Meelirvj the needs of a rapidty changing sector. a qualty perspectNe.' Owjks B￿kSt￿k, Chief Execulive Qualrty Assurance Agency for HvJher Ed￿alK)n . Validalion in 2019- a wonk's eye vw". Dawd Kemohan. Assctiale Editor. WonkHE • Issues in HE- the perspective of 8 critical friend in the Lords.. Lord Mithael Bichard. Member of the House of L¢yds

THE COUNCIL OF VAUDATING UNIVERSMES IA Company limit￿ by guarantee) TRUSTEES. REPORT (continued) FOR THE PERIOD ENDED 30 JULY 2020 Da . Dala for ¢hange- using data to remrt. promote and persuade.. Simon Emmett. Chief Executive and Junal Lalchandani, cl￿nt Dats Analyst. IDP EducatiC41 • The shape of global h￿her ed￿atIOn.. MKhael Peak, Senior Athser. Ed￿lon Rese¥ch. British Council • TNE in Iransitw.. where are we at and what is next? Cdia Partridge, Assist￿t Director. Partnerships and Mobilty. Universths LK IntematKJn81 There was an interactive session at the end c the m¢yThng ses$ion lo discuss the future of partnerships in Higher Education, both in the UK and overseas. Attendance Over the Iwo days. the conference vras attended by a totsl of 51 Peop￿ irKlusive of speers and participants. There vras a small decrease in number as there ￿re % pecyle attended the previ?us COnfere￿e in 2018. CVU Workshop and Semlnar Programme for 2019r20 There were four seminarsh￿rk$hQpS in 2019r20, as fc4kxs'. Date 6 March 2020 Attendance 24 (including 5 ke 48 (including 6 eakers Beneffts of Transrbational Education 24 Juty 2020 Managing Partnerships. adoptirwJ a ri8k-based htocom liance The number of seminars ¢klwered was s￿￿￿KanIty kmer than the p￿V￿)US year. A lolal of 72 delege5 attended the seminars delNered during the year compared to the 120 delegates for four seminars in the prewous year. The UK kxkdown imwsed by the govemment on the 16th of March lo combat the increasing number of COVIO-19 cases also played a factor for the red￿ed number of seminars deliVe￿d during the year as any face to face meeting was heawly restrtcted * Ihi$ time. The seminar in March was hel¢J at Friends House in London Whi￿ the seminar in Juty was deliVe￿d online via Z(￿1. Any feedback from the evenl$ wore used by the executNe commrttee to assist in the p￿niry of fvture $￿inar$ for 2020121. Executive Committee Council Meetings The execub've C￿nrnittee met four times in the year ￿ the folbxwig dates" . 18 October 2019 • 10 January 2020 . 20 March 2020 . 05 June 2020 Thr￿now_c.vU￿xeCUtIVe.c0Mmrtlee.mernbWS.ErO￿eCru1ted.lr￿2ol9rdO8>f￿l Name Mr Domin¢ Ramsden Dr Suzanna Tomassi Ms Maureen McLau Tenure l November 2019- 1 November 2022 20 March 2020- 20 March 2023 20 March 2020- 20 March 2023 hlin Page 4

THE COUNCIL OF VAUDATING UNNERSITIES (A company limited by guaranlee) TRUSTEES. REPORT Icontinuedl FOR THE PERIOD ENDED 30 JULY 2020 The Odober and the January meeb"r4Js Mere held al the 8rth.sh Aceredrtation Council offices. 14 Devonshire Square. LoThJon. DLbe to the COVltk19 pandemic. the March aThJ the June meetings were he￿ 01￿1fte via Zoom. There was a single meeting of the CcuKil held during the conference on Thursday, 12 Seplemkr 2019 al the Coplhorne Hotel in 8imin9ham. CVU Secretariat The Brilish Accredrtation c¢Jj￿11 has W0￿ed secretariat semces frc¥n 1 January 2016. CVU Rewesentation The CVU continued Is represenlabon on nional Comm￿ee$ and VI￿rking groups dwing 2019120. incbjding Dr Aulay Mackenzie acting as a member of the UUKIGuiklHEIQiA work￿9 group on QA of TNE and Dr Steven Quigley as a member on the British Ac¢reditation Council's Accreditation C(Mnmittee. Flnal Remarks Partnership activty remains a key sector &ts"vity. with TNE in particular a fctus as part of the UK Intemalional Education Strategy. The key challenge for the CVU remains ach￿1￿9 the engagement across the sector to maintsin its profile and delNer to its mission. Comments on Flnanclal Adlvltles The Exe￿'ve Committee retained fee of £575 for all member whstitLrtKx￿ for 2019120. CVU uses Eventbrite for all of its e4Ent twkings. Evenlbrite ¢harges a fee for all paid transactions which is passed on lo the ticket buyer. Therefofe. the p￿eS qu¢)ted be￿ relate to the amount CVU Charges but is not indusive of the fee added by Everrtbrrte vthen tickets are purchased. Attendance lees for the March workshop remained at £120 for members and £180 for nonvmembers. Hchyever, the attendance fees for the Juty workshcf• was reduced at £75 for both members and non•members as il was held online via Zoom. The Commitlee continued the discount of 20% for gro￿ tKket br￿{IngS vthen 2 or more tKkets were purchased for the annual conference. The BTit15h AccreditatpJn Council charged a discounted annual Secretariat fee of £27,¢))O during the year after discussion on ServI￿S that was provKle¢J, repercussions of the Cov1￿19 parvjemic had on CVU'S financial stability. This fee also included stsff time and all administrative supwt. The contract is renewable on an annual basis and CVU chosè to extend the use of the Biilish AccT&JrtatN)n C¢)uncil services for 2020r21 it was agreed a further discount could be provided. In relat￿n to GovernarKe. the exe￿rt1¥e cc¥nmitlee decKl&J lo corthue with the arwintment of a fimi of accounlanls lo independently remew rts &ttsJnts. and MKA Mau"ntyre Hudson in Northampton was 8pp)inted again to indeFendently re¥￿4¥ the xcounts for 2019r20. Reserves The Trustees b￿￿Ve Ihat adequate reser4 should be held to rnaintain the work of the council and that the free ￿ServeS equNalent to nine rn￿th5 I￿rMal ￿currIrvj èxp8ndiiure wll suffKe. P•3e 5

THE COUNCIL OF VAUDATING UNIVERSITIES IA company limited by guarantee) TRUSTEES, REPORT (¢ontlThu8dl FOR THE PERIOD ENDED 30 JULY 2020 GOING CONCERN After making appropriate eryuiries. the trustees haNp a reasonable exption that ccrfnpany has adequate resources to continue in cperionJ existence for the foreseeable ftrture. For this reason tw continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adopiw of Ihe going con¢em basis can be fouThJ in the Accounting Pol￿. CONSTITimON The company is registered as a charilable Company linrted by guarantee arKI was set up by a TNSI deed. The company is ￿nstItute￿ under a Trust deed arKI a registared chanty number 1175849. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the corr¥)any is the responsbilty of the Twslees who are eknd and C￿0p1ed under the terms of the Trust deed. Plans for futuro periods POST BALANCÉ SHEEf EVENTS The charit￿e company has consxlered and fir￿￿la1 impact of COVID 19 on future financial perfomiance and prospects of the business. The Trustees have consKlered the financial impact of COVID 19 and this wll influence the range of actNities the Twslees wil undertake in the future. COVID 19 has presented both risks and opportunr¢ies to the charitable Company. the meeting and events activities have been reshaped and will te delivered as online virtual events arKI e leaming activities vknKh in the lulness of lime will return benefrts to the charitable company similar lo in person events. In condus￿n the Trustees consider that the charrtable company as an entity rernains a wng concern. P&3e 6

THE COUNCIL OF VAUDATING LINIVERSMES {A company limited by guarantee) TRUSTEES. REPORT (continued) FOR THE PERIOD ENDED 30 JULY 2020 TRUSTEES. RESPONSIBILITIES STATEMENT The Trustee$ (vrt￿ are also directors ￿ Ctyjrol of ValNJati"ng Uni¥ersits fu the purposes of company I￿> are responsible for preparing the Trustees. report and the financ￿1 stslemenls in accordance ¥Ath applicable law and United Kingdam Accounting Stsndards (United Kwigdom Generauy Accepted A¢¢ounting Practi¢el. Company law require5 the Trustees to prepare financK41 Statements for ea¢h financral year. Under company law the Tw$tee$ must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the chantable company and of the i￿OmIng resources and application of resour￿. including the irKome and expendrture. of the charitable company for that period. In weparing these financial statements. the Trustees are required to- sde¢t suitable xcountry poI￿leS and then thwn ￿nSiSten￿. ctherve the methods and princyles ¥) the charrt￿ SORP" make judgments and accounting eslimales that are reas¢xAt4e and Pr￿dent. stale whether appl¢the UK Ac¢ounliffj StarKlards have been followed. subj'ecl to any maleri departures drsclosed arKI explained in the fina￿01 st*ements." prepare the financial ststements on the going C(￿eM basi5 unless it is inappropriate to presume that the charrtable cc¥npany wll contsnue in operation. The Tru$tees are re5pon5ibte for kewng adequate accounting reLord$ that are sufficient to show and explain the charitable Mmpanvs transackn"on5 and disck)5e with Teasonable xcuracy at any time the financial posit¢on of the charitable company and enable them to ensure that the financ￿ slalemenls comply wth the CL¥npanies Act 2006. They are also responsible for safeguarding the assets of the eharitable company and hence taking reasonable steps for the prevenlKJn and delection of fraud and other irregularitie5. The Trustees a￿ respMst>le for the maintenance •¥J integrty of the corporate arKI fmancial informatic i￿luded on the charitsble ¢rmpanYs website. Legislation in the Unrted Ki￿ryn governir¥J the pfeparntion and dissemination of financial slatements may drffer fr(xn legislation in other juiisdidions. SMALL COMPANY PROVISIONS This report has been prepa￿￿ in acu)rdarfe spgcial FYQViSh?ns for $rn￿ cwpanies under part 15 of th¢ Companies Act 2(Th. This report was wroved by the Board ofTrustees. on 7 May 2ff21 s￿ned on they behalf by. Dr Aulay Mxkenzie P•Je 7

THE COUNCIL OF VAUDATING UNIVERSIMES IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 JULY 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COUNCIL OF VALIDATING UNIVERSITIES {the.¢0mpan￿) I report to the chanty Twstees ¢n my ex￿In#l0n of the accounts of the company for the period ended 30 J￿Y 2020. This ￿port is made solety lo the C￿npanIS Trustee5, a5 a I￿)dy. in accordance wrth Part 4 of the Charities {Accounls and Reports) Regulat￿ 2008. My has been undertaken so that I rn￿h1 state lo the companrfs Trustees those matters l am required to stste to them in an Independent examiner'5 report and for no other purpose. To the fullest extent permthd by lth¥. I do ncl accept or assume respon5bi ilrty to anyone other than Ihe company and the companls Trustees a5 a t￿. for my th or for this rewt. RESPONSIBILITIES AND BASIS OF REPORT As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparat￿n of the xcounts in accordance tpkn the requirements of the CLYnpani8s Act 20061'lhe 2006 Acl'l. Having satisfied myself that the accounts of the company are not requir&J to be aLkdited under Part 16 of the 2CQ6 Act and are eligible for independent eXaMinat￿n. I report in respect of my examinalKJn of the companV5 account5 Carried oul urKler section 145 of the Charrt￿S Act 2011 Ilhe 2011 ACVI. In carrying out my examination I have folb)vod the Di￿tionS given by the Ch*fty Comm¢ssion under seCtiC￿ 145(5)(bl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have ¢(ynpleted my examination. I can Confimi that no matters have come to my attention in connectfv)n with Ihe eXaMina￿n gmng rne cause to believe.. accounting records were I￿1 kept in r8spe¢t of the C￿panY as required by sedion 386 of the 2006 Act, the accounts th) not with those reccfds: or the attounts do not cOrnp￿ wrth the aeeounting reqU1￿ments ￿ s&lion 396 of the 2006 Act other than any requirement that the acCO￿ts 9fft a Irue and laif is not a matter ec￿51￿erÈd as part of an iThJepertdent examinatK)n'. or the accounts have not been prepared in accordance the metfvjds and principles of the Statwnenl of Re￿Mrnended PraclTh for accounling and rewt'ng by charities apPI￿able to chariknes preparing their accounts in accordance with the Financral Reporting Standard apPI￿able in the UK and Republic ot Ireland {FRS 102). Page 8

THE COUNCIL OF VAUDATING UNIVERSMES IA company limlted by guarantse) INDEPENDENT EXAMINER'S REPORT I￿ntInued) FOR THE PERIOD ENDED 30 JULY 2020 I have no concems and have come across no other matters in cOnneCtK￿ wrth the examination lo whKh attention should be drawn in this report in order to enable a proper understanding of the accounls lo be reached. s￿ned". Dated.. 27 Mty ￿21 Rebecca Hughes BSc(Hons) FCCA MHA Maclntyre Hudson Chartered Acccmjntants PeterbrKlge House The Lakes Northampton NN4 7HB Paye 9

THE COUNCIL OF VALIDATING UNIVERSMES {A Company limited by guaranleel STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 30JULY 2020 Unrestrlcted funds 2020 Total funds 2020 funds 2019 INCOME FROM: ChariL*Jle activtties 44.802 44M12 64,624 TOTAL INCOME 44.802 44.802 64,624 EXPENDITURE ON: Charilable acliwtses 59,021 59.021 64,574 TOTAL EXPENOITURE 59.021 59.021 64.574 NET INCOME I IEXPENDITUREI BEFORE OTHER RECOGNISED GAJNS AND LOSSES NET MOVEMENT IN FUNDS 114.219) 114.219 (14.2191 (14.2191 50 50 RECONCILIATION OF FUNDS- Totaj funds brought forvrard S7￿87 57,837 TOTAL FLINDS CARRIED FORWARO 43,668 57,887 The notes on pages 12 10 17 forn part of these fin￿¢181 statements. Pa9è 10

THE COUNCIL OF VAUDATING UNIVERSITIES IA company Ilmlted by guarantee) REGISTERED NUMBER: 05272761 BALANCE SHEET AS AT 30 JULY 2020 30 July 2020 31 Juty 2019 Note CURRENT ASSETS Debtors Cash at bard( and in harKI 10.076 3S247 11,393 53,392 45J23 64.785 CREDITORS: amounts fallwy due vAhin one year 11.655) {6,898} NET CURRENT ASSETS 43.668 57.887 NET ASSETS 43,668 57.887 CHARITY FUNDS UnrestrifAed funds 43,668 57,887 TOTAL FVNDS 43.668 57,887 The companys financial statements have teen prepared in aeeordance the provIs￿nS appluble to companies subjed to the smdl cCfflpan￿ regime. The Trustees consider that the emipany is entsued to exwnplion fmm the requirement to have an audit under the provistons of section 477 of the CcAnpanies Act 2006 {Ihe Acri and mem￿r5 have not required the company to obtan an audit for the per1￿j in questi(m in cord￿ wh secth)n 476 of the Act. The Trustees acknovledge their responsibi5tr.es for cOMp￿.n9 with the requirement$ of the Companies Act 2006 with respect lo accounting ￿CrfdS artd the prePara￿n of financial statements. The financial statements vwe ¥Jpro¥ed and aLrthorised for issue by the Tntstees on 7 May 2021 signed on their be and Dr Aulay Chair Th8 notes on pa9es 12 10 17 ftym part oflhese finwKial statements. Prye 11

THE COUNCIL OF VALIDATING UNIVERSITIES IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ACCOUNTING POUCIES Basis of preparation of fin•n¢ial statements The financial slatements have been prepared ￿ accordan￿ Accounting and Reporting by charrt￿.. Statement of Rewmmended Practu aP￿Icable lo charrties preparing their accounts in aeeordan¢e ¥￿h the FinancBI Repor￿n9 Standard app]￿ble in the UK and Republi¢ of Ireland IFRS 102) leffective 1 January 2015} - (Charrties SORP {FRS 10211. the Finan¢ial Reporb'ng Standard appli￿)le in the UK a￿j ReputrA￿ of Irnd (FRS 1021 aThJ the Companies Act 2006. The Courtcil of Validating Universities rne¢ls the definition of a public benefrt entity under FRS 102. Assets and liabilibes are initlolty rewnised * histor￿1 c05t or transaclion value unless ¢)thgrv#ise stated in t￿ relevant acwinting pdry. Company status The c¢ynpany is a company limited by guarantee. The members of the company are the Trustees amed on page 1. In the event of the company being wound up, the liability in respect of the guarantee is Imited to £1 per member of the ¢>)mwy. 1.1 Golng ￿nCern The financial ststements have been prepared on a g￿n9 ¢cff￿ern basis. The Trustees have onSide￿d ￿levant infom)ation. i￿luding the annual bLtdgel, forecast future Cash flows and the impact of subsequent events in making their assessment. The COVID 19 pandemic and the ensuing economic shutdown has had a synthcant impact on the Charitab￿ companys operation5. In response to the COVID 19 pandern￿. the Trustees have performed a robust analysis of forecast future cash flcAvs taking into account the potents.al impact on the bu5ines5 of possible future scenarios arising from the impact of COVID 19. This anatysis also con5Hlers the effectiveness of available measures lo assist In mrtgatry the impacL The Trustees have not identrf¢ed any further material uncertainties that may cast signif￿aTrI doubt aboul the ability of the charity to continue as a going c(¥Kem. Based on these assessments and hawng regard lo the resources available lo the charity. the Trustees have concluded that the￿ is no material uncertainty and that they can continue to adopt the going concem basis n prepann9 annual rewl ￿ ac￿unts. Income Incoming resources are the total amount rtteNabte by the charity in relation 10 5ub5criptions. annual conference fees. seminars. han¢knok sales. and bank rterest recNJle. Ail income is recognised on a receivable basis. The only ine4)me thal is deferred is the conference fees whrh are recognised as the event takes plaee. Page 12

THE COVNCIL OF VAUDATING UNIVERSMES (A Company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ACCOUNTING POUCIES ICONTINUED) Expenditure Expenditure is rewnised there is a b or csNtstnKtNe obligation to transfer economic benefit to a third paty. tt is probable that a transfer of ecor￿MiC benefits will be required in settlement and the amount of the C￿ligation can be measured reliably. Expendrture is classrfied by actNty. The ¢ost$ of each activty are made up of the total of direcl costs and shared costs, induding support costs invow in undertaking each activrty. Direct costs attributab￿ to a single acliwty are alkxed directty to that xtivity. Shared costs whth contnbute lo more than one aclivty and support costs ￿lch are not attributable lo a siThJle actmty are apportioned bets￿en those aclivrties on a basks consistent ￿th the use of re50urees. Central staff costs are all¢Jcated on the basis of lime spent. and depreC￿t￿ffl charge5 alkxated on the POrt￿n of the asset's use. charitab￿ ¥t1Vrt￿ and Governan￿ ￿$ts aR Costs incurred on the ￿MpanY'S operatiorts. including support costs arKI costs relating to the govemance of the company apportioned to charitsble activities. Interest r¢ce•vablo Interest on fvnds held is ncbJded t•then receivab￿ and the amount can be measured relkly this 1$ nomialty upon notiftcatton of the irtterest pahd payable by the Bank. Debtors Trade and other debtots are recognised at the settlement ￿ount after any trade discount oftered. p￿PayMentS are valued at the arn￿nt prepaid net of any trwje dIs￿nIS d￿. Cash at Bank and in hand Cash al bank and in hand includes cash and short term h￿hlY INuid investments wlh a short matunty of th￿e months or less from the date of acquisiti.on or opening of the deposrt or similar account. Liabilities and provisions Liabilities ￿ recognised vthen there is an ￿lgaI￿)n at the Balance sheet date as a result of a past event, rt is probable that a transfer of economic benefft ￿11 be required in settlement, and the amount of the setttement can be estimated relthty. Liabi1rt￿S are reccgnised al the amount that the ompany anticipates it wll pay lo settle the debt or the amount it has received a5 advaneed payments for the gocJs or services rt musl prowde. Provisions are measured at the best estimate of the amount$ required to settle the Obligat￿n. Where the effect of the time value of rnoney is material, the provision is based on the present value of those amount$. discounted at the pr&tax discount rate th reflects the risks spec￿￿ to the liabikty. The Un￿ndIng of the discount is rec￿3n1sed wrfhin interest payable and Simtlard￿rges. Flnanclal Instruments The company orty has financial assets atvj ffftanci liabilibes of a kind that qualfy as bast financial instiuments. Basic financial inStrum￿ts are init4￿ty rewnised at transacts'on value and subsequentty measured at their setllement Page 13

THE COUNCIL OF VAUDATING UNIVERSMES (A company Ilmlted by 9uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ACCOUNTING POLICIES (CONTINUED) Fund a¢¢ounting General funds are unrestrifAed fvnds %tsthich are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and %thich have not teen designate(I for other purposes. INCOME FROM I)ONATIONS AND LEGACIES Unrtstricled funds 2020 Total funds 2019 funds 2020 Membership SubscriplKffis Annual conference fees Workshop & Seminar fees 27.024 11.495 6283 27.024 11.495 6.283 35,938 14,958 13,728 T￿al donations and legacies 44.802 44.802 64,624 TLXal 2019 64.624 64,624 EXPENDITURE ON CHARITABLE ACTMTIES Unr•slricted fvnds Tolal 2020 Total 2019 Conference costs Workshop & seminar costs Meeting expenses Secretariat S￿ary Bad debts Other costs Govemance costs 11.647 3.423 109 30.000 11.647 3.423 109 30,000 11.340 420 2.082 10,516 10,124 1.190 36.000 4.600 258 1,886 420 2.082 59.021 59.021 64.574 Totd 2019 64.574 64,S74 Page 14

THE COUNCIL OF VALIDATING UPIVERSITIES (A ¢¢)mpany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 NET INCOMEI(EXPENfXTURE} During the period, ￿ Trustee5 re¢eived any remunerathJn12019 - £NILI. During the perKd, ￿ Trustee5 received any benefrts in kind12019 - £NILI. Durin9 the year, no Trustees received any r￿mbu￿ernent of eypen5es (2019- £Nil). Independent examlnation fee The Independent Examinerfs remuneration amounts to an Independent Examination fee of £2,08212019 - £1,886) DEBTORS 30 July 2020 31Ju 2019 Trade debtors Prepayments and ￿Ued income 10.076 8.393 3.000 10.076 11,393 CREDITORS: Amounts falllng due within one year 30 July 2020 31Ju 2019 Trade Creditors Accruals and deferred wKc¥ne 5,293 1,605 1.655 1,655 6.898 STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 August 2019 Balance at 30 July 2020 Income Expendtture General funds Charitable activities 57.887 44.802 159,0tt) 43,668 P•3e 15

THE COUNCIL OF VAUDATING UNIVERSMES IA Company limited by guardnleel NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENOED 30 JULY 2020 STATEMENT OF FUNDS l¢onllnuedl STATEMENT OF FUNDS - PRIOR YEAR Balance at 1 Augusl 2018 Balance at Ir￿oMe Eypendrture 31 July 2019 Charitable acti%Ati8s 57.837 64.624 (64.574) 57,887 Total of fund5 57.837 64.624 (64.574) 57,887 SUMMARY OF FUNDS- CURRENT YEAR Balance at 1 August 2019 Balanc• at 30 Juty 2020 Income Expenditure General lunds 57087 44,802 {69.021} 43.668 SUMMARY OF FUNDS- PRIOR YEAR Balance at 1 August 2018 8alan¢e at Incorne Expenditure 31 ju￿ 2019 General funds 57.837 64,624 164,5741 57.887 ANALYSIS OF NET ASSETS BETWEEN FUNt>s ANALYSIS OF NET ASS￿5 BETWEEN FUNDS. CURRENT YEAR Unrestrict8d fund$ 2020 Total fvnd$ 2020 Current assets Creditors due within year 45.323 (1.655) 45.323 11.655) 43,668 43,668 Pa98 16

THE COUNCIL OF VALIDATING UNIVERSITIES IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JULY 2020 ANALYSIS OF NET ASSETS BETWEEN FUNDS (conlinuedl ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR UnreStr￿ted funds 2019 Total funds 2019 Current assets Credrtors due ￿thin {￿e year 64.76S 16.898) 64,785 16,8981 57,887 57,887 Page 17

Private and Confidential

The Council of Validating Universities c/o MHA MacIntyre Hudson Peterbridge House The Lakes Northampton NN4 7HB

MHA MacIntyre Hudson Peterbridge House The Lakes Northampton NN4 7HB

Dear Sirs

Confirmation of Representations

We confirm that the following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience (and, where appropriate, of inspection of the supporting documentation) sufficient to satisfy ourselves that we can properly make each of the following representations to you in connection with the financial statements of the charitable company for the year ended 31 July 2020:

GENERAL

  1. We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and that you do not express an audit opinion.

  2. We confirm that the charitable company was entitled to exemption under the Charities Act 2011 and section 477 of the Companies Act 2006 from the requirement to have its financial statements for the financial year ended 31 July 2020 audited. We also confirm that the members have not required the charitable company to obtain an audit of its financial statements for the financial year in accordance with Section 476 of the Companies Act 2006.

  3. We acknowledge as Trustees/Directors our responsibility for the preparation of financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and for being satisfied that the financial statements give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its profit or loss for the

Council of Validating Universities Reg No – 05272761 Reg Address – c/o MHA MacIntyre Hudson, Peterbridge House, The Lakes, Northampton NN4 7HB

financial year in accordance with the requirements of sections 394 to 396 of the Companies Act 2006, and which otherwise comply with the requirements of that Act and regulations made under it relating to financial statements, so far as applicable to the charitable company. All the accounting records have been made available to you and all transactions undertaken by the company have been properly reflected in those accounting records. All records and related information, including the minutes of the Trustee and Directors’ meetings have been made available to you.

  1. We confirm that we have maintained adequate accounting records, as required by the Companies Act 2006 and the Charities Act 2011.

LAWS AND REGULATIONS

  1. We confirm, to the best of our knowledge and belief that there have been no instances of non-compliance or breaches of any laws or regulations whose effects should be considered when preparing the financial statements.

LEGAL CLAIMS

  1. We confirm that we have disclosed to you all litigation in progress or pending, other than action to recover debts.

CONTINGENT LIABILITIES

  1. There were no contingent liabilities at the balance sheet date.

ACCOUNTING ESTIMATES

  1. Significant assumptions used by us in making accounting estimates, including those at fair value, are reasonable.

GOING CONCERN

  1. As Trustees/Directors, we have considered the financial position of the charitable company. We believe that the charitable company’s financial statements should be prepared on a going concern basis on the grounds of current and future sources of funding or support will be more than adequate for the charitable company’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company’s ability to continue as a going concern need to be made in the financial statements. We are not aware of any material uncertainties or doubts about the ability of the charitable company to continue as a ‘going concern’ for the foreseeable future.

RELATED PARTIES

  1. Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of company law and the requirements of the Charities Act 2011.

SUBSEQUENT EVENTS

  1. There have been no events since the balance sheet date which necessitate revision of the figures included in the financial statements or disclosure in the notes to the financial statements.

Council of Validating Universities Reg No – 05272761 Reg Address – c/o MHA MacIntyre Hudson, Peterbridge House, The Lakes, Northampton NN4 7HB

CONTROLLING PARTY

  1. There is no ultimate controlling party.

ELECTRONIC PUBLICATION OF ACCOUNTS

  1. We do not intend to distribute or publish the financial statements in electronic form.

GRANTS AND DONATIONS

  1. All grants, donations and other income, the receipt of which is subject to specific terms or conditions have been notified to you. There have been no breaches of terms or conditions during the period in the application of such income.

Yours faithfully

………………………………………………. Signed on behalf of the board of Trustees/Directors

Date of approval of accounts by Board………………………….

Council of Validating Universities Reg No – 05272761

Reg Address – c/o MHA MacIntyre Hudson, Peterbridge House, The Lakes, Northampton NN4 7HB