2022-07-31-accounts

Charity number: 1189481

Committee of University Chairs

Report and financial statements for the year ended 31 July 2022

Foreword

As Chair of CUC, it has been a privilege to work with and get to know Chairs of Councils, Courts, and Boards that govern our great Universities. Without exception, these are people who together with their Councils give their time freely in support of Universities across the United Kingdom.

Our Universities are one of the UK’s most important assets, educating not only UK students but people from across the world who recognise the value of a UK University experience. Through our research, we create new knowledge and transform the lives of millions across the world. The UK “punches above its weight” in Higher Education more than any other sector and we at CUC are proud of the incredible impact we have on solving the challenges of the world.

Universities act as hubs for entrepreneurial activity – we are committed to supporting innovation and acting as a catalyst within our communities to drive productivity that will generate wealth that can be shared among those in our communities that need support.

It has been an honour to serve as CUC Chair. I have been fortunate to have the support of the CUC Executive who has shown themselves both flexible and creative in moving to an online world.

The UK has incredible potential – whether we achieve this potential will in part be based on how we harness the opportunities in our Universities and allow them to thrive. Tempting as they are the “culture wars” are a short-term distraction and politicians across the spectrum must embrace this great national asset if we are as a Nation to achieve our potential.

Michael Queen CUC Chair October 2022

CUC Report of the Trustees for the year ended 31 July 2022

Table of Contents

Table of Contents
Reference and Administrative Information for The Year Ended 31 July 2022	4
Report of the Trustees for the year ended 31 July 2022	6
Objectives and Activities	6
Achievements and Performance	8
Challenges and Opportunities During the Year	9
Achievements	9
Beneficiaries of Our Services	14
Financial Review	15
2021/22 Financial Statements	15
Other
Principal Risks and Uncertainties	18
Reserves Policy and Going Concern	18
Plans for the Future	19
Structure, Governance and Management	19
Appointment of Trustees	20
Trustee Induction and Training	20
Related Parties and Relationships with Other Organisations	21
Remuneration Policy for Key Management Personnel	21
Independent Examiner’s Report	23
Statement of financial activities	25
Balance sheet	26
Notes to the financial statements	28

CUC Reference and administrative information for the year ended 31 July 2022

Charity number 1189481 Country of registration England & Wales

Registered office and operational address Room 4B028 Frenchay Campus, University of the West of England, Coldharbour Lane, BRISTOL, BS16 1QY

Trustees Position Trustees who served during the year and up to the date of this report were as follows Michael Queen Chair David Lowen Vice Chair Neil Goulden Treasurer John Rushforth Executive Secretary Colin Hunter Appointed 26 April 2022 Stephen Kingon Nicola de Iongh Elizabeth Passey Edward Astle Jane Hamilton Emyr Roberts Resigned October 2021 Geraldine Proudler Resigned 15 March 2022

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CUC Reference and administrative information for the year ended 31 July 2022

Bankers HSBC 11 Canford Lane, Westbury-on-Trym, Bristol, BS9 3DE. Solicitors Blake Morgan1 1 Capitol Square Cardiff CF10 1FS Independent Fleur Holden Examiner Sayer Vincent LLP Chartered Accountants Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

1 Legal advice is sort on an ad hoc basis and there isn’t an ongoing contract with a firm of solicitors

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CUC Report of the Trustees for the year ended 31 July 2022

The trustees present their second annual report and financial statements as a Charitable Incorporated Organisation (CIO) for the academic year that ended on 31 July, 2022.[1]

The financial statements comply with current statutory requirements, the charity's constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102"

Objectives and activities

Purpose and aims

The CUC aims to promote the efficiency and effectiveness of Higher Education Institutions (HEIs), and the advancement of education, in particular, but not exclusively by:

• providing information and guidance on best practice in the governance of higher education in the United Kingdom

• supporting the continuous professional development of Chairs (and their governing bodies) to enable them to fulfil their responsibilities at the highest level

• promoting effective stewardship of HEIs, ensuring proper and effective use of stakeholder funds.

Public benefit

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing and planning the CUC’s strategic aims and objectives and its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The objects of the CUC are to advance and assist in the advancement of education through the promotion and development of the highest standards of governance and leadership across the Higher Education (HE) sector. In this context leadership and governance is defined as:

• Effective stewardship of Higher Education Providers (HEPs) to secure the long-term sustainability of the Institution;

• Safeguarding the mission of HEPs and the services they provide for the public benefit;

• Securing the proper and effective use of public funds;

1 References to 2022 in this report refer to the academic year 2021/2022

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CUC Report of the Trustees for the year ended 31 July 2022

• Increasing accountability for the performance of the provider to stakeholders and society.

Good leadership and governance improve effectiveness and generate better teaching, better research, more effective use of public funds, and the capacity of universities to widen access to more students including homeless students and those from deprived communities.

The CUC achieves its aims of promoting and developing the highest standards of governance and leadership across the Higher Education sector through its education, learning, and development programme which supports the effective use of resources for charitable purposes by charitable bodies for public benefit. Our education, learning and development programme comprises:

• providing information and guidance on best practice in the governance of higher education in the United Kingdom. This includes producing and publishing the Higher Education Code of Governance and providing benchmarking information on sensitive topics such as Executive pay. The Higher Education Code of Governance is based on the Nolan Principles of Public Life.

• supporting the continuous professional development of Chairs (and their governing bodies) to enable them to fulfil their responsibilities at the highest level. This includes but is not limited to:

• providing a source of peer-to-peer support for Chairs;

• encouraging collaboration between Chairs where possible and desirable;

• informing Chairs of developments affecting higher education;

• facilitating discussions between Chairs on key issues affecting Higher Education Providers to enhance understanding and improve their effectiveness;

• liaising with other bodies on issues arising from the core concerns of governing bodies to develop its programme of education, learning and development;

• explaining the importance of accountability to stakeholders and society;

• promoting effective stewardship of HEIs, ensuring proper and effective use of stakeholder funds;

• ensuring members understand their institutions’ governance obligations as exempt charities;

• engaging with other bodies to influence governance policy and develop its programme of education, learning and development.

2 The majority of Higher Education providers are exempt charities and the CUC is “not for profit” so any surplus is reinvested in the business

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CUC Report of the Trustees for the year ended 31 July 2022

The trustees review the aims, objectives and activities of the CUC annually. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to the individual it was established to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

Achievements and performance

Our strategic priorities for 2019-2022 are to:

1. Provide excellent member services:

2. Updating the CUC Higher Education Code of Governance and the Remuneration Code every four years.

3. Conducting the definitive survey of VC remuneration annually;

4. Each year produce at least one publication advising on governance good practice;

5. Support the development of new chairs;

6. Ensuring CUC Plenary events:

   • challenge and inspire members to be innovators and disruptors in their organization;

   • create space for debate and thought-leadership development;

   • continue to attract high levels of attendance which grow year on year.

7. Encourage new membership applications and continue to grow the membership base.

8. Raise the profile of the CUC and maintain good sets of relationships with our various stakeholders, including but not limited to:

9. The Regulators;

10. Universities UK (UUK);

11. The Association of Heads of University Administration (AHUA).

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CUC Report of the Trustees for the year ended 31 July 2022

Challenges and Opportunities during the year

During 2022 Universities have continued to grapple with the challenges stemming from a global pandemic. Remote working and digitalisation have dramatically changed expectations amongst university staff, and students who expect to study where they like at a time and pace that suits them whilst also having immersive learning experiences and opportunities to study abroad. In addition, universities are also expected to become placemakers, demonstrate value for money, and accommodate increases in demand, reductions in funding, fee freezes, and inflationary costs. When combined with a political climate that questions the value and impact of universities it is easy to see why universities might be feeling the strain. In this environment Chairs naturally expect and seek more support from the CUC and the peer networks we have established.

To meet the expectations of Chairs the CUC has continued to develop its services throughout 2022 – further information is available below. As a digitally enabled organisation our focus has been on delivering online services to members, however, as Covid restrictions have lifted and in response to member feedback we are balancing these with hybrid events that members have the opportunity to attend in-person or online.

As universities have resumed face-to-face meetings we have also noticed that attendance at our online events has dropped. This may be coincidental; however, anecdotal reports suggest that this reflects additional demands Chairs have on their time associated with travelling to face-to-face, and what are often longer meetings. In response to this feedback, we have introduced podcasts on topical issues which provide more flexibility for Chairs to engage with the sessions at a time convenient for them.

Our operations in 2022 included remote, hybrid and in-person activities and it is anticipated that this is unlikely to change in the future.

Achievements

Throughout 2022 the CUC has continued to improve and develop its members’ services. In line with the ambitions of the organisation, activities undertaken have increased significantly and it is anticipated that as the CUC evolves and continues on its journey these will increase further. A summary of our achievements is provided below.

Events

We held our first hybrid Plenary event in October 2021 – this was also our first in-person event for over two years. The theme was “ Post-Covid recovery: universities as part of the solution” and we were joined by Alistair Jarvis (UUK), Professor Zahir Irani (Bradford University), and Lord Bilimoria who gave their perspectives on the opportunities and challenges now facing universities. Following positive feedback from

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CUC Report of the Trustees for the year ended 31 July 2022

members this format was replicated in April 2022 when we ran a hybrid plenary on widening participation.

In addition, we have hosted five online member events on the topic listed below:

• Key Trends and Innovations in HE,

• Pensions,

• The future of HE Leadership Selection and Transition in HE,

• How data can help us govern institutions better and

• The hidden value of complaints.

We also held our first new chairs dinner since the start of the pandemic. The event provided an opportunity for new Chairs who had been appointed in the past two years to learn more about the CUC, network with other new Chairs, and meet our Executive Committee members.

5-Year Strategic Plan

We have developed a five-year strategic plan. The plan which was endorsed by the Executive Committee and approved by the Plenary will see the CUC adopt a moderate growth strategy over the coming years with a focus on training and development and support for Chairs using a mix of face-to-face and virtual meetings, coupled with occasional publications. It will support ongoing virtual discussions on areas of interest that extend beyond Chairs to other board members; not engaging in extensive public lobbying, but exploring a more active communications approach that highlights the discussions we have, and presents the findings from research commissioned by the CUC, possibly having a voice on social media and participating in occasional media interviews; being open to learning about governance developments and approaches in other countries; where possible, and working with partners to develop new insights into the governance of higher education to ensure the voice of chairs is heard. It has been accepted that subscriptions will need to increase in real terms over the next few years to support the plan, and an annual determination of the level of growth will be made which reflects demands for services, emerging opportunities, and the financial constraints that institutions operate under.

Special Interest Groups

Throughout 2021 the CUC received requests to establish a thematic group on topics such as remuneration, communications and, HR amongst others, that are open to board members other than the Chair. In response to these requests, we’ve created several groups, which have now been embedded into the governance structure, namely:

o The Chairs Remuneration Group. This met for the first time in May. The meeting was held to coincide with the launch of the Vice-

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CUC Report of the Trustees for the year ended 31 July 2022

Chancellor’s remuneration Survey report and another meeting is scheduled for October.

• The Pensions Group. This was created in 2020, however, the continuing and active debate on the USS valuation has meant increased demands on the group which has met more frequently throughout 2022. The group has produced briefings for the sector and worked closely with UUK to establish sector positions on key issues linked to USS. The value of the group and the commitment of its members were recognised at the CUC April Plenary.

• The Audit and Risk Chairs Group. Since its creation in 2021, the group’s membership has grown significantly and group members have benefited from a strong Chair and high levels of sector participation.

• The CUC Communications Group. This was formed in response to CUC member frustration that the sector was ineffective in making a positive case for Higher Education (HE). Group members met for the first time on 30 November and discussed opportunities to collaborate with UUK to better promote the value of HE. A proposed approach has been agreed upon by Plenary which will see the CUC working with UUK, sharing positions and lines on issues of mutual interest to members, producing and communicating critical messages and briefing points, supporting research, and exploring how best we can assist with the rebuttal of unfair and misleading stories about universities. The Group’s work has already led to CUC jointly funding a perception study that is being undertaken by Britain Thinks. The interim study report will be presented at the CUC’s November Plenary.

Enhanced Services to Chairs of Universities Wales

In January 2022 the CUC also began providing enhanced member services to those members of the CUC who are also members of Chairs of Universities Wales (ChUW). The support comprises policy advice, guidance, management of stakeholder relations, and secretarial support.

CUC Small Discussion Groups/ Learning Set

For the last year, CUC has successfully piloted small group discussions (up to 8 members) for groups of new chairs. These provide a confidential, virtual, and supportive environment for members to explore real, current, work-related professional, and organisational challenges with peers. Participants gain a broader understanding and appreciation of the diverse, complex, and challenging nature of university governance roles from different perspectives. Following an independent evaluation of the pilot by Advance HE the CUC Executive Committee decided that the ‘New Chair Small Discussion Groups’ should be a permanent part of the CUC' offer’, current groups will continue to run with an annual review.

Support for Junior Clerks and Secretaries

In collaboration with AHE, AHUA and AUA we are exploring opportunities to provide additional support to junior Clerks and Secretaries working in

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CUC Report of the Trustees for the year ended 31 July 2022

the sector. The action follows an approach to the CUC about establishing a national practitioner group of governance professionals, under the aegis of CUC, with its own Twitter account, website and events section. The request was a response to a perception of gaps about services and provision for junior governance professionals and the lack of a career path in HE governance. Following an audit of services currently available to the target audience CUC is meeting with AHE, AHUA and AUA in the autumn to discuss possibilities for service development.

Publications

In 2022 the CUC published:

• the report from its annual Vice-Chancellors remuneration survey. Public and press interest in the remuneration of Vice-Chancellors continues as does external and internal criticism of pay levels. Universities also face serious competition in recruiting and retaining their Vice-Chancellor. The Vice-Chancellors remuneration report aims to support universities managing these complex and difficult issues.

• Tackling Harassment and Sexual Misconduct in Universities: Guidance for Chairs. The CUC has developed guidance to provide practical support to governors in leading and managing harassment and sexual misconduct in their universities. The guidance aims to be both a motivational and practical resource to instigate the changes needed to tackle this critical agenda. It highlights the role and obligations of university governing bodies in preventing harassment; offers support on leading strategies for addressing misconduct, harassment, and hate incidents in university settings; and includes case studies that illustrate practices and initiatives implemented by universities that have been successful. The guidance has been produced with the support of OfS and UUK and has benefited from consultation with CUC members and other professionals working in the sector

• Tips for Setting Up a Successful Collaborative Group - this featured discussion from an interview with Jane Hamilton - and a thought piece on whether universities could do more to tackle harassment.

• A revised HE Senior Staff Remuneration Code.

Board Vacancies Portal

The Board Vacancies directory on the CUC website continues to receive postings from a wide range of institutions across HE. Advance HE and CUC are currently undertaking work to develop the Portal to increase engagement both in terms of advertised roles and candidates, the reach and impact of potential governors and non-executive directors from a background outside the higher education sector, and the diversity of governors.

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CUC Report of the Trustees for the year ended 31 July 2022

Surveys and Consultations

We also held online events as part of a consultation with members on the University Superannuation Pension Scheme and shared with members a report containing the findings from the member survey on future CUC events.

Website

In January 2022, the CUC launched its new website. The new site aims to be a key source of information and support for members who are also adopting more virtual/ remote working patterns. In addition to being easier to navigate and more accessible to members, the site also is more engaging and provides members with an interactive online discussion forum. It also includes new functionality to support CUC regional and special interest groups and give each group access to an online repository for meeting papers, publications, videos and a discussion forum for members via a group platform.

Podcasts

To supplement our online events, and to encourage engagement with the website, we have also produced our first-ever podcast. The podcast offers some interesting perspectives on the current issues affecting disabled students and is a fascinating conversation between Geoff Layer, Chair of the Disabled Student Commission, and John Rushforth, the CUC Executive Secretary.

Partnerships

We have continued to build and developed our relationships with:

• The English and the Welsh Regulator

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CUC Report of the Trustees for the year ended 31 July 2022

• we continue to meet quarterly with the OfS. The Director of Widening Participation also spoke at the CUC Plenary in April 2022.

• the CUC guidance on sexual harassment was also developed in collaboration with, and endorsed by, OfS.

• Universities UK (UUK) and Universities Wales. In addition to the tripartite meetings with AHUA and UUK, the CUC meets quarterly with the Chair and CEO of UUK. The Deputy Executive Secretary also meets regularly with the Director of Universities Wales. CUC and UUK have worked closely to find a resolution on pensions. We have also supported sector statements on Grade Inflation and Freedom of Speech in addition to funding the perceptions study.

• The Association of Heads of University Administration (AHUA). The CUC Executive Secretary continues to be part of the AHUA Executive Committee.

• UCEA. We also meet quarterly with the CEO of UCEA and continue to have representation on their Board of Governors. We support UCEA in their national conversation on the future of collective bargaining in HE.

.

Staffing and recruitment

There have been no changes in staffing this year, but we have invested in both team and staff development to support the delivery of improved services to members. There is now a much stronger team in place to support CUC’s ambitions and future Strategy.

Beneficiaries of our services

The charity's main activities and who it tries to help are described below. All its charitable activities focus on the efficiency and effectiveness of Higher Education Institutions through the promotion of excellence in the governance of higher education in the UK and are undertaken to further the Committee of University Chairs’ charitable purposes for the public benefit.

The CUC members (i.e. university chairs) are the main beneficiaries of CUC services, however, HEIs also benefit directly from CUC publications and reports e.g. the annual Vice-Chancellors Salary Survey, the Code of Governance which provide guidance and direction on good governance policy and practice. There are also indirect benefits for HEIs in having effective governing bodies and strong stewardship of their institutions and wellinformed regulators and stakeholders.

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CUC Financial Review for the year ended 31 July 2022

Financial review

The Financial Review provides the CUC’s financial position at the end of the 2021/22 financial year, with the provision of the Statement of Financial Activities and Balance Sheet. The financial year dates from 1 August 2021 to 31 July 2022.

2021/22 Financial Statements

The statement of financial activities shows a deficit of £34,337 against a budgeted deficit of £79,508.

Savings arose as some intended activities were postponed due to Covid 19 restrictions, and non-staff office costs were lower than anticipated.

Certain costs, such as those related to the two Plenaries and the New Chairs Dinner showed rises when compared to previous years. The budget for these has therefore been increased for the financial year 2022/23.

The deliberate policy of reducing reserves to a level in line with policy by planning a deficit budget continues in the financial year 2022/23 with a budgeted deficit of £71,338.

At the year-end, all member institutions had paid their subscriptions for 2021/22.

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CUC Financial Review for the year ended 31 July 2022

Statement of Financial Activities

Income	Accounts 2021/22	Budget 2021/22	Accounts 2020/21
MembershipFees	315,785	318,090	309,810
SupplementaryMembershipFees(ChUW)		13,400
Interest income	129	600	544
Total Income	315,914	332,090	310,354
Expenditure by activity
Website	9,330	8,000	18,221
SalarySurvey	17,180	15,000	29,264
Media		15,000
CUC Events	61,663	50,000
Governance Guidance		20,000
Office costs	234,043	273,598	229,478
Contingency	28,035	30,000
Total	350,252	411,598	276,963
Income less expenditure	-34,337	-79,508	33,391

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CUC Financial Review for the year ended 31 July 2022

Balance Sheet as at 31st July
	2022	2021
	£	£
Current Assets:
Current account	21,244	15,840
Deposit accounts	331,951	341,934
Prepayment - Royal Society plenarydeposit	7,446	5,823
Total current assets	360,641	363,597
Less Creditors under 12 months:	54,339	22,958
Net current assets	306,302	340,639
Financed by:
Unrestricted reserves b/fwd	340,639	307,248
2020/21 surplus		33,391
2021/22 deficit	-34,337
	306,302	340,639

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CUC Trustee Report for the year ended 31 July 2022

Principal risks and uncertainties

The management of strategic risks is undertaken by the trustees in conjunction with the Executive Secretary. The CUC undertakes a review of its strategic risks twice a year and maintains a risk register. The risk register shows that the CUC’s main risks after mitigating actions are still its heavy reliance on member fees, the size of the business, its capacity to manage organisation change (including staff changes), and its vulnerability to computer system failures/cybercrime.

To mitigate these risks, we:

• Recruited two new additional staff members. The Policy Manager has changed role and is now employed full-time by the CUC;

• Sort insight and feedback from members on their needs and expectations. The CUC regularly considers alternative service delivery options and reviews competition in the marketplace;

• Increased our partnership working with organisations providing similar services to avoid duplication and maximise member benefits;

• Developed a business continuity plan to enable staff and trustees to coordinate a flexible and effective response to ensure the continuation of CUC business in the event of a crisis

Reserves Policy and going concern

The CUC Reserves Policy is that reserves must be sufficient to cover either one year’s operating costs or full contractual obligations, plus a general contingency sum of £100,000 to cover any legal or taxation challenges. The current level of reserves stands at £306,302.

It was agreed that the CUC would develop a five-year Strategic Plan that reflects the growth in demand for regional and thematic groups and a more developed media presence aimed at reducing the level of reserves to an acceptable level.

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CUC Trustee Report for the year ended 31 July 2022

Plans for the future

As stated above a five-year strategic plan with, costed, options for future service delivery and development has been prepared and is currently being considered by the trustees. Options include:

• Additional support for more thematic and regional groups;

• The possibility of developing a collaborative approach to public affairs;

• Expansion of the board vacancies portal with AHE;

• Opportunities for other annual projects that would benefit the sector and form part of the CUC’s USP;

• Expanding the CUC’s membership base;

• Resourcing and publishing more specialist briefings and policy papers.

Structure, governance, and management

The CUC is a Charitable Incorporated Organisation (CIO) registered in England and Wales. We are regulated by the Charity Commission and are governed by a constitution and a Board of Trustees (Executive Committee) who are responsible for leading and developing our overall vision and direction as a membership organisation. The Executive Committee meets at least 4 times a year and requires a quorum of three to pass a decision. All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the accounts.

Operational decisions are delegated to the Executive Secretary.

As a membership organisation the CUC is driven by the needs of its members. The membership is responsible for, amongst other things:

• Determining the governance framework of the CUC;

• Approving the annual budget and subscription fee;

• Considering recommendations for new members of the Executive Committee;

• The election of Executive Committee members including the Chair.

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CUC Trustee Report for the year ended 31 July 2022

Appointment of trustees

The CUC Executive Committee comprises member Chairs who have either been elected to the Committee, are ex-officio members, appointed members or co-opted members. The Executive Committee can also appoint indirectly elected members to the Committee, based upon the appointees being elected by relevant partner organisations (e.g. the Chairs of the Scottish, Irish and Welsh groups of the CUC). The number of appointments must not exceed 4 members/trustees of the Committee. The CUC Executive Committee can seek to appoint” ex officio” members where the appointee is carrying out a specific role for the CUC e.g. Chair of the UCEA delegation. The number of appointments must not exceed 4 members/trustees of the Committee. The Committee can also seek to appoint up to three co-opted members with the appropriate expertise to assist the Committee with its business. Co-opted officers serve a one-year term, renewable twice so that they may serve a maximum of three years.

Trustee induction and training

All CUC trustees are chairs of universities or HEIs and the majority are also exempt charities. In these roles they will have received extensive training on the expectations of Chairs regarding risk management, health and safety and, equality, diversity and inclusivity.

As part of their induction to the CUC new trustees are offered a meeting with the Chair and the Executive Secretary where their training and development needs are discussed and further information about the process for individual performance reviews and the performance of the Committee as a whole is provided. They are also given the following information:

• a copy of the CUC’s Constitution;

• the Executive Committee membership list;

• the Executive Committee Terms of Reference;

• a copy of the risk register;

• the essential trustee: what you need to know, what you need to do (Charity Commission);

• the results of a mapping exercise of CUC compliance with the Charity Code for small companies;

• a declarations of interest form;

• a copy of the papers from the previous Committee meeting which includes the Statement of Accounts.

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CUC Trustee Report for the year ended 31 July 2022

All trustees also receive (as do all CUC members) a copy of the CUC Higher Education Code of Governance which includes expected behaviours and conduct of board members.

Related parties and relationships with other organisations

The CUC’s operating model is based on strong and collaborative relationships with members and stakeholders across the higher education sector. We work with a wide range of organisations and professionals to guide and develop our thinking on behaviours that will facilitate governance excellence and support the long-term success and sustainability of UK Higher Education Institutions.

Remuneration policy for key management personnel

The trustees consider the board of trustees and the Executive Secretary as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in the accounts. Trustees are required to disclose all relevant interests and register them with the Secretariat. The remuneration of the Executive Secretary is determined by the Executive Committee in the absence of the Executive Secretary. The basis of remuneration is comparable with a Deputy Vice-Chancellor in a major UK university. All other salaries are based on the UWE job evaluation scheme.

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CUC Trustee Report for the year ended 31 July 2022

Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Make judgments and estimates that are reasonable and prudent

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees’ annual report has been approved by the trustees on 10 October 2022 and signed on their behalf by Michael Queen, CUC Chair.

Michael Queen CUC Chair

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CUC Independent Examiner’s Report for the year ended 31 July 2022

Independent examiner’s report

I report to the trustees on my examination of the accounts of the Committee of University Chairs for the year ended 31 July 2022.

This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.

Responsibilities and basis of the report

As the charity trustees of the CIO, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. Accounting records were not kept in respect of the CIO as required by section 130 of the Act; or

2. The accounts do not accord with those records; or

3. The accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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CUC Independent Examiner’s Report for the year ended 31 July 2022

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report to enable a proper understanding of the accounts to be reached.

Signed:

Name: Fleur Holden FCA Address: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL Date: 12 December 2022

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CUC Statement of Financial Activities for the year ended 31 July 2022

CUC Statement of Financial Activities for	the year ended
31 July 2022
			2022		2021
		Unrestricted	Total	Unrestricted	Total
		£	£	£	£
Income
from:
Charitable activities
Membership fees		315,785	315,785	309,810	309,810
Investments		129	129	544	544
Total income		315,914	315,914	310,354	310,354
Expenditure on:
Charitable activities	2	350,251	350,251	276,963	276,963
Total expenditure		350,251	350,251	276,963	276,963
Net movement in funds		(34,337)	(34,337)	33,391	33,391
Reconciliation of
funds:
Total funds brought forward		340,639	340,639	307,248	307,248
Total funds carried forward		306,302	306,302	340,639	340,639

25

CUC Statement of Financial Activities for the year ended 31 July 2022

CUC Statement of Financial Activities for the year	ended 31 July 2022
Balance sheet
As at 31 July 2022
			2022			2021
		£	£		£	£
Current assets:
Debtors	8	7,446		5,823
Short term deposits		-		88,162
Cash at bank and in hand		353,195		269,612
		360,641		363,597
Liabilities:
Creditors: amounts falling due within one year	9	(54,339)		(22,958)
Total net assets			306,302			340,639
The funds of the charity:
Unrestricted income funds:
General funds		306,302	-	340,639
Total unrestricted funds			306,302			340,639
			-
Total charity funds			306,302			340,639

26

CUC Statement of Financial Activities for the year ended 31 July 2022

Approved by the trustees on 10 October 2022 and signed on their behalf by:

John Rushforth Executive Secretary

Michael Queen Neil Goulden Chair Treasurer

27

CUC Statement of Financial Activities for the year ended 31 July 2022

Committee of University Chairs

Notes to the financial statements

For the year ended 31 July 2022

• 1 Accounting policies

a) Statutory information

The Committee of University Chairs is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission for England and Wales.

The registered office address is room 4B028, University of the West of England, Frenchay Campus, Coldharbour Lane, Bristol, BS16 1QY.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

28

CUC Statement of Financial Activities for the year ended 31 July 2022

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Cash and cash equivalent resources are more than adequate to cover twelve months of expenditure and necessary staff redundancy costs.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

• e) Income

Income is recognised when the charity has entitlement to the funds, it is probable that the income will be received and that the amount can be measured reliably. Income is recognised when an invoice is issued. All membership fees in relation to year 2021/22 have been received in full.

1 Accounting policies (continued)

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

29

CUC Statement of Financial Activities for the year ended 31 July 2022

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will probably be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the charity, as well as the cost of any activities with a

fundraising purpose

Expenditure on charitable activities includes the costs of delivering events, publications, and other educational activities undertaken to further the purposes of the charity and their associated support costs

Other expenditure represents those items not falling into any other heading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives, and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure. Delivering education, learning and development opportunities to members.

30

CUC Statement of Financial Activities for the year ended 31 July 2022

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Short term deposits

Short-term deposits include cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

l) Cash at the bank and in hand

Cash at the bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1 Accounting policies (continued)

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

31

CUC Statement of Financial Activities for the year ended 31 July 2022

n) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

o) Pensions

The staff of the CUC can to join either the Local Government Pension Scheme, administered by the Avon Pension Fund, or the Universities Superannuation Scheme. Employers ‘contributions of 16.1% and 21.6% respectively are paid on a UWE monthly invoice. The schemes are subject to regular actuarial review.

32

CUC Statement of Financial Activities for the year ended 31 July 2022

Notes to the financial statements

For the year ended 31 July 2022

2

a Analysis of expenditure (current year)

Staff costs (Note 4) Office expenses UWE overhead charge Professional fees Staff training Projects Events Support costs Governance costs Total expenditure 2022 Total expenditure 2021	Charitable activities £ 203,818 3,654 - 4,753 1,141 54,545 61,663 329,574 16,387 4,290 350,251 276,963	Governance costs £ - - 3,600 690 - - 4,290 (4,290) - -	Support costs £ - 119 14,440 - 1,828 - - 16,387 (16,387) - - -	2022 Total £ 203,818 3,773 14,440 8,353 3,659 54,545 61,663 350,251 - - 350,251	2021 Total £ 195,093 4,801 14,493 11,380 3,711 47,485 -
					276,963 - -
					276,963

33

CUC Statement of Financial Activities for the year ended 31 July 2022

2

b Analysis of expenditure (prior year)

Staff costs (Note 4) Office expenses UWE overhead charge Professional fees Staff training Projects Events Support costs Governance costs Total expenditure 2021	Charitable activities £ 195,093 - - 2,880 - 47,485 - 245,458 21,794 9,711 276,963	Governance costs £ - 996 - 8,500 215 - - 9,711 (9,711) -	Support costs £ - 3,805 14,493 - 3,496 - - 21,794 (21,794) - -	2021 Total £ 195,093 4,801 14,493 11,380 3,711 47,485 - 276,963 - - 276,963

34

CUC Statement of Financial Activities for the year ended 31 July 2022

Committee of University Chairs For the year ended 31 July 2022		2021 £ 2,850 4,000 2021 £ 136,075 13,647 12,979 32,392 195,093
3 Net income / (expenditure) for the year This is stated after charging / (crediting): 2022 £ Independent Examiner's Fee (excluding VAT) Independent examination 3,000 Other services - 4 Analysis of staff costs, trustee remuneration, and expenses, and the cost of key management personnel Staff costs were as follows: 2022 £ Salaries and wages 141,477 Social security costs 15,267 Employer’s contribution to defined contribution pension schemes 12,981 Irrecoverable VAT 34,093 203,818

35

CUC Statement of Financial Activities for the year ended 31 July 2022

One employee earned more than £60,000 during the year (2021: nil).

Four employees hold contracts of employment with UWE.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £130,154 (2021: £100,319 ).

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

Trustees' expenses represent the payment or reimbursement of travel and subsistence costs totalling £154 (2021: £0) incurred by one (2021: 0) member relating to attendance at meetings of the trustees.

5 Staff numbers

The average number of employees (headcount based on number of staff employed) during the year was 2.6 (2021: 2.9).

6 Related party transactions

There are no related party transactions to disclose for this financial year (2021: none).

• 7 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

36

CUC Statement of Financial Activities for the year ended 31 July 2022

8 Debtors Prepayments 9 Creditors: amounts falling due within one year Trade creditors Other creditors Accruals	2022 £ 7,446 7,446 2022 £ 50,739 - 3,600 54,339	2021 £ 5,823 5,823 2021 £ 16,718 740 5,500 22,958

10 Pension scheme

The staff of the CUC can join either the Local Government Pension Scheme, administered by the Avon Pension Fund, or the University Superannuation Scheme. Employers’ contributions of 16.1% and 21.6% respectively are paid on a UWE monthly invoice. The schemes are subject to regular actuarial review.

37

CUC Statement of Financial Activities for the year ended 31 July 2022

11a Analysis of net assets between funds (current year) Net current assets Net assets on 31 July 2022 11b Analysis of net assets between funds (prior year) Net current assets Net assets on 31 July 2021	General unrestricted £ 306,302 306,302 General unrestricted £ 340,639 340,639	Total funds £ 306,302 306,302 Total funds £ 340,639 340,639

38

CUC Statement of Financial Activities for the year ended 31 July 2022

12a Movements in funds (current year)

At 1 August 2021 Income & gains Expenditure & losses Transfers £ £ £ Unrestricted funds: General funds 340,639 315,914 (350,251) Total unrestricted funds 340,639 315,914 (350,251) Total funds 340,639 315,914 (350,251) 12b Movements in funds (prior year) At 1 August 2020 Income & gains Expenditure & losses £ £ £ Unrestricted funds: General funds 307,248 310,354 (276,963) Total unrestricted funds 307,248 310,354 (276,963) Total funds 307,248 310,354 (276,963)	At 31 July 2022 £ - - - Transfers £ - - -	£ 306,302 306,302 306,302 At 31 July 2021 £ 340,639 340,639 340,639

39