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2023-07-31-accounts

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

Charity number: 275082

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

UNAUDITED

EXECUTIVE COMMITTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

CONTENTS

Page
Reference and Administrative Details of the Charity, its Executive committee and 1 - 2
Advisers
Executive Committee's Report 3 - 9
Independent Examiner's Report 10 - 11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 - 32

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS EXECUTIVE COMMITTEE AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Executive committee Kevin Mattinson (resigned 31 August 2023)
Lisa Murtagh, Vice Chair (appointed 1 September 2022)
Stefanie Sullivan, Chair
Roger Woods, Treasurer
Pat Black (resigned 31 August 2023)
Clare Brooks (resigned 31 August 2023)
Hazel Bryan (resigned 31 August 2023)
Sean Cavan (resigned 31 August 2023)
Jake Capper (resigned 31 August 2023)
Caroline Daly (resigned 31 August 2023)
Clare Ball Smith (appointed 1 September 2022)
Spencer Henessey (resigned 31 August 2023)
Vini Lander (resigned 31 August 2023)
David Littlefair (resigned 31 August 2023)
Rachel Lofthouse (resigned 31 August 2023)
Margaret Mulholland (resigned 31 August 2023)
James Nelson (resigned 31 August 2023)
Tanya Ovenden-Hope (resigned 31 August 2023)
Lynn Senior
Elaine Sharpling (resigned 31 August 2023)
Paul Vare (resigned 31 August 2023)
Jan Ashbridge
Jenny Wynn (resigned 31 August 2023)
Helen Yorke (appointed 1 September 2023)
Bryony Black (appointed 1 September 2023)
Andrew Clapham (appointed 1 September 2023)
Sarah Stewart (appointed 1 September 2023)
Lizana Oberholzer (appointed 1 September 2023)
Charity registered
number
275082
Registered office
Salisbury House
Station Road
Cambridge
CB1 2LA
Executive director
Mr J Noble-Rogers
Accountants
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Cambridge
CB1 2LA
Bankers
Barclays Bank plc
PO Box 2
Cambridge
CB2 3PZ

Page 1

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS EXECUTIVE COMMITTEE AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Investment Manager

Quilter Cheviot 85 Queen Victoria Street London EC4V 4AB

Page 2

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT FOR THE YEAR ENDED 31 JULY 2023

The Executive Committee present their annual report together with the audited financial statements of Universities Council for the Education of Teachers (UCET) (the charity) for the year ended 31 July 2023. The Council confirm that the Council's Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019).

OBJECTIVES AND ACTIVITIES

Policies and objectives

The object of UCET is to promote high standards in the education and professional development of teachers and other professional educators and to encourage educational enquiry and research. To this end it will:

The current UCET strategy was launched in September 2020.

The vision is:

All teachers are confident, competent and independent professionals able to draw upon and contextualise a shared base of professional knowledge built on high quality research.

The mission is:

To advocate for and support high quality teacher education by supporting our membership and working in professional collaborations with other organisations, drawing on relevant research and acting in accordance with the principles we believe should underpin effective teacher education.

UCET provides public benefit through the identification and promulgation of best practice in teacher education, by disseminating the findings of education research and by supporting universities involved in teacher education & education research. In the exercise of our powers to that end we have paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.

The current strategy will be reviewed in 2023, alongside UCET’s governance and organisational structure.

In setting objectives and planning for activities, the Executive committee have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 3

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

OBJECTIVES AND ACTIVITIES (CONTINUED)

Key objectives and strategies

UCET’s key objectives, and strategies for achieving those objectives, for the period of this report are to:

To achieve these priorities we will:

Activities undertaken to achieve objectives

Significant activities that contribute towards meeting the above objectives include:

Grant-making policies

Most years UCET has awarded Gordon Kirk travel scholarships worth up to £2,000 each to colleagues from member institutions who are new to teacher education to undertake research in other countries. These are funded through a donation from the Hewett Driver Trust. The 2023 award winners were: Julie Hamilton from St. Mary’s (Belfast); Alison Griffiths & Amanda Nutall from Leeds Trinity University; and Chris Rolph from Nottingham Trent University.

Volunteers

All committee and forum members contribute their time (one meeting each term) free of charge. Committee and forum chairs, vice chairs and officers contribute increased amounts of time through, inter alia, attendance at formal policy and business meetings.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Progress of achievement against objectives is considered regularly by the Executive Committee and by the Management Forum. Full details can be found in the termly newsletters issued at the end of each term.

We assess success against the stated aims and objectives on an ongoing basis, taking account of (inter-alia): the results of inspections of teacher education carried out by regulatory bodies; monitoring of how the content of teacher education programmes are consistent with both regulatory requirements and the principles of effective teacher education outlined in the UCET Intellectual Base of Teacher Education (IBTE) report; tracking the extent of our engagement on behalf of the sector with government and other statutory agencies; keeping track of the events and advice we provide for member institutions; and receiving oral feedback at meetings from member institutions.

Investment policy and performance

UCET’s Investment Policy is to maximise income while maintaining the level of the investments. The Investment Manager appointed on behalf of UCET manages the portfolio in a way that, while having due consideration to risk, maximises returns.

FINANCIAL REVIEW

Reserves policy

It is the Council’s policy to maintain the unrestricted fund balance at a sufficient level to enable UCET to continue for a period of 12 months (1 years expenditure on average is £420,000). The Council considers that the level of free reserves (unrestricted funds less fixed asset investments and provision for liabilities), currently £216,087 (2022: £80,108), is adequate as the majority of the general reserves are investments and can be realised per the investment policy if required.

Financial Review

The Statement of Financial Activities sets out the incoming and outgoing resources for the year and shows a net surplus of £149,512 (2022: deficit of £25,519) after investment gains and losses. The balance sheet summarises the financial position. At the year-end restricted funds were £31,585 (2022: £35,456) and unrestricted funds were £736,745 (2022: £583,362). The Council considers the state of the Charity’s affairs to be satisfactory.

The significant event that might have impacted on UCET's longer term finances was the decision by DfE not to accredit 13 of its member organisations to deliver ITE from 2024/25. However, with UCET support, most of these will continue to have a role in teacher education from 2024/25 and the trustees expect most will continue to be members of UCET.

Principal risks and uncertainties

The key risks facing the organisation and its membership are those resulting from changes to the development and implementation of teacher education policy, and are mitigated (in accordance with the strategic plan) by maintaining an open and constructive dialogue with policy makers and by continuing to provide a valuable service to member institutions. The situation is kept under constant review by employees and trustees, and formally considered at each meeting of the Executive Committee. A new approach to risk assessment will be developed in the context of a review of UCET’s strategy, governance and organisational structure.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Principal funding

UCET’s principal source of funding is the annual subscriptions paid by member institutions. This is supplemented by income from publications and events such as conferences, seminars, discussion meetings and symposia. All funds received, from whatever source, are used to meet the objectives of the organisation through the provision of advice, the sharing of information, the hosting of events, attendance at events and meeting and communicating with key decision makers and influencers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Universities Council for the Education of Teachers was formally constituted in the summer of 1967 by an amalgamation of the Conference of Institute Directors and the Conference of Heads of University Departments of Education. In September 1993 they came together with the Polytechnics Council for the Education of Teachers to form a new enlarged UCET. A revised Constitution was approved and adopted at the Annual General Meeting of the Council on 14 March 1996. This has enabled University sector Colleges to join UCET. Further revisions to the Constitution were approved in December 2006, December 2012, July 2014 and July 2023.

Methods of appointment or election of Executive committee

Each teacher education institution which is a subscriber to the Universities Council for the Education of Teachers may nominate one member to the Council for a one year period.

The supreme decision-taking body in UCET is the Executive Committee, members of which will have the legal and other responsibilities of trustees of the organisation.

The Executive Committee consists of:

Co-opted members of the Executive are selected in the light of organisational priorities and an audit of the skills, experience and background of existing Executive Committee members. Other members of the Committee are elected by the constituencies described above.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Those who served on the Executive Committee during the year covered by this report were:

Kevin Mattinson Stefanie Sullivan, Chair Roger Woods, Treasurer Lisa Murtagh, Vice Chair Jan Ashbridge Pat Black Clare Brooks Hazel Bryan Sean Cavan Jake Capper Caroline Daly Spencer Hennessey Vini Lander David Littlefair Rachel Lofthouse Jo McIntyre Margaret Mullholland Tanya-Ovenden-Hope James Nelson Lynn Senior Elaine Sharpling Stefanie Sullivan Paul Vare Jenny Wynn

All key strategic decisions are taken by the Executive Committee in the light of advice from the Executive Director and other senior staff and, where relevant, the appropriate forum or committee. Operational and strategy implementation decisions are taken by the Executive Director in consultation with relevant colleagues and trustees.

Forums and committees during the year in question were:

There was also a School Reference Group consisting of senior school leaders and selected members of the Executive Committee. This group was put into abeyance at the end of the year in question.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Policies adopted for the induction and training of Executive committee

Each member institution is entitled to one formal representative on each standing forum (other than USCET & Northern Ireland committee, which include representatives from member institutions in those countries only). The Chairs and Vice Chairs of each forum/committee are elected by forum/committee members. Member institutions supplying the Chair and Vice Chair of a forums and committees are entitled to an additional place on that forum or committee.

New trustees are sent a summary of their responsibilities by the Executive Director and briefed by them, along with the support of existing trustees.

Pay policy for key management personnel

Remuneration for all staff (including the Executive Director) is agreed by the Executive Committee based on advice from the Chair, Vice Chair and Treasurer. The Executive Director meets regularly with the Chair, Vice Chair and Chair of the Assembly to discuss progress made, and the Executive Committee receives regular reports on the activities of the Executive Director.

Key management is carried out by the Executive Director. In the 2022/23 year this remuneration was £121,617 (2022: £115,989).

Relationships with other organisations

UCET has working relations with a number of other voluntary sector organisations as and when required, notably the National Association of School Based Teacher Trainers (NASBTT), which performs a similar function to UCET for the school- based teacher training sector.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

EXECUTIVE COMMITTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

STATEMENT OF EXECUTIVE COMMITTEE'S RESPONSIBILITIES

The Executive committee are responsible for preparing the Executive committee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Executive committee to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Executive committee are required to:

The Executive committee are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. 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.

Approved by order of the members of the board of Executive committee and signed on their behalf by:

................................................ Stefanie Sullivan Chair Date: 27 March 2024

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2023

Independent Examiner's Report to the Executive committee of Universities Council for the Education of Teachers ('the charity')

I report to the charity Executive committee on my examination of the accounts of the charity for the year ended 31 July 2023.

Responsibilities and Basis of Report

As the Executive committee of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of 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 ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 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.

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 in order to enable a proper understanding of the accounts to be reached.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

This report is made solely to the charity's Executive committee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Executive committee 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 charity's Executive committee as a body, for my work or for this report.

Signed: Dated: 27 March 2024 Kelly Bretherick FCA

Peters Elworthy & Moore Chartered Accountants, Salisbury House, Cambridge. CB1 2LA

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

Note
INCOME FROM:
Charitable activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds - investment managers
fees
Charitable activities
6
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE)
BEFORE NET LOSSES ON
INVESTMENTS
Net losses on investments
11
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
15
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2023
£
563,666
22,442
586,108
-
415,530
415,530
170,578
(17,195)
153,383
583,362
153,383
736,745		 Restricted
funds
2023
£
-
-
-
-
3,345
3,345
(3,345)
(526)
(3,871)
35,456
(3,871)
31,585		 Total
funds
2023
£
563,666
22,442
586,108
-
418,875
418,875
167,233
(17,721)
149,512
618,818
149,512
768,330		 Total
funds
2022
£
434,149
23,393
457,542
3,746
421,006
424,752
32,790
(58,309)
(25,519)
644,337
(25,519)
618,818

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 32 form part of these financial statements.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

BALANCE SHEET AS AT 31 JULY 2023

Note
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
18
Creditors: amounts falling due within one
year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
Provisions for liabilities
14
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
15
Unrestricted funds
15
TOTAL FUNDS		 496,365
392,805
889,170
(643,188)		 2023
£
1,690
663,475
665,165
245,982
911,147
(142,817)
768,330
31,585
736,745
768,330		 251,550
378,542
630,092
(516,607)		 2022
£
2,079
659,985
662,064
113,485
775,549
(156,731)
618,818
35,456
583,362
618,818

The financial statements were approved and authorised for issue by the Executive committee and signed on their behalf by:

................................................

Stefanie Sullivan

Chair Date: 27 March 2024

The notes on pages 15 to 32 form part of these financial statements.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
17
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interests from investments
Purchase of tangible fixed assets
10
Purchase of investments
11
Proceeds from sale of investments
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR
Cash and cash equivalents at the beginning of the year
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
18		 2023
£
13,731
22,442
(699)
(20,652)
-
1,091
14,822
378,730
393,552		 2022
£
92,299
23,393
(2,079)
(683,303)
642,964
(19,025)
73,274
305,456
378,730

The notes on pages 15 to 32 form part of these financial statements

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. GENERAL INFORMATION

Universities Council for the Education of Teachers is an unincorporated charity. The registered office is 9- 11 Endleigh Gardens, London, WC1H 0EH.

The principal activity of the Charity is to promote high standards in the education and professional development of teachers, other professional educators, and to encourage educational enquiry and research, with particular reference to topics which are the special concern of those engaged in higher education based teaching, and to disseminate the results of such enquiries and research.

A summary of accounting policies adopted is set out below.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (second edition - October 2019), 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 the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Universities Council for the Education of Teachers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 GOING CONCERN

The Trustees have reviewed the financial position of the charity and have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

2.3 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Executive committee in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.4 INCOME

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Membership income is recognised in the period to which it relates, with subscriptions paid in advance being deferred.

Conference income is recognised when the event takes place.

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.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.5 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Grants payable are charged in the year when the offer.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Expenditure on raising funds represents the fees paid to investment managers in connection with the management of the charity's listed investments.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Computer equipment - 33%

2.7 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.8 DEBTORS

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

2.9 CASH AT BANK AND IN HAND

Cash at bank and 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.

2.10 LIABILITIES AND PROVISIONS

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES (CONTINUED)

2.11 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 OPERATING LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.13 PENSIONS

The Charity participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The Charity is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis.

As required by Section 28 of FRS 102 “Employee benefits”, the Charity therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme.

Since the Charity has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments 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.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102.

The Trustees are satisfied that Universities Superannuation Scheme meets the definition of a multiemployer scheme and have therefore recognised a provision for the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

Calculating the provision requires the use of several estimates and judgements, such as future salary inflation, interest rates and increases in headcount.

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2023
£
Membership income
486,940
Conference income
71,130
Other income
5,596
TOTAL 2023
563,666		 Total
funds
2023
£
486,940
71,130
5,596
563,666		 Total
funds
2022
£
405,148
18,965
10,036
434,149

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

5. INVESTMENT INCOME

Unrestricted
funds
2023
£
Interest received
1,225
Investment income
21,217
TOTAL 2023
22,442		 Total
funds
2023
£
1,225
21,217
22,442		 Total
funds
2022
£
31
23,362
23,393

6. ANALYSIS OF EXPENDITURE

Promotion of high standards in
education
TOTAL 2022		 Activities
undertaken
directly
2023
£
343,793
351,897		 Grant
funding of
activities
(note 7)
2023
£
3,345
1,000		 Support
costs
2023
£
71,737
68,109		 Total
funds
2023
£
418,875
421,006		 Total
funds
2022
£
421,006

In 2023, of charitable activity expenditure, restricted costs were £3,345 (2022: £1,000) and unrestricted costs were £415,530 (2022: £420,006).

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

6. ANALYSIS OF EXPENDITURE (CONTINUED)

ANALYSIS OF DIRECT COSTS

Staff costs
Travel
Subscriptions
Conference and meetings
Sundry costs		 Total
funds
2023
£
262,583
8,974
1,414
68,472
2,350
343,793		 Total
funds
2022
£
341,744
3,949
1,404
4,800
-
351,897

ANALYSIS OF SUPPORT COSTS

Staff training
Telephone
Insurance
Stationery and printing
IT costs
Marketing
Bank charges
Legal and professional costs
Sundry costs
Depreciation
Research
Accountancy fees - governance		 Total
funds
2023
£
144
1,877
2,058
1,529
13,046
390
5,309
1,500
30
1,088
24,972
19,794
71,737		 Total
funds
2022
£
-
1,693
2,020
438
16,573
18,000
780
-
25
701
9,833
18,046
68,109

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

7. ANALYSIS OF GRANTS

Scholarships Travel Fund
TOTAL 2022
INDEPENDENT EXAMINER'S REMUNERATION
Fees payable to the charity's independent examiner in respect
Independent examination
Accountancy services		 Grants to
Individuals
2023
£
3,345
1,000
of:		 Total
funds
2023
£
3,345
1,000
2023
£
8,946
10,848		 Total
funds
2022
£
1,000
2022
£
8,520
9,526

8. INDEPENDENT EXAMINER'S REMUNERATION

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
221,709
19,787
21,087
262,583		 2022
£
206,002
18,390
117,352
341,744

The average number of persons employed by the charity during the year was as follows:

2023 2022
No. No.
Employees 5 5

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £80,001 - £90,000 - 1
In the band £90,001 - £100,000 1 -

The above numbers do not include Council members who are not permitted to receive remuneration for their duties.

During the year, no Council member received any remuneration or any benefits in kind. No Council members received reimbursement of expenses made on the Charity's behalf in the year (2022: None).

The key management personnel of the charity comprise the Council Members and Executive Director. The Council Members all give their time and expertise without any kind of remuneration or other benefit in kind (2022: £Nil). The total employment benefits of key management personnel was £121,617 (2022: £115,989).

Page 23

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

10. TANGIBLE FIXED ASSETS

COST
At 1 August 2022
Additions
At 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for the year
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Computer
equipment
£
3,089
699
3,788
1,010
1,088
2,098
1,690
2,079

Page 24

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

11. FIXED ASSET INVESTMENTS

VALUATION
At 1 August 2022
Additions
Revaluations
Cash movement
AT 31 JULY 2023		 Listed
investments
£
659,797
20,652
(17,721)
-
662,728		 Cash
£
188
-
-
559
747		 Total
£
659,985
20,652
(17,721)
559
663,475

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The charity’s investments are mainly traded in markets with good liquidity and high trading volumes. The charity has no material investment holdings in markets subject to exchange controls or trading restrictions.

The charity manages these investment risks by operating a policy that provides a high degree of diversification of holdings and invests in assets that are quoted on recognised stock exchanges. The portfolio includes a number of common investment funds in order to protect exposure to volatility in the markets. The charity also seeks lower risk investments wherever possible balanced against achieving a realistic rate of return.

The charity does not make use of derivatives or similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular year period will normally be corrected.

Page 25

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
416,241
4,012
76,112
496,365		 2022
£
241,628
4,036
5,886
251,550

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Accruals and deferred income
DEFERRED INCOME
Deferred income at 1 August 2022
Resources deferred during the year
Amounts released from previous periods
AT 31 JULY 2023		 2023
£
80,328
562,860
643,188
2023
£
488,304
534,525
(488,304)
534,525		 2022
£
1,720
514,887
516,607
2022
£
382,935
488,304
(382,935)
488,304

Deferred income relates to 2022/23 annual subscriptions of £502,805 (2022: £467,340) and income in advance for the 2024 annual conference of £31,720 (2022: £20,964).

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. PROVISIONS

At 1 August 2022
Amounts used
AT 31 JULY 2023		 Pension
provision
£
156,731
(13,914)
142,817

Staff working for the Association have pensions with the Universities Superannuation scheme (USS). See Note 20 for details about this scheme.

At the year end, the Association was party to a USS deficit recovery plan. Under the plan, the Association is obliged to pay deficit contributions amounting to 6.2% of total pensionable pay until March 2024. After this date, the rate increases to 6.3% until the agreement ends in March 2038.

As the Association has a present obligation to make these contributions, it has provided for the present value of the future deficit recovery payments expected to be defrayed.

To calculate the provision (and associated entries in the Statement of Financial Activities), the Association has used the British Universities Finance Group (BUFDG) model, which was developed by USS to enable members to estimate their liabilities under the USS deficit recovery plan.

The key assumptions used in the calculation are as follows: Discount rate: 5.49% (2022: 3.33%) Annual salary inflation: 5% for year 1, 2.5% thereafter (2022: 5% for year 1 & 2, 2.5% thereafter) Increase in headcount: no increase over deficit recovery period (2022: same)

Page 27

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

15.
STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
August 2022
£
UNRESTRICTED FUNDS
General Funds
583,362
RESTRICTED FUNDS
Hewett Driver Travel Fund
35,456
TOTAL OF FUNDS
618,818
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 August
2021
£
UNRESTRICTED FUNDS
General Funds
606,705
RESTRICTED FUNDS
Hewett Driver Travel Fund
37,632
TOTAL OF FUNDS
644,337
Purpose of Funds		 Income
£
586,108
-
586,108
Income
£
457,542
-
457,542		 Expenditure
£
(415,530)
(3,345)
(418,875)
Expenditure
£
(423,752)
(1,000)
(424,752)		 Gains/
(Losses)
£
Balance at
31 July 2023
£
(17,195)
736,745
(526)
31,585
(17,721)
768,330
Gains/
(Losses)
£
Balance at
31 July 2022
£
(57,133)
583,362
(1,176)
35,456
(58,309)
618,818		 Gains/
(Losses)
£
Balance at
31 July 2023
£
(17,195)
736,745
(526)
31,585
(17,721)
768,330
Gains/
(Losses)
£
Balance at
31 July 2022
£
(57,133)
583,362
(1,176)
35,456
(58,309)
618,818
31,585
768,330
Balance at
31 July 2022
£
583,362
35,456
618,818

General Fund - Unrestricted funds available to support the Charity.

Hewett Driver Travel Fund - UCET has awarded travel scholarships worth up to £2,000 each to colleagues from member institutions who are new to teacher education to undertake research in other countries.

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DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Tangible fixed assets
1,690
Fixed asset investments
643,680
Current assets
875,035
Creditors due within one year
(640,843)
Provisions for liabilities and charges
(142,817)
TOTAL
736,745		 Restricted
funds
2023
£
-
19,795
14,135
(2,345)
-
31,585		 Total
funds
2023
£
1,690
663,475
889,170
(643,188)
(142,817)
768,330

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Provisions for liabilities and charges
TOTAL		 Unrestricted
funds
2022
£
2,079
640,405
611,216
(513,607)
(156,731)
583,362		 Restricted
funds
2022
£
-
19,580
18,876
(3,000)
-
35,456		 Total
funds
2022
£
2,079
659,985
630,092
(516,607)
(156,731)
618,818

Page 29

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 17. ACTIVITIES

Net income/expenditure for the year (as per Statement
Activities)
ADJUSTMENTS FOR:
Depreciation charges
Gains on investments
Dividends and interests from investments
Increase in debtors
Increase in creditors
Pension scheme movement
NET CASH PROVIDED BY OPERATING ACTIVITIES
18.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Cash held with investments
TOTAL CASH AND CASH EQUIVALENTS
19.
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and in hand		 of Financial
At 1 August
2022
£
378,542
378,542		 2023
£
149,512
1,088
17,721
(22,442)
(244,815)
126,581
(13,914)
13,731
2023
£
392,805
747
393,552
Cash flows
£
14,263
14,263		 2022
£
(25,519)
701
58,309
(23,393)
(105,917)
108,921
79,197
92,299
2022
£
378,542
188
378,730
At 31 July
2023
£
392,805
392,805

Page 30

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

20. PENSION COMMITMENTS

The Charity's employees belong to the Universities Superannuation Scheme (USS). The total pension gain for the period was £19,133 (2022: cost of £78,522).

The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2020 (the valuation date), and was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme’s technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.

The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles available on the USS website.

CPI Assumption

Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a long-term difference of 0.1% p.a. from 2040.

Pension increases (subject to a floor of 0%)

CPI assumption plus 0.05%

Discount rate (forward rates)

Fixed interest gilt yield curve plus: Pre-retirement: 2.75% p.a Post-retirement: 1.00% p.a.

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the Scheme’s experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:

2020 valuation

Mortality base table: 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality: CMI 2019 with a smoothing parameter of 7.5, an initial addition of 0.5% p.a. and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

Page 31

DocuSign Envelope ID: 84A11E5F-D696-4EAD-8196-E9CE82D575F7

UNIVERSITIES COUNCIL FOR THE EDUCATION OF TEACHERS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

20. PENSION COMMITMENTS (CONTINUED)

The current life expectancies on retirement at age 65 are:

2022 2021 Males currently aged 65 (years) 23.9 24.6 Females currently aged 65 (years) 25.5 26.1 Males currently aged 45 (years) 25.9 26.6 Females currently aged 45 (years) 27.3 27.9

A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. The 2022 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

2022 2021 Discount rate 3.33% 0.87% Pensionable salary growth - year 1-2 5.00% 6.55% Pensionable salary growth - year 3-16 2.50% 6.55%

21. RELATED PARTY TRANSACTIONS

There were no related party tranactions during the year (2022 - None).

Page 32